BusinessWire

LiveRamp Announces First Quarter Results

Total Q1 Revenue Up 21% — Subscription Revenue Up 21%

GAAP Operating Loss Improves — First Quarterly Non-GAAP Operating Profit

SAN FRANCISCO--(BUSINESS WIRE)--LiveRamp® (NYSE: RAMP), the leading global data connectivity platform, today announced its financial results for the quarter ended June 30, 2020.



First Quarter Financial Highlights

  • Total revenue was $99 million, up 21% compared to the prior year period.
  • Subscription revenue was $83 million, up 21% compared to the prior year period and contributed 83% of total revenue.
  • Marketplace & Other revenue was $17 million, up 16% compared to the prior year period.
  • GAAP gross profit was $65 million, up 41% compared to the prior year period. GAAP gross margin of 65% expanded 9 percentage points. Non-GAAP gross profit was $71 million, up 38% compared to the prior year period. Non-GAAP gross margin of 71% also expanded 9 percentage points.
  • GAAP operating loss was $26 million compared to a GAAP operating loss of $48 million in the prior year period. Non-GAAP operating income was $1 million compared to a non-GAAP operating loss of $22 million in the prior year period.
  • GAAP loss per share was $0.33, and non-GAAP earnings per share was $0.01.
  • Net cash used in operating activities was $24 million compared to net cash used by operating activities of $15 million in the prior year period.
  • During the quarter, LiveRamp repurchased 1.3 million shares for $42 million under the current share repurchase program. Since inception of the share repurchase program in August 2011, the Company has returned approximately $1.17 billion in capital to shareholders.

A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

“As COVID-19 forces companies to innovate and transform to drive customer value, data matters more than ever,” said LiveRamp CEO Scott Howe. “Global brands and their partners are turning to LiveRamp to enable their data-driven marketing strategies, and our strong Q1 results reflect this. The Authenticated Traffic Solution (or ATS) is gaining widespread global adoption. During the quarter, we more than tripled our ATS publisher adoption and now work with over 125 publishers worldwide, including 60% of the US Comscore 20 and 50% of the US Comscore 50.”

“Our value proposition is strong and our business durable and recurring,” added LiveRamp President and CFO Warren Jenson. “In Q1, our top-line grew by 21%, and we delivered our first quarterly non-GAAP operating profit. In addition, our Advanced TV business and Safe Haven® are winning globally. TV revenue was up over 50% in the quarter, and Safe Haven bookings, ARR and revenue were all up over 100%.”

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for its first fiscal quarter ($ in millions):

 

Q1 Fiscal 2021

 

Q1 Fiscal 2020

 

Results

 

Results

 

GAAP

Non-GAAP

 

GAAP

Non-GAAP

Subscription revenue

$83

 

 

$68

 

YoY change %

21%

 

 

 

33%

 

 

Marketplace & other revenue

$17

 

 

$14

 

YoY change %

16%

 

 

 

27%

 

 

Total revenue

$99

 

 

$83

 

YoY change %

21%

 

 

 

32%

 

 

 

 

 

 

 

 

 

 

Gross profit

$65

 

$71

 

$46

 

$51

% Gross margin

65%

 

71%

 

56%

 

62%

YoY change, pts

9pts

 

9pts

 

(6pts)

 

(10pts)

 

 

 

 

 

 

 

 

Operating income (loss)

($26)

 

$1

 

($48)

 

($22)

% Operating margin

(26%)

 

1%

 

(59%)

 

(27%)

YoY change, pts

32pts

 

29pts

 

(11pts)

 

(18pts)

 

 

 

 

 

 

 

 

Net income (loss)

($22)

 

$1

 

($42)

 

($16)

YoY change %

nm

 

nm

 

nm

 

nm

Earnings (loss) per share

($0.33)

 

$0.01

 

($0.61)

 

($0.24)

YoY change %

nm

 

nm

 

nm

 

nm

 

 

 

 

 

 

 

 

Shares to Calculate EPS

65.6

 

67.3

 

68.9

 

68.9

YoY change %

(5%)

 

(5%)

 

(10%)

 

(10%)

Net operating cash flow

($24)

 

 

($15)

 

YoY change %

nm

 

 

nm

 

 

Free cash flow to equity

 

($24)

 

 

($20)

YoY change %

 

nm

 

 

nm

 

 

 

 

 

 

Totals may not sum due to rounding.

