BusinessWire

LiveRamp Announces Second Quarter Results

Subscription Revenue Up 19%

Operating Cash Flow Positive – Free Cash Flow Positive

Global ATS Momentum Continues to Build

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



Second Quarter Financial Highlights

  • Total revenue was $105 million, up 16% compared to the prior year period.
  • Subscription revenue was $86 million, up 19% compared to the prior year period and contributed 82% of total revenue.
  • Marketplace & Other revenue was $19 million, up 4% compared to the prior year period.
  • GAAP gross profit was $70 million, up 43% compared to the prior year period. GAAP gross margin of 67% expanded 13 percentage points. Non-GAAP gross profit was $75 million, up 33% compared to the prior year period. Non-GAAP gross margin of 72% expanded 9 percentage points.
  • GAAP operating loss was $27 million compared to a GAAP operating loss of $50 million in the prior year period. Non-GAAP operating income was $1 million compared to a non-GAAP operating loss of $20 million in the prior year period.
  • GAAP loss per share was $0.36, and non-GAAP earnings per share was $0.03.
  • Net cash generated from operating activities was $6 million compared to net cash used by operating activities of $29 million in the prior year period.
  • Cash and cash equivalents totaled $651 million with no debt at quarter end.

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

“We are playing a critical role in enabling the digital transformations and data-driven strategies of our customers and partners,” said LiveRamp CEO Scott Howe. “The pandemic has put a spotlight on the importance of addressability and measurement, and global brands are increasingly turning to LiveRamp to drive greater media efficiency and higher ROI on their marketing spend. Our recent global success with the Authenticated Traffic Solution (or ATS) reflects this trend. More than 215 publishers worldwide are now committed to ATS, including 60% of the US comScore 50.”

“Our strong, durable and recurring business model was once again on display in the second quarter,” added LiveRamp President and CFO Warren Jenson. “Subscription revenue was up 19%, our gross margin was a record 72%, and we delivered another quarter of non-GAAP operating profit. Looking ahead, we now expect to be profitable on a non-GAAP basis for the full year.”

GAAP and Non-GAAP Results

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

 

Q2 Fiscal 2021

 

Q2 Fiscal 2020

 

Results

 

Results

 

GAAP

Non-GAAP

 

GAAP

Non-GAAP

Subscription revenue

$86

 

$72

YoY change %

19%

 

 

31%

 

Marketplace & other revenue

$19

 

$18

YoY change %

4%

 

 

83%

 

Total revenue

$105

 

$90

YoY change %

16%

 

 

39%

 

 

 

 

 

 

 

Gross profit

$70

$75

 

$49

$56

% Gross margin

67%

72%

 

54%

63%

YoY change, pts

13 pts

9 pts

 

(8 pts)

(6 pts)

 

 

 

 

 

 

Operating income (loss)

($27)

$1

 

($50)

($20)

% Operating margin

(26%)

1%

 

(56%)

(22%)

YoY change, pts

30 pts

23 pts

 

3 pts

0 pts

 

 

 

 

 

 

Net income (loss)

($24)

$2

 

($40)

($15)

YoY change %

nm

nm

 

nm

nm

Earnings (loss) per share

($0.36)

$0.03

 

($0.59)

($0.23)

YoY change %

nm

nm

 

nm

nm

 

 

 

 

 

 

Shares to Calculate EPS

66.0

68.8

 

67.7

67.7

YoY change %

(2%)

2%

 

(13%)

(13%)

Net operating cash flow

$6

 

($29)

YoY change %

nm

 

nm

 

Free cash flow to equity

$6

 

($31)

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

  • The Authenticated Traffic Solution (ATS), continues to experience strong global adoption. There are currently more than 25 supply-side platforms (SSPs) live or committed to implementing ATS. In addition, there are over 45 demand-side platforms (DSPs) live or committed to bid on the LiveRamp identifier, including The Trade Desk, Amobee, Criteo, dataxu, and MediaMath. Lastly, to date, 215 publishers globally have adopted ATS, including 60% of the US comScore 50.
  • LiveRamp recently announced that the Unified ID 2.0, created by The Trade Desk, will be made available to publishers via LiveRamp’s Authenticated Identity Infrastructure. As part of the expanded partnership, marketers who work with both LiveRamp and The Trade Desk can now also bid on LiveRamp's identifier within The Trade Desk's platform to optimize media buying across channels.
  • During the second quarter, subscription net retention was approximately 111% and platform net retention was 109%.
  • Current remaining performance obligations (RPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $216 million, up 13% compared to the second quarter of last year.
  • LiveRamp has 62 clients whose subscription contracts exceed $1 million in annual revenue, up from 44 in the prior year period.
  • LiveRamp’s direct subscription customer count at quarter end was 795, an increase of 10% year over year.

