LiveRamp (RAMP) - 2022 Q3 - Quarterly Report

Form 10-Q General Information This section provides general information about the Form 10-Q filing, including registrant details and filing status Registrant Information This section provides LiveRamp Holdings, Inc.'s basic identification details as a Form 10-Q registrant - LiveRamp Holdings, Inc. is filing a Quarterly Report on Form 10-Q for the period ended December 31, 2021[1] Registrant Information Highlights | Detail | Value | | :--- | :--- | | Exact Name of Registrant | LiveRamp Holdings, Inc. | | State of Incorporation | Delaware | | Trading Symbol | RAMP | | Exchange | New York Stock Exchange | | Filer Status | Large accelerated filer | | Common Stock Outstanding (as of Feb 3, 2022) (shares) | 68,170,162 | Forward-looking Statements This section outlines the nature and inherent risks associated with forward-looking statements in the report Nature and Risks of Forward-looking Statements This section outlines the nature of forward-looking statements, emphasizing they are estimates subject to various uncertainties and risks - Forward-looking statements are not guarantees of future performance and are subject to factors and uncertainties that could cause actual results to differ materially[8] - Key risk factors include: * Management's expectations about the macro economy and consumer/business information industries * Competitive position and differentiation strategies * Laws, regulations, and industry practices governing personal data * Potential impact of the COVID-19 pandemic on business, operations, and markets * Liquidity needs, projections of financial items (revenues, operating income, EPS) * Ability to attract and retain qualified employees * Changes in consumer or business information industries and markets * Ability to protect proprietary information and technology * Changes in judicial, legislative, regulatory, accounting, cultural, and consumer environments * Potential loss of data suppliers or reduced reliance by data purchasers * Risks related to short-term contracts and volume-based work * Failures or breaches of network and data security systems * Client cancellations or modifications due to COVID-19 or other factors * Decline in performance and revenue if third-party cookies or tracking technology are restricted[9][10] - The Company disclaims any obligation to update or revise forward-looking statements, except as required by law[12] Part I. Financial Information This section presents the Company's unaudited condensed consolidated financial statements and related disclosures Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements for LiveRamp Holdings, Inc. and its subsidiaries Condensed Consolidated Balance Sheets The Condensed Consolidated Balance Sheets provide a snapshot of the Company's financial position as of December 31, 2021 Condensed Consolidated Balance Sheet Highlights (Dollars in thousands) | Item | Dec 31, 2021 | Mar 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Total Assets | $1,342,535 | $1,288,321 | +$54,214 | | Total Current Assets | $821,780 | $825,715 | -$3,935 | | Cash and cash equivalents | $552,959 | $572,787 | -$19,828 | | Trade accounts receivable, net | $156,827 | $114,284 | +$42,543 | | Goodwill | $363,789 | $357,446 | +$6,343 | | Total Current Liabilities | $184,036 | $165,249 | +$18,787 | | Total Stockholders' Equity | $1,070,414 | $1,080,683 | -$10,269 | Condensed Consolidated Statements of Operations This statement presents the Company's revenues, expenses, and net loss for the three and nine months ended December 31, 2021 Condensed Consolidated Statements of Operations Highlights (Dollars in thousands, except per share amounts) | Item | 3 Months Ended Dec 31, 2021 | 3 Months Ended Dec 31, 2020 | 9 Months Ended Dec 31, 2021 | 9 Months Ended Dec 31, 2020 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $140,604 | $119,753 | $386,932 | $323,851 | | Gross profit | $102,047 | $82,668 | $278,981 | $217,404 | | Loss from operations | $(13,786) | $(15,781) | $(37,569) | $(68,640) | | Net loss | $(15,375) | $(11,725) | $(4,441) | $(57,421) | | Basic loss per share | $(0.23) | $(0.18) | $(0.07) | $(0.87) | | Diluted loss per share | $(0.23) | $(0.18) | $(0.07) | $(0.87) | Condensed Consolidated Statements of Comprehensive Loss This statement details the comprehensive loss, including net loss and other comprehensive income (loss) items Condensed Consolidated Statements of Comprehensive Loss Highlights (Dollars in thousands) | Item | 3 Months Ended Dec 31, 2021 | 3 Months Ended Dec 31, 2020 | 9 Months Ended Dec 31, 2021 | 9 Months Ended Dec 31, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(15,375) | $(11,725) | $(4,441) | $(57,421) | | Change in foreign currency translation adjustment | $(86) | $870 | $(1,632) | $2,069 | | Comprehensive loss | $(15,461) | $(10,855) | $(6,073) | $(55,352) | Condensed Consolidated Statements of Equity (2021) This statement provides a detailed breakdown of changes in stockholders' equity for the nine months ended December 31, 2021 Condensed Consolidated Statements of Equity Highlights (9 Months Ended Dec 31, 2021, Dollars in thousands) | Item | March 31, 2021 Balance | Dec 31, 2021 Balance | | :--- | :--- | :--- | | Common Stock | $14,781 | $14,925 | | Additional Paid-in Capital | $1,630,072 | $1,689,172 | | Retained Earnings | $1,454,826 | $1,450,385 | | Accumulated Other Comprehensive Income | $7,522 | $5,890 | | Treasury Stock, at cost | $(2,026,518) | $(2,089,958) | | Total Stockholders' Equity | $1,080,683 | $1,070,414 | - During the nine months ended December 31, 2021, the Company repurchased $49.2 million of treasury stock and recognized $43.2 million in non-cash stock-based compensation[24] Condensed Consolidated Statements of Equity (2020) This statement details the changes in stockholders' equity for the nine months ended December 31, 2020, for comparative analysis Condensed Consolidated Statements of Equity Highlights (9 Months Ended Dec 31, 2020, Dollars in thousands) | Item | March 31, 2020 Balance | Dec 31, 2020 Balance | | :--- | :--- | :--- | | Common Stock | $14,394 | $14,647 | | Additional Paid-in Capital | $1,496,565 | $1,574,347 | | Retained Earnings | $1,545,094 | $1,487,673 | | Accumulated Other Comprehensive Income | $5,745 | $7,814 | | Treasury Stock, at cost | $(1,974,286) | $(2,025,980) | | Total Stockholders' Equity | $1,087,512 | $1,058,501 | - During the nine months ended December 31, 2020, the Company repurchased $42.3 million of treasury stock and recognized $44.9 million in non-cash stock-based compensation[28] Condensed Consolidated Statements of Cash Flows This statement outlines cash flows from operating, investing, and financing activities for the nine months ended December 31, 2021 Condensed Consolidated Statements of Cash Flows Highlights (9 Months Ended Dec 31, Dollars in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :---