EX-99.1 2 a2026q1pressrelease.htm EXHIBIT 99.1 EARNINGS RELEASE Document

LIVERAMP ANNOUNCES RESULTS FOR FIRST QUARTER FY26
Revenue up 11% year-over-year
Record-High Operating Margin for Q1
Share Repurchases totaled $30 million

SAN FRANCISCO, Calif., August 6, 2025—LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter ended June 30, 2025.

Q1 Financial Highlights
Unless otherwise indicated, all comparisons are to the prior year period.

•Total revenue was $195 million, up 11%.

•Subscription revenue was $148 million, up 10%.

•Marketplace & Other revenue was $46 million, up 13%.

•GAAP gross profit was $137 million, up 10%. GAAP gross margin of 70% compressed by 1 percentage point. Non-GAAP gross profit was $141 million, up 9%. Non-GAAP gross margin of 72% compressed by 1 percentage point.

•GAAP operating income was $7 million compared to a loss of $5 million. GAAP operating margin of 4% expanded by 7 percentage points. Non-GAAP operating income was $36 million, up 34%. Non-GAAP operating margin of 18% expanded by 3 percentage points.

•GAAP and non-GAAP diluted earnings per share was $0.12 and $0.44, respectively.

•Net cash used by operating activities was $16 million compared to $9 million.

•Share repurchases totaled approximately 1.1 million shares for $30 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: "Fiscal 2026 is off to a strong start, with first quarter results surpassing our initial expectations, driven by double-digit revenue growth and substantial operating margin expansion. We're seeing good sales momentum across our Data Collaboration Network, and particularly with our new Cross Media Intelligence measurement solution. This gives us confidence in our growth outlook for FY26 and beyond."

P 1

GAAP and Non-GAAP Results

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

GAAPNon-GAAP
Q1 FY26Q1 FY25Q1 FY26Q1 FY25
Subscription revenue$148 $135 
YoY change %10 %11 %
Marketplace & Other revenue$46 $41 
YoY change %13 %28 %
Total revenue$195 $176 
YoY change %11 %14 %
Gross profit$137 $124 $141 $130 
% Gross margin70 %71 %72 %74 %
YoY change, pts(1) pt0 pts(1) pt1 pt
Operating income (loss)$7 $(5)$36 $27 
% Operating margin4 %(3)%18 %15 %
YoY change, pts7 pts(4) pts3 pts2 pts
Net earnings (loss)$8 $(7)$30 $24 
Diluted earnings (loss) per share$0.12 $(0.11)$0.44 $0.35 
Shares to calculate diluted EPS66.7 66.6 66.7 68.5 
YoY change %0 %0 %(3)%2 %
Operating cash flow$(16)$(9)
Free cash flow$(16)$(10)
Totals and year-over-year changes may not reconcile due to rounding.

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



P 2

Additional Business Highlights & Metrics

•We were recognized as a Leader in the IDC Marketscape: Worldwide Data Clean Room Technology for Advertising and Marketing Use Cases. The IDC Marketscape identified several differentiating strengths, including our extensive partner network of over 1,000 partners, an interoperable architecture that integrates with all major cloud platforms and native activation that allows ad campaigns to be executed directly from the clean room (additional information).

•We published the findings of a commissioned Total Economic Impact (TEI) study conducted by Forrester Consulting. The study revealed that a composite organization representative of interviewed LiveRamp customers achieved a 313% return on investment and $9.6 million in business benefits over three years, with a payback period of less than 6 months (additional information).

•We announced that we are powering the clean room solution for Walgreens Advertising Group (WAG), the retail media division of Walgreens. The partnership enables WAG to increase access to its first-party data, scale audience insights and offer more transparency and control to advertisers. Brands are able to enhance media measurement across all platforms in the digital ecosystem and improve ROI with faster time-to-value (additional information).

•We announced that we partnered with REMAX, a leading franchisor of real estate brokerage services, to power its new media network that will connect advertisers with REMAX's homebuyer consumer audience (additional information).