A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

Additional Business Highlights & Metrics

  • LiveRamp addressability solutions, including ATS, continue to experience strong global adoption. There are currently 20 supply-side platforms (SSPs) live or committed to implementing IdentityLink™ in the bidstream, including OpenX, Index Exchange, Pubmatic, Rubicon Project and TripleLift. In addition, there are 40 demand-side platforms (DSPs) live or committed to bid on IdentityLink, including Amobee, Criteo, dataxu, and MediaMath. Lastly, to date, LiveRamp has signed on more than 125 publishers globally for ATS, spanning four continents.
  • LiveRamp completed the acquisition of Acuity Data, a team of global retail and consumer packaged goods (CPG) experts, in early July to strengthen the retail analytics capabilities of its Safe Haven platform. These capabilities will enable better reporting, insights, and collaboration for retailers and CPG companies, bridging the gap between trade and media by bringing consumers’ digital signals and retail transaction data together in a privacy-conscious manner. Total purchase consideration was immaterial.
  • During the first quarter, subscription net retention was approximately 109% and platform net retention was 111%.
  • Current remaining performance obligations (RPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $223 million, up 33% compared to the first quarter of last year.
  • LiveRamp has 60 clients whose subscription contracts exceed $1 million in annual revenue, up from 45 in the prior year period.
  • LiveRamp’s direct subscription customer count at quarter end was 780, an increase of 13% year over year. It now serves 22% of the Fortune 500 compared to 20% in the prior year period.

Financial Outlook

Given macro economic uncertainties, LiveRamp is providing second quarter guidance only.

LiveRamp’s non-GAAP guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, business transformation costs and restructuring charges.

For the second quarter of fiscal 2021, LiveRamp expects to report:

  • Revenue of approximately $100 million, an increase of approximately 11% year-over-year
  • GAAP operating loss of up to $39 million
  • Non-GAAP operating loss of up to $7 million

Conference Call

LiveRamp will hold a conference call at 1:30 p.m. PT today to further discuss this information. Interested parties are invited to listen to the call which will be broadcast via the Internet and can be found on LiveRamp’s investor site. A slide presentation will be referenced during the call and can be accessed here.

About LiveRamp

LiveRamp is the leading data connectivity platform for the safe and effective use of data. Powered by core identity capabilities and an unparalleled network, LiveRamp enables companies and their partners to better connect, control, and activate data to transform customer experiences and generate more valuable business outcomes. LiveRamp’s fully interoperable and neutral infrastructure delivers end-to-end addressability for the world’s top brands, agencies, and publishers. For more information, visit www.LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). These statements, which are not statements of historical fact, may contain estimates, assumptions, projections and/or expectations regarding the Company’s financial position, results of operations, market position, product development, growth opportunities, economic conditions, and other similar forecasts and statements of expectation. Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof.

These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are uncertainties related to COVID-19 and the associated impact on our suppliers, customers and partners; the Company’s dependence upon customer renewals; new customer additions and upsell within our subscription business; our reliance upon partners, including data suppliers; competition; and attracting and retaining talent. Additional risks relate to maintaining our culture and our ability to innovate and evolve while working remotely and within a rapidly changing industry, while also avoiding disruption from acquisition and divestiture activities. Our international operations are also subject to risks that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ computer systems could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Changes in regulations relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties, please refer to LiveRamp’s Annual Report on Form 10-K for our fiscal year 2020 ended March 31, 2020, and LiveRamp's Quarterly Reports on Form 10-Q issued in fiscal year 2021.