Share Repurchase Program Extension

LiveRamp also announced today that its board of directors authorized the extension of its share repurchase program through December 31, 2022. The Company had approximately $326 million of remaining capacity available under the program as of September 30, 2020.

Since the inception of the share repurchase program in August 2011, the Company has returned approximately $1.17 billion to shareholders.

Under the program, LiveRamp is authorized to repurchase outstanding shares in open market or privately negotiated transactions depending on prevailing market conditions and other factors. The repurchase program may be suspended or discontinued at any time.

Financial Outlook

Given macro economic uncertainties, LiveRamp is providing third 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 third quarter of fiscal 2021, LiveRamp expects to report:

  • Revenue of approximately $113 million, an increase of approximately 11% year-over-year
  • GAAP operating loss of approximately $25 million
  • Non-GAAP operating income of up to $4 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, share repurchase program, 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, IdentityLinkTM, 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

September 30,

$

%

2020

2019

Variance

Variance

 
Revenues

104,661

 

90,143

 

14,518

 

16.1

%

 
Cost of revenue

34,897

 

41,460

 

(6,563

)

(15.8

%)

Gross profit

69,764

 

48,683

 

21,081

 

43.3

%

% Gross margin

66.7

%

54.0

%

 
Operating expenses:
Research and development

31,035

 

26,445

 

4,590

 

17.4

%

Sales and marketing

41,705

 

45,204

 

(3,499

)

(7.7

%)

General and administrative

24,495

 

27,262

 

(2,767

)

(10.1

%)

Gains, losses and other items, net

(619

)

45

 

(664

)

(1475.6

%)

Total operating expenses

96,616

 

98,956

 

(2,340

)

(2.4

%)

 
Loss from operations

(26,852

)

(50,273

)

23,421

 

46.6

%

% Margin

-25.7

%

-55.8

%

 
Total other income (expense)

(225

)

4,780

 

(5,005

)

(104.7

%)

 
Loss from operations before income taxes

(27,077

)

(45,493

)

18,416

 

40.5

%

 
Income taxes (benefit)

(3,109

)

(5,291

)

2,182

 

41.2

%

 
Net loss

(23,968

)

(40,202

)

16,234

 

40.4

%

 
Basic loss per share

(0.36

)

(0.59

)

0.23

 

38.9

%

 
Diluted loss per share:

(0.36

)

(0.59

)

0.23

 

38.9

%

 
Basic weighted average shares

66,010

 

67,684

 

 
Diluted weighted average shares

66,010

 

67,684

 

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

For the Six Months Ended

September 30,

$

%

2020

2019

Variance

Variance

 
Revenues

204,098

 

172,654

 

31,444

 

18.2

%

 
Cost of revenue

69,362

 

77,886

 

(8,524

)

(10.9

%)

Gross profit

134,736

 

94,768

 

39,968

 

42.2

%

% Gross margin

66.0

%

54.9

%

 
Operating expenses:
Research and development

58,024

 

50,167

 

7,857

 

15.7

%

Sales and marketing

80,332

 

88,348

 

(8,016

)

(9.1

%)

General and administrative

47,863

 

52,580

 

(4,717

)

(9.0

%)

Gains, losses and other items, net

1,376

 

2,321

 

(945

)

(40.7

%)

Total operating expenses

187,595

 

193,416

 

(5,821

)

(3.0

%)

 
Loss from operations

(52,859

)

(98,648

)

45,789

 

46.4

%

% Margin

-25.9

%

-57.1

%

 
Total other income

238

 

10,662

 

(10,424

)

(97.8

%)

 
Loss from operations before income taxes

(52,621

)

(87,986

)

35,365

 

40.2

%

 
Income taxes (benefit)

(6,925

)

(5,644

)

(1,281

)

(22.7

%)

 
Net loss

(45,696

)

(82,342

)

36,646

 

44.5

%

 
Basic loss per share

(0.69

)

(1.21

)

0.51

 

42.4

%

 
Diluted loss per share:

(0.69

)

(1.21

)

0.51

 

42.4

%

 
Basic weighted average shares

65,790

 

68,295

 

 
Diluted weighted average shares

65,790

 

68,295

 

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

For the Six Months Ended

September 30,

September 30,

2020

2019

2020

2019

 
 
Loss from operations before income taxes

(27,077

)

(45,493

)

(52,621

)

(87,986

)

 
Income taxes (benefit)

(3,109

)

(5,291

)

(6,925

)

(5,644

)

 
Net loss

(23,968

)

(40,202

)

(45,696

)

(82,342

)

 
Loss per share:
Basic

(0.36

)

