Q4 Revenue Up 19% and Subscription Revenue Up 22%
Q4 GAAP Gross Margin of 72% and Non-GAAP Gross Margin of 76%
$78 Million of Operating Cash Flow for Full Year
LiveRamp Intends to Repurchase $150 Million of Stock by December 31, 2022
SAN FRANCISCO--(BUSINESS WIRE)--LiveRamp® (NYSE: RAMP), the leading global data enablement platform, today announced its financial results for the quarter and fiscal year ended March 31, 2022.
Fourth Quarter Financial Highlights
All metrics compared to the prior year fourth quarter
Fiscal Year Financial Highlights
All metrics compared to the prior fiscal year
A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
“We delivered another solid quarter and our results underscore the critical value our Safe Haven® enterprise platform delivers to customers,” said LiveRamp CEO Scott Howe. “We ended the year with 87 customers paying $1 million or more in annual revenue and with approximately $400 million of ARR. Despite the macroenvironment, we enter FY23 with confidence in our forward outlook. We are executing on our growth strategy, expanding internationally and delivering category-creating innovation to our customers.”
“Our operating trends remain strong,” added LiveRamp President and CFO Warren Jenson. “Our revenue growth was solid, non-GAAP gross margin was 76%, and we were profitable on a non-GAAP operating income basis for the eighth quarter in a row. In addition, we generated $78 million of operating cash flow for fiscal 2022. We are well positioned to deliver both revenue growth and continued operating profit expansion in fiscal 2023.”
GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for its fourth quarter and fiscal year ($ in millions):
|
Q4 Fiscal 2022 |
|
Full Year Fiscal 2022 |
|||
|
Results |
|
Results |
|||
|
GAAP |
Non-GAAP |
|
GAAP |
Non-GAAP |
|
Subscription revenue |
$116 |
— |
|
$429 |
— |
|
YoY change % |
22% |
|
|
20% |
|
|
Marketplace & other revenue |
$26 |
— |
|
$100 |
— |
|
YoY change % |
6% |
|
|
16% |
|
|
Total revenue |
$142 |
— |
|
$529 |
— |
|
YoY change % |
19% |
|
|
19% |
|
|
|
|
|
|
|
|
|
Gross profit |
$102 |
$108 |
|
$381 |
$404 |
|
% Gross margin |
72% |
76% |
|
72% |
76% |
|
YoY change, pts |
4 pts |
2 pts |
|
5 pts |
4 pts |
|
|
|
|
|
|
|
|
Operating income (loss) |
($28) |
$3 |
|
($66) |
$42 |
|
% Operating margin |
(20%) |
2% |
|
(12%) |
8% |
|
YoY change, pts |
24 pts |
1 pts |
|
15 pts |
4 pts |
|
|
|
|
|
|
|
|
Net earnings (loss) |
($29) |
($1) |
|
($34) |
$34 |
|
Earnings (loss) per share |
($0.43) |
($0.01) |
|
($0.50) |
$0.48 |
|
|
|
|
|
|
|
|
Shares to Calculate EPS |
68.3 |
68.3 |
|
68.2 |
69.6 |
|
YoY change % |
2% |
(2%) |
|
3% |
1% |
|
Net operating cash flow |
$59 |
— |
|
$78 |
— |
|
Free cash flow to equity |
— |
$57 |
|
— |
$74 |
|
|
|
|
|
|
|
|
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
Financial Outlook
LiveRamp’s non-GAAP guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring charges.
For the first quarter of fiscal 2023, LiveRamp expects to report:
● Revenue of approximately $139 million, an increase of 17% year-over-year
● GAAP operating loss of approximately $33 million
● Non-GAAP operating income of approximately $1 million
For fiscal 2023, LiveRamp expects to report:
● Revenue of between $608 million and $625 million, an increase of between 15% and 18% year-over-year
● GAAP operating loss of approximately $93 million
● Non-GAAP operating income of approximately $49 million
Share Repurchase
LiveRamp today also announced that it intends to repurchase approximately $150 million of its common stock by the end of the third quarter of fiscal 2023.
Share repurchases will be made under the Company’s existing share repurchase program that extends through December 31, 2022. Under its share repurchase program, LiveRamp is authorized to repurchase outstanding shares in the open market or privately negotiated transactions depending on prevailing market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors.
“This announcement demonstrates our confidence in LiveRamp, the strength of our operating cash flow, and our commitment to continue delivering value to shareholders,” continued Howe. “Upon completion of the $150 million buyback, LiveRamp will have returned roughly $1.4 billion of capital to shareholders since the inception of its share repurchase program.”
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.
LiveRamp is the leading data enablement 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”), including statements regarding financial guidance for the first quarter of fiscal 2023 and the full year ended March 31, 2023. 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 include 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, including war and civil unrest, 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 2021 ended March 31, 2021, and LiveRamp's Quarterly Reports on Form 10-Q issued in fiscal year 2022.
The financial information set forth in this press release reflects estimates based on information available at this time.
The forward-looking statements contained in this press release are made as of the date hereof, and 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Ⓡ, RampIDTM, 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 |
|||||||||
|
|
|
|
|
March 31, |
|||||||||
|
|
|
|
|
|
|
|
|
$ |
% |
||||
|
|
|
|
|
2022 |
|
2021 |
|
Variance |
Variance |
||||
Revenues | 141,725 |
|
119,175 |
|
22,550 |
|
18.9 |
% |
||||||
Cost of revenue | 39,476 |
|
37,557 |
|
1,919 |
|
5.1 |
% |
||||||
Gross profit | 102,249 |
|
81,618 |
|
20,631 |
|
25.3 |
% |
||||||
% Gross margin | 72.1 |
% |
68.5 |
% |
||||||||||
Operating expenses: | ||||||||||||||
Research and development | 45,501 |
|
46,479 |
|
(978 |
) |
(2.1 |
%) |
||||||
Sales and marketing | 54,951 |
|
53,307 |
|
1,644 |
|
3.1 |
% |
||||||
General and administrative | 29,583 |
|
32,395 |
|
(2,812 |
) |
(8.7 |
%) |
||||||
Gains, losses and other items, net | 183 |
|
1,345 |
|
(1,162 |
) |
(86.4 |
%) |
||||||
Total operating expenses | 130,218 |
|
133,526 |
|
(3,308 |
) |
(2.5 |
%) |
||||||
Loss from operations | (27,969 |
) |
(51,908 |
) |
23,939 |
|
46.1 |
% |
||||||
% Margin | -19.7 |
% |
-43.6 |
% |
||||||||||
Total other expense, net | (47 |
) |
(404 |
) |
357 |
|
88.4 |
% |
||||||
Loss before income taxes | (28,016 |
) |
(52,312 |
) |
24,296 |
|
46.4 |
% |
||||||
Income tax expense (benefit) | 1,376 |
|
(19,465 |
) |
20,841 |
|
107.1 |
% |
||||||
Net loss | (29,392 |
) |
(32,847 |
) |
3,455 |
|
10.5 |
% |
||||||
Basic loss per share | (0.43 |
) |
(0.49 |
) |
0.06 |
|
12.1 |
% |
||||||
Diluted loss per share: | (0.43 |
) |
(0.49 |
) |
0.06 |
|
12.1 |
% |
||||||
Basic weighted average shares | 68,283 |
|
67,111 |
|
||||||||||
Diluted weighted average shares | 68,283 |
|
67,111 |
|
||||||||||
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||
For the Twelve Months Ended | ||||||||||||||
March 31, | ||||||||||||||
$ | % | |||||||||||||
2022 |
2021 |
Variance | Variance | |||||||||||
Revenues | 528,657 |
|
443,026 |
|
85,631 |
|
19.3 |
% |
||||||
Cost of revenue | 147,427 |
|
144,004 |
|
3,423 |
|
2.4 |
% |
||||||
Gross profit | 381,230 |
|
299,022 |
|
82,208 |
|
27.5 |
% |
||||||
% Gross margin | 72.1 |
% |
67.5 |
% |
||||||||||
Operating expenses: | ||||||||||||||
Research and development | 157,935 |
|
135,111 |
|
22,824 |
|
16.9 |
% |
||||||
Sales and marketing | 182,763 |
|
177,543 |
|
5,220 |
|
2.9 |
% |
||||||
General and administrative | 104,591 |
|
104,201 |
|
390 |
|
0.4 |
% |
||||||
Gains, losses and other items, net | 1,479 |
|
2,715 |
|
(1,236 |
) |
(45.5 |
%) |
||||||
Total operating expenses | 446,768 |
|
419,570 |
|
27,198 |
|
6.5 |
% |
||||||
Loss from operations | (65,538 |
) |
(120,548 |
) |
55,010 |
|
45.6 |
% |
||||||
% Margin | -12.4 |
% |
-27.2 |
% |
||||||||||
Total other income (expense), net | 30,463 |
|
(252 |
) |
30,715 |
|
n/a |
|
||||||
Loss before income taxes | (35,075 |
) |
(120,800 |
) |
85,725 |
|
71.0 |
% |
||||||
Income tax benefit | (1,242 |
) |
(30,532 |
) |
29,290 |
|
95.9 |
% |
||||||
Net loss | (33,833 |
) |
(90,268 |
) |
56,435 |
|
62.5 |
% |
||||||
Basic loss per share | (0.50 |
) |
(1.36 |
) |
0.87 |
|
63.6 |
% |
||||||
Diluted loss per share: | (0.50 |
) |
(1.36 |
) |
0.87 |
|
63.6 |
% |
||||||
Basic weighted average shares | 68,211 |
|
66,304 |
|
||||||||||
Diluted weighted average shares | 68,211 |
|
66,304 |
|
||||||||||
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 Twelve Months Ended | |||||||||||||
March 31, | March 31, | |||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Loss before income taxes | (28,016 |
) |
(52,312 |
) |
(35,075 |
) |
(120,800 |
) |
||||||
Income tax expense (benefit) | 1,376 |
|
(19,465 |
) |
(1,242 |
) |
(30,532 |
) |
||||||
Net loss | (29,392 |
) |
(32,847 |
) |
(33,833 |
) |
(90,268 |
) |
||||||
Loss per share: | ||||||||||||||
Basic | (0.43 |
) |
(0.49 |
) |
(0.50 |
) |
(1.36 |
) |
||||||
Diluted | (0.43 |
) |
(0.49 |
) |
(0.50 |
) |
(1.36 |
) |
||||||
Excluded items: | ||||||||||||||
Purchased intangible asset amortization (cost of revenue) | 4,807 |
|
4,177 |
|
18,711 |
|
18,046 |
|
||||||
Non-cash stock compensation (cost of revenue and operating expenses) | 25,782 |
|
47,124 |
|
87,257 |
|
111,707 |
|
||||||
Transformation costs (general and administrative) | - |
|
- |
|
- |
|
3,863 |
|
||||||
Restructuring and merger charges (gains, losses, and other) | 183 |
|
1,345 |
|
1,479 |
|
2,715 |
|
||||||
Gain on retained profits interest (other income) | - |
|
- |
|
(30,235 |
) |
- |
|
||||||
Total excluded items | 30,772 |
|
52,646 |
|
77,212 |
|
136,331 |
|
||||||
Income before income taxes and excluding items | 2,756 |
|
334 |
|
42,137 |
|
15,531 |
|
||||||
Income taxes (2) | 3,391 |
|
(2,628 |
) |
8,515 |
|
(638 |
) |
||||||
Non-GAAP net earnings (loss) | (635 |
) |
2,962 |
|
33,622 |
|
16,169 |
|
||||||
Non-GAAP earnings per share: | ||||||||||||||
Basic | (0.01 |
) |
0.04 |
|
0.49 |
|
0.24 |
|
||||||
Diluted | (0.01 |
) |
0.04 |
|
0.48 |
|
0.23 |
|
||||||
Basic weighted average shares | 68,283 |
|
67,111 |
|
68,211 |
|
66,304 |
|
||||||
Diluted weighted average shares | 68,283 |
|
69,935 |
|
69,560 |
|
68,963 |
|
||||||
(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 Twelve Months Ended |
||||||||
|
|
|
March 31, |
|
March 31, |
||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Loss from operations | (27,969 |
) |
(51,908 |
) |
(65,538 |
) |
(120,548 |
) |
|||||
Excluded items: | |||||||||||||
Purchased intangible asset amortization (cost of revenue) | 4,807 |
|
4,177 |
|
18,711 |
|
18,046 |
|
|||||