•We announced an expansion of our partnership with Western Union that will connect its media network audiences to LiveRamp's data collaboration network (additional information).

•LiveRamp ended the quarter with 127 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year period.

•LiveRamp ended the quarter with 835 direct subscription customers, compared to 900 in the prior year period.

•Subscription net retention was 104% and platform net retention was 105%.

•Annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $502 million, up 5% 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 $451 million, up 14% 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 second quarter of fiscal 2026, LiveRamp expects to report:

•Revenue of $197 million, an increase of 6%
•GAAP operating income of approximately $15 million
•Non-GAAP operating income of approximately $39 million

For fiscal 2026, LiveRamp expects to report:

•Revenue of between $798 million and $818 million, an increase of between 7% and 10%
•GAAP operating income of between $81 million and $85 million
•Non-GAAP operating income of between $178 million and $182 million


Conference Call

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

About LiveRamp

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

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

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.



P 4

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding results of operations for the second quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

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

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

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

P 5

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

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

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

For more information, contact:
LiveRamp Investor Relations
Investor.Relations@LiveRamp.com


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


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
For the three months ended June 30,
$%
20252024VarianceVariance
Revenues194,822 175,961 18,861 10.7 %
Cost of revenue58,319 51,749 6,570 12.7 %
Gross profit136,503 124,212 12,291 9.9 %
% Gross margin70.1 %70.6 %
Operating expenses
Research and development39,608 44,118 (4,510)(10.2)%
Sales and marketing51,906 54,175 (2,269)(4.2)%
General and administrative37,345 30,961 6,384 20.6 %
Gains, losses and other items, net423 206 217 105.3 %
Total operating expenses129,282 129,460 (178)(0.1)%
Income (loss) from operations7,221 (5,248)12,469 N/A
% Margin3.7 %(3.0)%
Total other income, net3,709 4,444 (735)(16.5)%
Income (loss) from continuing operations before income taxes10,930 (804)11,734 N/A
Income tax expense3,183 6,685 (3,502)(52.4)%
Net earnings (loss)7,747 (7,489)15,236 N/A
Basic earnings (loss) per share0.12 (0.11)0.23 N/A
Diluted earnings (loss) per share0.12 (0.11)0.23 N/A
Basic weighted average shares65,448 66,621 
Diluted weighted average shares66,731 66,621 
Some totals may not sum due to rounding.
P 7

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 June 30,
20252024
Income (loss) from continuing operations before income taxes10,930 (804)
Income tax expense3,183 6,685 
Net earnings (loss)7,747 (7,489)
Basic earnings (loss) per share0.12 (0.11)
Diluted earnings (loss) per share0.12 (0.11)
Excluded items:
Purchased intangible asset amortization (cost of revenue)2,750 3,846 
Non-cash stock compensation (cost of revenue and operating expenses)25,410 27,985 
Restructuring and merger charges (gains, losses, and other)423 206 
 Total excluded items from continuing operations28,583 32,037 
Income from continuing operations before income taxes and excluding items39,513 31,233 
Income tax expense (2)9,878 7,371 
Non-GAAP net earnings from continuing operations29,635 23,862 
Non-GAAP earnings per share from continuing operations
Basic0.45 0.36 
Diluted0.44 0.35 
Basic weighted average shares65,448 66,621 
Diluted weighted average shares66,731 68,463 
(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 8

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)
For the three months ended June 30,
20252024
Income (loss) from operations7,221 (5,248)
Operating income (loss) margin3.7 %(3.0)%
Excluded items:
Purchased intangible asset amortization (cost of revenue)2,750 3,846 
Non-cash stock compensation (cost of revenue and operating expenses)25,410 27,985 
Restructuring and merger charges (gains, losses, and other)423 206 
Total excluded items28,583 32,037 
Income from operations before excluded items35,804 26,789 
Non-GAAP operating income margin18.4 %15.2 %
(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 9

