Q4 Revenue Increased by 30%
Q4 Subscription Revenue Grew 40%
Extends Lead in Omnichannel Identity and Data Connectivity with
IdentityLink for Real-Time Bidding and Faktor Acquisition
SAN FRANCISCO–(BUSINESS WIRE)–LiveRamp
(NYSE: RAMP), the identity platform powering exceptional experiences,
today announced its financial results for the fourth quarter and fiscal
year ended March 31, 2019.
Fourth Quarter Financial Highlights
-
Total revenue was $78 million, up 30% compared to the prior year
period. Excluding the impact of Facebook, total revenue increased 40%. -
Subscription revenue was $66 million, up 40% and contributed 84% of
total revenue. -
Marketplace & Other revenue of $13 million declined 4% on a reported
basis. Excluding the impact of Facebook, Marketplace & Other revenue
increased 43%. -
GAAP loss per share from continuing operations was $0.73, and non-GAAP
loss per share from continuing operations was $0.13. -
Cash flow from operating activities improved to $38 million, compared
to net cash used in operating activities of $9 million during the
fourth quarter of fiscal 2018. Fourth quarter cash flow included a tax
benefit of approximately $60 million. -
During the quarter, LiveRamp repurchased 175 thousand shares for $10
million under its $1 billion stock repurchase program. Since inception
of the share repurchase program in 2011, the Company has repurchased
22.6 million shares for $449 million, leaving remaining capacity of
$551 million.
Fiscal Year Financial Highlights
-
Total revenue was $286 million, up 30% compared to the prior year
period. Excluding the impact of Facebook, revenue increased 41%. -
Subscription revenue was $237 million, up 38% and contributed 83% of
total revenue. -
Marketplace & Other revenue of $49 million grew 2%. Excluding the
impact of Facebook, Marketplace & Other revenue increased 60%. -
GAAP loss per share from continuing operations was $1.79, and non-GAAP
loss per share from continuing operations was $0.29. -
Cash flows used in operating activities was $2 million compared to $14
million during fiscal 2018. -
Cash and cash equivalents totaled $1.1 billion with no debt at fiscal
year end.
“The fourth quarter represented a strong finish to an incredible year,”
said LiveRamp CEO Scott Howe. “I’m extremely proud of the team’s
performance and our momentum entering FY20. LiveRamp has solidified its
position as the leading provider of people-based identity and data
connectivity for the open ecosystem. In the coming year, we plan to
double down on key growth areas like Advanced TV, enterprise data
networks and global expansion.”
“Each of our growth initiatives continues to build momentum,” said
LiveRamp CFO Warren Jenson. “As enterprises look for new ways to better
leverage data to power the customer experience, they are increasingly
turning to LiveRamp as the trusted and open choice.”
GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for its
fourth quarter and fiscal year ($ in millions):
Q4 Fiscal 2019 | Full Year Fiscal 2019 | ||||||||
Results | Results | ||||||||
GAAP |
Non-GAAP | GAAP | Non-GAAP | ||||||
Subscription revenue | $66 | — | $237 | — | |||||
YoY change % | 40% | 38% | |||||||
Marketplace & other revenue | $13 |
— |
$49 | — | |||||
YoY change % |
(4%) |
|
2% |
|
|||||
Total revenue | $78 | — | $286 | — | |||||
YoY change % | 30% | 30% | |||||||
Gross profit | $41 | $47 | $165 | $188 | |||||
% Gross margin | 52% | 60% | 58% | 66% | |||||
YoY change pts | (9 pts) | (12 pts) | 2 pts | (2 pts) | |||||
Operating loss | ($82) | ($22) | ($198) | ($54) | |||||
% Operating margin | (105%) | (29%) | (69%) | (19%) | |||||
YoY change pts | (59 pts) | (17 pts) | (9 pts) | (2 pts) | |||||
Net loss1 | ($50) | ($9) | ($134) | ($22) | |||||
Earnings (loss) per share1 | ($0.73) | ($0.13) | ($1.79) | ($0.29) | |||||
YoY change % | nm | nm | nm | nm | |||||
Net operating cash flow | $38 | — | ($2) | — | |||||
YoY change % | nm | — | nm | — | |||||
Free cash flow to equity | — | $35 | — | ($14) | |||||
YoY change % | — | nm | — | nm |
1 |
From continuing operations, does not include AMS results. |
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 Metrics & Highlights
-
LiveRamp added 25 new direct subscription customers during the
quarter, bringing its total direct customer count to 665, an increase
of 21% year-over-year. We now serve 20% of the Fortune 500 compared to
16% in the prior year period. -
LiveRamp has 46 clients whose subscription contracts exceed $1 million
in annual revenue, up from 34 in the prior year period. - Dollar-based net retention was approximately 114% in the quarter.
-
LiveRamp announced the availability of IdentityLink for Real-Time
Bidding (RTB) – providing demand-side platforms free perpetual access
to its scaled, people-based identifier. This offering compliments the
free access to IdentityLink
that supply-side platforms get through the Advertising
ID Consortium. -
In April 2019, LiveRamp acquired consent management platform Faktor to
enable streamlined consent management across the open web. LiveRamp
remains committed to helping its clients manage consent and maintain
transparency in order to comply with the California Consumer Privacy
Act (CCPA).
Financial Outlook
LiveRamp’s non-GAAP guidance excludes the impact of non-cash stock
compensation, purchased intangible asset amortization, and restructuring
charges.
For fiscal 2020, LiveRamp expects to report:
-
Revenue of $358 million to $372 million, an increase of between 25%
and 30% year-over-year. -
GAAP operating loss from continuing operations of between $165.5
million and $145.5 million. - Non-GAAP operating loss of between $70 million to $50 million.
The Company’s GAAP and non-GAAP operating loss guidance includes up to
$15 million of transition-related spend associated with establishing
standalone operations at LiveRamp following the AMS sale.
Transition-related spending is expected to be complete by the end of the
second fiscal quarter.
LiveRamp continues to expect full year non-GAAP operating profitability
in fiscal 2021.
Conference Call
LiveRamp will hold a conference call at 1:30 p.m. PT today to further
discuss this information. Interested parties are invited to listen to
the call which will be broadcast via the Internet and can be found on
LiveRamp’s investor
site. A slide presentation will be referenced during the call and
can be accessed here.
About LiveRamp
LiveRamp provides the identity platform leveraged by brands and their
partners to deliver innovative products and exceptional experiences.
LiveRamp IdentityLink connects people, data, and devices across the
digital and physical world, powering the people-based marketing
revolution and allowing consumers to safely connect with the brands and
products they love. For more information, visit www.LiveRamp.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended (the “PSLRA”). These statements, which are not statements of
historical fact, may contain estimates, assumptions, projections and/or
expectations regarding the Company’s financial position, results of
operations, market position, product development, growth opportunities,
economic conditions, and other similar forecasts and statements of
expectation. Forward-looking statements are often identified by words or
phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,”
“intend,” “foresee,” or the negative of these terms or other similar
variations thereof.
These forward-looking statements are not guarantees of future
performance and are subject to a number of factors and uncertainties
that could cause the Company’s actual results and experiences to differ
materially from the anticipated results and expectations expressed in
the forward-looking statements.
Among the factors that may cause actual results and expectations to
differ from anticipated results and expectations expressed in
forward-looking statements relate to the Company’s dependence upon
customer renewals, new customer additions and upsell within our
subscription business, the reliance upon partners including data
suppliers, competition, attracting and retaining talent. Additional
risks relate to maintaining our culture, our ability to innovate and
evolve within rapidly changing industry including digital advertising,
while also avoiding disruption from acquisition and divestiture
activities. Our international operations are subject to risks that may
harm the Company’s business. The risk of a significant breach of the
confidentiality of the information or the security of our or our
customers’, suppliers’, or other partners’ computer systems could be
detrimental to our business, reputation and results of operations. Other
business risks include unfavorable publicity and negative public
perception about our industry, interruptions or delays in service from
data center hosting vendors we rely upon, our dependence on the
continued availability of third-party data hosting and transmission
services, our client’s 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 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. Finally, 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 2018
ended March 31, 2018, and LiveRamp’s Quarterly Reports on Form 10-Q
issued in fiscal year 2019.
