LiveRamp Announces Fourth Quarter and Fiscal Year Results
Q4 Revenue Up 13%
Record Q4 Bookings
Q4 GAAP Gross Margin of 68% and Non-GAAP Gross Margin of 74%
LiveRamp’s Global Authenticated Traffic Solution (ATS) Adopted by Over 400 Publishers
SAN FRANCISCO–(BUSINESS WIRE)–LiveRamp® (NYSE: RAMP), the leading global data connectivity platform, today announced its financial results for the quarter and fiscal year ended March 31, 2021.
Fourth Quarter Financial Highlights
All metrics compared to the prior year period
- Total revenue was $119 million, up 13%.
- Subscription revenue was $94 million, up 13% and contributed 79% of total revenue.
- Marketplace & Other revenue was $25 million, up 13%.
- GAAP gross profit was $82 million, up 19%, and GAAP gross margin of 68% expanded 3 percentage points. Non-GAAP gross profit was $88 million, up 18%, and non-GAAP gross margin of 74% expanded 3 percentage points.
- GAAP operating loss was $52 million compared to a GAAP operating loss of $41 million in the prior year period. Non-GAAP operating income was $1 million compared to a non-GAAP operating loss of $16 million in the prior year period.
- GAAP loss per share was $0.49, and non-GAAP earnings per share was $0.04.
- Net cash used in operating activities was $18 million compared to net cash used in operating activities of $0 million in the prior year period.
Fiscal Year Financial Highlights
All metrics compared to the prior fiscal year
- Total revenue was $443 million, up 16%.
- Subscription revenue was $357 million, up 17% and contributed 80% of total revenue.
- Marketplace & Other revenue was $86 million, up 15%.
- GAAP gross profit was $299 million, up 31%, and GAAP gross margin of 67% expanded 8 percentage points. Non-GAAP gross profit was $322 million, up 27%, and Non-GAAP gross margin of 73% expanded 6 percentage points.
- GAAP operating loss was $121 million compared to a GAAP operating loss of $181 million in the prior fiscal year. Non-GAAP operating income was $16 million compared to a non-GAAP operating loss of $64 million in the prior fiscal year.
- GAAP loss per share was $1.36, and non-GAAP earnings per share were $0.23.
- Net cash used from operating activities was $21 million compared to net cash used from operating activities of $29 million in the prior fiscal year.
- In fiscal 2021, LiveRamp repurchased 1.3 million shares for $42 million. Since March 31, 2021, the Company has repurchased an additional 275 thousand shares for $13.3 million. In total, since the inception of the share repurchase program in August 2011, the Company has returned over $1.19 billion in capital to shareholders.
A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
“LiveRamp had an exceptional year amidst an unprecedented macro environment. I am proud of how our team showed up for our customers and each other in FY21,” said LiveRamp CEO Scott Howe. “LiveRamp’s Authenticated Traffic Solution has become the industry standard for identity in a post cookie world, and Safe Haven® is game changing for the future of data-driven customer experience.”
“LiveRamp again delivered on its commitments in FY21,” said LiveRamp President and CFO Warren Jenson. “Not only did we meaningfully grow our top-line, we delivered a record bottom-line performance, as well. We were profitable on a non-GAAP operating income basis in each quarter of FY21. Further, our record bookings performance positions us well for another strong year in FY22.”
GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for its fourth fiscal quarter and fiscal year ($ in millions):
|
|
Q4 Fiscal 2021 |
|
Full Year Fiscal 2021 |
||
|
|
Results |
|
Results |
||
|
|
GAAP |
Non-GAAP |
|
GAAP |
Non-GAAP |
|
Subscription revenue |
$94 |
— |
|
$357 |
— |
|
YoY change % |
13% |
|
|
17% |
|
|
Marketplace & other revenue |
$25 |
— |
|
$86 |
— |
|
YoY change % |
13% |
|
|
15% |
|
|
Total revenue |
$119 |
— |
|
$443 |
— |
|
YoY change % |
13% |
|
|
16% |
|
|
|
|
|
|
|
|
|
Gross profit |
$82 |
$88 |
|
$299 |
$322 |
|
% Gross margin |
68% |
74% |
|
67% |
73% |
|
YoY change, pts |
3pts |
3pts |
|
8pts |
6pts |
|
|
|
|
|
|
|
|
Operating income (loss) |
($52) |
$1 |
|
($121) |
$16 |
|
% Operating margin |
(44%) |
1% |
|
(27%) |
4% |
|
YoY change, pts |
(5pts) |
16pts |
|
20pts |
20pts |
|
|
|
|
|
|
|
|
Net income (loss) |
($33) |
$3 |
|
($90) |
$16 |
|
Earnings (loss) per share |
($0.49) |
$0.04 |
|
($1.36) |
$0.23 |
|
|
|
|
|
|
|
|
Shares to Calculate EPS |
67.1 |
69.9 |
|
66.3 |
69.0 |
|
YoY change % |
0% |
4% |
|
(2%) |
2% |
|
Net operating cash flow |
($18) |
— |
|
($21) |
— |
|
Free cash flow to equity |
— |
($18) |
|
— |
($23) |
|
|
|
|
|
|
|
|
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.