Non-cash stock compensation (cost of revenue and operating expenses) | 25,782 |
|
47,124 |
|
87,257 |
|
111,707 |
|
|||||
Transformation costs (general and administrative) | - |
|
- |
|
- |
|
3,863 |
|
|||||
Restructuring and merger charges (gains, losses, and other) | 183 |
|
1,345 |
|
1,479 |
|
2,715 |
|
|||||
Total excluded items | 30,772 |
|
52,646 |
|
107,447 |
|
136,331 |
|
|||||
Income from operations before excluded items | 2,803 |
|
738 |
|
41,909 |
|
15,783 |
|
|||||
(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 Twelve Months Ended |
||||||||
|
|
|
March 31, |
|
March 31, |
||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Net loss | (29,392 |
) |
(32,847 |
) |
(33,833 |
) |
(90,268 |
) |
|||||
Income tax expense (benefit) | 1,376 |
|
(19,465 |
) |
(1,242 |
) |
(30,532 |
) |
|||||
Other expense (income) | 47 |
|
404 |
|
(30,463 |
) |
252 |
|
|||||
Loss from operations | (27,969 |
) |
(51,908 |
) |
(65,538 |
) |
(120,548 |
) |
|||||
Depreciation and amortization | 6,017 |
|
6,277 |
|
24,248 |
|
27,741 |
|
|||||
EBITDA | (21,952 |
) |
(45,631 |
) |
(41,290 |
) |
(92,807 |
) |
|||||
Other adjustments: | |||||||||||||
Non-cash stock compensation (cost of revenue and operating expenses) | 25,782 |
|
47,124 |
|
87,257 |
|
111,707 |
|
|||||
Transformation costs (general and administrative) | - |
|
- |
|
- |
|
3,863 |
|
|||||
Restructuring and merger charges (gains, losses, and other) | 183 |
|
1,345 |
|
1,479 |
|
2,715 |
|
|||||
Other adjustments | 25,965 |
|
48,469 |
|
88,736 |
|
118,285 |
|
|||||
Adjusted EBITDA | 4,013 |
|
2,838 |
|
47,446 |
|
25,478 |
|
|||||
(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) |
||||||||||
|
|
|
|
|
|
|
||||
|
March 31, |
|
March 31, |
|
$ |
% |
||||
|
2022 |
|
2021 |
|
Variance |
Variance |
||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 600,162 |
|
572,787 |
|
27,375 |
|
4.8 |
% |
||
Restricted cash | - |
|
8,900 |
|
(8,900 |
) |
(100.0 |
%) |
||
Trade accounts receivable, net | 148,343 |
|
114,284 |
|
34,059 |
|
29.8 |
% |
||
Refundable income taxes | 30,354 |
|
65,692 |
|
(35,338 |
) |
(53.8 |
%) |
||
Other current assets | 36,975 |
|
64,052 |
|
(27,077 |
) |
(42.3 |
%) |
||
Total current assets | 815,834 |
|
825,715 |
|
(9,881 |
) |
(1.2 |
%) |
||
Property and equipment | 45,001 |
|
44,284 |
|
717 |
|
1.6 |
% |
||
Less - accumulated depreciation and amortization | 33,470 |
|
32,327 |
|
1,143 |
|
3.5 |
% |
||
Property and equipment, net | 11,531 |
|
11,957 |
|
(426 |
) |
(3.6 |
%) |
||
Intangible assets, net | 26,718 |
|
39,730 |
|
(13,012 |
) |
(32.8 |
%) |
||
Goodwill | 363,845 |
|
357,446 |
|
6,399 |
|
1.8 |
% |
||
Deferred commissions, net | 30,594 |
|
22,619 |
|
7,975 |
|
35.3 |
% |
||
Other assets, net | 85,214 |
|
30,854 |
|
54,360 |
|
176.2 |
% |
||
1,333,736 |
|
1,288,321 |
|
45,415 |
|
3.5 |
% |
|||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Trade accounts payable | 83,197 |
|
39,955 |
|
43,242 |
|
108.2 |
% |
||
Accrued payroll and related expenses | 39,188 |
|
46,438 |
|
(7,250 |
) |
(15.6 |
%) |
||
Other accrued expenses | 46,067 |
|
58,353 |
|
(12,286 |
) |
(21.1 |
%) |
||
Acquisition escrow payable | - |
|
8,900 |
|
(8,900 |
) |
(100.0 |
%) |
||
Deferred revenue | 16,114 |
|
11,603 |
|
4,511 |
|
38.9 |
% |
||
Total current liabilities | 184,566 |
|
165,249 |
|
19,317 |
|
11.7 |
% |
||
Other liabilities | 86,110 |
|
42,389 |
|
43,721 |
|
103.1 |
% |
||
Stockholders' equity: | ||||||||||
Preferred stock | - |
|
- |
|
- |
|
n/a |
|
||
Common stock | 14,984 |
|
14,781 |
|
203 |
|
1.4 |
% |
||
Additional paid-in capital | 1,721,118 |
|
1,630,072 |
|
91,046 |
|
5.6 |
% |
||
Retained earnings | 1,420,993 |
|
1,454,826 |
|
(33,833 |
) |
(2.3 |
%) |
||
Accumulated other comprehensive income | 5,730 |
|
7,522 |
|
(1,792 |
) |
(23.8 |
%) |
||
Treasury stock, at cost | (2,099,765 |
) |
(2,026,518 |
) |
(73,247 |
) |
(3.6 |
%) |
||
Total stockholders' equity | 1,063,060 |
|
1,080,683 |
|
(17,623 |
) |
(1.6 |
%) |
||
1,333,736 |
|
1,288,321 |
|
45,415 |
|
3.5 |
% |
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES |
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
(Unaudited) |
|||||
(Dollars in thousands) |
|||||
|
|
|
|
||
|
For the Three Months Ended |
||||
|
March 31, |
||||
|
2022 |
|
2021 |
||
Cash flows from operating activities: | |||||
Net loss | (29,392 |
) |
(32,847 |
) |
|
Non-cash operating activities: | |||||
Depreciation and amortization | 6,017 |
|
6,277 |
|
|
Loss on disposal or impairment of assets | 41 |
|
54 |
|
|
Provision for doubtful accounts | 1,090 |
|
(431 |
) |
|
Deferred income taxes | (1,084 |
) |
(1,418 |
) |
|
Non-cash stock compensation expense | 25,782 |
|
47,124 |
|
|
Changes in operating assets and liabilities: | |||||
Accounts receivable | 7,265 |
|
1,818 |
|
|
Deferred commissions | (1,111 |
) |
(1,523 |
) |
|
Other assets | 4,786 |
|
(26,283 |
) |
|
Accounts payable and other liabilities | 11,321 |
|
6,731 |
|
|
Income taxes | 32,971 |
|
(17,233 |
) |
|
Deferred revenue | 1,258 |
|
(156 |
) |
|
Net cash provided by (used in) operating activities | 58,944 |
|
(17,887 |
) |
|
Cash flows from investing activities: | |||||
Capital expenditures | (1,880 |
) |
(376 |
) |
|
Purchases of investments | - |
|
(4,500 |
) |
|
Cash paid in acquisition, net of cash received | (8,731 |
) |
(58,264 |
) |
|
Net cash used in investing activities | (10,611 |
) |
(63,140 |
) |
|
Cash flows from financing activities: | |||||
Proceeds related to the issuance of common stock under stock and employee benefit plans | 83 |
|
61 |
|
|
Shares repurchased for tax withholdings upon vesting of stock-based awards | (410 |
) |
(538 |
) |
|
Acquisition of treasury stock | (9,397 |
) |
- |
|
|
Net cash used in financing activities | (9,724 |
) |
(477 |
) |
|
Effect of exchange rate changes on cash | (137 |
) |
(210 |
) |
|
Net change in cash and cash equivalents | 38,472 |
|
(81,714 |
) |
|
Cash and cash equivalents at beginning of period | 561,690 |
|
663,401 |
|
|
Cash and cash equivalents at end of period | 600,162 |
|
581,687 |
|
|
Supplemental cash flow information: | |||||
Cash (received) during the period for: | |||||
Income taxes | (30,101 |
) |
(819 |
) |
|
Operating lease assets obtained in exchange for operating lease liabilities | 3,280 |
|
- |
|
|
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
(Dollars in thousands) | |||||
For the Twelve Months Ended | |||||
March 31, | |||||
2022 |
2021 |
||||
Cash flows from operating activities: | |||||
Net loss | (33,833 |
) |
(90,268 |
) |
|
Non-cash operating activities: | |||||
Depreciation and amortization | 24,248 |
|
27,741 |
|
|
Loss on disposal or impairment of assets | 183 |
|
388 |
|
|
Gain on distribution from retained profits interest | (30,235 |
) |
- |
|
|
Provision for doubtful accounts | 4,217 |
|
2,915 |
|
|
Deferred income taxes | (1,540 |
) |
(1,418 |
) |
|
Non-cash stock compensation expense | 87,257 |
|
111,707 |
|
|
Changes in operating assets and liabilities: | |||||
Accounts receivable | (38,611 |
) |
(24,828 |
) |
|
Deferred commissions | (7,975 |
) |
(6,605 |
) |
|
Other assets | 26,863 |
|
(18,772 |
) |
|
Accounts payable and other liabilities | 8,850 |
|
(116 |
) |
|
Income taxes | 33,969 |
|
(26,215 |
) |
|
Deferred revenue | 4,684 |
|
4,911 |
|
|
Net cash provided by (used in) operating activities | 78,077 |
|
(20,560 |
) |
|
Cash flows from investing activities: | |||||
Capital expenditures | (4,499 |
) |
(2,182 |
) |
|
Purchases of investments | - |
|
(7,500 |
) |
|
Purchases of strategic investments | - |
|
(2,200 |
) |
|
Distribution from retained profits interest | 31,184 |
|
- |
|
|
Cash paid in acquisition, net of cash received | (19,107 |
) |
(76,012 |
) |
|
Net cash provided by (used in) investing activities | 7,578 |
|
(87,894 |
) |
|
Cash flows from financing activities: | |||||
Proceeds related to the issuance of common stock under stock and employee benefit plans | 6,266 |
|
8,737 |
|
|
Shares repurchased for tax withholdings upon vesting of stock-based awards | (14,626 |
) |
(9,920 |
) |
|
Acquisition of treasury stock | (58,621 |
) |
(42,312 |
) |
|
Net cash used in financing activities | (66,981 |
) |
(43,495 |
) |
|
Effect of exchange rate changes on cash | (199 |
) |
1,010 |
|
|
Net change in cash and cash equivalents | 18,475 |
|
(150,939 |
) |
|
Cash and cash equivalents at beginning of period | 581,687 |
|
732,626 |
|
|
Cash and cash equivalents at end of period | 600,162 |
|
581,687 |
|
|
Supplemental cash flow information: | |||||
Cash (received) during the period for: | |||||
Income taxes | (32,916 |
) |
(2,911 |
) |
|
Operating lease assets obtained in exchange for operating lease liabilities | 56,182 |
|
- |
|
|
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
CALCULATION OF FREE CASH FLOW TO EQUITY (1) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
06/30/20 | 09/30/20 | 12/31/20 | 03/31/21 | FY2021 | 06/30/21 | 09/30/21 | 12/31/21 | 03/31/22 | FY2022 | |||||||||||||
Net Cash Provided by (Used in) Operating Activities | (23,612 |
) |
6,249 |
|
14,690 |
|
(17,887 |
) |
(20,560 |
) |
(17,241 |
) |
10,901 |
|
25,473 |
|
58,944 |
|
78,077 |
|
||
Less: | ||||||||||||||||||||||
Capital expenditures | (832 |
) |
(296 |
) |
(678 |
) |
(376 |
) |
(2,182 |
) |
(427 |
) |
(876 |
) |
(1,316 |
) |
(1,880 |
) |
(4,499 |
) |
||
Free Cash Flow to Equity | (24,444 |
) |
5,953 |
|
14,012 |
|
(18,263 |
) |
(22,742 |
) |
(17,668 |
) |
10,025 |
|
24,157 |
|
57,064 |
|
73,578 |
|
(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) | |||||||||||||||||||||||||||
FY22 to FY21 | |||||||||||||||||||||||||||
06/30/20 | 09/30/20 | 12/31/20 | 03/31/21 | FY2021 | 06/30/21 | 09/30/21 | 12/31/21 | 03/31/22 | FY2022 | % | $ | ||||||||||||||||
Revenues | 99,437 |
|
104,661 |
|
119,753 |
|
119,175 |
|
443,026 |
|
119,038 |
|
127,290 |
|
140,604 |
|
141,725 |
|
528,657 |
|
19.3 |
% |
85,631 |
|
|||
Cost of revenue | 34,465 |
|
34,897 |
|
37,085 |
|
37,557 |
|
144,004 |
|
34,315 |
|
35,079 |
|
38,557 |
|
39,476 |
|
147,427 |
|
2.4 |
% |
3,423 |
|
|||
Gross profit | 64,972 |
|
69,764 |
|
82,668 |
|
81,618 |
|
299,022 |
|
84,723 |
|
92,211 |
|
102,047 |
|
102,249 |
|
381,230 |
|
27.5 |
% |
82,208 |
|
|||
% Gross margin | 65.3 |
% |
66.7 |
% |
69.0 |
% |
68.5 |
% |
67.5 |
% |
71.2 |
% |
72.4 |
% |
72.6 |
% |
72.1 |
% |
72.1 |
% |
|||||||
Operating expenses | |||||||||||||||||||||||||||
Research and development | 26,989 |
|
31,035 |
|
30,608 |
|
46,479 |
|
135,111 |
|
34,776 |
|
35,788 |
|
41,870 |
|
45,501 |
|
157,935 |
|
16.9 |
% |
22,824 |
|
|||
Sales and marketing | 38,627 |
|
41,705 |
|
43,904 |
|
53,307 |
|
177,543 |