(0.59

)

(0.69

)

(1.21

)

 
Diluted

(0.36

)

(0.59

)

(0.69

)

(1.21

)

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

4,350

 

5,369

 

9,656

 

8,492

 

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

24,204

 

23,354

 

40,689

 

41,984

 

Accelerated depreciation (cost of revenue and operating expenses)

-

 

1,663

 

-

 

3,569

 

Transformation costs (general and administrative)

258

 

-

 

3,863

 

-

 

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

(619

)

45

 

1,376

 

2,321

 

 
Total excluded items

28,193

 

30,431

 

55,584

 

56,366

 

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

1,116

 

(15,062

)

2,963

 

(31,620

)

 
Income taxes (benefit) (2)

(1,291

)

190

 

(357

)

(26

)

 
Non-GAAP net earnings (loss)

2,407

 

(15,252

)

3,320

 

(31,594

)

 
Non-GAAP earnings (loss) per share:
Basic

0.04

 

(0.23

)

0.05

 

(0.46

)

 
Diluted

0.03

 

(0.23

)

0.05

 

(0.46

)

 
Basic weighted average shares

66,010

 

67,684

 

65,790

 

68,295

 

 
Diluted weighted average shares

68,804

 

67,684

 

68,071

 

68,295

 

(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 by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with larger pre-tax losses for GAAP purposes versus smaller pre-tax losses or income for non-GAAP purposes.

 
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

For the Six Months Ended

September 30,

September 30,

2020

2019

2020

2019

 
 
Loss from operations

(26,852

)

(50,273

)

(52,859

)

(98,648

)

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

4,350

 

5,369

 

9,656

 

8,492

 

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

24,204

 

23,354

 

40,689

 

41,984

 

Accelerated depreciation (cost of revenue and operating expenses)

-

 

1,663

 

-

 

3,569

 

Transformation costs (general and administrative)

258

 

-

 

3,863

 

-

 

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

(619

)

45.00

 

1,376

 

2,321

 

 
Total excluded items

28,193

 

30,431

 

55,584

 

56,366

 

 
Income (loss) from operations before excluded items

1,341

 

(19,842

)

2,725

 

(42,282

)

(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

For the Six Months Ended

September 30,

September 30,

2020

2019

2020

2019

 
 
Net loss

(23,968

)

(40,202

)

(45,696

)

(82,342

)

 
Income taxes (benefit)

(3,109

)

(5,291

)

(6,925

)

(5,644

)

 
Other expense (income)

225

 

(4,780

)

(238

)

(10,662

)

 
Loss from operations

(26,852

)

(50,273

)

(52,859

)

(98,648

)

 
Depreciation and amortization

6,901

 

10,977

 

14,955

 

19,854

 

 
EBITDA

(19,951

)

(39,296

)

(37,904

)

(78,794

)

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

24,204

 

23,354

 

40,689

 

41,984

 

Transformation costs (general and administrative)

258

 

-

 

3,863

 

0

 

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

(619

)

45

 

1,376

 

2,321

 

 
Other adjustments

23,843

 

23,399

 

45,928

 

44,305

 

 
Adjusted EBITDA

3,892

 

(15,897

)

8,024

 

(34,489

)

(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)
 

September 30,

March 31,

$

%

2020

2020

Variance

Variance

 
Assets
Current assets:
Cash and cash equivalents

650,691

 

717,811

 

(67,120

)

(9.4

%)

Restricted cash

14,815

 

14,815

 

-

 

n/a

 

Trade accounts receivable, net

99,362

 

92,761

 

6,601

 

7.1

%

Refundable income taxes

42,578

 

38,340

 

4,238

 

11.1

%

Other current assets

24,560

 

32,666

 

(8,106

)

(24.8

%)

 
Total current assets

832,006

 

896,393

 

(64,387

)

(7.2

%)

 
Property and equipment

43,604

 

44,786

 

(1,182

)

(2.6

%)

Less - accumulated depreciation and amortization

28,382

 

25,465

 

2,917

 

11.5

%

 
Property and equipment, net

15,222

 

19,321

 

(4,099

)

(21.2

%)

 
Intangible assets, net

36,709

 

45,200

 

(8,491

)

(18.8

%)

Goodwill

300,741

 

297,796

 

2,945

 

1.0

%

Deferred commissions, net

19,459

 

16,014

 

3,445

 

21.5

%

Other assets, net

34,500

 

27,165

 

7,335

 

27.0

%

 

1,238,637

 

1,301,889

 

(63,252

)

(4.9

%)

 
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable

38,102

 

42,204

 

(4,102

)

(9.7

%)

Accrued payroll and related expenses

23,172

 

28,791

 

(5,619

)

(19.5

%)