Additional Business Highlights & Metrics
-
ATS continues to experience strong global adoption, solidifying its role as the leading post-cookie solution. To date, more than 400 publishers have adopted ATS, including 70% of the U.S Comscore 20 and 65% of the U.S. Comscore 50. In addition, ATS has been adopted by more than 70 leading supply-side and demand-side platforms. Importantly, it is generating results:
- Brand advertisers are generating better returns. A new Forrester Consulting Total Economic Impact™ (TEI) study, commissioned by LiveRamp, found advertisers who use LiveRamp’s ATS can achieve 343% ROI over three years with payback within only six months of initial investment.
- Publishers are making more money. Recent case studies with top publishers suggest potential to increase CPM (cost per thousand impression) by over 40% using ATS compared to legacy third-party cookie methods.
- During the fourth quarter, subscription net retention was 101% and platform net retention was 104%.
- Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $256 million, up 14% compared to the fourth quarter of last year. Sequentially, CRPO was up 11%.
- LiveRamp has 70 clients whose subscription contracts exceed $1 million in annual revenue, up 32% compared to the prior year.
- LiveRamp’s direct subscription customer count at quarter end was 825, up from 780 a year ago.
Financial Outlook
LiveRamp’s non-GAAP guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring charges.
For the first quarter of fiscal 2022, LiveRamp expects to report:
- Revenue of up to $112 million, an increase of up to 13% year-over-year
- GAAP operating loss of approximately $30 million
- Non-GAAP operating loss of up to $2 million
For fiscal 2022, LiveRamp expects to report:
- Revenue of up to $509 million, an increase of up to 15% year-over-year
- GAAP operating loss of between $119 million and $114 million
- Non-GAAP operating income of between $0 million and $5 million
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, 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.
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.
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.
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| For the Three Months Ended | ||||||||||||
| March 31 | ||||||||||||
|
|
|
|
|
$ |
|
% |
||||||
|
2021 |
|
2020 |
|
Variance |
|
Variance |
||||||
| Revenues |
119,175 |
|
105,701 |
|
13,474 |
|
12.7 |
% |
||||
| Cost of revenue |
37,557 |
|
36,852 |
|
705 |
|
1.9 |
% |
||||
| Gross profit |
81,618 |
|
68,849 |
|
12,769 |
|
18.5 |
% |
||||
| % Gross margin |
68.5 |
% |
65.1 |
% |
||||||||
| Operating expenses: | ||||||||||||
| Research and development |
46,479 |
|
28,411 |
|
18,068 |
|
63.6 |
% |
||||
| Sales and marketing |
53,307 |
|
48,564 |
|
4,743 |
|
9.8 |
% |
||||
| General and administrative |
32,395 |
|
30,216 |
|
2,179 |
|
7.2 |
% |
||||
| Gains, losses and other items, net |
1,345 |
|
2,447 |
|
(1,102 |
) |
(45.0 |
%) |
||||
| Total operating expenses |
133,526 |
|
109,638 |
|
23,888 |
|
21.8 |
% |
||||
| Loss from operations |
(51,908 |
) |
(40,789 |
) |
(11,119 |
) |
(27.3 |
%) |
||||
| % Margin |
-43.6 |
% |
-38.6 |
% |
||||||||
| Total other income (expense) |
(404 |
) |
1,565 |
|
(1,969 |
) |
(125.8 |
%) |
||||
| Loss from continuing operations before income taxes |