The financial information set forth in this press release reflects
estimates based on information available at this time. These amounts
could differ from actual reported amounts stated in LiveRamp’s Annual
Report on Form 10-K for our fiscal year ended March 31, 2019, which
LiveRamp expects to file on May 28, 2019.
LiveRamp assumes no obligation to, and does not currently intend to,
update these forward-looking statements.
To automatically receive LiveRampⓇ financial news by email,
please visit www.LiveRamp.com
and subscribe to email alerts.
LiveRampⓇ, IdentityLinkTM, AbilitecTM
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 SUBDISIARIES | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
For the Three Months Ended | ||||||||||||
March 31, | ||||||||||||
$ | % | |||||||||||
2019 | 2018 | Variance | Variance | |||||||||
Revenues | 78,316 | 60,210 | 18,106 | 30.1 | % | |||||||
Cost of revenue | 37,760 | 23,800 | 13,960 | 58.7 | % | |||||||
Gross profit | 40,556 | 36,410 | 4,146 | 11.4 | % | |||||||
% Gross margin | 51.8 | % | 60.5 | % | ||||||||
Operating expenses: | ||||||||||||
Research and development | 31,318 | 15,963 | 15,355 | 96.2 | % | |||||||
Sales and marketing | 49,223 | 30,735 | 18,488 | 60.2 | % | |||||||
General and administrative | 27,749 | 16,914 | 10,835 | 64.1 | % | |||||||
Gains, losses and other items, net | 14,400 | 681 | 13,719 | 2014.5 | % | |||||||
Total operating expenses | 122,690 | 64,293 | 58,397 | 90.8 | % | |||||||
Loss from operations | (82,134 | ) | (27,883 | ) | (54,251 | ) | (194.6 | %) | ||||
% Margin | -104.9 | % | -46.3 | % | ||||||||
Total other income | 8,311 | 387 | 7,924 | 2047.5 | % | |||||||
Loss from continuing operations before income taxes | (73,823 | ) | (27,496 | ) | (46,327 | ) | (168.5 | %) | ||||
Income taxes (benefit) | (24,135 | ) | (8,486 | ) | (15,649 | ) | (184.4 | %) | ||||
Net loss from continuing operations | (49,688 | ) | (19,010 | ) | (30,678 | ) | (161.4 | %) | ||||
Earnings from discontinued operations, net of tax | 4,227 | 24,185 | (19,958 | ) | (82.5 | %) | ||||||
Net earnings (loss) | (45,461 | ) | 5,175 | (50,636 | ) | (978.5 | %) | |||||
Basic earnings (loss) per share: | ||||||||||||
Continuing operations | (0.73 | ) | (0.24 | ) | (0.49 | ) | (200.9 | %) | ||||
Discontinued operations | 0.06 | 0.31 | (0.25 | ) | (79.9 | %) | ||||||
Net earnings (loss) | (0.67 | ) | 0.07 | (0.73 | ) | (1111.1 | %) | |||||
Diluted earnings (loss) per share: | ||||||||||||
Continuing operations | (0.73 | ) | (0.24 | ) | (0.49 | ) | (200.9 | %) | ||||
Discontinued operations | 0.06 | 0.31 | (0.25 | ) | (79.9 | %) | ||||||
Net earnings (loss) | (0.67 | ) | 0.07 | (0.73 | ) | (1111.1 | %) | |||||
Basic weighted average shares | 68,299 | 78,614 | ||||||||||
Diluted weighted average shares | 68,299 | 78,614 | ||||||||||
LIVERAMP HOLDINGS, INC. AND SUBDISIARIES | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
For the Twelve Months Ended | ||||||||||||
March 31, | ||||||||||||
$ | % | |||||||||||
2019 | 2018 | Variance | Variance | |||||||||
Revenues | 285,620 | 220,101 | 65,519 | 29.8 | % | |||||||
Cost of revenue | 120,718 | 96,396 | 24,322 | 25.2 | % | |||||||