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)
For the three months ended June 30,
20252024
Net earnings (loss) from continuing operations7,747 (7,489)
Income tax expense3,183 6,685 
Total other income, net(3,709)(4,444)
Income (loss) from operations7,221 (5,248)
Depreciation and amortization3,389 4,554 
EBITDA10,610 (694)
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)25,410 27,985 
Restructuring and merger charges (gains, losses, and other)423 206 
Other adjustments25,833 28,191 
Adjusted EBITDA36,443 27,497 
(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 10

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
June 30March 31$%
20252025VarianceVariance
Assets
Current assets:
Cash and cash equivalents363,612 413,331 (49,719)(12.0)%
Restricted cash— 595 (595)(100.0)%
Short-term investments7,500 7,500 — — %
Trade accounts receivable, net219,804 186,169 33,635 18.1 %
Refundable income taxes, net6,125 9,708 (3,583)(36.9)%
Other current assets35,386 38,886 (3,500)(9.0)%
Total current assets632,427 656,189 (23,762)(3.6)%
Property and equipment23,836 23,813 23 0.1 %
Less - accumulated depreciation and amortization17,784 17,629 155 0.9 %
Property and equipment, net6,052 6,184 (132)(2.1)%
Intangible assets, net17,417 20,167 (2,750)(13.6)%
Goodwill502,175 501,756 419 0.1 %
Deferred commissions, net43,782 44,452 (670)(1.5)%
Other assets, net30,242 30,623 (381)(1.2)%
1,232,095 1,259,371 (27,276)(2.2)%
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable107,766 112,271 (4,505)(4.0)%
Accrued payroll and related expenses23,390 50,776 (27,386)(53.9)%
Other accrued expenses39,389 38,586 803 2.1 %
Deferred revenue51,839 45,885 5,954 13.0 %
Total current liabilities222,384 247,518 (25,134)(10.2)%
Other liabilities61,899 62,994 (1,095)(1.7)%
Stockholders' equity:
Preferred stock— — — n/a
Common stock16,078 15,918 160 1.0 %
Additional paid-in capital2,075,275 2,045,316 29,959 1.5 %
Retained earnings1,321,105 1,313,358 7,747 0.6 %
Accumulated other comprehensive income6,099 4,295 1,804 42.0 %
Treasury stock, at cost(2,470,745)(2,430,028)(40,717)1.7 %
Total stockholders' equity947,812 948,859 (1,047)(0.1)%
1,232,095 1,259,371 (27,276)(2.2)%
P 11


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months ended June 30,
20252024
Cash flows from operating activities:
Net earnings (loss)7,747 (7,489)
Non-cash operating activities:
Depreciation and amortization3,389 4,554 
Loss on disposal or impairment of assets119 5 
Lease-related impairment and restructuring charges274 (36)
Gain on sale of strategic investments(14)— 
Gain on marketable equity securities(141)— 
Provision for doubtful accounts1,256 550 
Deferred income taxes112 28 
Non-cash stock compensation expense25,410 27,985 
Changes in operating assets and liabilities:
Accounts receivable, net(34,265)(16,582)
Deferred commissions670 2,741 
Other assets5,284 3,667 
Accounts payable and other liabilities(35,861)(39,046)
Income taxes4,482 6,792 
Deferred revenue5,717 7,503 
Net cash used in operating activities(15,821)(9,328)
Cash flows from investing activities:
Capital expenditures(336)(226)
Cash paid in acquisitions, net of cash received(595)— 
Purchases of investments— (1,967)
Proceeds from sales of investments— 2,000 
Proceeds from sale of strategic investment14 — 
Purchases of strategic investments— (400)
Net cash used in investing activities(917)(593)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans5,920 6,167 
Shares repurchased for tax withholdings upon vesting of stock-based awards(10,845)(6,847)
Acquisition of treasury stock(29,872)(15,785)
Net cash used in financing activities(34,797)(16,465)
Net cash used in continuing operations(51,535)(26,386)
P 12

