Core Points - Inspiration Energy Corp. has initiated an Atomic Mineral Resonance Tomography (AMRT) remote sensing survey at its Rottenstone North Gold Project in Saskatchewan, which spans approximately 4,512 hectares [1][5] - The AMRT system is a non-invasive imaging technology aimed at enhancing mineral exploration precision and minimizing surface disturbance [2][5] - The company is focused on refining drill targets in preparation for its first drilling program, leveraging the success of adjacent Ramp Metals Inc. [3][5] Company Overview - Inspiration Energy Corp. is a Canadian mineral exploration company dedicated to acquiring and developing high-potential resource assets [5] - The Rottenstone North Gold Project is located about 115 kilometers north of La Ronge, Saskatchewan, in a geologically active area with growing exploration interest [5] - The company employs a combination of conventional and proprietary technologies, including AMRT, to effectively define drill targets and facilitate future discoveries [5]

Core Insights - Circana expands its partnership with LiveRamp to enhance advertisers' access to retail insights for marketing optimization, emphasizing secure data collaboration within the LiveRamp Clean Room [1][3][4] Company Overview - Circana tracks $5.8 trillion in consumer sales, providing the most comprehensive and verified consumer sales data in the industry, supported by retailer membership loyalty card data [2] - The Complete Consumer™ receipt panel includes approximately 200,000 static households, offering insights across various industries such as luxury beauty, consumer technology, and foodservice [2] Partnership Benefits - Advertisers gain access to Circana's aggregated, multi-outlet retailer transaction data, enabling real-time data-driven decisions and improved market share [3] - The partnership allows advertisers to enrich first-party data with Circana's insights, enhancing analytics, modeling, and audience activation [3] - Campaign performance can be measured in near real-time, allowing for refined tactics and optimized marketing efforts [3] Strategic Goals - Circana aims to provide data and solutions that enable clients to make confident, data-driven decisions to maximize sales outcomes [4] - The partnership with LiveRamp focuses on addressing evolving advertiser challenges with innovative solutions that yield measurable results [4] - Integration of clean room intelligence enhances the ability to plan, target, activate, and measure advertising efforts effectively [4] Technology and Data Capabilities - Circana offers technology, AI, and data solutions for consumer packaged goods companies and retailers to optimize their businesses [5] - The Liquid Data® technology platform is built on a high-quality data set and intelligent algorithms, leveraging six decades of expertise [5] - Clients can build smarter profiles and define high-value audiences using Circana's aggregated multi-retailer purchase data [6]

Core Insights - Bell Media has adopted LiveRamp's Authenticated Traffic Solution (ATS) to enhance identity and addressability in the Canadian media ecosystem [1][2] - The implementation of ATS on Connected TV will allow Bell Media to deliver tailored ads across its premium content, improving programmatic TV buying with privacy-first signals [2][6] - LiveRamp's ATS utilizes RampID, enabling advertisers to connect their first-party data to publishers' authenticated inventory in a privacy-forward manner [3][5] Company Overview - Bell Media is Canada's leading media and entertainment company, with a diverse portfolio including CTV, Crave, and various specialty channels [9][10] - The company provides advanced technology and analytics support through the Bell Marketing Platform, which includes tools for audience management and advertising solutions [10] - Environics Analytics (EA) is a premier marketing and analytical services company in Canada, specializing in data collaboration and analytics [12]

Group 1 - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors [1] - Occasionally, large-cap companies are analyzed to provide a broader perspective on the equity markets [1] Group 2 - There is no current stock, option, or similar derivative position in any of the companies mentioned, but there may be a potential beneficial long position initiated in RAMP within the next 72 hours [2] - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [2]

Core Insights - LiveRamp reported a strong financial performance for Q4 FY25, with total revenue of $189 million, representing a 10% year-over-year increase [7] - The company achieved a fiscal year 2025 total revenue of $746 million, up 13% from the previous year [7] - LiveRamp's operating cash flow for FY25 increased by 46% year-over-year, totaling $154 million [7] Q4 Financial Highlights - Subscription revenue for Q4 FY25 was $145 million, up 9% year-over-year, while Marketplace & Other revenue reached $44 million, up 14% [6][7] - GAAP gross profit for Q4 was $131 million, with a gross margin of 69%, down 3 percentage points from the previous year [6][7] - Non-GAAP operating income for Q4 was $23 million, with a non-GAAP operating margin of 12%, an increase of 3 percentage points year-over-year [6][7] Fiscal Year Financial Highlights - For FY25, subscription revenue totaled $569 million, representing 76% of total revenue and an 11% increase year-over-year [7] - GAAP operating income for FY25 was $5 million, while non-GAAP operating income was $136 million, reflecting a 30% increase from the previous year [6][7] - The company repurchased approximately 3.8 million shares for $101 million during FY25 [7] Business Strategy and Outlook - CEO Scott Howe emphasized the focus on enhancing the platform's usability and functionality, including the rollout of the new Cross Media Intelligence measurement solution [5] - LiveRamp aims to optimize ad spending for customers through its Data Collaboration Network while managing costs and growth investments prudently [5] - The company remains confident in its long-term growth potential despite near-term macroeconomic uncertainties [5] Additional Metrics - LiveRamp ended FY25 with 128 customers whose annualized subscription revenue exceeds $1 million, up from 115 in the prior year [16] - The fourth quarter subscription net retention rate was 104%, and platform net retention was 106% [16] - Current remaining performance obligations (CRPO) were $471 million, up 14% compared to the prior year [16]

Core Viewpoint - LiveRamp reported quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.31 per share, but showing an increase from $0.25 per share a year ago, indicating a mixed performance in earnings [1][2] Financial Performance - The company posted revenues of $188.72 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.03% and showing growth from $171.85 million year-over-year [2] - Over the last four quarters, LiveRamp has exceeded consensus EPS estimates three times and topped revenue estimates four times [2] Stock Performance - LiveRamp shares have declined approximately 5% since the beginning of the year, contrasting with the S&P 500's gain of 1% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.48 on revenues of $189.34 million, while for the current fiscal year, the estimate is $2.31 on revenues of $806.59 million [7] - The outlook for the Technology Services industry, where LiveRamp operates, is favorable, ranking in the top 19% of over 250 Zacks industries, indicating potential for outperformance [8]

Financial Performance - The company reported strong financial performance in Q4, beating expectations on both revenue and operating income, with revenue of $189 million, up 10% year-over-year [28][29] - Operating income was $23 million, reflecting a 43% increase, and operating margin expanded by three points to 12% [28][11] - For FY 2025, the company achieved 13% revenue growth, marking the third consecutive year of hitting the 10% to 15% growth target [6][7] - Free cash flow reached a record $153 million, a 51% year-over-year increase, demonstrating improved working capital management [11][37] Business Line Performance - Subscription revenue grew by 9% to $145 million, while marketplace and other revenue increased by 14% to $44 million [29][33] - The company added 13,100 subscription customers during the year, with significant growth in the $1 million plus customer cohort [7][9] - The reduction in contraction rate contributed to revenue growth, achieving the lowest level of dollar churn and downsell ever [10] Market Performance - The data marketplace, which accounted for 77% of marketplace revenue, grew by 13%, reflecting continued strength in U.S. digital ad spending [33] - The company did not detect any change in customer behavior due to macroeconomic conditions in Q4 or April [33] Strategic Direction and Industry Competition - The company aims to achieve the "Rule of 40" by FY 2028, targeting 10% to 15% revenue growth and 25% to 30% operating margin [12][25] - Key initiatives include enhancing the data collaboration network and launching cross media intelligence solutions to improve advertising measurement [14][18] - The company is focused on expanding its clean room solutions, which have shown to significantly increase annual recurring revenue (ARR) for customers [23][89] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about FY 2026, highlighting strong demand signals and a robust sales pipeline despite macroeconomic uncertainties [32][39] - The company anticipates revenue for FY 2026 to be between $787 million and $817 million, reflecting growth of 6% to 10% [39] - Management noted that the macro environment is a key swing factor in revenue guidance, with a stable economy assumed for the high end of the range [39][41] Other Important Information - The company successfully renewed 20 multimillion-dollar annual contract value (ACV) contracts, with over half being multi-year contracts [9][100] - The balance sheet remains strong with zero debt and cash and short-term investments totaling $421 million [37] Q&A Session Summary Question: Customer reaction to cross media intelligence - Management expressed optimism about the cross media intelligence solution, noting strong early feedback and increased customer conversations [52][54] Question: Key factors impacting revenue guidance - Management indicated that the macro environment is the primary swing factor between the low and high ends of the revenue guidance range [57][59] Question: New customer acquisition strategies - Management highlighted that the decline in customer count was primarily due to smaller customers, while the million-dollar plus customer count continued to grow [66][68] Question: Impact of Google’s cookie announcement - Management stated that the announcement was largely a non-event for customers, as the industry has been moving away from cookies for years [71][72] Question: Sales pipeline and customer hesitation - Management noted some customer hesitation in Q4 but reported that many deals that slipped have already closed in early Q1 [76][78] Question: Clean room adoption and customer segmentation - Management indicated that clean room adoption is primarily a function of time and execution, with larger companies leading the way [86][88] Question: Net retention rate outlook - Management expects net retention to stabilize between 100% and 105% in the near term, with potential for improvement as new strategies are executed [93][94]