|
41,979 |
|
39,509 |
|
46,324 |
|
54,951 |
|
182,763 |
|
2.9 |
% |
5,220 |
|
|||
General and administrative | 23,368 |
|
24,495 |
|
23,943 |
|
32,395 |
|
104,201 |
|
24,291 |
|
23,078 |
|
27,639 |
|
29,583 |
|
104,591 |
|
0.4 |
% |
390 |
|
|||
Gains, losses and other items, net | 1,995 |
|
(619 |
) |
(6 |
) |
1,345 |
|
2,715 |
|
1,278 |
|
18 |
|
- |
|
183 |
|
1,479 |
|
(45.5 |
%) |
(1,236 |
) |
|||
Total operating expenses | 90,979 |
|
96,616 |
|
98,449 |
|
133,526 |
|
419,570 |
|
102,324 |
|
98,393 |
|
115,833 |
|
130,218 |
|
446,768 |
|
6.5 |
% |
27,198 |
|
|||
Loss from operations | (26,007 |
) |
(26,852 |
) |
(15,781 |
) |
(51,908 |
) |
(120,548 |
) |
(17,601 |
) |
(6,182 |
) |
(13,786 |
) |
(27,969 |
) |
(65,538 |
) |
45.6 |
% |
55,010 |
|
|||
% Margin | -26.2 |
% |
-25.7 |
% |
-13.2 |
% |
-43.6 |
% |
-27.2 |
% |
-14.8 |
% |
-4.9 |
% |
-9.8 |
% |
-19.7 |
% |
-12.4 |
% |
|||||||
Total other income (expense), net | 463 |
|
(225 |
) |
(86 |
) |
(404 |
) |
(252 |
) |
30,601 |
|
150 |
|
(241 |
) |
(47 |
) |
30,463 |
|
12188.5 |
% |
30,715 |
|
|||
Loss before income taxes | (25,544 |
) |
(27,077 |
) |
(15,867 |
) |
(52,312 |
) |
(120,800 |
) |
13,000 |
|
(6,032 |
) |
(14,027 |
) |
(28,016 |
) |
(35,075 |
) |
71.0 |
% |
85,725 |
|
|||
Income taxes expense (benefit) | (3,816 |
) |
(3,109 |
) |
(4,142 |
) |
(19,465 |
) |
(30,532 |
) |
(4,365 |
) |
399 |
|
1,348 |
|
1,376 |
|
(1,242 |
) |
95.9 |
% |
29,290 |
|
|||
Net earnings (loss) | (21,728 |
) |
(23,968 |
) |
(11,725 |
) |
(32,847 |
) |
(90,268 |
) |
17,365 |
|
(6,431 |
) |
(15,375 |
) |
(29,392 |
) |
(33,833 |
) |
62.5 |
% |
56,435 |
|
|||
Diluted earnings (loss) per share | (0.33 |
) |
(0.36 |
) |
(0.18 |
) |
(0.49 |
) |
(1.36 |
) |
0.25 |
|
(0.09 |
) |
(0.23 |
) |
(0.43 |
) |
(0.50 |
) |
63.6 |
% |
0.87 |
|
|||
Some earnings (loss) per share amounts may not add due to rounding. | |||||||||||||||||||||||||||
Basic shares | 65,570 |
|
66,010 |
|
66,523 |
|
67,111 |
|
66,304 |
|
68,328 |
|
68,042 |
|
68,190 |
|
68,283 |
|
68,211 |
|
|||||||
Diluted shares | 65,570 |
|
66,010 |
|
66,523 |
|
67,111 |
|
66,304 |
|
69,605 |
|
69,333 |
|
69,938 |
|
69,354 |
|
69,560 |
|
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP EPS (1) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||
06/30/20 | 09/30/20 | 12/31/20 | 03/31/21 | FY2021 | 06/30/21 | 09/30/21 | 12/31/21 | 03/31/22 | FY 2022 | |||||||||||||||
Income (loss) before income taxes | (25,544 |
) |
(27,077 |
) |
(15,867 |
) |
(52,312 |
) |
(120,800 |
) |
13,000 |
|
(6,032 |
) |
(14,027 |
) |
(28,016 |
) |
(35,075 |
) |
||||
Income taxes (benefit) | (3,816 |
) |
(3,109 |
) |
(4,142 |
) |
(19,465 |
) |
(30,532 |
) |
(4,365 |
) |
399 |
|
1,348 |
|
1,376 |
|
(1,242 |
) |
||||
Net earnings (loss) | (21,728 |
) |
(23,968 |
) |
(11,725 |
) |
(32,847 |
) |
(90,268 |
) |
17,365 |
|
(6,431 |
) |
(15,375 |
) |
(29,392 |
) |
(33,833 |
) |
||||
Earnings (loss) per share: | ||||||||||||||||||||||||
Basic | (0.33 |
) |
(0.36 |
) |
(0.18 |
) |
(0.49 |
) |
(1.36 |
) |
0.25 |
|
(0.09 |
) |
(0.23 |
) |
(0.43 |
) |
(0.50 |
) |
||||
Diluted | (0.33 |
) |
(0.36 |
) |
(0.18 |
) |
(0.49 |
) |
(1.36 |
) |
0.25 |
|
(0.09 |
) |
(0.23 |
) |
(0.43 |
) |
(0.49 |
) |
||||
Excluded items: | ||||||||||||||||||||||||
Purchased intangible asset amortization (cost of revenue) | 5,306 |
|
4,350 |
|
4,213 |
|
4,177 |
|
18,046 |
|
4,645 |
|
4,612 |
|
4,647 |
|
4,807 |
|
18,711 |
|
||||
Non-cash stock compensation (cost of revenue and operating expenses) | 16,485 |
|
24,204 |
|
23,894 |
|
47,124 |
|
111,707 |
|
18,496 |
|
19,221 |
|
23,758 |
|
25,782 |
|
87,257 |
|
||||
Restructuring and merger charges (gains, losses, and other) | 1,995 |
|
(619 |
) |
(6 |
) |
1,345 |
|
2,715 |
|
1,278 |
|
18 |
|
- |
|
183 |
|
1,479 |
|
||||
Transformation costs (general and administrative) | 3,605 |
|
258 |
|
- |
|
- |
|
3,863 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
||||
Gain on retained profits interest (other income) | - |
|
- |
|
- |
|
- |
|
- |
|
(30,052 |
) |
- |
|
(183 |
) |
- |
|
(30,235 |
) |
||||
Total excluded items | 27,391 |
|
28,193 |
|
28,101 |
|
52,646 |
|
136,331 |
|
(5,633 |
) |
23,851 |
|
28,222 |
|
30,772 |
|
77,212 |
|
||||
Income before income taxes and excluding items | 1,847 |
|
1,116 |
|
12,234 |
|
334 |
|
15,531 |
|
7,367 |
|
17,819 |
|
14,195 |
|
2,756 |
|
42,137 |
|
||||
Income taxes expense (benefit) | 934 |
|
(1,291 |
) |
2,347 |
|
(2,628 |
) |
(638 |
) |
865 |
|
(12 |
) |
4,271 |
|
3,391 |
|
8,515 |
|
||||
Non-GAAP net earnings (loss) | 913 |
|
2,407 |
|
9,887 |
|
2,962 |
|
16,169 |
|
6,502 |
|
17,831 |
|
9,924 |
|
(635 |
) |
33,622 |
|
||||
Non-GAAP earnings (loss) per share: | ||||||||||||||||||||||||
Basic | 0.01 |
|
0.04 |
|
0.15 |
|
0.04 |
|
0.24 |
|
0.10 |
|
0.26 |
|
0.15 |
|
(0.01 |
) |
0.49 |
|
||||
Diluted | 0.01 |
|
0.03 |
|
0.14 |
|
0.04 |
|
0.23 |
|
0.09 |
|
0.26 |
|
0.14 |
|
(0.01 |
) |
0.48 |
|
||||
Basic weighted average shares | 65,570 |
|
66,010 |
|
66,523 |
|
67,111 |
|
66,304 |
|
68,328 |
|
68,042 |
|
68,190 |
|
68,283 |
|
68,211 |
|
||||
Diluted weighted average shares | 67,337 |
|
68,804 |
|
69,775 |
|
69,935 |
|
68,963 |
|
69,605 |
|
69,333 |
|
69,938 |
|
68,283 |
|
69,560 |
|
||||
Some totals may not add due to rounding | ||||||||||||||||||||||||
(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 GAAP TO NON-GAAP EXPENSES (1) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
06/30/20 | 09/30/20 | 12/31/20 | 03/31/21 | FY2021 | 06/30/21 | 09/30/21 | 12/31/21 | 03/31/22 | FY2022 | ||||||||||||||
Expenses: | |||||||||||||||||||||||
Cost of revenue | 34,465 |
|
34,897 |
|
37,085 |
|
37,557 |
|
144,004 |
|
34,315 |
|
35,079 |
|
38,557 |
|
39,476 |
|
147,427 |
|
|||
Research and development | 26,989 |
|
31,035 |
|
30,608 |
|
46,479 |
|
135,111 |
|
34,776 |
|
35,788 |
|
41,870 |
|
45,501 |
|
157,935 |
|
|||
Sales and marketing | 38,627 |
|
41,705 |
|
43,904 |
|
53,307 |
|
177,543 |
|
41,979 |
|
39,509 |
|
46,324 |
|
54,951 |
|
182,763 |
|
|||
General and administrative | 23,368 |
|
24,495 |
|
23,943 |
|
32,395 |
|
104,201 |
|
24,291 |
|
23,078 |
|
27,639 |
|
29,583 |
|
104,591 |
|
|||
Gains, losses and other items, net | 1,995 |
|
(619 |
) |
(6 |
) |
1,345 |
|
2,715 |
|
1,278 |
|
18 |
|
- |
|
183 |
|
1,479 |
|
|||
Gross profit: | 64,972 |
|
69,764 |
|
82,668 |
|
81,618 |
|
299,022 |
|
84,723 |
|
92,211 |
|
102,047 |
|
102,249 |
|
381,230 |
|
|||
% Gross margin | 65.3 |
% |
66.7 |
% |
69.0 |
% |
68.5 |
% |
67.5 |
% |
71.2 |
% |
72.4 |
% |
72.6 |
% |
72.1 |
% |
72.1 |
% |
|||
Excluded items: | |||||||||||||||||||||||
Purchased intangible asset amortization (cost of revenue) | 5,306 |
|
4,350 |
|
4,213 |
|
4,177 |
|
18,046 |
|
4,645 |
|
4,612 |
|
4,647 |
|
4,807 |
|
18,711 |
|
|||
Non-cash stock compensation (cost of revenue) | 775 |
|
913 |
|
988 |
|
2,624 |
|
5,300 |
|
790 |
|
948 |
|
1,168 |
|
1,205 |
|
4,111 |
|
|||
Non-cash stock compensation (research and development) | 5,886 |
|
7,713 |
|
7,376 |
|
17,985 |
|
38,960 |
|
5,348 |
|
7,184 |
|
9,264 |
|
10,316 |
|
32,112 |
|
|||
Non-cash stock compensation (sales and marketing) | 7,123 |
|
9,233 |
|
9,212 |
|
14,833 |
|
40,401 |
|
6,793 |
|
6,749 |
|
7,329 |
|
7,715 |
|
28,586 |
|
|||
Non-cash stock compensation (general and administrative) | 2,701 |
|
6,345 |
|
6,318 |
|
11,682 |
|
27,046 |
|
5,565 |
|
4,340 |
|
5,997 |
|
6,546 |
|
22,448 |
|
|||
Restructuring and merger charges (gains, losses, and other) | 1,995 |
|
(619 |
) |
(6 |
) |
1,345 |
|
2,715 |
|
1,278 |
|
18 |
|
- |
|
183 |
|
1,479 |
|
|||
Transformation costs (general and administrative) | 3,605 |
|
258 |
|
- |
|
- |
|
3,863 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|||
Gain on retained profits interest (other income) | - |
|
- |
|
- |
|
- |
|
- |
|
(30,052 |
) |
- |
|
(183 |
) |
- |
|
(30,235 |
) |
|||
Total excluded items | 27,391 |
|
28,193 |
|
28,101 |
|
52,646 |
|
136,331 |
|
(5,633 |
) |
23,851 |
|
28,222 |
|
30,772 |
|
77,212 |
|
|||
Expenses, excluding items: | |||||||||||||||||||||||
Cost of revenue | 28,384 |
|
29,634 |
|
31,884 |
|
30,756 |
|
120,658 |
|
28,880 |
|
29,519 |
|
32,742 |
|
33,464 |
|
124,605 |
|
|||
Research and development | 21,103 |
|
23,322 |
|
23,232 |
|
28,494 |
|
96,151 |
|
29,428 |
|
28,604 |
|
32,606 |
|
35,185 |
|
125,823 |
|
|||
Sales and marketing | 31,504 |
|
32,472 |
|
34,692 |
|
38,474 |
|
137,142 |
|
35,186 |
|
32,760 |
|
38,995 |
|
47,236 |
|
154,177 |
|
|||
General and administrative | 17,062 |
|
17,892 |
|
17,625 |
|
20,713 |
|
73,292 |
|
18,726 |
|
18,738 |
|
21,642 |
|
23,037 |
|
82,143 |
|
|||
Gains, losses and other items, net | - |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|||
Gross profit, excluding items: | 71,053 |
|
75,027 |
|
87,869 |
|
88,419 |
|
322,368 |
|
90,158 |
|
97,771 |
|
107,862 |
|
108,261 |
|
404,052 |
|
|||
% Gross margin | 71.5 |
% |
71.7 |
% |
73.4 |
% |
74.2 |
% |
72.8 |
% |
75.7 |
% |
76.8 |
% |
76.7 |
% |
76.4 |
% |
76.4 |
% |
(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, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | |||||||||
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME (LOSS) GUIDANCE (1) | |||||||||
(Unaudited) | |||||||||
(Dollars in thousands) | |||||||||
For the quarter ending | For the year ending | ||||||||
June 30, 2022 | March 31, 2023 | ||||||||
GAAP loss from operations | $ |
(33,000 |
) |
$ |
(93,000 |
) |
|||
Excluded items: | |||||||||
Purchased intangible asset amortization |
|
5,000 |
|
|
17,000 |
|
|||
Non-cash stock compensation |
|
29,000 |
|
|
125,000 |
|
|||
Total excluded items |
|
34,000 |
|
|
142,000 |
|
|||
Non-GAAP income from operations | $ |
1,000 |
|
$ |
49,000 |
|
(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, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
APPENDIX A | ||||||||||
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||
Q4 FISCAL 2022 FINANCIAL RESULTS | ||||||||||
EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS |
To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules 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 GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, income (loss) from operations and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
Non-cash stock compensation: Non-cash stock compensation consists of charges for associate restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for associates whose positions were eliminated, lease and other contract termination charges, and leasehold improvement write offs. These items, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company's announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.
Our non-GAAP financial schedules are:
Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company's performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
Free Cash Flow to Equity: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow to equity is defined as operating cash flow less cash used by investing activities (excluding the impact of cash paid in acquisitions), less required payments of debt, and excluding the impact of discontinued operations. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company's discretionary spending after funding all required obligations including scheduled debt payments. The presentation of non-GAAP free cash flow to equity is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
Выручка за 4 Квартал Выросла на 19%, а Доход от подписки - на 22%
Валовая прибыль по GAAP за 4 квартал составила 72%, а валовая прибыль без учета GAAP - 76%
Операционный денежный поток в размере 78 миллионов долларов за весь год
LiveRamp намерена выкупить акции на 150 миллионов долларов к 31 декабря 2022 года
САН-ФРАНЦИСКО -- (BUSINESS WIRE) -- LiveRamp® (NYSE: RAMP), ведущая глобальная платформа для предоставления данных, сегодня объявила о своих финансовых результатах за квартал и финансовый год, закончившийся 31 марта 2022 года.
Основные финансовые показатели Четвертого квартала
Все показатели по сравнению с четвертым кварталом предыдущего года
Основные финансовые показатели Финансового года
Все показатели по сравнению с предыдущим финансовым годом
Сверка между результатами GAAP и результатами, не относящимися к GAAP, приведена в таблицах к настоящему пресс-релизу.
“Мы провели еще один солидный квартал, и наши результаты подчеркивают критическую ценность нашей корпоративной платформы Safe Haven® для клиентов”, - сказал генеральный директор LiveRamp Скотт Хоу. “Мы закончили год с 87 клиентами, заплатившими годовой доход в размере 1 миллиона долларов или более, и с доходом примерно в 400 миллионов долларов США. Несмотря на макроэкономическую ситуацию, мы вступаем в 23 финансовый год с уверенностью в наших перспективах. Мы реализуем нашу стратегию роста, расширяясь на международном уровне и предоставляя нашим клиентам инновации, создающие новые категории”.
“Наши операционные тенденции остаются сильными”, - добавил президент и финансовый директор LiveRamp Уоррен Дженсон. “Наш рост выручки был уверенным, валовая прибыль без учета GAAP составила 76%, и мы были прибыльны на основе операционной прибыли без учета GAAP восьмой квартал подряд. Кроме того, в 2022 финансовом году мы получили операционный денежный поток в размере 78 миллионов долларов. У нас хорошие возможности обеспечить как рост выручки, так и дальнейшее увеличение операционной прибыли в 2023 финансовом году”.
Результаты по ОПБУ и не по ОПБУ
В следующей таблице приведены финансовые результаты Компании за четвертый квартал и финансовый год (в миллионах долларов США):
|
Q4 Fiscal 2022 |
|
Full Year Fiscal 2022 |
|||
|
Results |
|
Results |
|||
|
GAAP |
Non-GAAP |
|
GAAP |
Non-GAAP |
|
Subscription revenue |
$116 |
— |
|
$429 |
— |
|
YoY change % |
22% |
|
|
20% |
|
|
Marketplace & other revenue |
$26 |
— |
|
$100 |
— |
|
YoY change % |
6% |
|
|
16% |
|
|
Total revenue |
$142 |
— |
|
$529 |
— |
|
YoY change % |
19% |
|
|
19% |
|
|
|
|
|
|
|
|
|
Gross profit |
$102 |
$108 |
|
$381 |
$404 |
|
% Gross margin |
72% |
76% |
|
72% |
76% |
|
YoY change, pts |
4 pts |
2 pts |
|
5 pts |
4 pts |
|
|
|
|
|
|
|
|
Operating income (loss) |
($28) |
$3 |
|
($66) |
$42 |
|
% Operating margin |
(20%) |
2% |
|
(12%) |
8% |
|
YoY change, pts |
24 pts |
1 pts |
|
15 pts |
4 pts |
|
|
|
|
|
|
|
|
Net earnings (loss) |
($29) |
($1) |
|
($34) |
$34 |
|
Earnings (loss) per share |
($0.43) |
($0.01) |
|
($0.50) |
$0.48 |
|
|
|
|
|
|
|
|
Shares to Calculate EPS |
68.3 |
68.3 |
|
68.2 |
69.6 |
|
YoY change % |
2% |
(2%) |
|
3% |
1% |
|
Net operating cash flow |
$59 |
— |
|
$78 |
— |
|
Free cash flow to equity |
— |
$57 |
|
— |
$74 |
|
|
|
|
|
|
|
|
Totals may not sum due to rounding. |
Подробное обсуждение наших финансовых показателей, не относящихся к GAAP, и сверка между результатами GAAP и результатами, не относящимися к GAAP, представлены в приложениях к этому пресс-релизу.
Дополнительные основные моменты и показатели бизнеса
Финансовые перспективы
Руководство LiveRamp, не относящееся к GAAP, исключает влияние неденежной компенсации акций, амортизации приобретенных нематериальных активов и расходов на реструктуризацию.
За первый квартал 2023 финансового года LiveRamp планирует отчитаться:
● Выручка составила около 139 миллионов долларов, увеличившись на 17% по сравнению с аналогичным периодом прошлого года
● Операционный убыток по ОПБУ составил около 33 миллионов долларов
● Операционный доход, не связанный с ОПБУ, составляет около 1 миллиона долларов
За 2023 финансовый год LiveRamp планирует отчитаться:
● Выручка от 608 до 625 миллионов долларов, увеличившись на 15-18% в годовом исчислении.
● Операционный убыток по ОПБУ составил около 93 миллионов долларов
● Операционная прибыль, не связанная с ОПБУ, составляет около 49 миллионов долларов США
Выкуп Акций
LiveRamp сегодня также объявила, что намерена выкупить свои обыкновенные акции примерно на 150 миллионов долларов к концу третьего квартала 2023 финансового года.
Выкуп акций будет осуществляться в рамках существующей программы выкупа акций Компании, которая продлится до 31 декабря 2022 года. В рамках своей программы обратного выкупа акций LiveRamp имеет право выкупать размещенные акции на открытом рынке или по частным сделкам в зависимости от преобладающих рыночных условий, корпоративных и нормативных требований, цены акций, возможностей приобретения и других факторов.
“Это объявление демонстрирует нашу уверенность в LiveRamp, силу нашего операционного денежного потока и нашу приверженность продолжению приносить пользу акционерам”, - продолжил Хоу. “После завершения выкупа акций на сумму 150 миллионов долларов LiveRamp вернет акционерам примерно 1,4 миллиарда долларов капитала с момента начала своей программы обратного выкупа акций”.
Конференц-связь
LiveRamp проведет селекторное совещание сегодня в 1:30 вечера по североамериканскому времени для дальнейшего обсуждения этой информации. Заинтересованным сторонам предлагается прослушать звонок, который будет транслироваться через Интернет и который можно найти на сайте LiveRamp для инвесторов. Во время разговора будет дана ссылка на слайд-презентацию, доступ к которой можно получить здесь.
LiveRamp - ведущая платформа для передачи данных для безопасного и эффективного использования данных. Опираясь на основные возможности идентификации и непревзойденную сеть, LiveRamp позволяет компаниям и их партнерам лучше подключать, контролировать и активировать данные для преобразования клиентского опыта и получения более ценных бизнес-результатов. Полностью совместимая и нейтральная инфраструктура LiveRamp обеспечивает сквозную адресацию для ведущих мировых брендов, агентств и издателей. Для получения дополнительной информации посетите www.LiveRamp.com .
Прогнозные заявления
Настоящий пресс-релиз содержит “прогнозные заявления” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года с поправками (“PSLRA”), включая заявления, касающиеся финансовых рекомендаций на первый квартал 2023 финансового года и за весь год, закончившийся 31 марта 2023 года. Эти заявления, которые не являются заявлениями об исторических фактах, могут содержать оценки, предположения, прогнозы и /или ожидания относительно финансового положения Компании, результатов деятельности, положения на рынке, разработки продукта, возможностей роста, экономических условий и других подобных прогнозов и заявлений об ожиданиях. Прогнозные заявления часто обозначаются такими словами или фразами, как “предвидеть”, “оценивать”, “планировать”, “ожидать”, “полагать”, “намереваться”, “предвидеть” или отрицательным значением этих терминов или других подобных их вариантов.
Эти прогнозные заявления не являются гарантией будущих результатов и зависят от ряда факторов и неопределенностей, которые могут привести к тому, что фактические результаты и опыт Компании будут существенно отличаться от ожидаемых результатов и ожиданий, выраженных в прогнозных заявлениях.
Среди факторов, которые могут привести к тому, что фактические результаты и ожидания будут отличаться от ожидаемых результатов и ожиданий, выраженных в прогнозных заявлениях, - неопределенность, связанная с COVID-19 и связанным с этим воздействием на наших поставщиков, клиентов и партнеров; зависимость Компании от продления контрактов с клиентами; добавление новых клиентов и увеличение продаж в рамках нашего бизнеса подписки; наша зависимость от партнеров, включая поставщиков данных; конкуренция; а также привлечение и удержание талантов. Дополнительные риски включают сохранение нашей культуры и нашей способности внедрять инновации и развиваться, работая удаленно и в быстро меняющейся отрасли, а также избегая сбоев в деятельности по приобретению и продаже активов. Наши международные операции также подвержены рискам, включая войну и гражданские беспорядки, которые могут нанести ущерб бизнесу Компании. Риск существенного нарушения конфиденциальности информации или безопасности наших компьютерных систем или компьютерных систем наших клиентов, поставщиков или других партнеров может нанести ущерб нашему бизнесу, репутации и результатам деятельности. Другие бизнес-риски включают неблагоприятную рекламу и негативное общественное восприятие нашей отрасли; перебои или задержки в обслуживании со стороны поставщиков услуг хостинга центров обработки данных, на которых мы полагаемся; и нашу зависимость от постоянной доступности сторонних услуг по размещению и передаче данных. Возможность наших клиентов использовать данные на нашей платформе может быть ограничена, если использование сторонних файлов cookie и технологий отслеживания в отрасли сократится из-за изменений в технологической платформе, регулирования или усиления контроля со стороны пользователей. Изменения в нормативных актах, касающихся сбора и использования информации, представляют собой риск, а также изменения в налоговом законодательстве и нормативных актах, применяемых к нашим клиентам, которые могут привести к сокращению бюджета корпоративного программного обеспечения. Кроме того, третьи стороны могут заявить, что мы нарушаем их интеллектуальную собственность или можем нарушить нашу интеллектуальную собственность, что может привести к травме конкурентов и / или к значительным затратам и истощению наших ресурсов.
Для обсуждения этих и других рисков и неопределенностей, пожалуйста, обратитесь к Годовому отчету LiveRamp по форме 10-K за наш 2021 финансовый год, закончившийся 31 марта 2021 года, и к Ежеквартальным отчетам LiveRamp по форме 10-Q, выпущенным в 2022 финансовом году.
Финансовая информация, представленная в настоящем пресс-релизе, отражает оценки, основанные на имеющейся на данный момент информации.
Прогнозные заявления, содержащиеся в настоящем пресс-релизе, сделаны на дату настоящего документа, и LiveRamp не берет на себя никаких обязательств и в настоящее время не намерена обновлять эти прогнозные заявления.
Чтобы автоматически получать финансовые новости LiveRamp по электронной почте, пожалуйста, посетите www.LiveRamp.com и подпишитесь на оповещения по электронной почте.
LiveRampⓇ, RampIDTM, AbilitecⓇ, Safe HavenⓇ и все другие знаки LiveRamp, содержащиеся в настоящем документе, являются товарными знаками или знаками обслуживания LiveRamp, Inc. Все остальные знаки являются собственностью их соответствующих владельцев.
LiveRamp Holdings, INC. AND SUBSIDIARIES |
||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||
(Unaudited) |
||||||||||||||
(Dollars in thousands, except per share amounts) |
||||||||||||||
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For the Three Months Ended |
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March 31, |
|||||||||
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|
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|
|
|
|
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|
$ |
% |
||||
|
|
|
|
|
2022 |
|
2021 |
|
Variance |
Variance |
||||
Revenues | 141,725 |
|
119,175 |
|
22,550 |
|
18.9 |
% |
||||||
Cost of revenue | 39,476 |
|
37,557 |
|
1,919 |
|
5.1 |
% |
||||||
Gross profit | 102,249 |
|
81,618 |
|
20,631 |
|
25.3 |
% |
||||||
% Gross margin | 72.1 |
% |
68.5 |
% |
||||||||||
Operating expenses: | ||||||||||||||
Research and development | 45,501 |
|
46,479 |
|
(978 |
) |
(2.1 |
%) |
||||||
Sales and marketing | 54,951 |
|
53,307 |
|
1,644 |
|
3.1 |
% |
||||||
General and administrative | 29,583 |
|
32,395 |
|
(2,812 |
) |
(8.7 |
%) |
||||||
Gains, losses and other items, net | 183 |
|
1,345 |
|
(1,162 |
) |
(86.4 |
%) |
||||||
Total operating expenses | 130,218 |
|
133,526 |
|
(3,308 |
) |
(2.5 |
%) |
||||||
Loss from operations | (27,969 |
) |
(51,908 |
) |
23,939 |
|
46.1 |
% |
||||||
% Margin | -19.7 |
% |
-43.6 |
% |
||||||||||
Total other expense, net | (47 |
) |
(404 |
) |
357 |
|
88.4 |
% |
||||||
Loss before income taxes | (28,016 |
) |
(52,312 |
) |
24,296 |
|
46.4 |
% |
||||||
Income tax expense (benefit) | 1,376 |
|
(19,465 |
) |
20,841 |
|
107.1 |
% |
||||||
Net loss | (29,392 |
) |
(32,847 |
) |
3,455 |
|
10.5 |
% |
||||||
Basic loss per share | (0.43 |
) |
(0.49 |
) |
0.06 |
|
12.1 |
% |
||||||
Diluted loss per share: | (0.43 |
) |
(0.49 |
) |
0.06 |
|
12.1 |
% |
||||||
Basic weighted average shares | 68,283 |
|
67,111 |
|
||||||||||
Diluted weighted average shares | 68,283 |
|
67,111 |
|
||||||||||
LiveRamp Holdings, INC. AND SUBSIDIARIES | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||
For the Twelve Months Ended | ||||||||||||||
March 31, | ||||||||||||||
$ | % | |||||||||||||
2022 |
2021 |
Variance | Variance | |||||||||||
Revenues | 528,657 |
|
443,026 |
|
85,631 |
|
19.3 |
% |
||||||
Cost of revenue | 147,427 |
|
144,004 |
|
3,423 |
|
2.4 |
% |
||||||
Gross profit | 381,230 |
|
299,022 |
|
82,208 |
|
27.5 |
% |
||||||
% Gross margin | 72.1 |
% |
67.5 |
% |
||||||||||
Operating expenses: | ||||||||||||||
Research and development | 157,935 |
|
135,111 |
|
22,824 |
|
16.9 |
% |
||||||
Sales and marketing | 182,763 |
|
177,543 |
|
5,220 |
|
2.9 |
% |
||||||
General and administrative | 104,591 |
|
104,201 |
|
390 |
|
0.4 |
% |
||||||
Gains, losses and other items, net | 1,479 |
|
2,715 |
|
(1,236 |
) |
(45.5 |
%) |
||||||
Total operating expenses | 446,768 |
|
419,570 |
|
27,198 |
|
6.5 |
% |
||||||
Loss from operations | (65,538 |
) |
(120,548 |
) |
55,010 |
|
45.6 |
% |
||||||
% Margin | -12.4 |
% |
-27.2 |
% |
||||||||||
Total other income (expense), net | 30,463 |
|
(252 |
) |
30,715 |
|
n/a |
|
||||||
Loss before income taxes | (35,075 |
) |
(120,800 |
) |
85,725 |
|
71.0 |
% |
||||||
Income tax benefit | (1,242 |
) |
(30,532 |
) |
29,290 |
|
95.9 |
% |
||||||
Net loss | (33,833 |
) |
(90,268 |
) |
56,435 |
|
62.5 |
% |
||||||
Basic loss per share | (0.50 |
) |
(1.36 |
) |
0.87 |
|
63.6 |
% |
||||||
Diluted loss per share: | (0.50 |
) |
(1.36 |
) |
0.87 |
|
63.6 |
% |
||||||
Basic weighted average shares | 68,211 |
|
66,304 |
|
||||||||||
Diluted weighted average shares | 68,211 |
|
66,304 |
|
||||||||||
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 Twelve Months Ended | |||||||||||||
March 31, | March 31, | |||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Loss before income taxes | (28,016 |
) |
(52,312 |
) |
(35,075 |
) |
(120,800 |
) |
||||||
Income tax expense (benefit) | 1,376 |
|
(19,465 |
) |
(1,242 |
) |
(30,532 |
) |
||||||
Net loss | (29,392 |
) |
(32,847 |
) |
(33,833 |
) |
(90,268 |
) |
||||||
Loss per share: | ||||||||||||||
Basic | (0.43 |
) |
(0.49 |
) |
(0.50 |
) |
(1.36 |
) |
||||||
Diluted | (0.43 |
) |
(0.49 |
) |
(0.50 |
) |
(1.36 |
) |
||||||
Excluded items: | ||||||||||||||
Purchased intangible asset amortization (cost of revenue) | 4,807 |
|
4,177 |
|
18,711 |
|
18,046 |
|
||||||
Non-cash stock compensation (cost of revenue and operating expenses) | 25,782 |
|
47,124 |
|
87,257 |
|
111,707 |
|
||||||
Transformation costs (general and administrative) | - |
|
- |
|
- |
|
3,863 |
|
||||||
Restructuring and merger charges (gains, losses, and other) | 183 |
|
1,345 |
|
1,479 |
|
2,715 |
|
||||||
Gain on retained profits interest (other income) | - |
|
- |
|
(30,235 |
) |
- |
|
||||||
Total excluded items | 30,772 |
|
52,646 |
|
77,212 |
|
136,331 |
|
||||||
Income before income taxes and excluding items | 2,756 |
|
334 |
|
42,137 |
|
15,531 |
|
||||||
Income taxes (2) | 3,391 |
|
(2,628 |
) |
8,515 |
|
(638 |
) |
||||||
Non-GAAP net earnings (loss) | (635 |
) |
2,962 |
|
33,622 |
|
16,169 |
|
||||||
Non-GAAP earnings per share: | ||||||||||||||
Basic | (0.01 |
) |
0.04 |
|
0.49 |
|
0.24 |
|
||||||
Diluted | (0.01 |
) |
0.04 |
|
0.48 |
|
0.23 |
|
||||||
Basic weighted average shares | 68,283 |
|
67,111 |
|
68,211 |
|
66,304 |
|
||||||
Diluted weighted average shares | 68,283 |
|
69,935 |
|
69,560 |
|
68,963 |
|
||||||
(1) Данная презентация включает показатели, не относящиеся к GAAP. Наши показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых показателей GAAP, и их следует рассматривать только в сочетании с нашей сокращенной консолидированной финансовой отчетностью, подготовленной в соответствии с GAAP. Подробное объяснение корректировок, внесенных в сопоставимые показатели GAAP, причин, по которым руководство использует эти показатели, и существенных ограничений на полезность этих мер, пожалуйста, смотрите в Приложении A.
(2) Налоги на прибыль были рассчитаны путем применения расчетной годовой эффективной налоговой ставки к годовому доходу или убытку до налогообложения и корректировки на отдельные налоговые статьи за период. Различия между нашими эффективными налоговыми ставками по ОПБУ и не по ОПБУ были в основном обусловлены чистым налоговым эффектом исключенных статей в сочетании с большими убытками до налогообложения для целей ОПБУ по сравнению с меньшими убытками или доходами до налогообложения для целей, не связанных с ОПБУ.
LiveRamp Holdings, INC. AND SUBSIDIARIES |
|||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP INCOME (LOSS) FROM OPERATIONS (1) |
|||||||||||||
(Unaudited) |
|||||||||||||
(Dollars in thousands) |
|||||||||||||
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|
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||||
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For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||
|
|
|
March 31, |
|
March 31, |
||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Loss from operations | (27,969 |
) |
(51,908 |
) |
(65,538 |
) |
(120,548 |
) |
|||||
Excluded items: | |||||||||||||
Purchased intangible asset amortization (cost of revenue) | 4,807 |
|
4,177 |
|
18,711 |
|
18,046 |
|
|||||
Non-cash stock compensation (cost of revenue and operating expenses) | 25,782 |
|
47,124 |
|
87,257 |
|
111,707 |
|
|||||
Transformation costs (general and administrative) | - |
|
- |
|
- |
|
3,863 |
|
|||||
Restructuring and merger charges (gains, losses, and other) | 183 |
|
1,345 |
|
1,479 |
|
2,715 |
|
|||||
Total excluded items | 30,772 |
|
52,646 |
|
107,447 |
|
136,331 |
|
|||||
Income from operations before excluded items | 2,803 |
|
738 |
|
41,909 |
|
15,783 |
|
|||||
(1) Данная презентация включает показатели, не относящиеся к GAAP. Наши показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых показателей GAAP, и их следует рассматривать только в сочетании с нашей сокращенной консолидированной финансовой отчетностью, подготовленной в соответствии с GAAP. Подробное объяснение корректировок, внесенных в сопоставимые показатели GAAP, причин, по которым руководство использует эти показатели, и существенных ограничений на полезность этих мер, пожалуйста, смотрите в Приложении A.
LiveRamp Holdings, INC. AND SUBSIDIARIES |
|||||||||||||
RECONCILIATION OF ADJUSTED EBITDA (1) |
|||||||||||||
(Unaudited) |
|||||||||||||
(Dollars in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||
|
|
|
March 31, |
|
March 31, |
||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Net loss | (29,392 |
) |
(32,847 |
) |
(33,833 |
) |
(90,268 |
) |
|||||
Income tax expense (benefit) | 1,376 |
|
(19,465 |
) |
(1,242 |
) |
(30,532 |
) |
|||||
Other expense (income) | 47 |
|
404 |
|
(30,463 |
) |
252 |
|
|||||
Loss from operations | (27,969 |
) |
(51,908 |
) |
(65,538 |
) |
(120,548 |
) |
|||||
Depreciation and amortization | 6,017 |
|
6,277 |
|
24,248 |
|
27,741 |
|
|||||
EBITDA | (21,952 |
) |
(45,631 |
) |
(41,290 |
) |
(92,807 |
) |
|||||
Other adjustments: | |||||||||||||
Non-cash stock compensation (cost of revenue and operating expenses) | 25,782 |
|
47,124 |
|
87,257 |
|
111,707 |
|
|||||
Transformation costs (general and administrative) | - |
|
- |
|
- |
|
3,863 |
|
|||||
Restructuring and merger charges (gains, losses, and other) | 183 |
|
1,345 |
|
1,479 |
|
2,715 |
|
|||||
Other adjustments | 25,965 |
|
48,469 |
|
88,736 |
|
118,285 |
|
|||||
Adjusted EBITDA | 4,013 |
|
2,838 |
|
47,446 |
|
25,478 |
|
|||||
(1) Данная презентация включает показатели, не относящиеся к GAAP. Наши показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых показателей GAAP, и их следует рассматривать только в сочетании с нашей консолидированной финансовой отчетностью, подготовленной в соответствии с GAAP. Подробное объяснение корректировок, внесенных в сопоставимые показатели GAAP, причин, по которым руководство использует эти показатели, полезности этих мер и существенных ограничений на полезность этих мер, пожалуйста, смотрите в Приложении A.
LiveRamp Holdings, INC. AND SUBSIDIARIES |
||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||
(Dollars in thousands) |
||||||||||
|
|
|
|
|
|
|
||||
|
March 31, |
|
March 31, |
|
$ |
% |
||||
|
2022 |
|
2021 |
|
Variance |
Variance |
||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 600,162 |
|
572,787 |
|
27,375 |
|
4.8 |
% |
||
Restricted cash | - |
|
8,900 |
|
(8,900 |
) |
(100.0 |
%) |
||
Trade accounts receivable, net | 148,343 |
|
114,284 |
|
34,059 |
|
29.8 |
% |
||
Refundable income taxes | 30,354 |
|
65,692 |
|
(35,338 |
) |
(53.8 |
%) |
||
Other current assets | 36,975 |
|
64,052 |
|
(27,077 |
) |
(42.3 |
%) |
||
Total current assets | 815,834 |
|
825,715 |
|
(9,881 |
) |
(1.2 |
%) |
||
Property and equipment | 45,001 |
|
44,284 |
|
717 |
|
1.6 |
% |
||
Less - accumulated depreciation and amortization | 33,470 |
|
32,327 |
|
1,143 |
|
3.5 |
% |
||
Property and equipment, net | 11,531 |
|
11,957 |
|
(426 |
) |
(3.6 |
%) |
||
Intangible assets, net | 26,718 |
|
39,730 |
|
(13,012 |
) |
(32.8 |
%) |
||
Goodwill | 363,845 |
|
357,446 |
|
6,399 |
|
1.8 |
% |
||
Deferred commissions, net | 30,594 |
|
22,619 |
|
7,975 |
|
35.3 |
% |
||
Other assets, net | 85,214 |
|
30,854 |
|
54,360 |
|
176.2 |
% |
||
1,333,736 |
|
1,288,321 |
|
45,415 |
|
3.5 |
% |
|||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Trade accounts payable | 83,197 |
|
39,955 |
|
43,242 |
|
108.2 |
% |
||
Accrued payroll and related expenses | 39,188 |
|
46,438 |
|
(7,250 |
) |
(15.6 |
%) |
||
Other accrued expenses | 46,067 |
|
58,353 |
|
(12,286 |
) |
(21.1 |
%) |
||
Acquisition escrow payable | - |
|
8,900 |
|
(8,900 |
) |
(100.0 |
%) |
||
Deferred revenue | 16,114 |
|
11,603 |
|
4,511 |
|
38.9 |
% |
||
Total current liabilities | 184,566 |
|
165,249 |
|
19,317 |
|
11.7 |
% |
||
Other liabilities | 86,110 |
|
42,389 |
|
43,721 |
|
103.1 |
% |
||
Stockholders' equity: | ||||||||||
Preferred stock | - |
|
- |
|
- |
|
n/a |
|
||
Common stock | 14,984 |
|
14,781 |
|
203 |
|
1.4 |
% |
||
Additional paid-in capital | 1,721,118 |
|
1,630,072 |
|
91,046 |
|
5.6 |
% |
||
Retained earnings | 1,420,993 |
|
1,454,826 |
|
(33,833 |
) |
(2.3 |
%) |
||
Accumulated other comprehensive income | 5,730 |
|
7,522 |
|
(1,792 |
) |
(23.8 |
%) |
||
Treasury stock, at cost | (2,099,765 |
) |
(2,026,518 |
) |
(73,247 |
) |
(3.6 |
%) |
||
Total stockholders' equity | 1,063,060 |
|
1,080,683 |
|
(17,623 |
) |
(1.6 |
%) |
||
1,333,736 |
|
1,288,321 |
|
45,415 |
|
3.5 |
% |
LiveRamp Holdings, INC. AND SUBSIDIARIES |
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
(Unaudited) |
|||||
(Dollars in thousands) |
|||||
|
|
|
|
||
|
For the Three Months Ended |
||||
|
March 31, |
||||
|
2022 |
|
2021 |
||
Cash flows from operating activities: | |||||
Net loss | (29,392 |
) |
(32,847 |
) |
|
Non-cash operating activities: | |||||
Depreciation and amortization | 6,017 |
|
6,277 |
|
|
Loss on disposal or impairment of assets | 41 |
|
54 |
|
|
Provision for doubtful accounts | 1,090 |
|
(431 |
) |
|
Deferred income taxes | (1,084 |
) |
(1,418 |
) |
|
Non-cash stock compensation expense | 25,782 |
|
47,124 |
|
|
Changes in operating assets and liabilities: | |||||
Accounts receivable | 7,265 |
|
1,818 |
|
|
Deferred commissions | (1,111 |
) |
(1,523 |
) |
|
Other assets | 4,786 |
|
(26,283 |
) |
|
Accounts payable and other liabilities | 11,321 |
|
6,731 |
|
|
Income taxes | 32,971 |
|
(17,233 |
) |
|
Deferred revenue | 1,258 |
|
(156 |
) |
|
Net cash provided by (used in) operating activities | 58,944 |
|
(17,887 |
) |
|
Cash flows from investing activities: | |||||
Capital expenditures | (1,880 |
) |
(376 |
) |
|
Purchases of investments | - |
|
(4,500 |
) |
|
Cash paid in acquisition, net of cash received | (8,731 |
) |
(58,264 |
) |
|
Net cash used in investing activities | (10,611 |
) |
(63,140 |
) |
|
Cash flows from financing activities: | |||||
Proceeds related to the issuance of common stock under stock and employee benefit plans | 83 |
|
61 |
|
|
Shares repurchased for tax withholdings upon vesting of stock-based awards | (410 |
) |
(538 |
) |
|
Acquisition of treasury stock | (9,397 |
) |
- |
|
|
Net cash used in financing activities | (9,724 |
) |
(477 |
) |
|
Effect of exchange rate changes on cash | (137 |
) |
(210 |
) |
|
Net change in cash and cash equivalents | 38,472 |
|
(81,714 |
) |
|
Cash and cash equivalents at beginning of period | 561,690 |
|
663,401 |
|
|
Cash and cash equivalents at end of period | 600,162 |
|
581,687 |
|
|
Supplemental cash flow information: | |||||
Cash (received) during the period for: | |||||
Income taxes | (30,101 |
) |
(819 |
) |
|
Operating lease assets obtained in exchange for operating lease liabilities | 3,280 |
|
- |
|
|
LiveRamp Holdings, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
(Dollars in thousands) | |||||
For the Twelve Months Ended | |||||
March 31, | |||||
2022 |
2021 |
||||
Cash flows from operating activities: | |||||
Net loss | (33,833 |
) |
(90,268 |
) |
|
Non-cash operating activities: | |||||
Depreciation and amortization | 24,248 |
|
27,741 |
|
|
Loss on disposal or impairment of assets | 183 |
|
388 |
|
|
Gain on distribution from retained profits interest | (30,235 |
) |
- |
|
|
Provision for doubtful accounts | 4,217 |
|
2,915 |
|
|
Deferred income taxes | (1,540 |
) |
(1,418 |
) |
|
Non-cash stock compensation expense | 87,257 |
|
111,707 |
|
|
Changes in operating assets and liabilities: | |||||
Accounts receivable | (38,611 |
) |
(24,828 |
) |
|
Deferred commissions | (7,975 |
) |
(6,605 |
) |
|
Other assets | 26,863 |
|
(18,772 |
) |
|
Accounts payable and other liabilities | 8,850 |
|
(116 |
) |
|
Income taxes | 33,969 |
|
(26,215 |
) |
|
Deferred revenue | 4,684 |
|
4,911 |
|
|
Net cash provided by (used in) operating activities | 78,077 |
|
(20,560 |
) |
|
Cash flows from investing activities: | |||||
Capital expenditures | (4,499 |
) |
(2,182 |
) |
|
Purchases of investments | - |
|
(7,500 |
) |
|
Purchases of strategic investments | - |
|
(2,200 |
) |
|
Distribution from retained profits interest | 31,184 |
|
- |
|
|
Cash paid in acquisition, net of cash received | (19,107 |
) |
(76,012 |
) |
|
Net cash provided by (used in) investing activities | 7,578 |
|
(87,894 |
) |
|
Cash flows from financing activities: | |||||
Proceeds related to the issuance of common stock under stock and employee benefit plans | 6,266 |
|
8,737 |
|
|
Shares repurchased for tax withholdings upon vesting of stock-based awards | (14,626 |
) |
(9,920 |
) |
|
Acquisition of treasury stock | (58,621 |
) |
(42,312 |
) |
|
Net cash used in financing activities | (66,981 |
) |
(43,495 |
) |
|
Effect of exchange rate changes on cash | (199 |
) |
1,010 |
|
|
Net change in cash and cash equivalents | 18,475 |
|
(150,939 |
) |
|
Cash and cash equivalents at beginning of period | 581,687 |
|
732,626 |
|
|
Cash and cash equivalents at end of period | 600,162 |
|
581,687 |
|
|
Supplemental cash flow information: | |||||
Cash (received) during the period for: | |||||
Income taxes | (32,916 |
) |
(2,911 |
) |
|
Operating lease assets obtained in exchange for operating lease liabilities | 56,182 |
|
- |
|
|
LiveRamp Holdings, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
CALCULATION OF FREE CASH FLOW TO EQUITY (1) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
06/30/20 | 09/30/20 | 12/31/20 | 03/31/21 | FY2021 | 06/30/21 | 09/30/21 | 12/31/21 | 03/31/22 | FY2022 | |||||||||||||
Net Cash Provided by (Used in) Operating Activities | (23,612 |
) |
6,249 |
|
14,690 |
|
(17,887 |
) |
(20,560 |
) |
(17,241 |
) |
10,901 |
|
25,473 |
|
58,944 |
|
78,077 |
|
||
Less: | ||||||||||||||||||||||
Capital expenditures | (832 |
) |
(296 |
) |
(678 |
) |
(376 |
) |
(2,182 |
) |
(427 |
) |
(876 |
) |
(1,316 |
) |
(1,880 |
) |
(4,499 |
) |
||
Free Cash Flow to Equity | (24,444 |
) |
5,953 |
|
14,012 |
|
(18,263 |
) |
(22,742 |
) |
(17,668 |
) |
10,025 |
|
24,157 |
|
57,064 |
|
73,578 |
|
(1) Данная презентация включает показатели, не относящиеся к GAAP. Наши показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых показателей GAAP, и их следует рассматривать только в сочетании с нашей сокращенной консолидированной финансовой отчетностью, подготовленной в соответствии с GAAP. Подробное объяснение корректировок, внесенных в сопоставимые показатели GAAP, причин, по которым руководство использует эти показатели, и существенных ограничений на полезность этих мер, пожалуйста, смотрите в Приложении A.
LiveRamp Holdings, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||
FY22 to FY21 | |||||||||||||||||||||||||||
06/30/20 | 09/30/20 | 12/31/20 | 03/31/21 | FY2021 | 06/30/21 | 09/30/21 | 12/31/21 | 03/31/22 | FY2022 | % | $ | ||||||||||||||||
Revenues | 99,437 |
|
104,661 |
|
119,753 |
|
119,175 |
|
443,026 |
|
119,038 |
|
127,290 |
|
140,604 |
|
141,725 |
|
528,657 |
|
19.3 |
% |
85,631 |
|
|||
Cost of revenue | 34,465 |
|
34,897 |
|
37,085 |
|
37,557 |
|
144,004 |
|
34,315 |
|
35,079 |
|
38,557 |
|
39,476 |
|
147,427 |
|
2.4 |
% |
3,423 |
|
|||
Gross profit | 64,972 |
|
69,764 |
|
82,668 |
|
81,618 |
|
299,022 |
|
84,723 |
|
92,211 |
|
102,047 |
|
102,249 |
|
381,230 |
|
27.5 |
% |
82,208 |
|
|||
% Gross margin | 65.3 |
% |
66.7 |
% |
69.0 |
% |
68.5 |
% |
67.5 |
% |
71.2 |
% |
72.4 |
% |
72.6 |
% |
72.1 |
% |
72.1 |
% |
|||||||
Operating expenses | |||||||||||||||||||||||||||
Research and development | 26,989 |
|
31,035 |
|
30,608 |
|
46,479 |
|
135,111 |
|
34,776 |
|
35,788 |
|
41,870 |
|
45,501 |
|
157,935 |
|
16.9 |
% |
22,824 |
|
|||
Sales and marketing | 38,627 |
|
41,705 |
|
43,904 |
|
53,307 |
|
177,543 |
|
41,979 |
|
39,509 |
|
46,324 |
|
54,951 |
|
182,763 |
|
2.9 |
% |
5,220 |
|
|||
General and administrative | 23,368 |
|
24,495 |
|
23,943 |
|
32,395 |
|
104,201 |
|
24,291 |
|
23,078 |
|
27,639 |
|
29,583 |
|
104,591 |
|
0.4 |
% |
390 |
|
|||
Gains, losses and other items, net | 1,995 |
|
(619 |
) |
(6 |
) |
1,345 |
|
2,715 |
|
1,278 |
|
18 |
|
- |
|
183 |
|
1,479 |
|
(45.5 |
%) |
(1,236 |
) |
|||
Total operating expenses | 90,979 |
|
96,616 |
|
98,449 |
|
133,526 |
|
419,570 |
|
102,324 |
|
98,393 |
|
115,833 |
|
130,218 |
|
446,768 |
|
6.5 |
% |
27,198 |
|
|||
Loss from operations | (26,007 |
) |
(26,852 |
) |
(15,781 |
) |
(51,908 |
) |
(120,548 |
) |
(17,601 |
) |
(6,182 |
) |
(13,786 |
) |
(27,969 |
) |
(65,538 |
) |
45.6 |
% |
55,010 |
|
|||
% Margin | -26.2 |
% |
-25.7 |
% |
-13.2 |
% |
-43.6 |
% |
-27.2 |
% |
-14.8 |
% |
-4.9 |
% |
-9.8 |
% |
-19.7 |
% |
-12.4 |
% |
|||||||
Total other income (expense), net | 463 |
|
(225 |
) |
(86 |
) |
(404 |
) |
(252 |
) |
30,601 |
|
150 |
|
(241 |
) |
(47 |
) |
30,463 |
|
12188.5 |
% |
30,715 |
|
|||
Loss before income taxes | (25,544 |
) |
(27,077 |
) |
(15,867 |
) |
(52,312 |
) |
(120,800 |
) |
13,000 |
|
(6,032 |
) |
(14,027 |
) |
(28,016 |
) |
(35,075 |
) |
71.0 |
% |
85,725 |
|
|||
Income taxes expense (benefit) | (3,816 |
) |
(3,109 |
) |
(4,142 |
) |
(19,465 |
) |
(30,532 |
) |
(4,365 |
) |
399 |
|
1,348 |
|
1,376 |
|
(1,242 |
) |
95.9 |
% |
29,290 |
|
|||
Net earnings (loss) | (21,728 |
) |
(23,968 |
) |
(11,725 |
) |
(32,847 |
) |
(90,268 |
) |
17,365 |
|
(6,431 |
) |
(15,375 |
) |
(29,392 |
) |
(33,833 |
) |
62.5 |
% |
56,435 |
|
|||
Diluted earnings (loss) per share | (0.33 |
) |
(0.36 |
) |
(0.18 |
) |
(0.49 |
) |
(1.36 |
) |
0.25 |
|
(0.09 |
) |
(0.23 |
) |
(0.43 |
) |
(0.50 |
) |
63.6 |
% |
0.87 |
|
|||
Some earnings (loss) per share amounts may not add due to rounding. | |||||||||||||||||||||||||||
Basic shares | 65,570 |
|
66,010 |
|
66,523 |
|
67,111 |
|
66,304 |
|
68,328 |
|
68,042 |
|
68,190 |
|
68,283 |
|
68,211 |
|
|||||||
Diluted shares | 65,570 |
|
66,010 |
|
66,523 |
|
67,111 |
|
66,304 |
|
69,605 |
|
69,333 |
|
69,938 |
|
69,354 |
|
69,560 |
|
LiveRamp Holdings, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP EPS (1) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||
06/30/20 | 09/30/20 | 12/31/20 | 03/31/21 | FY2021 | 06/30/21 | 09/30/21 | 12/31/21 | 03/31/22 | FY 2022 | |||||||||||||||
Income (loss) before income taxes | (25,544 |
) |
(27,077 |
) |
(15,867 |
) |
(52,312 |
) |
(120,800 |
) |
13,000 |
|
(6,032 |
) |
(14,027 |
) |
(28,016 |
) |
(35,075 |
) |
||||
Income taxes (benefit) | (3,816 |
) |
(3,109 |
) |
(4,142 |
) |
(19,465 |
) |
(30,532 |
) |
(4,365 |
) |
399 |
|
1,348 |
|
1,376 |
|
(1,242 |
) |
||||
Net earnings (loss) | (21,728 |
) |
(23,968 |
) |
(11,725 |
) |
(32,847 |
) |
(90,268 |
) |
17,365 |
|
(6,431 |
) |
(15,375 |
) |
(29,392 |
) |
(33,833 |
) |
||||
Earnings (loss) per share: | ||||||||||||||||||||||||
Basic | (0.33 |
) |
(0.36 |
) |
(0.18 |
) |
(0.49 |
) |
(1.36 |
) |
0.25 |
|
(0.09 |
) |
(0.23 |
) |
(0.43 |
) |
(0.50 |
) |
||||
Diluted | (0.33 |
) |
(0.36 |
) |
(0.18 |
) |
(0.49 |
) |
(1.36 |
) |
0.25 |
|
(0.09 |
) |
(0.23 |
) |
(0.43 |
) |
(0.49 |
) |
||||
Excluded items: | ||||||||||||||||||||||||
Purchased intangible asset amortization (cost of revenue) | 5,306 |
|
4,350 |
|
4,213 |
|
4,177 |
|
18,046 |
|
4,645 |
|
4,612 |
|
4,647 |
|
4,807 |
|
18,711 |
|
||||
Non-cash stock compensation (cost of revenue and operating expenses) | 16,485 |
|
24,204 |
|
23,894 |
|
47,124 |
|
111,707 |
|
18,496 |
|
19,221 |
|
23,758 |
|
25,782 |
|
87,257 |
|
||||
Restructuring and merger charges (gains, losses, and other) | 1,995 |
|
(619 |
) |
(6 |
) |
1,345 |
|
2,715 |
|
1,278 |
|
18 |
|
- |
|
183 |
|
1,479 |
|
||||
Transformation costs (general and administrative) | 3,605 |
|
258 |
|
- |
|
- |
|
3,863 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
||||
Gain on retained profits interest (other income) | - |
|
- |
|
- |
|
- |
|
- |
|
(30,052 |
) |
- |
|
(183 |
) |
- |
|
(30,235 |
) |
||||
Total excluded items | 27,391 |
|
28,193 |
|
28,101 |
|
52,646 |
|
136,331 |
|
(5,633 |
) |
23,851 |
|
28,222 |
|
30,772 |
|
77,212 |
|
||||
Income before income taxes and excluding items | 1,847 |
|
1,116 |
|
12,234 |
|
334 |
|
15,531 |
|
7,367 |
|
17,819 |
|
14,195 |
|
2,756 |
|
42,137 |
|
||||
Income taxes expense (benefit) | 934 |
|
(1,291 |
) |
2,347 |
|
(2,628 |
) |
(638 |
) |
865 |
|
(12 |
) |
4,271 |
|
3,391 |
|
8,515 |
|
||||
Non-GAAP net earnings (loss) | 913 |
|
2,407 |
|
9,887 |
|
2,962 |
|
16,169 |
|
6,502 |
|
17,831 |
|
9,924 |
|
(635 |
) |
33,622 |
|
||||
Non-GAAP earnings (loss) per share: | ||||||||||||||||||||||||
Basic | 0.01 |
|
0.04 |
|
0.15 |
|
0.04 |
|
0.24 |
|
0.10 |
|
0.26 |
|
0.15 |
|
(0.01 |
) |
0.49 |
|
||||
Diluted | 0.01 |
|
0.03 |
|
0.14 |
|
0.04 |
|
0.23 |
|
0.09 |
|
0.26 |
|
0.14 |
|
(0.01 |
) |
0.48 |
|
||||
Basic weighted average shares | 65,570 |
|
66,010 |
|
66,523 |
|
67,111 |
|
66,304 |
|
68,328 |
|
68,042 |
|
68,190 |
|
68,283 |
|
68,211 |
|
||||
Diluted weighted average shares | 67,337 |
|
68,804 |
|
69,775 |
|
69,935 |
|
68,963 |
|
69,605 |
|
69,333 |
|
69,938 |
|
68,283 |
|
69,560 |
|
||||
Some totals may not add due to rounding | ||||||||||||||||||||||||
(1) Данная презентация включает показатели, не относящиеся к GAAP. Наши показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых показателей GAAP, и их следует рассматривать только в сочетании с нашей сокращенной консолидированной финансовой отчетностью, подготовленной в соответствии с GAAP. Подробное объяснение корректировок, внесенных в сопоставимые показатели GAAP, причин, по которым руководство использует эти показатели, и существенных ограничений на полезность этих мер, пожалуйста, смотрите в Приложении A.
