LiveRamp (RAMP) - 2020 Q2 - Quarterly Report

Form 10-Q Filing Information The document is a Quarterly Report (Form 10-Q) filed by LiveRamp Holdings, Inc. for the quarter ended September 30, 2019 - The document is a Quarterly Report (Form 10-Q) filed by LiveRamp Holdings, Inc. for the quarterly period ended September 30, 2019[1] | Indicator | Value | | :--- | :--- | | Registrant Name | LiveRamp Holdings, Inc. | | Commission File Number | 1-38669 | | Trading Symbol | RAMP | | Exchange | New York Stock Exchange | | Filer Status | Large accelerated filer | | Common Stock Outstanding (Nov 1, 2019) | 67,695,513 shares | Part I. Financial Information Presents unaudited condensed consolidated financial statements and management's discussion and analysis for LiveRamp Holdings, Inc Item 1. Financial Statements Presents LiveRamp's unaudited condensed consolidated financial statements and notes for the quarter ended September 30, 2019 Condensed Consolidated Balance Sheets Presents the company's financial position, including assets, liabilities, and equity, as of September 30, 2019 | Metric | September 30, 2019 (Unaudited) | March 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $777,443 thousand | $1,061,473 thousand | | Total current assets | $947,139 thousand | $1,192,076 thousand | | Total assets | $1,363,230 thousand | $1,472,911 thousand | | Total current liabilities | $123,423 thousand | $95,118 thousand | | Total equity | $1,186,358 thousand | $1,330,832 thousand | - Cash and cash equivalents decreased by $284,030 thousand from March 31, 2019, to September 30, 2019[11] - Total assets decreased by $109,681 thousand, while total current liabilities increased by $28,305 thousand[11] Condensed Consolidated Statements of Operations (Three Months) Details revenues, costs, and net earnings (loss) for the three months ended September 30, 2019, and 2018 | Metric (in thousands) | Sep 30, 2019 | Sep 30, 2018 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $90,143 | $64,812 | 39.1% | | Cost of revenue | $41,460 | $24,466 | 69.5% | | Gross profit | $48,683 | $40,346 | 20.7% | | Loss from operations | $(50,273) | $(38,199) | 31.6% | | Net earnings (loss) | $(40,202) | $20,623 | -295.0% | | Basic EPS (Continuing Operations) | $(0.59) | $(0.53) | -11.3% | | Basic EPS (Net) | $(0.59) | $0.27 | -318.5% | - Net earnings shifted from a profit of $20.6 million in Q3 2018 to a loss of $40.2 million in Q3 2019, primarily due to the absence of earnings from discontinued operations in 2019[13] Condensed Consolidated Statements of Operations (Six Months) Details revenues, costs, and net earnings (loss) for the six months ended September 30, 2019, and 2018 | Metric (in thousands) | Sep 30, 2019 | Sep 30, 2018 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $172,654 | $127,283 | 35.6% | | Cost of revenue | $77,886 | $48,120 | 61.9% | | Gross profit | $94,768 | $79,163 | 19.7% | | Loss from operations | $(98,648) | $(67,801) | 45.5% | | Net earnings (loss) | $(82,342) | $17,608 | -567.6% | | Basic EPS (Continuing Operations) | $(1.21) | $(0.89) | -35.9% | | Basic EPS (Net) | $(1.21) | $0.23 | -626.1% | - For the six months, net earnings also swung from a profit of $17.6 million in 2018 to a loss of $82.3 million in 2019, largely due to the discontinued operations in the prior year[16] Condensed Consolidated Statements of Comprehensive Income (Loss) Presents net earnings (loss) and comprehensive income (loss) for the periods ended September 30, 2019 | Metric (in thousands) | 3 Months Ended Sep 30, 2019 | 3 Months Ended Sep 30, 2018 | 6 Months Ended Sep 30, 2019 | 6 Months Ended Sep 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | Net earnings (loss) | $(40,202) | $20,623 | $(82,342) | $17,608 | | Change in foreign currency translation adjustment | $(715) | $1,293 | $(1,182) | $(575) | | Comprehensive income (loss) | $(40,917) | $21,916 | $(83,524) | $17,033 | - Comprehensive income (loss) for the three and six months ended September 30, 2019, was a loss of $40.9 million and $83.5 million, respectively, compared to income in the prior year periods, primarily reflecting the net loss from continuing operations[18] Condensed Consolidated Statements of Equity Outlines changes in stockholders' equity, including net earnings (loss) and treasury stock, for the period | Metric (in thousands) | March 31, 2019 | September 30, 2019 | | :--- | :--- | :--- | | Total Equity | $1,330,832 | $1,186,358 | | Treasury Stock, at cost | $(1,767,574) | $(1,881,954) | | Retained Earnings | $1,669,605 | $1,587,263 | - Total equity decreased by $144.5 million from March 31, 2019, to September 30, 2019, primarily due to net losses and treasury stock acquisitions[21] - The company acquired $114.4 million in treasury stock during the six months ended September 30, 2019[21] Condensed Consolidated Statements of Cash Flows Summarizes cash flows from operating, investing, and financing activities for the period | Cash Flow Activity (in thousands) | 6 Months Ended Sep 30, 2019 | 6 Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Net cash used in operating activities | $(44,159) | $(29,410) | | Net cash used in investing activities | $(112,377) | $(5,857) | | Net cash used in financing activities | $(112,288) | $(55,862) | | Net cash provided by discontinued operations | $0 | $39,642 | | Net change in cash, cash equivalents and restricted cash | $(269,215) | $(52,971) | | Cash, cash equivalents and restricted cash at end of period | $792,258 | $87,047 | - Net cash used in operating activities increased to $44.2 million in 2019 from $29.4 million in 2018[26] - Investing activities saw a significant increase in cash usage to $112.4 million, primarily due to acquisitions