Financial Performance - The company reported strong financial performance in Q4, beating expectations on both revenue and operating income, with a 10% increase in total revenue to $189 million and a 43% growth in operating income [4][27] - For FY 2025, the company achieved a 13% revenue growth, marking the third consecutive year of hitting the 10% to 15% growth target, driven by an 11% increase in subscription revenue and a 21% surge in marketplace and other revenue [5][6] - The operating margin expanded by three percentage points to 12% in Q4 and by two percentage points to 18% for the full year, marking the sixth consecutive year of margin expansion [9][36] Business Lines Performance - Subscription revenue for Q4 was $145 million, up 9%, while marketplace and other revenue increased by 14% to $44 million, with data marketplace growth at 13% [28][32] - The company added 13,100 subscription customers during FY 2025, including two new $1 million plus customers in Q4 from the financial services sector [6][7] - The annual recurring revenue (ARR) increased by $12 million quarter on quarter, with a net retention rate of 104% [29][30] Market Data - The data marketplace, which accounted for 77% of marketplace and other revenue, showed continued strength in U.S. digital ad spending, with no detected change in customer behavior due to macroeconomic conditions [32] - The company noted a significant increase in CTV advertising data bought from its marketplace, up nearly 50% for FY 2025 [101] Company Strategy and Industry Competition - The company aims to achieve the "Rule of 40" by FY 2028, targeting 10% to 15% revenue growth and 25% to 30% operating margin, with a focus on expanding its data collaboration network and enhancing media measurement capabilities [10][24] - The launch of the cross media intelligence solution is expected to drive growth by enabling marketers to measure and optimize advertising campaigns across platforms [24][49] - The company is strategically managing expenses while investing in key growth areas, including the rollout of its cross media intelligence offering and integrating AI functionality into its platform [41][42] Management Commentary on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the sales pipeline, noting strong demand signals but acknowledging some customer hesitancy tied to macroeconomic uncertainty [31][38] - The company anticipates revenue for FY 2026 to be between $787 million and $817 million, reflecting a growth rate of 6% to 10%, with the macro environment being a significant swing factor [38][39] - Management highlighted the importance of ROI for clients, especially in uncertain times, and emphasized the need for effective measurement solutions [74] Other Important Information - The company achieved a record free cash flow of $153 million for FY 2025, a 51% year-over-year increase, and returned $101 million to shareholders through a share repurchase program [9][35] - The company concluded FY 2025 with $421 million in cash and short-term investments, equating to over $6 per diluted share [9] Q&A Session Summary Question: Customer reaction to cross media intelligence and growth acceleration confidence - Management expressed optimism about the cross media intelligence solution, noting strong early feedback and increased customer conversations, which suggest traction [49][52] Question: Key factors impacting revenue guidance range - The primary swing factor between the low and high ends of the revenue guidance is the macro environment, with execution on sales momentum being crucial [56][58] Question: New customer acquisition and mid-market opportunities - The company is focused on improving customer count, particularly in the mid-market, with new clean room use cases and a new pricing model expected to drive growth [63][65] Question: Impact of Google’s cookie announcement on customer sentiment - Management indicated that the announcement was largely a non-event for customers, as the industry has been moving away from cookies for years [68] Question: Sales pipeline and client hesitation - Management noted that client hesitation was observed late in Q4 but indicated that strong ROI models and value propositions helped close deals early in Q1 [75][77] Question: Clean Room solution adoption and customer segmentation - Management believes that clean room adoption is primarily a function of time and execution, with larger companies leading the way, but expects broader adoption over time [85][88] Question: Subscription net retention rate outlook - The company expects subscription net retention to stabilize between 100% and 105% in the near term, with potential for improvement as new strategies are executed [92][93] Question: RPO growth and renewal cycle - The company reported strong growth in RPO driven by successful multi-year deal renewals, indicating a positive renewal cycle [98][99] Question: Contribution from Oracle and CTV partnerships - Management noted that Oracle contributed a few points of growth, while CTV partnerships are expected to support continued strong growth in FY 2026 [101]