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months ended June 30,
20252024
Effect of exchange rate changes on cash1,221 (71)
Net change in cash, cash equivalents and restricted cash(50,314)(26,457)
Cash, cash equivalents and restricted cash at beginning of period413,926 339,471 
Cash, cash equivalents and restricted cash at end of period363,612 313,014 
Supplemental cash flow information:
Cash received for income taxes, net(1,414)(131)
Cash paid for operating lease liabilities2,474 2,338 
Operating lease assets obtained in exchange for operating lease liabilities576 850 
Operating lease assets, and related lease liabilities, relinquished in lease terminations— (555)
Purchases of property, plant and equipment remaining unpaid at period end189 109 
P 13

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)
6/30/20249/30/202412/31/20243/31/2025FY20256/30/2025
Net cash provided by (used in) operating activities$(9,328)$55,596 $45,117 $62,580 $153,965 $(15,821)
Less:
Capital expenditures(226)(241)(282)(293)(1,042)(336)
Free Cash Flow$(9,554)$55,355 $44,835 $62,287 $152,923 $(16,157)
(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 14




LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
Qtr-to-Qtr
FY2025FY2026FY2026 to FY2025
6/30/20249/30/202412/31/20243/31/2025FY20256/30/2025%$
Revenues175,961 185,483 195,412 188,724 745,580 194,822 10.7 %18,861 
Cost of revenue51,749 51,234 54,998 57,929 215,910 58,319 12.7 %6,570 
Gross profit124,212 134,249 140,414 130,795 529,670 136,503 9.9 %12,291 
% Gross margin70.6 %72.4 %71.9 %69.3 %71.0 %70.1 %
Operating expenses
Research and development44,118 43,889 42,735 45,926 176,668 39,608 (10.2)%(4,510)
Sales and marketing54,175 51,107 50,863 56,961 213,106 51,906 (4.2)%(2,269)
General and administrative30,961 31,369 31,994 32,175 126,499 37,345 20.6 %6,384 
Gains, losses and other items, net206 397 149 7,241 7,993 423 105.3 %217 
Total operating expenses129,460 126,762 125,741 142,303 524,266 129,282 (0.1)%(178)
Income (loss) from operations(5,248)7,487 14,673 (11,508)5,404 7,221 N/A12,469 
% Margin(3.0)%4.0 %7.5 %(6.1)%0.7 %3.7 %
Total other income, net4,444 4,197 4,033 4,762 17,436 3,709 (16.5)%(735)
Income (loss) from continuing operations before income taxes(804)11,684 18,706 (6,746)22,840 10,930 N/A11,734 
Income tax expense (benefit)6,685 9,952 9,184 (479)25,342 3,183 (52.4)%(3,502)
Net earnings (loss) from continuing operations(7,489)1,732 9,522 (6,267)(2,502)7,747 N/A15,236 
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 N/A15,236 
P 15

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
Qtr-to-Qtr
FY2025FY2026FY2026 to FY2025
6/30/20249/30/202412/31/20243/31/2025FY20256/30/2025%$
Basic earnings (loss) per share:
Continuing Operations(0.11)0.03 0.15 (0.10)(0.04)0.12 N/A0.23 
Discontinued Operations0.00 0.00 0.03 0.00 0.03 0.00 — %— 
Basic earnings (loss) per share(0.11)0.03 0.17 (0.10)(0.01)0.12 N/A0.23 
Diluted earnings (loss) per share:
Continuing Operations(0.11)0.03 0.14 (0.10)(0.04)0.12 N/A0.23 
Discontinued Operations0.00 0.00 0.03 0.00 0.03 0.00 — %— 
Diluted earnings (loss) per share(0.11)0.03 0.17 (0.10)(0.01)0.12 N/A0.23 
Basic weighted average shares66,621 66,294 65,631 65,957 66,126 65,448 
Diluted weighted average shares66,621 67,309 66,743 65,957 66,126 66,731 
Some earnings (loss) per share amounts may not add due to rounding.
P 16

