Part I [Business](index=7&type=section&id=Item%201.%20Business) LiveRamp is a global technology company specializing in data collaboration, enabling secure and ethical first-party data utilization for businesses - LiveRamp is a global technology company focused on enabling data collaboration for brands to build customer value while prioritizing consumer privacy and data ethics[19](index=19&type=chunk) - The company serves **920 direct customers worldwide**, including approximately **25% of the Fortune 500**, and thousands more indirectly through partnerships[39](index=39&type=chunk) - The core offering is the LiveRamp Data Collaboration Platform, which unifies customer data to create a single customer view for people-based marketing solutions like activation, measurement, and analytics[35](index=35&type=chunk) [Industry and Our Approach](index=7&type=section&id=Industry%20and%20Our%20Approach) The company operates in a data-driven economy, providing a trusted middleware platform for consistent and portable customer data - Key industry trends shaping the market include the shift to data-driven customer experiences, the growth of commerce media through data collaboration, increasing complexity of the customer journey, and heightened privacy regulations like GDPR and CCPA[21](index=21&type=chunk)[26](index=26&type=chunk)[32](index=32&type=chunk) - LiveRamp acts as middleware for the customer experience economy, providing a trusted platform to make data consistent, consumable, and portable between customer data sources and applications[34](index=34&type=chunk) [LiveRamp Data Collaboration Platform](index=10&type=section&id=LiveRamp%20Data%20Collaboration%20Platform) The platform offers identity resolution, data activation, measurement, and analytics, leveraging a pseudonymized identifier called RampID™ - The platform enables data collaboration, activation, measurement, and identity resolution, leveraging a pseudonymized identifier called RampID™[36](index=36&type=chunk) - The Authenticated Traffic Solution (ATS) is a key part of its digital identity graph, with over **165 supply-side and demand-side platforms** committed to bidding on RampID or ATS, and integration across over **14,000 publisher domains**[36](index=36&type=chunk) - The Data Marketplace provides access to third-party data from over **200 providers** to enrich customers' first-party data[37](index=37&type=chunk) [Revenue Sources](index=11&type=section&id=Revenue%20Sources) Revenue is primarily derived from annual subscriptions based on data volume, supplemented by marketplace revenue-sharing and transactional fees - Subscription revenue is the primary source, charged annually based on data volume (input records and connection points)[38](index=38&type=chunk) - Marketplace and Other revenue comes from revenue-sharing with data sellers and transactional usage-based fees[41](index=41&type=chunk) - Professional services, including implementation and analytics, account for less than **5% of total company revenue**[42](index=42&type=chunk) [Growth Strategy and Competitive Strengths](index=12&type=section&id=Growth%20Strategy%20and%20Competitive%20Strengths) LiveRamp's growth strategy focuses on expanding its customer base and global footprint, leveraging its extensive partner ecosystem and advanced identity technology - Key competitive strengths include a large partner ecosystem (**>550 partners**), advanced identity recognition technology (AbiliTec®), platform neutrality, and strong customer relationships[45](index=45&type=chunk)[46](index=46&type=chunk) - Growth strategies include growing the customer base towards a target of the world's top **2,000 marketers**, expanding existing customer relationships, and forging new sales channel partnerships with cloud providers and system integrators[46](index=46&type=chunk) - The company plans to expand its addressable market beyond marketing into adjacent areas like risk and fraud, healthcare, and government[49](index=49&type=chunk) [Customers and R&D](index=15&type=section&id=Customers%20and%20R%26D) LiveRamp serves primarily Fortune 1000 companies, with significant R&D investment and revenue concentration among its top clients - The company had **920 direct subscription customers** at fiscal year-end 2023, an increase from **905** in the prior year[51](index=51&type=chunk) - The top ten clients accounted for **29% of revenue** in FY2023, with The Interpublic Group of Companies representing **12% of revenue**[53](index=53&type=chunk) Research and