(52,312 |
) |
(39,224 |
) |
(13,088 |
) |
(33.4 |
%) |
||||
| Income taxes (benefit) |
(19,465 |
) |
(34,345 |
) |
14,880 |
|
43.3 |
% |
||||
| Net loss from continuing operations |
(32,847 |
) |
(4,879 |
) |
(27,968 |
) |
(573.2 |
%) |
||||
| Earnings from discontinued operations, net of tax |
– |
|
750 |
|
(750 |
) |
(100.0 |
%) |
||||
| Net loss |
(32,847 |
) |
(4,129 |
) |
(28,718 |
) |
(695.5 |
%) |
||||
| Basic earnings (loss) per share: | ||||||||||||
| Continuing operations |
(0.49 |
) |
(0.07 |
) |
(0.42 |
) |
(571.9 |
%) |
||||
| Discontinued operations |
– |
|
0.01 |
|
(0.01 |
) |
(100.0 |
%) |
||||
| Basic loss per share |
(0.49 |
) |
(0.06 |
) |
(0.43 |
) |
(688.7 |
%) |
||||
| Diluted earnings (loss) per share: | ||||||||||||
| Continuing operations |
(0.49 |
) |
(0.07 |
) |
(0.42 |
) |
(571.9 |
%) |
||||
| Discontinued operations |
– |
|
0.01 |
|
(0.01 |
) |
(100.0 |
%) |
||||
| Diluted loss per share |
(0.49 |
) |
(0.06 |
) |
(0.43 |
) |
(688.7 |
%) |
||||
| Basic weighted average shares |
67,111 |
|
66,977 |
|
||||||||
| Diluted weighted average shares |
67,111 |
|
66,977 |
|
||||||||
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| For the Twelve Months Ended | ||||||||||||
|
March 31 |
||||||||||||
|
|
|
|
|
$ |
|
% |
||||||
|
2021 |
|
2020 |
|
Variance |
|
Variance |
||||||
| Revenues |
443,026 |
|
380,572 |
|
62,454 |
|
16.4 |
% |
||||
| Cost of revenue |
144,004 |
|
152,704 |
|
(8,700 |
) |
(5.7 |
%) |
||||
| Gross profit |
299,022 |
|
227,868 |
|
71,154 |
|
31.2 |
% |
||||
| % Gross margin |
67.5 |
% |
59.9 |
% |
||||||||
| Operating expenses: | ||||||||||||
| Research and development |
135,111 |
|
105,981 |
|
29,130 |
|
27.5 |
% |
||||
| Sales and marketing |
177,543 |
|
188,905 |
|
(11,362 |
) |
(6.0 |
%) |
||||
| General and administrative |
104,201 |
|
108,903 |
|
(4,702 |
) |
(4.3 |
%) |
||||
| Gains, losses and other items, net |
2,715 |
|
5,001 |
|
(2,286 |
) |
(45.7 |
%) |
||||
| Total operating expenses |
419,570 |
|
408,790 |
|
10,780 |
|
2.6 |
% |
||||
| Loss from operations |
(120,548 |
) |
(180,922 |
) |
60,374 |
|
33.4 |
% |
||||
| % Margin |
-27.2 |
% |
-47.5 |
% |
||||||||
| Total other income (expense) |
(252 |
) |
15,385 |
|
(15,637 |
) |
(101.6 |
%) |
||||
| Loss from continuing operations before income taxes |
(120,800 |
) |
(165,537 |
) |
44,737 |
|
27.0 |
% |
||||
| Income taxes (benefit) |
(30,532 |
) |
(40,276 |
) |
9,744 |
|
24.2 |
% |
||||
| Net loss from continuing operations |
(90,268 |
) |
(125,261 |
) |
34,993 |
|
27.9 |
% |
||||
| Earnings from discontinued operations, net of tax |
– |
|
750 |
|
(750 |
) |
(100.0 |
%) |
||||
| Net loss |
(90,268 |
) |
(124,511 |
) |
34,243 |
|
27.5 |
% |
||||
| Basic earnings (loss) per share: | ||||||||||||
| Continuing operations |
(1.36 |
) |
(1.85 |
) |
0.49 |
|
26.4 |
% |
||||
| Discontinued operations |
– |
|
0.01 |
|
(0.01 |
) |
(100.0 |
%) |
||||
| Basic loss per share |
(1.36 |
) |
(1.84 |
) |
0.48 |
|
26.0 |
% |
||||
| Diluted earnings (loss) per share: | ||||||||||||
| Continuing operations |
(1.36 |
) |
(1.85 |
) |
0.49 |
|
26.4 |
% |
||||
| Discontinued operations |
– |
|
0.01 |
|
(0.01 |
) |
(100.0 |
%) |
||||
| Diluted loss per share |
(1.36 |
) |
(1.84 |
) |
0.48 |
|
26.0 |
% |
||||
| Basic weighted average shares |
66,304 |
|
67,760 |
|
||||||||
| Diluted weighted average shares |
66,304 |
|
67,760 |
|
||||||||
| 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 |
|
For the Twelve Months Ended |
||||||||||
|
March 31, |
|
March 31, |
||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Loss from continuing operations before income taxes |
(52,312 |
) |
(39,224 |
) |
(120,800 |
) |
(165,537 |
) |
||||
| Income taxes (benefit) |
(19,465 |
) |
(34,345 |
) |
(30,532 |
) |
(40,276 |
) |
||||
| Net loss from continuing operations |
(32,847 |
) |
(4,879 |
) |
(90,268 |
) |
(125,261 |
) |
||||
| Earnings from discontinued operations, net of tax |
– |
|
750 |
|
– |
|
750 |
|
||||
| Net loss |
(32,847 |
) |
(4,129 |
) |
(90,268 |
) |
(124,511 |
) |
||||
| Loss per share: | ||||||||||||
| Basic |
(0.49 |
) |
(0.06 |
) |
(1.36 |
) |
(1.84 |
) |
||||
| Diluted |
(0.49 |
) |
(0.06 |
) |
(1.36 |
) |
(1.84 |
) |
||||
| Excluded items: | ||||||||||||
| Purchased intangible asset amortization (cost of revenue) |
4,177 |
|
5,181 |
|
18,046 |
|
19,042 |
|
||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
47,124 |
|
17,168 |
|
111,707 |
|
89,447 |
|
||||
| Accelerated depreciation (cost of revenue and operating expenses) |
– |
|
– |
|
– |
|
3,569 |
|
||||
| Transformation costs (general and administrative) |
– |
|
– |
|
3,863 |
|
– |
|
||||
| Restructuring and merger charges (gains, losses, and other) |
1,345 |
|
2,447 |
|
2,715 |
|
5,001 |
|
||||
| Total excluded items |
52,646 |
|
24,796 |
|
136,331 |
|
117,059 |
|
||||
| Income (loss) from operations before income taxes and excluding items |
334 |
|
(14,428 |
) |
15,531 |
|
(48,478 |
) |
||||
| Income taxes (benefit) (2) |
(2,628 |
) |
(11,199 |
) |
(638 |
) |
(11,452 |
) |
||||
| Non-GAAP net earnings (loss) |
2,962 |
|
(3,229 |
) |
16,169 |
|
(37,026 |
) |
||||
| Non-GAAP earnings (loss) per share: | ||||||||||||
| Basic |
0.04 |
|
(0.05 |
) |
0.24 |
|
(0.55 |
) |
||||
| Diluted |
0.04 |
|
(0.05 |
) |
0.23 |
|
(0.55 |
) |
||||
| Basic weighted average shares |
67,111 |
|
66,977 |
|
66,304 |
|
67,760 |
|
||||
| Diluted weighted average shares |
69,935 |
|
66,977 |
|
68,963 |
|
67,760 |
|
||||
|
(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. |
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP INCOME (LOSS) FROM OPERATIONS (1) | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||
|
March 31, |
|
March 31, |
||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Loss from continuing operations |
(51,908 |
) |
(40,789 |
) |
(120,548 |
) |
(180,922 |
) |
||||
| Excluded items: | ||||||||||||
| Purchased intangible asset amortization (cost of revenue) |
4,177 |
|
5,181 |
|
18,046 |
|
19,042 |
|
||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
47,124 |
|
17,168 |
|
111,707 |
|
89,447 |
|
||||
| Accelerated depreciation (cost of revenue and operating expenses) |
– |
|
– |
|
– |
|
3,569 |
|
||||
| Transformation costs (general and administrative) |
– |
|
– |
|
3,863 |
|
– |
|
||||
| Restructuring and merger charges (gains, losses, and other) |
1,345 |
|
2,447 |
|
2,715 |
|
5,001 |
|
||||
| Total excluded items |
52,646 |
|
24,796 |
|
136,331 |
|
117,059 |
|
||||
| Income (loss) from continuing operations before excluded items |
738 |
|
(15,993 |
) |
15,783 |
|
(63,863 |
) |
||||
|