Customer Base and Market Position - LiveRamp serves a global customer base with over 840 direct customers and thousands of additional customers through reseller partnerships[38] - The company works with more than 500 of the largest brands and agencies, enhancing their ability to execute people-based marketing across various digital platforms[38] - As of March 31, 2025, the company had 840 direct customers, with 128 customers having subscription contracts exceeding $1 million in annual revenue[49][50] - The company’s ten largest customers accounted for approximately 25% of total revenues during the twelve months ended March 31, 2025[51] - The company received approximately 5% of its revenues from business outside the United States during the twelve months ended March 31, 2025[91] Revenue and Financial Performance - Approximately 76% of the company's revenue is derived from subscription-based arrangements sold on an annual or multi-year basis[59] - Services revenue accounts for less than 5% of total company revenue, primarily generated from project fees paid by subscribers[41] - LiveRamp generated revenue primarily from subscription fees, marketplace revenue-sharing fees, and professional services fees[212] - The company’s ten largest customers accounted for approximately 25% of revenues for the twelve months ended March 31, 2025[80] - The report indicates a significant increase in total revenue compared to the previous fiscal year, with specific figures detailed in the financial statements[193] Technology and Data Solutions - LiveRamp's Data Marketplace connects over 200 data providers, enabling seamless monetization of audience data across hundreds of marketing platforms[39] - LiveRamp's identity resolution technology offers unparalleled accuracy, enabling organizations to create a single view of the customer while protecting consumer privacy[34] - The platform supports advanced measurement and analytics through clean room technology, enhancing insight-driven innovation[35] - LiveRamp's technology helps reduce marketing waste by improving consumer identification and enabling better attribution of marketing spend[29] - LiveRamp's platform enables organizations to unify customer data across 500 partners, enhancing marketing effectiveness[213] Subscription and Pricing Model - The platform's subscription pricing is primarily based on data volume, which includes data input records and connection points[37] - Usage-based subscription revenue represented 15% of total subscription revenue for the twelve months ended March 31, 2025, consistent with the previous year[56] Growth Strategy and Market Expansion - The company aims to expand its global footprint, investing in select regions in Europe and APAC to serve existing customers[48] - The company is focused on increasing the density of its collaboration network by adding more data owner nodes to enhance advertising effectiveness measurement[43] - Future outlook suggests continued market expansion and potential acquisitions to drive growth in the upcoming fiscal year[204] Regulatory and Compliance Challenges - The company is positioned to address heightened privacy and security concerns, complying with regulations like GDPR and CCPA[30] - The regulatory framework for data privacy is evolving, with potential federal data privacy laws being discussed in the U.S.[112] - The proposed ePrivacy Regulation in the EU may require "opt-in" consent for cookie data, with significant fines for non-compliance[108] - Increased scrutiny on interest-based advertising practices may lead to regulatory changes that could impact data collection and usage[113] - The company must monitor ongoing developments in data privacy regulations to adapt its business practices accordingly[113] Competition and Market Risks - The company faces substantial competition, which could lead to decreased market share and necessitate price reductions, adversely affecting revenues and operating margins[82] - The company relies on third-party data suppliers, and any withdrawal or limitation of data could