The financial information set forth in this press release reflects estimates based on information available at this time.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

LiveRamp®, IdentityLink™, Abilitec®, Safe Haven® and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
 
For the Three Months Ended
June 30,
$ %

2020

2019

Variance

Variance

 
Revenues

99,437

 

82,511

 

16,926

 

20.5

%

 
Cost of revenue

34,465

 

36,426

 

(1,961

)

(5.4

%)

Gross profit

64,972

 

46,085

 

18,887

 

41.0

%

% Gross margin

65.3

%

55.9

%

 
Operating expenses:
Research and development

26,989

 

23,722

 

3,267

 

13.8

%

Sales and marketing

38,627

 

43,144

 

(4,517

)

(10.5

%)

General and administrative

23,368

 

25,318

 

(1,950

)

(7.7

%)

Gains, losses and other items, net

1,995

 

2,276

 

(281

)

(12.3

%)

Total operating expenses

90,979

 

94,460

 

(3,481

)

(3.7

%)

 
Loss from operations

(26,007

)

(48,375

)

22,368

 

46.2

%

% Margin

-26.2

%

-58.6

%

 
Total other income

463

 

5,882

 

(5,419

)

(92.1

%)

 
Loss from operations before income taxes

(25,544

)

(42,493

)

16,949

 

39.9

%

 
Income taxes (benefit)

(3,816

)

(353

)

(3,463

)

(981.0

%)

 
Net loss

(21,728

)

(42,140

)

20,412

 

48.4

%

 
Basic loss per share

(0.33

)

(0.61

)

0.28

 

45.8

%

 
Diluted loss per share:

(0.33

)

(0.61

)

0.28

 

45.8

%

 
Basic weighted average shares

65,570

 

68,906

 

 
Diluted weighted average shares

65,570

 

68,906

 

 
 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
 
For the Three Months Ended
June 30,

2020

2019

 
 
Loss from operations before income taxes

(25,544)

(42,493)

 
Income taxes (benefit)

(3,816)

(353)

 
Net loss

(21,728)

(42,140)

 
Loss per share:
Basic

(0.33)

(0.61)

 
Diluted

(0.33)

(0.61)

 
Excluded items:
Purchased intangible asset amortization (cost of revenue)

5,306

3,123

Non-cash stock compensation (cost of revenue and operating expenses)

16,485

18,630

Accelerated depreciation (cost of revenue and operating expenses)

-

1,906

Transformation costs (general and administrative)

3,605

-

Restructuring and merger charges (gains, losses, and other)

1,995

2,276

 
Total excluded items

27,391

25,935

 
 
Income (loss) from operations before income taxes and excluding items

1,847

(16,558)

 
Income taxes (benefit) (2)

934

(216)

 
Non-GAAP net earnings (loss)

913

(16,342)

 
Non-GAAP earnings (loss) per share:
Basic

0.01

(0.24)

 
Diluted

0.01

(0.24)

 
Basic weighted average shares

65,570

68,906

 
Diluted weighted average shares

67,337

68,906

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

 

(2) Income taxes were calculated using an effective non-GAAP tax rate of 50.5% and 1.3% in the first quarter of fiscal 2021 and 2020, respectively. The difference between our GAAP and non-GAAP tax rates were primarily due to the net tax effects of the excluded items.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME (LOSS) FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)
 
For the Three Months Ended
June 30,

2020

2019

 
 
Loss from operations

(26,007

)

(48,375

)

 
Excluded items:
Purchased intangible asset amortization (cost of revenue)

5,306

 

3,123

 

Non-cash stock compensation (cost of revenue and operating expenses)

16,485

 

18,630

 

Accelerated depreciation (cost of revenue and operating expenses)

-

 

1,906

 

Transformation costs (general and administrative)

3,605

 

-

 

Restructuring and merger charges (gains, losses, and other)

1,995

 

2,276

 

 
Total excluded items

27,391

 

25,935

 

 
Income (loss) from operations before excluded items

1,384

 

(22,440

)

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)
 
For the Three Months Ended
June 30,

2020

2019

 
 