(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. |
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA (1) | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||
|
March 31, |
|
March 31, |
||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Net loss from continuing operations |
(32,847 |
) |
(4,879 |
) |
(90,268 |
) |
(125,261 |
) |
||||
| Income taxes (benefit) |
(19,465 |
) |
(34,345 |
) |
(30,532 |
) |
(40,276 |
) |
||||
| Other expense (income) |
404 |
|
(1,565 |
) |
252 |
|
(15,385 |
) |
||||
| Loss from operations |
(51,908 |
) |
(40,789 |
) |
(120,548 |
) |
(180,922 |
) |
||||
| Depreciation and amortization |
6,277 |
|
7,943 |
|
27,741 |
|
35,901 |
|
||||
| EBITDA |
(45,631 |
) |
(32,846 |
) |
(92,807 |
) |
(145,021 |
) |
||||
| Other adjustments: | ||||||||||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
47,124 |
|
17,168 |
|
111,707 |
|
89,447 |
|
||||
| Transformation costs (general and administrative) |
– |
|
– |
|
3,863 |
|
– |
|
||||
| Restructuring and merger charges (gains, losses, and other) |
1,345 |
|
2,447 |
|
2,715 |
|
5,001 |
|
||||
| Other adjustments |
48,469 |
|
19,615 |
|
118,285 |
|
94,448 |
|
||||
| Adjusted EBITDA |
2,838 |
|
(13,231 |
) |
25,478 |
|
(50,573 |
) |
||||
|
(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. |
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (Dollars in thousands) | ||||||||||||
|
March 31, |
|
March 31, |
|
$ |
|
% |
||||||
|
2021 |
|
2020 |
|
Variance |
|
Variance |
||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents |
572,787 |
|
717,811 |
|
(145,024 |
) |
(20.2 |
%) |
||||
| Restricted cash |
8,900 |
|
14,815 |
|
(5,915 |
) |
(39.9 |
%) |
||||
| Trade accounts receivable, net |
114,284 |
|
92,761 |
|
21,523 |
|
23.2 |
% |
||||
| Refundable income taxes |
65,692 |
|
38,340 |
|
27,352 |
|
71.3 |
% |
||||
| Other current assets |
64,052 |
|
32,666 |
|
31,386 |
|
96.1 |
% |
||||
| Total current assets |
825,715 |
|
896,393 |
|
(70,678 |
) |
(7.9 |
%) |
||||
| Property and equipment |
44,284 |
|
44,786 |
|
(502 |
) |
(1.1 |
%) |
||||
| Less – accumulated depreciation and amortization |
32,327 |
|
25,465 |
|
6,862 |
|
26.9 |
% |
||||
| Property and equipment, net |
11,957 |
|
19,321 |
|
(7,364 |
) |
(38.1 |
%) |
||||
| Intangible assets, net |
39,730 |
|
45,200 |
|
(5,470 |
) |
(12.1 |
%) |
||||
| Goodwill |
357,446 |
|
297,796 |
|
59,650 |
|
20.0 |
% |
||||
| Deferred commissions, net |
22,619 |
|
16,014 |
|
6,605 |
|
41.2 |
% |
||||
| Other assets, net |
30,854 |
|
27,165 |
|
3,689 |
|
13.6 |
% |
||||
|
1,288,321 |
|
1,301,889 |
|
(13,568 |
) |
(1.0 |
%) |
|||||
| Liabilities and Stockholders’ Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Trade accounts payable |
39,955 |
|
42,204 |
|
(2,249 |
) |
(5.3 |
%) |
||||
| Accrued payroll and related expenses |
46,438 |
|
28,791 |
|
17,647 |
|
61.3 |
% |
||||
| Other accrued expenses |
58,353 |
|
68,991 |
|
(10,638 |
) |
(15.4 |
%) |
||||
| Acquisition escrow payable |
8,900 |
|
14,815 |
|
(5,915 |
) |
(39.9 |
%) |
||||
| Deferred revenue |
11,603 |
|
6,581 |
|
5,022 |
|
76.3 |
% |
||||
| Total current liabilities |
165,249 |
|
161,382 |
|
3,867 |
|
2.4 |
% |
||||
| Other liabilities |
42,389 |
|
52,995 |
|
(10,606 |
) |
(20.0 |
%) |
||||
| Stockholders’ equity: | ||||||||||||
| Preferred stock |
– |
|
– |
|
– |
|
n/a |
|
||||
