Financial Performance - Total revenue for Q2 FY26 was $200 million, representing an 8% increase year-over-year[5]. - Annualized recurring revenue (ARR) increased by $14 million quarter-over-quarter to $516 million, up 7% compared to the prior year[5][8]. - Subscription revenue was $150 million, up 5% year-over-year, while Marketplace & Other revenue was $50 million, up 18%[5][6]. - GAAP operating income was $21 million, compared to $7 million in the prior year, with a GAAP operating margin of 11%, expanding by 7 percentage points[5][6]. - Non-GAAP diluted earnings per share was $0.55, compared to $0.51 in the prior year[5][6]. - Revenues for the six months ended September 30, 2025, increased to $394,651,000, a growth of 9.2% compared to $361,444,000 in the same period of 2024[26]. - Net earnings for the six months reached $35,167,000, a turnaround from a loss of $5,757,000 in 2024[26]. - Basic earnings per share improved to $0.54, compared to a loss of $0.09 per share in the same period last year[26]. - Net earnings for the three months ended September 30, 2025, were $27,420,000, a significant increase from $1,732,000 in the same period of 2024, representing a growth of 1,483.1%[49]. - Total revenues for the fiscal year 2025 were $745,580,000, with a gross profit margin of 71.0%[49]. Operational Efficiency - Current remaining performance obligations (CRPO) were $430 million, up 15% compared to the prior year[8]. - Gross profit for the same period was $276,738,000, with a gross margin of 70.1%, down from 71.5% in 2024[26]. - Income from operations surged to $28,649,000, representing a significant increase of 1,179.5% from $2,239,000 in the prior year[26]. - Total operating expenses decreased by 3.2% to $248,089,000, with notable reductions in research and development expenses by 13.0%[26]. - Adjusted EBITDA for the six months was $81,750,000, up from $68,899,000 in 2024, reflecting a strong operational performance[34]. - Trade accounts receivable increased by 16.4% to $216,791,000, indicating improved sales and collection efficiency[36]. - Cash and cash equivalents decreased by 10.6% to $369,446,000, reflecting changes in working capital[36]. - Total stockholders' equity slightly decreased by 0.5% to $943,807,000, indicating stable financial health despite fluctuations in cash[36]. Shareholder Returns - Share repurchases totaled 1.8 million shares for $50 million in Q2 FY26, with a fiscal year-to-date total of 2.9 million shares for $80 million[5]. - The company repurchased treasury stock amounting to $49,890,000 during the three months ended September 30, 2025, slightly up from $49,868,000 in the same period of 2024[39]. Future Projections - LiveRamp expects Q3 FY26 revenue to be between $209 million and $213 million, an increase of 7% to 9%[14]. - The company anticipates continued growth in gross profit margins, projecting a gross margin of 72.3% for Q3 FY2026[55]. - GAAP income from operations for the quarter ending December 31, 2025, is projected to be between $33,000 and $35,000 thousand, while for the year ending March 31, 2026, it is expected to be between $83,000 and $87,000 thousand[62]. - Non-GAAP income from operations for the quarter ending December 31, 2025, is projected to be between $55,000 and $57,000 thousand, and for the year ending March 31, 2026, it is expected to be between $178,000 and $182,000 thousand[62]. Research and Development - Research and development expenses decreased by 15.8% to $36,952,000 for the three months ended September 30, 2025, compared to $43,889,000 in the same period of 2024[49]. - Research and development expenses for FY2025 totaled $176,668 thousand, with a decrease to $39,608 thousand in Q2 FY2026[53]. Non-GAAP Measures - The company uses non-GAAP measures to provide a clearer understanding of its operational performance and future results[65]. - Adjusted EBITDA is utilized to measure performance across periods and segments, providing useful supplementary information for investors[73]. - Free cash flow is defined as operating cash flow less capital expenditures, representing discretionary spending availability[74]. - The company emphasizes that non-GAAP measures should not be considered in isolation from GAAP measures[65].