Development Expense Trend | Fiscal Year | R&D Expense (in millions) | | :--- | :--- | | 2023 | $189.2 | | 2022 | $157.9 | | 2021 | $135.1 | [Human Capital](index=16&type=section&id=Human%20Capital) LiveRamp employs approximately 1,370 people globally, emphasizing an inclusive culture and commitment to Diversity, Inclusion, and Belonging - The company employs approximately **1,370 employees** ("LiveRampers") worldwide[63](index=63&type=chunk) - LiveRamp has been recognized as a Best Place to Work and listed among Fortune's **100 Best Companies to Work For** annually since 2018[66](index=66&type=chunk) - The company has **six employee resource groups (BERGs)** and a Diversity, Inclusion & Belonging Charter focused on three pillars: Workforce, Product & Customers, and Community[67](index=67&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to its business operations, evolving regulatory environment, and intellectual property protection [Risks Related to Our Business and Strategy](index=20&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Strategy) Key business risks include customer retention, reliance on third-party data, intense competition, and the industry-wide shift away from third-party cookies - The company is dependent on customer renewals and new customer acquisition; the top ten clients represented **29% of revenue** in FY2023, with The Interpublic Group of Companies accounting for **12%**[83](index=83&type=chunk) - The business relies on data from third-party suppliers, who may withhold data due to legal, competitive, or other reasons, potentially impacting service delivery[85](index=85&type=chunk) - The phase-out of third-party cookies by major browsers like Google Chrome and Apple Safari could materially impact the business, as digital advertising has heavily relied on this technology[111](index=111&type=chunk)[113](index=113&type=chunk)[117](index=117&type=chunk) - A November 2022 reduction in force involving approximately **10% of full-time employees** was announced as part of a strategic reprioritization[90](index=90&type=chunk) [Risks Related to Government Regulation and Taxation](index=28&type=section&id=Risks%20Related%20to%20Government%20Regulation%20and%20Taxation) The company is subject to complex and evolving global data privacy laws, creating compliance costs and uncertainty for data transfers - The business is subject to evolving data privacy laws, including GDPR in Europe and state-level laws in the U.S. like the CCPA/CPRA in California and similar legislation in at least **ten other states**[125](index=125&type=chunk)[128](index=128&type=chunk) - The invalidation of the EU-U.S. Privacy Shield by the European Court of Justice creates uncertainty and risk for data transfers from the EU to the U.S., a critical part of operations[130](index=130&type=chunk) - Changes in tax laws, including the U.S. Inflation Reduction Act and proposals from the OECD, could adversely affect the company's business and financial performance[134](index=134&type=chunk) [Properties](index=33&type=section&id=Item%202.%20Properties) LiveRamp maintains its headquarters in San Francisco and leases principal office spaces across the U.S., Europe, and Asia-Pacific Principal Leased Properties | Location | Use | | :--- | :--- | | **United States** | | | San Francisco, CA | Office space | | New York, NY | Office space | | Little Rock, AR | Office space | | Seattle, WA | Office space | | **Europe** | | | London, England | Office space | | Paris, France | Office space | | **Asia-Pacific** | | | Shanghai, China | Office space | | Nantong, China | Office space | | Singapore, Singapore | Office space | | Tokyo, Japan | Office space | | Sydney, Australia | Office space | Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) LiveRamp's common stock trades on the NYSE, with no recent dividends paid and an active stock repurchase program - The company's common stock is traded on the New York Stock Exchange under the symbol 'RAMP'[147](index=147&type=chunk) - No dividends were paid in the last two fiscal years, and there are no short-term plans to pay them[149](index=149&type=chunk) - The common stock repurchase program was expanded to **$1.1 billion**, with **$217.8 million** remaining capacity as of March 31, 2023, running through December 31, 2024[157](index=157&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2023, LiveRamp's revenues grew to $596.6 million, but net loss widened significantly to $118.7 million due to increased operating expenses and restructuring