Other accrued expenses

58,532

 

68,991

 

(10,459

)

(15.2

%)

Acquisition escrow payable

14,815

 

14,815

 

-

 

n/a

 

Deferred revenue

6,546

 

6,581

 

(35

)

(0.5

%)

 
Total current liabilities

141,167

 

161,382

 

(20,215

)

(12.5

%)

 
Other liabilities

46,608

 

52,995

 

(6,387

)

(12.1

%)

 
Stockholders' equity:
Preferred stock

-

 

-

 

-

 

n/a

 

Common stock

14,570

 

14,394

 

176

 

1.2

%

Additional paid-in capital

1,552,303

 

1,496,565

 

55,738

 

3.7

%

Retained earnings

1,499,398

 

1,545,094

 

(45,696

)

(3.0

%)

Accumulated other comprehensive income

6,944

 

5,745

 

1,199

 

20.9

%

Treasury stock, at cost

(2,022,353

)

(1,974,286

)

(48,067

)

(2.4

%)

Total stockholders' equity

1,050,862

 

1,087,512

 

(36,650

)

(3.4

%)

 

1,238,637

 

1,301,889

 

(63,252

)

(4.9

%)

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
 

For the Three Months Ended

 

September 30,

 

2020

2019

 
Cash flows from operating activities:
Net loss

(23,968

)

(40,202

)

Non-cash operating activities:
Depreciation and amortization

6,901

 

10,977

 

Loss (gain) on disposal or impairment of assets

331

 

(225

)

Provision for doubtful accounts

1,192

 

1,468

 

Deferred income taxes

187

 

(5,090

)

Non-cash stock compensation expense

24,204

 

23,354

 

Changes in operating assets and liabilities:
Accounts receivable

(3,724

)

(7,807

)

Deferred commissions

(1,764

)

(780

)

Other assets

2,799

 

(7,497

)

Accounts payable and other liabilities

2,013

 

3,009

 

Income taxes

(2,478

)

(6,926

)

Deferred revenue

556

 

968

 

Net cash provided by (used in) operating activities

6,249

 

(28,751

)

Cash flows from investing activities:
Capital expenditures

(296

)

(2,641

)

Proceeds from sales of property and equipment

-

 

517

 

Payments for investments

(1,206

)

-

 

Cash paid in acquisition, net of cash received

(2,933

)

(100,886

)

Net cash used in investing activities

(4,435

)

(103,010

)

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

2,424

 

1,032

 

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

(3,928

)

(1,814

)

Acquisition of treasury stock

-

 

(80,374

)

Net cash used in financing activities

(1,504

)

(81,156

)

Effect of exchange rate changes on cash

486

 

(302

)

 
Net change in cash and cash equivalents

796

 

(213,219

)

Cash and cash equivalents at beginning of period

664,710

 

1,005,477

 

Cash and cash equivalents at end of period

665,506

 

792,258

 

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

(822

)

6,042

 

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
 

For the Six Months Ended

 

September 30,

 

2020

2019

 
Cash flows from operating activities:
Net loss

(45,696

)

(82,342

)

Non-cash operating activities:
Depreciation and amortization

14,955

 

19,854

 

Loss (gain) on disposal or impairment of assets

333

 

(140

)

Provision for doubtful accounts

2,522

 

2,430

 

Deferred income taxes

(485

)

(5,083

)

Non-cash stock compensation expense

40,689

 

41,984

 

Changes in operating assets and liabilities:
Accounts receivable

(9,584

)

(11,258

)

Deferred commissions

(3,445

)

(606

)

Other assets

7,703

 

(3,897

)

Accounts payable and other liabilities

(20,671

)

2,821

 

Income taxes

(3,583

)

(7,789

)

Deferred revenue

(101

)

(133

)

Net cash used in operating activities

(17,363

)

(44,159

)

Cash flows from investing activities:
Capital expenditures

(1,128

)

(7,529

)

Proceeds from sales of property and equipment

-

 

517

 

Payments for investments

(1,873

)

-

 

Cash paid in acquisition, net of cash received

(2,933

)

(105,365

)

Net cash used in investing activities

(5,934

)

(112,377

)

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

3,561

 

2,092

 

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

(5,755

)

(13,907

)

Acquisition of treasury stock

(42,312

)

(100,473

)

Net cash used in financing activities

(44,506

)

(112,288

)

Effect of exchange rate changes on cash

683

 

(391

)

 
Net change in cash and cash equivalents

(67,120

)

(269,215

)

Cash and cash equivalents at beginning of period

732,626

 

1,061,473

 

Cash and cash equivalents at end of period

665,506

 

792,258

 

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

(2,863

)

6,152

 


Contacts

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


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