Gross profit | 164,902 | 123,705 | 41,197 | 33.3 | % | |||||||
% Gross margin | 57.7 | % | 56.2 | % | ||||||||
Operating expenses: | ||||||||||||
Research and development | 85,697 | 60,713 | 24,984 | 41.2 | % | |||||||
Sales and marketing | 158,540 | 108,639 | 49,901 | 45.9 | % | |||||||
General and administrative | 98,878 | 85,154 | 13,724 | 16.1 | % | |||||||
Gains, losses and other items, net | 19,933 | 2,723 | 17,210 | 632.0 | % | |||||||
Total operating expenses | 363,048 | 257,229 | 105,819 | 41.1 | % | |||||||
Loss from operations | (198,146 | ) | (133,524 | ) | (64,622 | ) | (48.4 | %) | ||||
% Margin | -69.4 | % | -60.7 | % | ||||||||
Total other income | 18,790 | 502 | 18,288 | 3643.0 | % | |||||||
Loss from continuing operations before income taxes | (179,356 | ) | (133,022 | ) | (46,334 | ) | (34.8 | %) | ||||
Income taxes (benefit) | (45,409 | ) | (65,723 | ) | 20,314 | 30.9 | % | |||||
Net loss from continuing operations | (133,947 | ) | (67,299 | ) | (66,648 | ) | (99.0 | %) | ||||
Earnings from discontinued operations, net of tax | 1,162,494 | 90,779 | 1,071,715 | 1180.6 | % | |||||||
Net earnings | 1,028,547 | 23,480 | 1,005,067 | 4280.5 | % | |||||||
Basic earnings (loss) per share: | ||||||||||||
Continuing operations | (1.79 | ) | (0.85 | ) | (0.93 | ) | (109.3 | %) | ||||
Discontinued operations | 15.50 | 1.15 | 14.35 | 1246.7 | % | |||||||
Net earnings | 13.71 | 0.30 | 13.41 | 4506.6 | % | |||||||
Diluted earnings (loss) per share: | ||||||||||||
Continuing operations | (1.79 | ) | (0.85 | ) | (0.93 | ) | (109.3 | %) | ||||
Discontinued operations | 15.50 | 1.15 | 14.35 | 1246.7 | % | |||||||
Net earnings | 13.71 | 0.30 | 13.41 | 4506.6 | % | |||||||
Basic weighted average shares | 75,020 | 78,891 | ||||||||||
Diluted weighted average shares | 75,020 | 78,891 | ||||||||||
LIVERAMP HOLDINGS, INC. AND SUBDISIARIES | ||||||||||||
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, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Loss from continuing operations before income taxes | (73,823 | ) | (27,496 | ) | (179,356 | ) | (133,022 | ) | ||||
Income taxes (benefit) | (24,135 | ) | (8,486 | ) | (45,409 | ) | (65,723 | ) | ||||
Net earnings (loss) from continuing operations | (49,688 | ) | (19,010 | ) | (133,947 | ) | (67,299 | ) | ||||
Earnings from discontinued operations, net of tax | 4,227 | 24,185 | 1,162,494 | 90,779 | ||||||||
Net earnings (loss) | (45,461 | ) | 5,175 | 1,028,547 | 23,480 | |||||||
Earnings per share: | ||||||||||||
Basic | (0.67 | ) | 0.07 | 13.71 | 0.30 | |||||||
Diluted | (0.67 | ) | 0.07 | 13.71 | 0.30 | |||||||
Excluded items: | ||||||||||||
Purchased intangible asset amortization (cost of revenue) | 2,981 | 5,956 | 15,858 | 23,895 | ||||||||
Non-cash stock compensation (cost of revenue and operating expenses) | 41,175 | 14,023 | 102,722 | 52,867 | ||||||||
Accelerated depreciation (cost of revenue and operating expenses) | 1,853 | – | 3,812 | – | ||||||||
Restructuring and merger charges (gains, losses, and other) | 14,400 | 681 | 19,933 | 2,723 | ||||||||
Separation and transformation costs (general and administrative) | (705 | ) | – | 2,117 | 17,786 | |||||||
Total excluded items, continuing operations | 59,704 | 20,660 | 144,442 | 97,271 | ||||||||
Loss from continuing operations before income taxes and excluding |
(14,119 | ) | (6,836 | ) | (34,914 | ) | (35,751 | ) | ||||
Income taxes (benefit) (2) | (5,155 | ) | (2,352 | ) | (12,964 | ) | (12,586 | ) | ||||
Non-GAAP net loss from continuing operations | (8,964 | ) | (4,484 | ) | (21,950 | ) | (23,165 | ) | ||||
Non-GAAP loss per share from continuing operations: | ||||||||||||
Basic | (0.13 | ) | (0.06 | ) | (0.29 | ) | (0.29 | ) | ||||
Diluted | (0.13 | ) | (0.06 | ) | (0.29 | ) | (0.29 | ) | ||||
Basic weighted average shares | 68,299 | 78,614 | 75,020 | 78,891 | ||||||||
Diluted weighted average shares | 68,299 | 78,614 | 75,020 | 78,891 | ||||||||
(1) This presentation includes non-GAAP measures. Our non-GAAP measures
are not meant to be considered in isolation or as a substitute for
comparable GAAP measures, and should be read only in conjunction with
our condensed consolidated financial statements prepared in accordance
with GAAP. For a detailed explanation of the adjustments made to
comparable GAAP measures, the reasons why management uses these measures
and the material limitations on the usefulness of these measures, please
see Appendix A.
(2) Income taxes were calculated using an effective non-GAAP tax rate of
36.5% and 34.4% in the fourth quarter of fiscal 2019 and 2018,
respectively, and 37.1% and 35.2% for the twelve months ended March 31,
2019 and 2018, respectively. The difference between our GAAP and
non-GAAP tax rates were primarily due to the net tax effects of the
excluded items.
LIVERAMP HOLDINGS, INC. AND SUBDISIARIES | ||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP LOSS FROM |
||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||
March 31, |
March 31, |
|||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Loss from continuing operations | (82,134 | ) | (27,883 | ) | (198,146 | ) | (133,524 | ) | ||||
Excluded items: | ||||||||||||
Purchased intangible asset amortization (cost of revenue) | 2,981 | 5,956 | 15,858 | 23,895 | ||||||||
Non-cash stock compensation (cost of revenue and operating expenses) | 41,175 | 14,023 | 102,722 | 52,867 | ||||||||
Accelerated depreciation (cost of revenue and operating expenses) | 1,853 | – | 3,812 | – | ||||||||
Restructuring and merger charges (gains, losses, and other) | 14,400 | 681 | 19,933 | 2,723 | ||||||||
Separation and transformation costs (general and administrative) | (705 | ) | – | 2,117 | 17,786 | |||||||
Total excluded items | 59,704 | 20,660 | 144,442 | 97,271 | ||||||||
Loss from continuing operations before excluded items | (22,430 | ) | (7,223 | ) | (53,704 | ) | (36,253 | ) | ||||
(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 SUBDISIARIES | ||||||||||||
RECONCILIATION OF ADJUSTED EBITDA (1) | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||
March 31, |
March 31, |
|||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Net loss from continuing operations | (49,688 | ) | (19,010 | ) | (133,947 | ) | (67,299 | ) | ||||
Income taxes (benefit) | (24,135 | ) | (8,486 | ) | (45,409 | ) | (65,723 | ) | ||||
Other income | (8,311 | ) | (387 | ) | (18,790 | ) | (502 | ) | ||||
Loss from operations | (82,134 | ) | (27,883 | ) | (198,146 | ) | (133,524 | ) | ||||
Depreciation and amortization | 8,508 | 9,392 | 33,782 | 37,647 | ||||||||
EBITDA | (73,626 | ) | (18,491 | ) | (164,364 | ) | (95,877 | ) | ||||
Other adjustments: | ||||||||||||
Non-cash stock compensation (cost of revenue and operating expenses) | 41,175 | 14,023 | 102,722 | 52,867 | ||||||||
Restructuring and merger charges (gains, losses, and other) | 14,400 | 681 | 19,933 | 2,723 | ||||||||
Separation and transformation costs (general and administrative) | (705 | ) | – | 2,117 | 17,786 | |||||||
Other adjustments | 54,870 | 14,704 | 124,772 | 73,376 | ||||||||
Adjusted EBITDA | (18,756 | ) | (3,787 | ) | (39,592 | ) | (22,501 | ) |
(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 SUBDISIARIES | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(Dollars in thousands) | ||||||||||||
March 31, | March 31, | $ | % | |||||||||
2019 | 2018 | Variance | Variance | |||||||||
Assets |
||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | 1,061,473 | 140,018 | 921,455 | 658.1 | % | |||||||
Trade accounts receivable, net | 78,563 | 52,047 | 26,516 | 50.9 | % | |||||||
Refundable income taxes | 7,890 | 9,977 | (2,087 | ) | (20.9 | %) | ||||||
Other current assets | 44,150 | 20,173 | 23,977 | 118.9 | % | |||||||
Assets held for sale | – | 138,374 | (138,374 | ) | (100.0 | %) | ||||||
Total current assets | 1,192,076 | 360,589 | 831,487 | 230.6 | % | |||||||
Property and equipment | 64,852 | 62,353 | 2,499 | 4.0 | % | |||||||
Less – accumulated depreciation and amortization | 38,809 | 30,013 | 8,796 | 29.3 | % | |||||||
Property and equipment, net | 26,043 | 32,340 | (6,297 | ) | (19.5 | %) | ||||||
Software, net of accumulated amortization | 6,861 | 13,970 | (7,109 | ) | (50.9 | %) | ||||||
Goodwill | 204,656 | 203,639 | 1,017 | 0.5 | % | |||||||
Deferred income taxes | 35 | 10,703 | (10,668 | ) | (99.7 | %) | ||||||
Deferred commissions, net | 10,741 | – | 10,741 | – | ||||||||
Other assets, net | 32,499 | 37,854 | (5,355 | ) | (14.1 | %) | ||||||
Assets held for sale | – | 550,402 | (550,402 | ) | (100.0 | %) | ||||||
1,472,911 | 1,209,497 | 263,414 | 21.8 | % | ||||||||
Liabilities and Stockholders’ Equity |
||||||||||||
Current liabilities: | ||||||||||||
Current installments of long-term debt | – | 1,583 | (1,583 | ) | (100.0 | %) | ||||||
Trade accounts payable | 31,203 | 18,759 | 12,444 | 66.3 | % | |||||||
Accrued payroll and related expenses | 18,715 | 13,774 | 4,941 | 35.9 | % | |||||||
Other accrued expenses | 40,916 | 39,624 | 1,292 | 3.3 | % | |||||||
Deferred revenue | 4,284 | 4,506 | (222 | ) | (4.9 | %) | ||||||
Liabilities held for sale | – | 100,353 | (100,353 | ) | (100.0 | %) | ||||||
Total current liabilities | 95,118 | 178,599 | (83,481 | ) | (46.7 | %) | ||||||
Long-term debt | – | 227,837 | (227,837 | ) | (100.0 | %) | ||||||
Deferred income taxes | 39 | 40,243 | (40,204 | ) | (99.9 | %) | ||||||
Other liabilities | 46,922 | 10,016 | 36,906 | 368.5 | % | |||||||
Other liabilities held for sale | – | 3,707 | – | (100.0 | %) | |||||||
Stockholders’ equity: | ||||||||||||
Common stock | 14,187 | 13,609 | 578 | 4.2 | % | |||||||
Additional paid-in capital | 1,406,813 | 1,235,679 | 171,134 | 13.8 | % | |||||||
Retained earnings | 1,669,605 | 628,331 | 1,041,274 | 165.7 | % | |||||||
Accumulated other comprehensive income | 7,801 | 10,767 | (2,966 | ) | (27.5 | %) | ||||||
Treasury stock, at cost | (1,767,574 | ) | (1,139,291 | ) | (628,283 | ) | (55.1 | %) | ||||
Total stockholders’ equity | 1,330,832 | 749,095 | 581,737 | 77.7 | % | |||||||
1,472,911 | 1,209,497 | 263,414 | 21.8 | % | ||||||||
LIVERAMP HOLDINGS, INC. AND SUBDISIARIES | ||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(Unaudited) | ||||||
(Dollars in thousands) | ||||||
For the Three Months Ended | ||||||
March 31, | ||||||
2019 | 2018 | |||||
Cash flows from operating activities: | ||||||
Net earnings (loss) | (45,461 | ) | 5,175 | |||
Earnings from discontinued operations, net of tax | (4,227 | ) | (24,185 | ) | ||
Non-cash operating activities: | ||||||
Depreciation and amortization | 8,508 | 9,392 | ||||
Loss on disposal or impairment of assets | 115 | 588 | ||||
Provision for doubtful accounts | 1,810 | 892 | ||||
Deferred income taxes | (18,639 | ) | 3,591 | |||
Non-cash stock compensation expense | 41,175 | 14,023 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (9,400 | ) | (3,885 | ) | ||
Deferred commissions | (1,263 | ) | – | |||
Other assets | 1,781 | (1,070 | ) | |||
Accounts payable and other liabilities | 6,804 | (6,093 | ) | |||
Income taxes | 55,134 | (7,042 | ) | |||
Deferred revenue | 2,017 | (721 | ) | |||
Net cash provided by (used in) operating activities | 38,354 | (9,335 | ) | |||
Cash flows from investing activities: | ||||||
Capitalized software | – | (1,546 | ) | |||
Capital expenditures | (3,347 | ) | (4,126 | ) | ||
Net cash paid in acquisitions | – | (4,478 | ) | |||
Net cash used in investing activities | (3,347 | ) | (10,150 | ) | ||
Cash flows from financing activities: | ||||||
Payments of debt | – | (588 | ) | |||
Proceeds related to the issuance of common stock under stock and employee benefit plans |
3,064 | 4,418 | ||||
Shares repurchased for tax withholdings upon vesting of stock-based awards |
(13,614 | ) | (860 | ) | ||
Acquisition of treasury stock | (10,314 | ) | (49,443 | ) | ||
Net cash used in financing activities | (20,864 | ) | (46,473 | ) | ||
Cash flows from discontinued operations: | ||||||
From operating activities | (499,505 | ) | 44,276 | |||
From investing activities | – | (15,268 | ) | |||
Effect of exchange rate changes on cash | – | 31 | ||||
Net cash provided by (used in) discontinued operations | (499,505 | ) | 29,039 | |||
Effect of exchange rate changes on cash | 61 | 570 | ||||
Net change in cash and cash equivalents | (485,301 | ) | (36,349 | ) | ||
Cash and cash equivalents at beginning of period | 1,546,774 | 176,367 | ||||
Cash and cash equivalents at end of period | 1,061,473 | 140,018 | ||||
Supplemental cash flow information: | ||||||
Cash paid during the period for: | ||||||
Income taxes | (438,875 | ) | (84 | ) | ||
Contacts
LiveRamp Investor Relations
Lauren Dillard, (650) 372-2242
[email protected]
ERAMP