charges [Summary Results and Notable Events](index=53&type=section&id=Summary%20Results%20and%20Notable%20Events) Fiscal 2023 saw revenue growth but a widened net loss, driven by higher operating expenses, restructuring, and increased stock compensation Fiscal 2023 Financial Summary vs. Fiscal 2022 | Metric | Fiscal 2023 | Fiscal 2022 | Change | | :--- | :--- | :--- | :--- | | Revenues | $596.6M | $528.7M | +12.8% | | Gross Margin | 71.5% | 72.1% | -0.6 p.p. | | Net Loss | ($118.7M) | ($33.8M) | +251% | | Diluted Loss per Share | ($1.79) | ($0.50) | +258% | | Cash from Operations | $34.4M | $78.1M | -55.9% | - In November 2022, the company announced a reduction in force of about **10% of its employees** and a downsizing of its real estate footprint, expecting annualized savings of approximately **$30 million**[230](index=230&type=chunk) - The share repurchase program was amended to authorize an additional **$100 million** and extend its duration to December 31, 2024[231](index=231&type=chunk) [Key Performance Metrics](index=59&type=section&id=Key%20Performance%20Metrics) Key performance metrics for fiscal 2023 indicate a slowdown in growth, with Subscription Net Retention declining and ARR growth slowing Key Performance Metrics (as of March 31) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Subscription net retention | 97% | 111% | (12.6)% | | Annualized recurring revenue | $423.8M | $399.5M | 6.1% | | Remaining performance obligation | $470.9M | $394.2M | 19.5% | | Current RPO | $337.6M | $308.5M | 9.4% | - The decline in Subscription Net Retention to **97%** was attributed to down-sell and churn activity, partly driven by customer budget pressures, offsetting upsell revenue[252](index=252&type=chunk) - Based on the declining growth rates of these key metrics, the company expects subscription revenue growth in fiscal 2024 to be lower than in fiscal 2023[257](index=257&type=chunk) [Results of Operations Analysis](index=61&type=section&id=Results%20of%20Operations%20Analysis) Total revenues increased by 12.8% in FY2023, but operating expenses surged 24%, leading to a near doubling of the operating loss Revenue by Type (FY2023 vs FY2022) | Revenue Type | 2023 (in thousands) | 2022 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Subscription | $482,807 | $428,617 | 13% | | Marketplace and Other | $113,776 | $100,040 | 14% | | **Total revenues** | **$596,583** | **$528,657** | **13%** | Operating Expenses (FY2023 vs FY2022) | Expense Category | 2023 (in thousands) | 2022 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Research and development | $189,195 | $157,935 | 20% | | Sales and marketing | $202,437 | $182,763 | 11% | | General and administrative | $125,351 | $104,591 | 20% | | Gains, losses and other items, net | $35,316 | $1,479 | 2,288% | | **Total operating expenses** | **$552,299** | **$446,768** | **24%** | - Gains, losses and other items, net increased to **$35.3 million**, which included **$27.5 million** in lease impairments and **$7.8 million** in employee termination benefits related to restructuring[271](index=271&type=chunk) [Capital Resources and Liquidity](index=64&type=section&id=Capital%20Resources%20and%20Liquidity) Cash and cash equivalents decreased to $464.4 million, primarily due to $150.0 million in share repurchases, while operating cash flow declined Cash Flow Summary (FY2023 vs FY2022) | Cash Flow Activity | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $34,441 | $78,077 | | Net cash provided by (used in) investing activities | $(28,999) | $7,578 | | Net cash used in financing activities | $(146,010) | $(66,981) | - Working capital decreased by **$91.5 million** to **$539.7 million**, primarily due to the **$150.0 million** use of cash for treasury share acquisitions[279](index=279&type=chunk) - During FY2023, the company repurchased **6.1 million shares** for **$150.0 million** under its stock repurchase program[292](index=292&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls and internal control over financial reporting were effective as of March 31, 2023 - Management concluded that as of March 31, 2023, the company's disclosure controls and procedures were effective at the reasonable assurance level[165](index=165&type=chunk) - Based on the COSO framework, management determined that the company's internal control over financial reporting was effective as of March 31, 2023[170](index=170&type=chunk) - No material changes were made to the internal control over financial reporting during the fourth quarter of fiscal 2023[171](index=171&type=chunk) Part III [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=40&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of March 31, 2023, over 5.4 million securities remained available for future issuance under LiveRamp's equity compensation plans Equity Compensation Plan Information as of March 31, 2023 | Plan Category | Securities to be Issued (a) | Weighted-Average Exercise Price (b) | Securities Remaining for Future Issuance (c) | | :--- | :--- | :--- | :--- | | Approved by shareholders | 5,228,795 | $19.15 | 5,425,842 | | Not approved by shareholders | — | — | 41,983 | | **Total** | **5,228,795** | **$19.15** | **5,467,825** | - The weighted-average exercise price of outstanding options, warrants, and rights is **$19.15**[180](index=180&type=chunk) Financial Supplement [Report of Independent Registered Public Accounting Firm](index=67&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) KPMG LLP issued an unqualified opinion on LiveRamp's financial statements and internal controls, identifying revenue evaluation as a critical audit matter - The auditor, KPMG LLP, issued an unqualified (clean) opinion on both the consolidated financial statements and the effectiveness of internal control over financial reporting[301](index=301&type=chunk) - A Critical Audit Matter was identified concerning the evaluation of the sufficiency of audit evidence over revenue, due to the subjective judgment needed for the company's non-standard revenue contracts[308](index=308&type=chunk)[310](index=310&type=chunk) [Consolidated Financial Statements](index=69&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show total assets of $1.17 billion, a net loss of $118.7 million, and a net decrease in cash for FY2023 Consolidated Balance Sheet Highlights (March 31, 2023 vs 2022) | Account (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $464,448 | $600,162 | | Total current assets | $714,559 | $815,834 | | Goodwill | $363,116 | $363,845 | | Total Assets | $1,172,703 | $1,333,736 | | Total current liabilities | $174,829 | $184,566 | | Total Stockholders' Equity | $926,076 | $1,063,060 | Consolidated Statement of Operations Highlights (FY2023) | Account (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Revenues | $596,583 | $528,657 | | Gross profit | $426,499 | $381,230 | | Loss from operations | $(125,800) | $(65,538) | | Net loss | $(118,702) | $(33,833) | [Notes to Consolidated Financial Statements](index=76&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on revenue disaggregation, restructuring charges, stock-based compensation, and income tax provisions - In FY2023, U.S. revenue was **$556.2 million** (**93% of total**), while international revenue was **$40.4 million**[388](index=388&type=chunk) - Restructuring charges in FY2023 included **$24.6 million** of right-of-use asset impairment charges and **$7.8 million** in employee-related severance costs[391](index=391&type=chunk)[396](index=396&type=chunk) - Total stock-based compensation expense was **$125.8 million** in FY2023, a significant increase from **$87.3 million** in FY2022, including **$22.6 million** from an accelerated vesting of certain RSUs[438](index=438&type=chunk)[439](index=439&type=chunk) - The company maintains a significant valuation allowance (**$61.2 million**) against its deferred tax assets, indicating uncertainty about realizing these tax benefits in the future[475](index=475&type=chunk)[477](index=477&type=chunk)

/LiveRamp Investor Breakfast & Management Q&A Color Picture Scott Howe Chief Executive Officer 1 2 3 Flexible Collaboration Premier Global Ecosystem Expansive, data-rich network of top-quality partners, customers and publishers for incomparable scale and reach. Vihan Sharma EVP of Global Revenue and MD of International Data Eras… Clouds Cloud Data Warehouses Data Lakes RampUp 2023 March 1, 2023 RampUp 2023 LiveRamp: The Data Collaboration Platform of Choice for the World's Most Innovative Companies The Righ ...

LiveRamp Holdings, Inc. (NYSE:RAMP) Q3 2023 Results Conference Call February 7, 2023 4:30 PM ET Company Participants Drew Borst - VP of IR Scott Howe - CEO Warren Jenson - President and CFO Conference Call Participants Shyam Patil - Susquehanna Elizabeth Porter - Morgan Stanley Peter Burkly - Evercore Brian Fitzgerald - Wells Fargo Jason Kreyer - Craig-Hallum Mark Zgutowicz - Benchmark Company Dean Sublett - Stephens Operator Good afternoon, ladies and gentlemen. And welcome to LiveRamp's Fiscal 2023 Third ...

