Key Takeaways Dave delivered record Q3 2025 results, with revenue up over 60% year over year.Coherent posted $1.58B in revenues as AI data center demand drove strong pro forma growth.GigaCloud returned to growth and expanded its marketplace, while LiveRamp beat guidance.As 2025 draws to a close, one theme stands out clearly across global markets: corporate demand for business services is not just resilient, it is evolving and accelerating. Companies are increasingly treating services as strategic enablers o ...

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 reported a total revenue of $195 million for Q1 FY26, representing an 11% increase year-over-year [6][19] - Subscription revenue reached $148 million, up 10% from the previous year, while Marketplace & Other revenue increased by 13% to $46 million [6][19] - The company achieved a GAAP operating income of $7 million, compared to a loss of $5 million in the prior year, resulting in a GAAP operating margin of 4% [6][19] Financial Performance - Total revenue for Q1 FY26 was $195 million, an increase of 11% compared to $176 million in Q1 FY25 [6][25] - Subscription revenue was $148 million, reflecting a 10% increase from $135 million in the prior year [6][25] - Marketplace & Other revenue grew to $46 million, a 13% increase from $41 million [6][25] - GAAP gross profit was $137 million, up 10% from $124 million, with a gross margin of 70% [6][25] - Non-GAAP operating income was $36 million, a 34% increase from $27 million, with a non-GAAP operating margin of 18% [6][25] Shareholder Returns - The company repurchased approximately 1.1 million shares for a total of $30 million during the quarter [6][19] - GAAP diluted earnings per share were $0.12, compared to a loss of $0.11 in the prior year [6][19] Business Highlights - LiveRamp was recognized as a Leader in the IDC Marketscape for Data Clean Room Technology [11] - The company reported a 313% return on investment for customers over three years, with a payback period of less than six months [11] - LiveRamp ended the quarter with 127 customers whose annualized subscription revenue exceeds $1 million, up from 115 in the prior year [11]