LiveRamp Holdings, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
06/30/20 | 09/30/20 | 12/31/20 | 03/31/21 | FY2021 | 06/30/21 | 09/30/21 | 12/31/21 | 03/31/22 | FY2022 | ||||||||||||||
Expenses: | |||||||||||||||||||||||
Cost of revenue | 34,465 |
|
34,897 |
|
37,085 |
|
37,557 |
|
144,004 |
|
34,315 |
|
35,079 |
|
38,557 |
|
39,476 |
|
147,427 |
|
|||
Research and development | 26,989 |
|
31,035 |
|
30,608 |
|
46,479 |
|
135,111 |
|
34,776 |
|
35,788 |
|
41,870 |
|
45,501 |
|
157,935 |
|
|||
Sales and marketing | 38,627 |
|
41,705 |
|
43,904 |
|
53,307 |
|
177,543 |
|
41,979 |
|
39,509 |
|
46,324 |
|
54,951 |
|
182,763 |
|
|||
General and administrative | 23,368 |
|
24,495 |
|
23,943 |
|
32,395 |
|
104,201 |
|
24,291 |
|
23,078 |
|
27,639 |
|
29,583 |
|
104,591 |
|
|||
Gains, losses and other items, net | 1,995 |
|
(619 |
) |
(6 |
) |
1,345 |
|
2,715 |
|
1,278 |
|
18 |
|
- |
|
183 |
|
1,479 |
|
|||
Gross profit: | 64,972 |
|
69,764 |
|
82,668 |
|
81,618 |
|
299,022 |
|
84,723 |
|
92,211 |
|
102,047 |
|
102,249 |
|
381,230 |
|
|||
% Gross margin | 65.3 |
% |
66.7 |
% |
69.0 |
% |
68.5 |
% |
67.5 |
% |
71.2 |
% |
72.4 |
% |
72.6 |
% |
72.1 |
% |
72.1 |
% |
|||
Excluded items: | |||||||||||||||||||||||
Purchased intangible asset amortization (cost of revenue) | 5,306 |
|
4,350 |
|
4,213 |
|
4,177 |
|
18,046 |
|
4,645 |
|
4,612 |
|
4,647 |
|
4,807 |
|
18,711 |
|
|||
Non-cash stock compensation (cost of revenue) | 775 |
|
913 |
|
988 |
|
2,624 |
|
5,300 |
|
790 |
|
948 |
|
1,168 |
|
1,205 |
|
4,111 |
|
|||
Non-cash stock compensation (research and development) | 5,886 |
|
7,713 |
|
7,376 |
|
17,985 |
|
38,960 |
|
5,348 |
|
7,184 |
|
9,264 |
|
10,316 |
|
32,112 |
|
|||
Non-cash stock compensation (sales and marketing) | 7,123 |
|
9,233 |
|
9,212 |
|
14,833 |
|
40,401 |
|
6,793 |
|
6,749 |
|
7,329 |
|
7,715 |
|
28,586 |
|
|||
Non-cash stock compensation (general and administrative) | 2,701 |
|
6,345 |
|
6,318 |
|
11,682 |
|
27,046 |
|
5,565 |
|
4,340 |
|
5,997 |
|
6,546 |
|
22,448 |
|
|||
Restructuring and merger charges (gains, losses, and other) | 1,995 |
|
(619 |
) |
(6 |
) |
1,345 |
|
2,715 |
|
1,278 |
|
18 |
|
- |
|
183 |
|
1,479 |
|
|||
Transformation costs (general and administrative) | 3,605 |
|
258 |
|
- |
|
- |
|
3,863 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|||
Gain on retained profits interest (other income) | - |
|
- |
|
- |
|
- |
|
- |
|
(30,052 |
) |
- |
|
(183 |
) |
- |
|
(30,235 |
) |
|||
Total excluded items | 27,391 |
|
28,193 |
|
28,101 |
|
52,646 |
|
136,331 |
|
(5,633 |
) |
23,851 |
|
28,222 |
|
30,772 |
|
77,212 |
|
|||
Expenses, excluding items: | |||||||||||||||||||||||
Cost of revenue | 28,384 |
|
29,634 |
|
31,884 |
|
30,756 |
|
120,658 |
|
28,880 |
|
29,519 |
|
32,742 |
|
33,464 |
|
124,605 |
|
|||
Research and development | 21,103 |
|
23,322 |
|
23,232 |
|
28,494 |
|
96,151 |
|
29,428 |
|
28,604 |
|
32,606 |
|
35,185 |
|
125,823 |
|
|||
Sales and marketing | 31,504 |
|
32,472 |
|
34,692 |
|
38,474 |
|
137,142 |
|
35,186 |
|
32,760 |
|
38,995 |
|
47,236 |
|
154,177 |
|
|||
General and administrative | 17,062 |
|
17,892 |
|
17,625 |
|
20,713 |
|
73,292 |
|
18,726 |
|
18,738 |
|
21,642 |
|
23,037 |
|
82,143 |
|
|||
Gains, losses and other items, net | - |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|||
Gross profit, excluding items: | 71,053 |
|
75,027 |
|
87,869 |
|
88,419 |
|
322,368 |
|
90,158 |
|
97,771 |
|
107,862 |
|
108,261 |
|
404,052 |
|
|||
% Gross margin | 71.5 |
% |
71.7 |
% |
73.4 |
% |
74.2 |
% |
72.8 |
% |
75.7 |
% |
76.8 |
% |
76.7 |
% |
76.4 |
% |
76.4 |
% |
(1) Данная презентация включает показатели, не относящиеся к GAAP. Наши показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых показателей GAAP, и их следует рассматривать только в сочетании с нашей сокращенной консолидированной финансовой отчетностью, подготовленной в соответствии с GAAP. Подробное объяснение корректировок, внесенных в сопоставимые показатели GAAP, причин, по которым руководство использует эти показатели, полезности этих мер и существенных ограничений на полезность этих мер, пожалуйста, смотрите в Приложении A.
LiveRamp Holdings, INC. AND SUBSIDIARIES | |||||||||
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME (LOSS) GUIDANCE (1) | |||||||||
(Unaudited) | |||||||||
(Dollars in thousands) | |||||||||
For the quarter ending | For the year ending | ||||||||
June 30, 2022 | March 31, 2023 | ||||||||
GAAP loss from operations | $ |
(33,000 |
) |
$ |
(93,000 |
) |
|||
Excluded items: | |||||||||
Purchased intangible asset amortization |
|
5,000 |
|
|
17,000 |
|
|||
Non-cash stock compensation |
|
29,000 |
|
|
125,000 |
|
|||
Total excluded items |
|
34,000 |
|
|
142,000 |
|
|||
Non-GAAP income from operations | $ |
1,000 |
|
$ |
49,000 |
|
(1) Данная презентация включает показатели, не относящиеся к GAAP. Наши показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых показателей GAAP, и их следует рассматривать только в сочетании с нашей сокращенной консолидированной финансовой отчетностью, подготовленной в соответствии с GAAP. Подробное объяснение корректировок, внесенных в сопоставимые показатели GAAP, причин, по которым руководство использует эти показатели, полезности этих мер и существенных ограничений на полезность этих мер, пожалуйста, смотрите в Приложении A.
APPENDIX A | ||||||||||
LiveRamp Holdings, INC. AND SUBSIDIARIES | ||||||||||
Q4 FISCAL 2022 FINANCIAL RESULTS | ||||||||||
EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS |
Чтобы дополнить наши финансовые результаты, мы используем показатели, не относящиеся к GAAP, которые исключают определенные расходы, связанные с приобретением, неденежную компенсацию акций и расходы на реструктуризацию. Мы считаем, что эти меры полезны для понимания наших прошлых результатов и наших будущих результатов. Наши финансовые показатели и графики, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых показателей GAAP и должны рассматриваться только в сочетании с нашей консолидированной финансовой отчетностью по GAAP. Наше руководство регулярно использует эти финансовые показатели, не относящиеся к GAAP, внутри компании для понимания, управления и оценки нашего бизнеса, а также для принятия операционных решений. Эти показатели являются одними из основных факторов, которые руководство использует при планировании и прогнозировании будущих периодов. Вознаграждение наших руководителей также частично основано на результатах нашего бизнеса, основанных на этих показателях, не относящихся к GAAP.
Наши финансовые показатели, не относящиеся к GAAP, включая прибыль (убыток) на акцию, не относящуюся к GAAP, доход (убыток) от операционной деятельности и скорректированный показатель EBITDA, отражают корректировки, основанные на следующих статьях, а также соответствующие налоговые последствия, когда это применимо:
Амортизация приобретенных нематериальных активов: Мы несем амортизацию приобретенных нематериальных активов в связи с нашими приобретениями. Приобретенные нематериальные активы включают (i) разработанную технологию, (ii) отношения с клиентами и издателями и (iii) торговые наименования. Мы ожидаем амортизировать для целей бухгалтерского учета справедливую стоимость приобретенных нематериальных активов на основе модели, в которой экономические выгоды от нематериальных активов будут использоваться по мере получения дохода. Хотя нематериальные активы приносят нам доход, мы исключаем эту статью, поскольку эти расходы носят неденежный характер и поскольку мы считаем, что финансовые показатели, не относящиеся к GAAP, за исключением этой статьи, предоставляют значимую дополнительную информацию о наших операционных показателях.
Безналичная компенсация акций: Безналичная компенсация акций состоит из расходов на ассоциированные акции с ограниченным доступом, акции с производительностью и опционы на акции в соответствии с текущими ОПБУ, связанные с компенсацией на основе акций, включая расходы, связанные с компенсацией на основе акций, связанной с неинвестированными опционами, принятыми в связи с нашими приобретениями. Поскольку мы применяем стандарты вознаграждения, основанные на акциях, мы считаем, что инвесторам полезно понимать влияние применения этих стандартов на наши операционные показатели. Хотя расходы на компенсацию на основе акций рассчитываются в соответствии с текущими ОПБУ и представляют собой текущие и периодические расходы, такие расходы исключаются из результатов, не относящихся к ОПБУ, поскольку это не те расходы, которые обычно требуют или потребуют от нас денежных расчетов, и поскольку такие расходы не используются нами для оценки основной прибыльности наших деловых операций.
Расходы на реструктуризацию: В течение последних нескольких лет мы инициировали определенные мероприятия по реструктуризации, чтобы привести наши расходы в соответствие как с нашими операционными планами, так и с нашими бизнес-стратегиями, основанными на текущих экономических условиях. В результате мы признали затраты, связанные с выплатами при увольнении для ассоциированных компаний, чьи позиции были ликвидированы, арендными и другими расходами при расторжении контрактов, а также списанием средств на улучшение арендованного имущества. Эти статьи, отраженные как прибыли, убытки и другие статьи, нетто, исключаются из результатов, не относящихся к GAAP, поскольку такие суммы не используются нами для оценки основной прибыльности наших бизнес-операций.
Затраты на трансформацию: В предыдущие годы мы понесли значительные расходы на разделение финансовой отчетности по нашим операционным сегментам, уделяя особое внимание балансовым отчетам на уровне сегмента, а также на оценку приоритетов портфеля. Наши критерии исключения расходов на трансформацию из наших показателей, не относящихся к GAAP, следующие: 1) проекты носят дискретный характер; 2) исключенные расходы состоят только из платы за консультации третьей стороны, которую мы не понесли бы в противном случае; и 3) мы не исключаем расходы, связанные с персоналом, или другие расходы, связанные с текущим деятельность нашего бизнеса. Мы в значительной степени завершили эти проекты в третьем квартале 2018 финансового года. Начиная с четвертого квартала 2018 финансового года и на протяжении большей части 2019 финансового года мы понесли расходы на поддержку транзакций и расходы на разделение систем, связанные с объявленной Компанией оценкой стратегических вариантов для своего бизнеса в области маркетинговых решений (AMS). В первом и втором кварталах 2021 финансового года в ответ на потенциальное воздействие пандемии COVID-19 на наш бизнес мы понесли значительные расходы, связанные с оценкой стратегических и операционных планов, включая нашу долгосрочную стратегию размещения, и оказанием помощи в осуществлении мероприятий по реструктуризации в результате этой оценки. Наши критерии для исключения этих затрат те же. Мы считаем, что исключение этих статей из наших финансовых показателей, не относящихся к GAAP, полезно для инвесторов и предоставляет значимую дополнительную информацию.
Наши финансовые графики, не относящиеся к ОПБУ, следующие:
Прибыль на акцию, не относящаяся к GAAP, Доходы от операций, не относящиеся к GAAP, и расходы, не относящиеся к GAAP: Наша прибыль на акцию, не относящаяся к GAAP, доходы от операций, не относящиеся к GAAP, и расходы, не относящиеся к GAAP, отражают корректировки, как описано выше, а также соответствующие налоговые последствия, где это применимо.
Скорректированная EBITDA: Скорректированная EBITDA определяется как чистая прибыль от продолжающейся деятельности до вычета налогов на прибыль, прочих расходов, износа и амортизации, включая корректировки, как описано выше. Мы используем скорректированный показатель EBITDA для оценки наших результатов от периода к периоду как на консолидированном уровне, так и в рамках наших операционных сегментов, а также для сравнения наших результатов с результатами наших конкурентов. Мы считаем, что включение скорректированной EBITDA предоставляет полезную дополнительную информацию и облегчает анализ инвесторами при оценке результатов деятельности и тенденций Компании. Представление скорректированной EBITDA не предназначено для рассмотрения изолированно или в качестве альтернативы чистой прибыли в качестве показателя нашей деятельности.
Отношение свободного денежного потока к собственному капиталу: В дополнение к нашему отчету о движении денежных средств мы используем показатель движения денежных средств, не соответствующий ОПБУ, для анализа денежных потоков, полученных от операционной деятельности. Свободный денежный поток в капитал определяется как операционный денежный поток за вычетом денежных средств, использованных в инвестиционной деятельности (без учета влияния денежных средств, выплаченных при приобретениях), за вычетом необходимых платежей по долгу и без учета влияния прекращенной деятельности. Руководство считает, что этот показатель движения денежных средств имеет смысл, поскольку он представляет собой сумму денег, доступную от продолжающейся деятельности для дискреционных расходов Компании после финансирования всех необходимых обязательств, включая запланированные платежи по долгу. Представление свободного денежного потока, не связанного с ОПБУ, в капитале не предназначено для рассмотрения изолированно или в качестве альтернативы денежным потокам от операционной деятельности в качестве показателя ликвидности.
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