Financial Performance - Revenues for the three months ended December 31, 2022, were $158.6 million, a 12.8% increase from $140.6 million in the same period of 2021[20] - Gross profit for the three months ended December 31, 2022, was $115.3 million, compared to $102.0 million for the same period in 2021, reflecting a gross margin improvement[20] - The net loss for the three months ended December 31, 2022, was $29.7 million, compared to a net loss of $15.4 million in the same period of 2021, indicating increased operational challenges[20] - The company reported a basic loss per share of $0.46 for the three months ended December 31, 2022, compared to a loss of $0.23 in the same period of 2021[20] - For the nine months ended December 31, 2022, the net loss was $87.34 million, compared to a net loss of $4.44 million for the same period in 2021[34] - The company reported a net cash provided by operating activities of $3.78 million for the nine months ended December 31, 2022, compared to $19.13 million in 2021[34] - The company reported a loss on disposal or impairment of assets of $4.12 million for the nine months ended December 31, 2022[34] - The company reported a net loss of $29.684 million for the three months ended December 31, 2022, compared to a net loss of $15.375 million for the same period in 2021, reflecting an increase in losses of 93.5%[43] Expenses and Investments - Research and development expenses for the three months ended December 31, 2022, were $43.2 million, up from $41.9 million in the same period of 2021, highlighting ongoing investment in innovation[20] - Operating expenses for the three months ended December 31, 2022, totaled $139.3 million, compared to $115.8 million in the same period of 2021, indicating rising costs[20] - Non-cash stock compensation expense for the nine months ended December 31, 2022, was $81.14 million, an increase from $61.48 million in 2021[34] - Stock-based compensation expense for the nine months ended December 31, 2022, totaled $81.142 million, an increase of 32% from $61.475 million in the same period of 2021[58] - The company recognized $4.8 million in stock-based compensation expense related to the Acuity performance earnout plan as of December 31, 2022[79] - A total of $11.3 million was recognized as stock-based compensation expense related to the DataFleets consideration holdback[80] - Stock-based compensation expense associated with the ESPP was $1.5 million for the nine months ended December 31, 2022[83] Assets and Equity - Total current assets decreased to $696.2 million as of December 31, 2022, from $815.8 million as of March 31, 2022, indicating a reduction in liquidity[17] - Total stockholders' equity decreased to $911.6 million as of December 31, 2022, from $1,063.1 million as of March 31, 2022, reflecting a decline in overall financial health[17] - The company’s total equity at December 31, 2022, was $911.61 million, reflecting a decrease from the previous period[27] - Cash and cash equivalents at the end of the period were $453.52 million, down from $561.69 million at the end of the same period in 2021[36] - Other current assets increased to $42,172 thousand as of December 31, 2022, compared to $36,975 thousand on March 31, 2022, reflecting a growth of approximately 14%[84] - The net property and equipment decreased to $8,809 thousand as of December 31, 2022, down from $11,531 thousand on March 31, 2022, representing a decline of about 23.5%[86] - Goodwill decreased slightly to $363,129 thousand as of December 31, 2022, from $363,845 thousand on March 31, 2022, indicating a reduction of approximately 0.2%[87] - Total intangible assets, net, dropped to $13,203 thousand as of December 31, 2022, from $26,718 thousand on March 31, 2022, a decrease of about 50.6%[89] Shareholder Actions - The company acquired treasury stock amounting to $149.99 million during the nine months ended December 31, 2022[34] - The company repurchased 6.1 million shares of its common stock for $150 million during the nine months ended December 31, 2022, with a total of 35.6 million shares repurchased for $882.2 million under the program[48] - The total number of common shares outstanding increased from 149,840,925 at March 31, 2022, to 152,052,376 at December 31, 2022[27] - Employee stock awards and other issuances for the nine months ended December 31, 2022, totaled 396,093 shares[27] Future Outlook - The company anticipates continued challenges due to macroeconomic factors, including inflation and the ongoing impact of the COVID-19 pandemic[15] - Future performance may be influenced by the integration of acquired businesses and the ability to attract and retain qualified employees[11] - The company expects to recognize revenue on substantially all remaining performance obligations by March 31, 2026[51] Impairments and Restructuring - The company recorded a $4.0 million impairment related to a strategic investment during the three months ended December 31, 2022[84] - Restructuring charges and adjustments totaled $10,086 thousand for the nine months ended December 31, 2022, compared to no charges in the same period of the previous year[103] - The company recognized $15.5 million in impairment charges related to right-of-use asset groups due to lease exits during the quarter ended December 31, 2022[101] - The allowance for credit losses increased to $10,041 thousand at the end of the nine months ended December 31, 2022, up from $9,961 thousand at the beginning of the period[95] Tax and Valuation - The company maintains a full valuation allowance on its net deferred tax assets, except in certain foreign jurisdictions, reflecting a cautious approach to future taxable income generation[106] - The estimated annual effective income tax rate for the current fiscal year is primarily driven by nondeductible stock-based compensation and the valuation allowance[106] Market and Risk Factors - There have been no material changes in the company's market risk exposures for the nine months ended December 31, 2022, compared to the previous annual report[183] - The company does not expect the excise tax on share repurchases, effective after December 31, 2022, to have a material impact on its financial statements[107]