materially impact its ability to provide products and services, resulting in decreased revenues[81] Internal Governance and Management - The company’s growth strategy is contingent upon maintaining its corporate culture, which is essential for innovation and employee retention[85] - The company’s Chief Financial Officer has been in position since April 2023, overseeing finance and investor relations functions[70] - The Chief Technology Officer has extensive experience in engineering leadership and product innovation, crucial for the company’s technological advancements[72] Financial Management and Shareholder Returns - The company has not paid dividends on its common stock in the twelve months ended March 31, 2025, and has no short-term plans to do so[144] - LiveRamp's cumulative total shareholder return was 79.40% as of March 31, 2025, compared to 186.46% for the Russell 2000 index over the same period[148] - The board of directors adopted a modified common stock repurchase program allowing for up to $1.3 billion in repurchases through December 31, 2026[151] Cybersecurity and Risk Management - The company maintains a security program aligned with industry standards such as NIST CSF and ISO 27001 to mitigate cybersecurity risks[128] - LiveRamp's security program is overseen by the Board, with annual reports on enterprise risks, including cybersecurity[129] - The company engages external auditors annually to assess its security posture and compliance with standards like SOC 2 and ISO 27001[136] - The company has a third-party risk management program to evaluate the security controls of third parties with access to sensitive data[137] Operational Challenges - The company relies on third-party data center providers, and any interruptions in their services could impair the delivery of products and services, resulting in customer dissatisfaction and revenue loss[101] - The company incurs significant costs with third-party data hosting services, and any increase in these costs could negatively impact operating results[103] - Public health emergencies, such as the COVID-19 pandemic, could lead to economic uncertainty and significantly disrupt the company's operations and financial condition[94] Employee and Talent Management - The company must attract and retain qualified personnel to execute its business strategy, with competition for skilled employees increasing in the technology sector[83] - The company has made strategic amendments to its equity compensation plans, enhancing employee incentives and retention strategies[198] Financial Reporting and Internal Controls - The company assessed the effectiveness of its internal control over financial reporting as of March 31, 2025, and determined it was effective[167] - There were no changes in internal control over financial reporting that materially affected the company during the three months ended March 31, 2025[168]

Financial Performance - The company's Annual Recurring Revenue (ARR) reached $504 million, reflecting an 8% year-over-year growth[9] - Subscription revenue accounted for 76% of the total revenue on a trailing twelve-month (TTM) basis[9] - The company's Remaining Performance Obligations (RPO) totaled $710 million[9] - Q4 2025 revenue was $189 million, a 10% increase year-over-year[11] - Non-GAAP operating income for Q4 2025 was $23 million, a 43% increase year-over-year[11] - Free cash flow was $153 million, resulting in a free cash flow margin of 21%[9, 42] Customer Metrics - The company has 128 customers with over $1 million in annualized subscription revenue[9] - Subscription Net Retention was 104%[9] - Platform Net Retention was 106%[9] Revenue Breakdown - Subscription revenue in Q4 2025 was $145 million, a 9% increase year-over-year[13] - Marketplace & Other revenue in Q4 2025 was $44 million, a 14% increase year-over-year[13] Outlook - The company projects Q1 revenue of $191 million, representing a 9% year-over-year growth[24] - The company projects FY26 revenue between $787 million and $817 million, representing a 6%-10% year-over-year growth[24]