| Common stock |
14,781 |
|
14,394 |
|
387 |
|
2.7 |
% |
||||
| Additional paid-in capital |
1,630,072 |
|
1,496,565 |
|
133,507 |
|
8.9 |
% |
||||
| Retained earnings |
1,454,826 |
|
1,545,094 |
|
(90,268 |
) |
(5.8 |
%) |
||||
| Accumulated other comprehensive income |
7,522 |
|
5,745 |
|
1,777 |
|
30.9 |
% |
||||
| Treasury stock, at cost |
(2,026,518 |
) |
(1,974,286 |
) |
(52,232 |
) |
(2.6 |
%) |
||||
| Total stockholders’ equity |
1,080,683 |
|
1,087,512 |
|
(6,829 |
) |
(0.6 |
%) |
||||
|
1,288,321 |
|
1,301,889 |
|
(13,568 |
) |
(1.0 |
%) |
|||||
|
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES |
||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| (Unaudited) | ||||||
| (Dollars in thousands) | ||||||
| For the Three Months Ended | ||||||
| March 31, | ||||||
|
2021 |
2020 |
|||||
| Cash flows from operating activities: | ||||||
| Net loss |
(32,847 |
) |
(4,129 |
) |
||
| Earnings from discontinued operations, net of tax |
– |
|
(750 |
) |
||
| Non-cash operating activities: | ||||||
| Depreciation and amortization |
6,277 |
|
7,943 |
|
||
| Loss on disposal or impairment of assets |
54 |
|
1,865 |
|
||
| Provision for doubtful accounts |
(431 |
) |
3,450 |
|
||
| Deferred income taxes |
(1,418 |
) |
(8,343 |
) |
||
| Non-cash stock compensation expense |
47,124 |
|
17,168 |
|
||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable |
1,818 |
|
(8,667 |
) |
||
| Deferred commissions |
(1,523 |
) |
(2,563 |
) |
||
| Other assets |
(26,283 |
) |
(8,548 |
) |
||
| Accounts payable and other liabilities |
6,731 |
|
12,326 |
|
||
| Income taxes |
(17,233 |
) |
(12,030 |
) |
||
| Deferred revenue |
(156 |
) |
2,058 |
|
||
| Net cash used in operating activities |
(17,887 |
) |
(220 |
) |
||
| Cash flows from investing activities: | ||||||
| Capital expenditures |
(376 |
) |
(1,409 |
) |
||
| Proceeds from sales of property and equipment |
– |
|
356 |
|
||
| Purchases of investments |
(4,500 |
) |
– |
|
||
| Cash paid in acquisition, net of cash received |
(58,264 |
) |
– |
|
||
| Net cash used in investing activities |
(63,140 |
) |
(1,053 |
) |
||
| Cash flows from financing activities: | ||||||
| Proceeds related to the issuance of common stock under stock and employee benefit plans |
61 |
|
1,331 |
|
||
| Shares repurchased for tax withholdings upon vesting of stock-based awards |
(538 |
) |
(6,465 |
) |
||
| Acquisition of treasury stock |
– |
|
(61,002 |
) |
||
| Net cash used in financing activities |
(477 |
) |
(66,136 |
) |
||
| Cash flows from discontinued operations: | ||||||
| From operating activities |
– |
|
(207 |
) |
||
| From investing activities |
– |
|
18,582 |
|
||
| Net cash provided by discontinued operations |
– |
|
18,375 |
|
||
| Effect of exchange rate changes on cash |
(210 |
) |
(355 |
) |
||
| Net change in cash, cash equivalents, and restricted cash |
(81,714 |
) |
(49,389 |
) |
||
| Cash, cash equivalents, and restricted cash at beginning of period |
663,401 |
|
782,015 |
|
||
| Cash, cash equivalents, and restricted cash at end of period |
581,687 |
|
732,626 |
|
||
| Supplemental cash flow information: | ||||||
| Cash paid (received) during the period for: | ||||||
| Income taxes |
(819 |
) |
(13,515 |
) |
||
Contacts
Lauren Dillard
LiveRamp Investor Relations
Investor.Relations@LiveRamp.com
ERAMP