Net loss

(21,728

)

(42,140

)

 
Income taxes (benefit)

(3,816

)

(353

)

 
Other income

(463

)

(5,882

)

 
Loss from operations

(26,007

)

(48,375

)

 
Depreciation and amortization

8,054

 

8,877

 

 
EBITDA

(17,953

)

(39,498

)

 
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)

16,485

 

18,630

 

Transformation costs (general and administrative)

3,605

 

-

 

Restructuring and merger charges (gains, losses, and other)

1,995

 

2,276

 

 
Other adjustments

22,085

 

20,906

 

 
Adjusted EBITDA

4,132

 

(18,592

)

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
 
June 30, March 31, $ %

2020

2020

Variance

Variance

 
Assets
Current assets:
Cash and cash equivalents

649,895

 

717,811

 

(67,916

)

(9.5

%)

Restricted cash

14,815

 

14,815

 

-

 

n/a

 

Trade accounts receivable, net

96,472

 

92,761

 

3,711

 

4.0

%

Refundable income taxes

39,776

 

38,340

 

1,436

 

3.7

%

Other current assets

24,314

 

32,666

 

(8,352

)

(25.6

%)

 
Total current assets

825,272

 

896,393

 

(71,121

)

(7.9

%)

 
Property and equipment

45,077

 

44,786

 

291

 

0.6

%

Less - accumulated depreciation and amortization

27,969

 

25,465

 

2,504

 

9.8

%

 
Property and equipment, net

17,108

 

19,321

 

(2,213

)

(11.5

%)

 
Intangible assets, net

39,915

 

45,200

 

(5,285

)

(11.7

%)

Goodwill

298,389

 

297,796

 

593

 

0.2

%

Deferred commissions, net

17,695

 

16,014

 

1,681

 

10.5

%

Other assets, net

35,552

 

27,165

 

8,387

 

30.9

%

 

1,233,931

 

1,301,889

 

(67,958

)

(5.2

%)

 
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable

38,380

 

42,204

 

(3,824

)

(9.1

%)

Accrued payroll and related expenses

16,727

 

28,791

 

(12,064

)

(41.9

%)

Other accrued expenses

50,024

 

68,991

 

(18,967

)

(27.5

%)

Acquisition escrow payable

14,815

 

14,815

 

-

 

n/a

 

Deferred revenue

5,938

 

6,581

 

(643

)

(9.8

%)

 
Total current liabilities

125,884

 

161,382

 

(35,498

)

(22.0

%)

 
Other liabilities

49,758

 

52,995

 

(3,237

)

(6.1

%)

 
Stockholders' equity:
Preferred stock

-

 

-

 

-

 

n/a

 

Common stock

14,525

 

14,394

 

131

 

0.9

%

Additional paid-in capital

1,532,481

 

1,496,565

 

35,916

 

2.4

%

Retained earnings

1,523,366

 

1,545,094

 

(21,728

)

(1.4

%)

Accumulated other comprehensive income

6,342

 

5,745

 

597

 

10.4

%

Treasury stock, at cost

(2,018,425

)

(1,974,286

)

(44,139

)

(2.2

%)

Total stockholders' equity

1,058,289

 

1,087,512

 

(29,223

)

(2.7

%)

 

1,233,931

 

1,301,889

 

(67,958

)

(5.2

%)

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
 
For the Three Months Ended
June 30,

2020

2019

 
Cash flows from operating activities:
Net loss

(21,728

)

(42,140

)

Non-cash operating activities:
Depreciation and amortization

8,054

 

8,877

 

Loss on disposal or impairment of assets

2

 

85

 

Provision for doubtful accounts

1,330

 

962

 

Deferred income taxes

(672

)

7

 

Non-cash stock compensation expense

16,485

 

18,630

 

Changes in operating assets and liabilities:
Accounts receivable

(5,860

)

(3,451

)

Deferred commissions

(1,681

)

174

 

Other assets

4,904

 

3,600

 

Accounts payable and other liabilities

(22,684

)

(188

)

Income taxes

(1,105

)

(863

)

Deferred revenue

(657

)

(1,101

)

Net cash used in operating activities

(23,612

)

(15,408

)

Cash flows from investing activities:
Capital expenditures

(832

)

(4,888

)

Payment for investment

(667

)

-

 

Cash paid in acquisition, net of cash received

-

 

(4,479

)

Net cash used in investing activities

(1,499

)

(9,367

)

Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans

1,137

 

1,060

 

Shares repurchased for tax withholdings upon vesting of stock-based awards

(1,827

)

(12,093

)

Acquisition of treasury stock

(42,312

)

(20,099

)

Net cash used in financing activities

(43,002

)

(31,132

)

Effect of exchange rate changes on cash

197

 

(89

)

 
Net change in cash and cash equivalents

(67,916

)

(55,996

)

Cash and cash equivalents at beginning of period

732,626

 

1,061,473

 

Cash and cash equivalents at end of period

664,710

 

1,005,477

 

 
Supplemental cash flow information:
Cash paid (received) during the period for:
Income taxes

(2,041

)

110

 

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW TO EQUITY (1)
(Unaudited)
(Dollars in thousands)
 
 
06/30/19 09/30/19 12/31/19 03/31/20 FY2020 06/30/20
 
Net Cash Provided by (Used in) Operating Activities

(15,408

)

(28,751

)

15,804

 

(220

)

(28,575

)

(23,612

)

 
Less:
Capital expenditures

(4,888

)

(2,641

)

(2,773

)

(1,409

)

(11,711

)

(832

)

 
Free Cash Flow to Equity

(20,296

)

(31,392

)

13,031

 

(1,629

)

(40,286

)

(24,444

)

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
Q1 FY21 to Q1 FY20

06/30/19

09/30/19

12/31/19

03/31/20

FY2020

 

06/30/20

 

%

$

Revenues

82,511

 

90,143

 

102,217

 

105,701

 

380,572

 

99,437

 

20.5

%

16,926

 

 
Cost of revenue

36,426

 

41,460

 

37,966

 

36,852

 

152,704

 

34,465

 

(5.4

%)

(1,961

)

Gross profit

46,085

 

48,683

 

64,251

 

68,849

 

227,868

 

64,972

 

41.0

%

18,887

 

% Gross margin

55.9

%

54.0

%

62.9

%

65.1

%

59.9

%

65.3

%

 
Operating expenses
Research and development

23,722

 

26,445

 

27,403

 

28,411

 

105,981

 

26,989

 

13.8

%

3,267

 

Sales and marketing

43,144

 

45,204

 

51,993

 

48,564

 

188,905

 

38,627

 

(10.5

%)

(4,517

)

General and administrative

25,318

 

27,262

 

26,107

 

30,216

 

108,903

 

23,368

 

(7.7

%)

(1,950

)

Gains, losses and other items, net

2,276

 

45

 

233

 

2,447

 

5,001

 

1,995

 

(12.3

%)

(281

)

Total operating expenses

94,460

 

98,956

 

105,736

 

109,638

 

408,790

 

90,979

 

(3.7

%)

(3,481

)

 
Loss from operations

(48,375

)

(50,273

)

(41,485

)

(40,789

)

(180,922

)

(26,007

)

46.2

%

22,368

 

% Margin

-58.6

%

-55.8

%

-40.6

%

-38.6

%

-47.5

%

-26.2

%

 
Total other income

5,882

 

4,780

 

3,158

 

1,565

 

15,385

 

463

 

(92.1

%)

(5,419

)

 
Loss from continuing operations before income taxes

(42,493

)

(45,493

)

(38,327

)

(39,224

)

(165,537

)

(25,544

)

39.9

%

16,949

 

 
Income taxes (benefit)

(353

)

(5,291

)

(287

)

(34,345

)

(40,276

)

(3,816

)

(981.0

%)

(3,463

)

 
Net loss from continuing operations

(42,140

)

(40,202

)

(38,040

)

(4,879

)

(125,261

)

(21,728

)

48.4

%

20,412

 

 
Earnings from discontinued operations, net of tax

-

 

-

 

-

 

750

 

750

 

-

 

n/a

 

-

 

 
Net loss

(42,140

)

(40,202

)

(38,040

)

(4,129

)

(124,511

)

(21,728

)

48.4

%

20,412

 

 
Diluted loss per share

(0.61

)

(0.59

)

(0.56

)

(0.06

)

(1.84

)

(0.33

)

45.8

%

0.28

 

 
Diluted loss per share continuing operations

(0.61

)

(0.59

)

(0.56

)

(0.07

)

(1.85

)

(0.33

)

45.8

%

0.28

 

 
Some loss per share amounts may not add due to rounding.
 
Basic shares

68,906

 

67,684

 

67,473

 

66,977

 

67,760

 

65,570

 

Diluted shares

68,906

 

67,684

 

67,473

 

66,977

 

67,760

 

65,570

 

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
 
 

06/30/19

09/30/19

12/31/19

03/31/20

FY2020

 

06/30/20

 
 
Loss from continuing operations before income taxes

(42,493

)

(45,493

)

(38,327

)

(39,224

)

(165,537

)

(25,544

)

Income taxes (benefit)

(353

)

(5,291

)

(287

)

(34,345

)

(40,276

)

(3,816

)

Net loss from continuing operations

(42,140

)

(40,202

)

(38,040

)

(4,879

)

(125,261

)

(21,728

)

 
Earnings from discontinued operations, net of tax

-

 

-

 

-

 

750

 

750

 

-

 

 
Net loss

(42,140

)

(40,202

)

(38,040

)

(4,129

)

(124,511

)

(21,728

)

 
Loss per share:
Basic

(0.61

)

(0.59

)

(0.56

)

(0.06

)

(1.84

)

(0.33

)

Diluted

(0.61

)

(0.59

)

(0.56

)

(0.06

)

(1.84

)

(0.33

)

 
Excluded items:
Purchased intangible asset amortization (cost of revenue)

3,123

 

5,369

 

5,369

 

5,181

 

19,042

 

5,306

 

Non-cash stock compensation (cost of revenue and operating expenses)

18,630

 

23,354

 

30,295

 

17,168

 

89,447

 

16,485

 

Accelerated depreciation (cost of revenue and operating expenses)

1,906

 

1,663

 

-

 

-

 

3,569

 

-

 

Restructuring and merger charges (gains, losses, and other)

2,276

 

45

 

233

 

2,447

 

5,001

 

1,995

 

Transformation costs (general and administrative)

-

 

-

 

-

 

-

 

-

 

3,605

 

Total excluded items, continuing operations

25,935

 

30,431

 

35,897

 

24,796

 

117,059

 

27,391

 

 
Income (loss) from continuing operations before income taxes and excluding items

(16,558

)

(15,062

)

(2,430

)

(14,428

)

(48,478

)

1,847

 

Income taxes (benefit)

(216

)

190

 

(227

)

(11,199

)

(11,452

)

934

 

Non-GAAP net earnings (loss) from continuing operations

(16,342

)

(15,252

)

(2,203

)

(3,229

)

(37,026

)

913

 

 
Non-GAAP earnings (loss) per share from continuing operations:
Basic

(0.24

)

(0.23

)

(0.03

)

(0.05

)

(0.55

)

0.01

 

Diluted

(0.24

)

(0.23

)

(0.03

)

(0.05

)

(0.55

)

0.01

 

 
Basic weighted average shares

68,906

 

67,684

 

67,473

 

66,977

 

67,760

 

65,570

 

Diluted weighted average shares

68,906

 

67,684

 

67,473

 

66,977

 

67,760

 

67,337

 

 
Some totals may not add due to rounding

Contacts

LiveRamp Investor Relations
Lauren Dillard
Investor.Relations@LiveRamp.com
ERAMP


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