Financial Data and Key Metrics Changes - Total revenue for Q2 2023 was $147 million, representing a 16% year-on-year increase, with subscription revenue up 14% and Marketplace & Other revenue up 25% [57] - Annual Recurring Revenue (ARR) reached $420 million, up 15% compared to the previous year [8][58] - Non-GAAP operating profit was $17 million, marking the 10th consecutive quarter of profitability, while operating cash flow nearly doubled to $21 million [59][44] Business Line Data and Key Metrics Changes - Subscription net retention was 106%, and platform net retention was 108%, with subscription usage as a percentage of total subscription business at approximately 14% [14][58] - The customer count for $1 million-plus customers grew to 92%, an increase of 15% year-on-year [13][58] - Data Marketplace revenue, which constitutes about 80% of Marketplace & Other, increased by 23% [57] Market Data and Key Metrics Changes - International revenue grew approximately 26%, and when adjusted for foreign exchange, it increased by 39% [57] - The company added 10 new customers in Q2, which is an improvement from Q1 but still below historical trends [12] Company Strategy and Development Direction - The company is focused on strengthening its U.S. sales team and expanding channel partnerships to drive future growth [29][33] - LiveRamp is committed to improving its product offerings based on customer feedback and enhancing its operational efficiency [44][68] - The company aims to capitalize on the transition from Data Management Platforms (DMPs) to Customer Data Platforms (CDPs) and public clouds [51][102] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the economic environment, noting that while there are positive signs, challenges remain, particularly in the SMB segment [17][65] - The company is optimistic about its long-term growth trajectory, emphasizing its foundational identity solutions and partnerships with major players like Google and Salesforce [26][120] - Management highlighted the importance of adapting to changing market conditions and customer needs, particularly in light of the ongoing economic uncertainty [47][129] Other Important Information - The company announced a 10% reduction in workforce as part of its restructuring efforts to improve profitability [45][73] - LiveRamp repurchased 1.7 million shares for $40 million in Q2, with a total of 3.8 million shares repurchased for $100 million year-to-date [60] Q&A Session Summary Question: Improvement in net customer adds and retention - Management acknowledged that while there was some improvement, caution is warranted due to ongoing economic uncertainties [90][92] Question: Sustainability of usage as a percentage of revenue - Management noted consistent strength in utilization from data partners and platform providers, but cautioned about potential weaknesses from brand customers [94][96] Question: Pipeline for expansion and new logo acquisition - Management indicated that a significant portion of bookings came from existing customers, but emphasized the need to improve new logo acquisition through channel partnerships [100][102] Question: Revenue generation from partnerships with Snowflake and others - Management projected that channel partnerships could generate nearly $10 million in revenue this year, indicating a growing opportunity [107][108] Question: Progress on the Facebook relationship and advantages of using ATS - Management highlighted the importance of bifurcated consent and the robustness of their identity solutions compared to other methods [111][115] Question: Impact of Google PAIR on alternative IDs and industry - Management expressed optimism that the PAIR announcement aligns with their approach and could drive significant opportunities in the post-cookie world [119][120] Question: Progress with Carrefour and other flagship deals - Management confirmed strong progress with Carrefour across various regions and highlighted the growing network of partnerships [123][125]

LiveRamp Holdings, Inc. (NYSE:RAMP) Q1 2023 Earnings Conference Call August 4, 2022 4:30 PM ET Company Participants Lauren Dillard - Senior Vice President of Finance and Investor Relations Scott Howe - Chief Executive Officer Warren Jenson - President and Chief Financial Officer Conference Call Participants Christopher Quintero - Morgan Stanley Peter Burkly - Evercore Shyam Patil - Susquehanna Jason Kreyer - Craig Hallum Tim Nollen - Macquarie Nicholas Zangler - Stephens Robert Coolbrith - Wells Fargo Oper ...

/LiveRamp Q1 FY23 Earnings Slides August 4, 2022 Cautionary Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended, including, without limitation, regarding LiveRamp's (the "Company") future business prospects. These statements involve risks and uncertainties that could cause the Company's actual results to differ materially, including, but not limited to comp ...

Part I. Financial Information [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Unaudited Q1 FY23 financials report 19.5% revenue growth to $142.2 million, a shift to a $27.2 million net loss, and increased cash usage Condensed Consolidated Balance Sheet Summary (Unaudited) | Account | June 30, 2022 ($ in thousands) | March 31, 2022 ($ in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 724,854 | 815,834 | | Cash and cash equivalents | 508,254 | 600,162 | | **Total Assets** | **1,234,261** | **1,333,736** | | **Total Current Liabilities** | 143,045 | 184,566 | | **Total Liabilities** | 228,514 | 270,676 | | **Total Stockholders' Equity** | **1,005,747** | **1,063,060** | Condensed Consolidated Statement of Operations Summary (Unaudited) | Account | Three months ended June 30, 2022 ($ in thousands) | Three months ended June 30, 2021 ($ in thousands) | | :--- | :--- | :--- | | **Revenues** | **142,243** | **119,038** | | Gross Profit | 101,222 | 84,723 | | Loss from operations | (25,602) | (17,601) | | **Net earnings (loss)** | **(27,218)** | **17,365** | | **Diluted earnings (loss) per share** | **(0.40)** | **0.25** | Condensed Consolidated Statement of Cash Flows Summary (Unaudited) | Account | Three months ended June 30, 2022 ($ in thousands) | Three months ended June 30, 2021 ($ in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (33,369) | (17,241) | | Net cash provided by (used in) investing activities | (1,741) | 22,205 | | Net cash used in financing activities | (56,046) | (37,157) | | **Net change in cash and cash equivalents** | **(91,908)** | **(31,932)** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, revenue disaggregation, stock repurchases, compensation expenses, and purchase commitments Disaggregation of Revenue (Three months ended June 30) | Category | 2022 ($ in thousands) | 2021 ($ in thousands) | | :--- | :--- | :--- | | **By Geography** | | | | United States | 132,069 | 111,670 | | Europe | 8,289 | 5,964 | | Asia-Pacific (APAC) | 1,885 | 1,404 | | **By Offering** | | | | Subscription | 115,733 | 96,510 | | Marketplace and Other | 26,510 | 22,528 | | **Total Revenue** | **142,243** | **119,038** | - The company repurchased **2.1 million** shares of its common stock for **$60.1 million** during the three months ended June 30, 2022. This leaves a remaining capacity of **$207.8 million** under the current stock repurchase program, which runs through December 31, 2022[38](index=38&type=chunk) - Total non-cash stock-based compensation expense was **$24.2 million** for the quarter, a significant increase from **$18.5 million** in the prior-year period. The largest portion was allocated to Research and Development (**$11.7 million**)[50](index=50&type=chunk) - As of June 30, 2022, the company has total purchase commitments of **$184.9 million**, primarily for data, hosting services, and software. The company also has **$66.6 million** in undiscounted operating lease commitments[99](index=99&type=chunk)[156](index=156&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 FY23 results, noting 19.5% revenue growth to $142.2 million, a $27.2 million net loss due to higher operating expenses, and continued share repurchases [Business Overview](index=29&type=section&id=Business%20Overview) LiveRamp's business overview details its global data enablement platform, revenue sources from subscriptions and Data Marketplace, and key customer base - LiveRamp's business is centered on its enterprise data connectivity platform, which uses a core omnichannel, deterministic identity asset (RampID™) to unify customer data for marketing and analytics[105](index=105&type=chunk)[109](index=109&type=chunk) - Revenue is primarily generated from two sources: Subscription fees for platform access and Marketplace/Other revenue from data transactions and usage-based fees[108](index=108&type=chunk) - The company serves **910** direct customers worldwide, including over **475** major brands and agencies, and thousands more indirectly through reseller partnerships[112](index=112&type=chunk)[113](index=113&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 FY23 results show 19.5% revenue growth to $142.2 million, but increased operating expenses from headcount led to a wider operating loss Quarterly Revenue Performance (YoY) | Revenue Source | Q1 FY23 ($ in thousands) | Q1 FY22 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Subscription | 115,733 | 96,510 | **19.9%** | | Marketplace and Other | 26,510 | 22,528 | **17.7%** | | **Total Revenues** | **142,243** | **119,038** | **19.5%** | Quarterly Operating Expense Performance (YoY) | Expense Category | Q1 FY23 ($ in thousands) | Q1 FY22 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Research and development | 47,661 | 34,776 | **37.1%** | | Sales and marketing | 51,280 | 41,979 | **22.2%** | | General and administrative | 27,144 | 24,291 | **11.7%** | | **Total Operating Expenses** | **126,824** | **102,324** | **23.9%** | - The increase in R&D and S&M expenses was primarily driven by headcount investments, with employee-related costs rising by **$6.3 million** in R&D and **$7.0 million** in S&M[128](index=128&type=chunk)[130](index=130&type=chunk) - The company reported a net loss of **$27.2 million**, compared to net earnings of **$17.3 million** in the prior year. The prior year's results included a **$30.1 million** gain from a cash distribution related to a previous disposition[122](index=122&type=chunk)[136](index=136&type=chunk) [Capital Resources and Liquidity](index=36&type=section&id=Capital%20Resources%20and%20Liquidity) As of June 30, 2022, cash and equivalents decreased by $91.9 million to $508.3 million, driven by operating and financing cash usage, including share repurchases - Cash and cash equivalents stood at **$508.3 million** at the end of the quarter[138](index=138&type=chunk) - Net cash used in operating activities was **$33.4 million**, an increase from **$17.2 million** in the prior-year quarter, mainly due to payments for annual incentive compensation and timing of supplier payments[144](index=144&type=chunk)[146](index=146&type=chunk) - The company used **$56.0 million** in financing activities, primarily for the repurchase of **2.1 million** shares of its common stock for **$60.1 million**[153](index=153&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risk exposures were reported for the quarter compared to the 2022 Annual Report on Form 10-K - There have been no material changes in market risk exposures during the quarter[164](index=164&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management deemed disclosure controls effective as of June 30, 2022, with no material changes to internal controls over financial reporting during the quarter - Management concluded that as of June 30, 2022, the company's disclosure controls and procedures were effective[165](index=165&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[165](index=165&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, with management believing adequate accruals have been made and material loss is remote - Information regarding legal proceedings is detailed in Note 15 of the financial statements. Management believes adequate accruals have been made for any probable and estimable losses[98](index=98&type=chunk)[166](index=166&type=chunk) [Item 1A. Risk Factors](index=41&type=page&id=Item%201A.%20Risk%20Factors) Risk factors disclosed in the 2022 Annual Report on Form 10-K remain current in all material respects - There have been no material changes to the risk factors previously disclosed in the company's 2022 Annual Report[167](index=167&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, LiveRamp repurchased 2,071,095 shares for $60.1 million, with $207.8 million remaining available under the stock repurchase program Issuer Purchases of Equity Securities (Q1 FY23) | Period | Total Shares Purchased | Average Price Paid Per Share | Total Purchased as Part of Program | | :--- | :--- | :--- | :--- | | April 2022 | 486,689 | $36.11 | 486,689 | | May 2022 | 35,000 | $33.02 | 35,000 | | June 2022 | 1,549,406 | $26.67 | 1,549,406 | | **Total** | **2,071,095** | **$29.00** | **2,071,095** | - The company has **$207.8 million** remaining under its stock repurchase program, which is authorized through December 31, 2022[168](index=168&type=chunk)

/LiveRamp Q4 FY22 Earnings Slides May 24, 2022 Cautionary Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended, including, without limitation, regarding LiveRamp's (the "Company") future business prospects. These statements involve risks and uncertainties that could cause the Company's actual results to differ materially, including, but not limited to compet ...

LiveRamp Holdings, Inc. (NYSE:RAMP) Q4 2022 Earnings Conference Call May 24, 2022 4:30 PM ET Company Participants Lauren Dillard - Senior Vice President of Finance & Investor Relations Scott Howe - Chief Executive Officer Warren Jenson - President & Chief Financial Officer Conference Call Participants Peter Burkly - Evercore ISI Brian Fitzgerald - Wells Fargo Shyam Patil - Susquehanna Financial Jason Kreyer - Craig-Hallum Tim Nollen - Macquarie Nicholas Zangler - Stephens Operator Good afternoon ladies and ...