Core Insights - LiveRamp reported a total revenue of $200 million for the quarter ended September 30, 2025, representing an 8% increase year-over-year [7] - The company achieved an annual recurring revenue (ARR) of $516 million, up $14 million quarter-over-quarter and a 7% increase year-over-year [5][9] - LiveRamp's share repurchases totaled $80 million fiscal year-to-date, with $50 million spent in the second quarter [7] Financial Performance - Subscription revenue reached $150 million, a 5% increase year-over-year, while Marketplace & Other revenue was $50 million, up 18% [6][7] - GAAP gross profit was $140 million, reflecting a 4% increase, with a gross margin of 70%, down 2 percentage points from the previous year [7] - Operating income under GAAP was $21 million, compared to $7 million in the prior year, with an operating margin of 11%, expanding by 7 percentage points [7][8] Earnings and Cash Flow - GAAP diluted earnings per share were $0.42, while non-GAAP diluted earnings per share were $0.55 [8] - Net cash provided by operating activities was $57 million, slightly up from $56 million in the previous year [7] - Free cash flow for the quarter was $56.8 million, indicating strong cash generation capabilities [46] Business Highlights - The company launched three new AI tools aimed at enhancing its data collaboration platform, focusing on autonomous AI agents, AI-powered segmentation, and AI-powered search capabilities [9] - LiveRamp expanded its first-party data activation capabilities on Netflix to ten new geographic markets, enhancing its service offerings [9] - The company was recognized as a Leader in Data Collaboration in Snowflake's 2026 Modern Marketing Stack Report, underscoring its market position [9] Customer Metrics - LiveRamp ended the quarter with 132 customers whose annualized subscription revenue exceeds $1 million, up from 125 in the prior year [9] - The total number of direct subscription customers decreased to 834 from 885 year-over-year [9] - Subscription net retention was reported at 102%, while platform net retention stood at 105% [9] Future Outlook - LiveRamp expects revenue for the third quarter of fiscal 2026 to be between $209 million and $213 million, reflecting an increase of 7% to 9% [17] - The company anticipates GAAP operating income for the same period to be between $33 million and $35 million [17] - For the full fiscal year 2026, revenue is projected to be between $804 million and $818 million, an increase of 8% to 10% [17]

Core Insights - LiveRamp's CFO Lauren Dillard will present at the Wells Fargo 9th Annual TMT Summit on November 18, 2025 [1] Company Overview - LiveRamp is a leading data collaboration technology company that empowers marketers and media owners to enhance and measure marketing performance [2] - The company's data collaboration network integrates data across various stakeholders, including advertisers, platforms, publishers, and data providers, to unlock insights and drive growth [2][3] - LiveRamp operates on principles of neutrality, interoperability, and global scale, enabling organizations to maximize data value and foster innovation [3] Market Position - LiveRamp is trusted by major brands across various sectors, including retail, financial services, and healthcare, contributing to responsible data collaboration in an AI-driven environment [3]

Core Insights - LiveRamp Holdings, Inc. has expanded its measurement capabilities for retail media networks, enhancing attribution insights from Meta Platforms, Inc. campaigns [1][2] - The new capabilities are delivered through LiveRamp's clean-room infrastructure, allowing privacy-centric collaboration between retailers and brands [2][3] - The enhancements aim to help retailers assess return on ad spend, optimize campaign strategies, and strengthen brand relationships within secure data environments [2] Company Overview - LiveRamp is a San Francisco-based data collaboration platform that enables secure data connection, activation, and measurement across marketing and analytics ecosystems [3] - Its core offerings include identity resolution, clean-room technology, and secure data onboarding for enterprises, publishers, and advertising platforms [3]

Core Insights - LiveRamp has announced expanded measurement capabilities that enhance customer outcomes through its data collaboration network [1] - Retail media networks (RMNs) can now gain new attribution insights from their Meta campaign investments via the LiveRamp Clean Room [1] - By linking Meta campaign results with first-party sales data, RMNs and their partners can analyze how off-property sites, including Meta, contribute to sales and orders [1]

Core Viewpoint - LiveRamp is set to release its fiscal 2026 second quarter financial results on November 5, 2025, after market close, followed by a conference call to discuss the results [1] Company Overview - LiveRamp is a leading data collaboration technology company that empowers marketers and media owners to enhance and measure marketing performance across various platforms [3] - The company’s data collaboration network integrates data from advertisers, platforms, publishers, data providers, and commerce media networks, providing deep insights and driving measurable growth [3][4] - LiveRamp operates on principles of neutrality, interoperability, and global scale, enabling organizations to maximize data value and foster innovation [4] Conference Call Details - The conference call to discuss the financial results will take place at 1:30 p.m. PT on the same day as the results release [1] - Access to the conference call will be available via telephone at (888) 596-4144 or (646) 968-2525, with the conference call ID being 8084681 [2]