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/2025
Expenses:
Cost of revenue$51,749 $51,234 $54,998 $57,929 $215,910 58,319 
Research and development44,118 43,889 42,735 45,926 176,668 39,608 
Sales and marketing54,175 51,107 50,863 56,961 213,106 51,906 
General and administrative30,961 31,369 31,994 32,175 126,499 37,345 
Gains, losses and other items, net206 397 149 7,241 7,993 423 
Gross profit, continuing operations:124,212 134,249 140,414 130,795 529,670 136,503 
% Gross margin70.6 %72.4 %71.9 %69.3 %71.0 %70.1 %
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,846 3,748 3,686 3,135 14,415 2,750 
Non-cash stock compensation (cost of revenue)1,596 1,499 1,455 1,615 6,165 1,541 
Non-cash stock compensation (research and development)10,205 10,920 10,085 10,494 41,704 8,332 
Non-cash stock compensation (sales and marketing)7,093 7,383 7,278 5,716 27,470 6,014 
Non-cash stock compensation (general and administrative)9,091 9,266 7,942 6,341 32,640 9,523 
Restructuring charges (gains, losses, and other)206 397 149 7,241 7,993 423 
Total excluded items32,037 33,213 30,595 34,542 130,387 28,583 
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LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/2025
Expenses, excluding items:
Cost of revenue46,307 45,987 49,857 53,179 195,330 54,028 
Research and development33,913 32,969 32,650 35,432 134,964 31,276 
Sales and marketing47,082 43,724 43,585 51,245 185,636 45,892 
General and administrative21,870 22,103 24,052 25,834 93,859 27,822 
Gross profit, excluding items:$129,654 $139,496 $145,555 $135,545 $550,250 140,794 
% Gross margin73.7 %75.2 %74.5 %71.8 %73.8 %72.3 %
(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.




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LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/2025
Income (loss) from continuing operations before income taxes(804)11,684 18,706 (6,746)22,840 10,930 
Income tax expense (benefit)6,685 9,952 9,184 (479)25,342 3,183 
Net earnings (loss) from continuing operations(7,489)1,732 9,522 (6,267)(2,502)7,747 
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 
Earnings (loss) per share:
Basic(0.11)0.03 0.17 (0.10)(0.01)0.12 
Diluted(0.11)0.03 0.17 (0.10)(0.01)0.12 
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,846 3,748 3,686 3,135 14,415 2,750 
Non-cash stock compensation (cost of revenue and operating expenses)27,985 29,068 26,760 24,166 107,979 25,410 
Restructuring and merger charges (gains, losses, and other)206 397 149 7,241 7,993 423 
Total excluded items from continuing operations32,037 33,213 30,595 34,542 130,387 28,583 
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LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/2025
Income from continuing operations before income taxes and excluding items31,233 44,897 49,301 27,796 153,227 39,513 
Income tax expense7,371 10,745 12,421 7,759 38,296 9,878 
Non-GAAP net earnings from continuing operations23,862 34,152 36,880 20,037 114,931 29,635 
Non-GAAP earnings per share from continuing operations
Basic0.36 0.52 0.56 0.30 1.74 0.45 
Diluted0.35 0.51 0.55 0.30 1.70 0.44 
Basic weighted average shares66,621 66,294 65,631 65,957 66,126 65,448 
Diluted weighted average shares68,463 67,309 66,743 67,479 67,499 66,731 
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.
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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
September 30, 2025March 31, 2026
LowHigh
GAAP income from operations$15,000 $81,000 $85,000 
Excluded items:
Purchased intangible asset amortization3,000 11,000 11,000 
Non-cash stock compensation21,000 85,000 85,000 
Restructuring costs— 1,000 1,000 
Total excluded items24,000 97,000 97,000 
Non-GAAP income from operations$39,000 $178,000 $182,000 
(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.





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APPENDIX A
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
Q1 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.
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APPENDIX A
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
Q1 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.
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