Group 1 - LiveRamp Holdings Inc. is recognized as a promising growth stock, particularly following the introduction of new AI capabilities on October 1, which include agentic tools, segmentation, and search functionalities [1][3] - The company is the first to provide autonomous AI agents with governed access to its data collaboration network, facilitating secure and intelligent data collaboration at scale [2] - New agentic orchestration allows marketers to connect their own or partner agents via APIs, enabling faster and more informed decision-making through controlled access to LiveRamp's identity and insights from 900 partners [3] Group 2 - LiveRamp operates a data collaboration platform across the US, Europe, Asia-Pacific, and internationally, indicating its broad market presence [4]

Market Outlook - The Chief Investment Officer at Truist Wealth, Keith Lerner, indicated that fears regarding a government shutdown are currently muted, with investors not overly concerned [1] - Historically, during the 20 past shutdowns, the S&P 500 has remained flat and increased 50% of the time, suggesting that short-term volatility should not prompt drastic portfolio changes [1][2] - The upcoming earnings season, starting in two weeks, is expected to be a significant market driver [1] Economic Impact - Concerns about stagflation are present, with Moody's indicating that each week of shutdown could impact quarterly GDP by approximately 0.1% [2] - Despite the shutdown, the Atlanta GDP estimate for the quarter remains around 3.9%, indicating that the shutdown may not drastically alter economic conditions [2] - The shutdown adds to economic uncertainty in the short term, complicating the overall outlook due to less available data [2] Sector Focus - The primary theme for the firm's bullish market outlook is centered on AI and technology, which are expected to continue strong profit growth despite the government shutdown [3] - The technology sector has seen a 30% increase over the past year, which is not indicative of a bubble, as true bubbles typically exhibit closer to 100% year-over-year growth [3] Growth Stocks - A list of the 12 best growth stocks to buy now has been compiled, focusing on those popular among elite hedge funds and analysts [4][6] - The methodology involved using the Finviz stock screener to identify top growth stocks, ranked by the number of hedge fund holders as of Q2 2025 [6][7] Company Highlights - **Infosys Limited (NYSE:INFY)**: Collaborating with Telenor Shared Services to modernize HR operations through Oracle Fusion Cloud HCM, enhancing employee productivity and experience [9][10][11] - **LiveRamp Holdings Inc. (NYSE:RAMP)**: Launched new AI capabilities, including agentic tools and segmentation, to improve customer outcomes and enable secure data collaboration [12][13][14]

Core Thesis - LiveRamp Holdings, Inc. is positioned for significant growth in the marketing technology ecosystem, driven by its unique data collaboration platform and strong subscription revenue model [1][5]. Company Overview - LiveRamp Holdings, Inc. is a leading data collaboration technology company that connects marketers, media owners, and data providers, facilitating performance measurement across customer journeys [2]. - The company serves a global customer base, including 840 direct clients and thousands indirectly through partners, emphasizing its neutrality and interoperability [2]. Industry Challenges and Solutions - LiveRamp addresses industry challenges such as fragmented identity, marketing inefficiency, and privacy regulations by offering secure, privacy-centric solutions [3]. - Its platform capabilities include deterministic identity resolution, simplified access to third-party data, secure onboarding, and advanced analytics, enabling meaningful measurement and optimization [3]. Growth Strategy - The company's growth strategy leverages network effects, expanding its customer base and strengthening partnerships with Customer Data Platforms (CDPs), cloud providers, and global integrators [4]. - Key initiatives include Cross-Media Intelligence for unified campaign reporting, Commerce Media Networks for monetizing first-party data, and Connected TV solutions for accurate audience targeting [4]. Financial Performance - Subscription revenue constitutes 76% of total revenue, providing strong recurring cash flows and a compelling risk/reward profile for investors [5]. - LiveRamp's patented identity technology and global scale position it well to capture growth opportunities in personalized marketing and omnichannel measurement [5].

Core Insights - The article discusses the investment strategy focused on small, high-growth potential stocks, particularly highlighting LiveRamp Holdings, Inc. (NYSE: RAMP) as a data broker in the advertising industry [2]. Group 1: Investment Strategy - The investment approach emphasizes identifying companies with defensible competitive advantages and business models capable of generating significant operational leverage [1]. - The service offers real-time buy and sell signals, along with a community for active trading discussions [1]. - The portfolio management includes a buy and hold strategy with tranche purchases of stocks of interest [2]. Group 2: Company Overview - LiveRamp Holdings, Inc. has faced challenges in its stock performance over the past couple of years [2]. - The company operates as a data broker specifically catering to the advertising industry, indicating its role in facilitating data-driven marketing strategies [2]. Group 3: Analyst Background - The analyst behind the article has over 30 years of experience in financial markets and aims to find small companies with multi-bagger potential while managing risks through a diversified portfolio [2].