Revenue up 9% year-over-year

Record Quarterly Operating Margin and Operating Cash Flow

Share Repurchases totaled $119 million fiscal YTD

SAN FRANCISCO, Feb. 05, 2026 (GLOBE NEWSWIRE) -- LiveRamp^® (NYSE:RAMP), a leading data collaboration platform, today announced its financial results for the quarter ended December 31, 2025.

Q3 Financial Highlights

Unless otherwise indicated, all comparisons are to the prior year period.

Total revenue was $212 million, up 9%.
Subscription revenue was $158 million, up 9%.
Marketplace & Other revenue was $54 million, up 8%.
GAAP gross profit was $153 million, up 9%. GAAP gross margin of 72% was flat. Non-GAAP gross profit was $156 million, up 7%. Non-GAAP gross margin of 74% compressed by 1 percentage point.
GAAP income from operations was $40 million compared to $15 million. GAAP operating margin of 19% expanded by 11 percentage points. Non-GAAP operating income was $62 million, up 36%. Non-GAAP operating margin of 29% expanded by 6 percentage points.
GAAP and non-GAAP diluted earnings per share was $0.62 and $0.76, respectively.
Net cash provided by operating activities was $67 million compared to $45 million.
Third quarter share repurchases totaled 1.4 million shares for $39 million. Fiscal year-to-date share repurchases through December 31, 2025 totaled 4.3 million shares for $119 million.

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

Commenting on the results, CEO Scott Howe said: "Third quarter revenue and operating income was ahead of our expectations, and we posted record quarterly operating margin and operating cash flow. Beyond the numbers, we made notable progress with several growth initiatives: We debuted new AI tools in our Data Marketplace, added more AI partners to our network and expanded our partnership with Publicis. As we look ahead to fiscal 2027, we are well-positioned for strong growth."

GAAP and Non-GAAP Results

The following table summarizes the Company's financial results for the quarters ended December 31, 2025 and December 31, 2024 ($ in millions, except per share amounts):

	GAAP						Non-GAAP
	Q3 FY26			Q3 FY25			Q3 FY26			Q3 FY25
Subscription revenue	$	158		$	146			--			--
YoY change %		9	%		10	%		--			--
Marketplace & Other revenue	$	54		$	50			--			--
YoY change %		8	%		20	%		--			--
Total revenue	$	212		$	195			--			--
YoY change %		9	%		12	%		--			--

Gross profit	$	153		$	140		$	156		$	146
% Gross margin		72	%		72	%		74	%		74	%
YoY change, pts	— pts			(2) pts			(1) pt			(1) pt

Operating income	$	40		$	15		$	62		$	45
% Operating margin		19	%		8	%		29	%		23	%
YoY change, pts	11 pts			(1) pt			6 pts			2 pts

Net earnings	$	40		$	11		$	49		$	37
Diluted earnings per share	$	0.62		$	0.17		$	0.76		$	0.55

Shares to calculate diluted EPS		64.3			66.7			64.3			66.7
YoY change %		(4	)%		(2	)%		(4	)%		(2	)%

Operating cash flow	$	67		$	45
Free cash flow							$	67		$	45

Totals and year-over-year changes may not reconcile due to rounding.

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

Additional Business Highlights & Metrics

LiveRamp and Publicis announced a strategic partnership to advance data collaboration and access across our combined data and technology environments. By linking our data collaboration platform with Publicis' data assets and AI capabilities, customers will have new enterprise-grade connections between AI tools, new insights without data movement, and stronger end-to-end measurement of advertising performance.
We announced the expansion of our Data Marketplace to include data and models for AI. Customers can now license data to train AI as well as license third-party AI models, applications, and agents. This transforms our Data Marketplace into a centralized hub for AI, making it simple and easy for marketers, data scientists, and developers to access and deploy AI that is powered by real-world, permissioned data (additional information).
Uber Advertising announced the launch Uber Intelligence, a data and insights platform, powered by LiveRamp. Uber Intelligence lets advertisers securely combine their own customer data with Uber's consented signals to uncover patterns, understand audiences and see how marketing connects to real-world actions (additional information).
LiveRamp ended the quarter with 140 customers whose annualized subscription revenue exceeds $1 million, compared to 125 in the prior year period.
LiveRamp ended the quarter with 849 direct subscription customers, compared to 865 in the prior year period.
Subscription net retention was 101% and platform net retention was 103%.
Annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $527 million, up 7% compared to the prior year period.
Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 9% compared to the prior year period.

Financial Outlook

LiveRamp's non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

For the fourth quarter of fiscal 2026, LiveRamp expects to report:

Revenue of between $203 million and $207 million, an increase of between 8% and 10%
GAAP operating income of approximately $16 million
Non-GAAP operating income of approximately $38 million

For fiscal 2026, LiveRamp now expects to report:

Revenue of between $810 million and $814 million, an increase of 9%
GAAP operating income of approximately $84 million
Non-GAAP operating income of approximately $180 million

Conference Call

LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp's investor relations website. A slide presentation will be referenced during the call and is available on the same website.

RampUp 2026 Conference

RampUp is the Company's annual customer and partner conference that brings together leaders from marketing, media and technology to discuss data collaboration. This year's conference is being held on March 3-5 in San Francisco. For additional information, please visit the RampUp 2026 website. Members of the financial community who are interested in attending please contact investor relations at Investor.Relations@LiveRamp.com.

About LiveRamp

LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp's data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world's leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at 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"). 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, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company's guidance regarding results of operations for the fourth quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

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 economic uncertainties that could impact us or our suppliers, customers and partners, including, geopolitical circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; our ability to keep up with rapidly changing technology practices in our products and services or that expected benefits from utilization of technological innovations (including AI) may not be realized as soon as expected or at all; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from 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' data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, 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 or cloud 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. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels 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 that could affect LiveRamp's business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp's filings with the U.S. Securities and Exchange Commission, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of LiveRamp's most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filing

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

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

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

For more information, contact:

LiveRamp Investor Relations

Investor.Relations@LiveRamp.com

LiveRamp^Ⓡ and RampID^TM 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended December 31,
					$		%
	2025		2024		Variance		Variance

Revenues	212,197		195,412		16,785		8.6	%
Cost of revenue	59,656		54,998		4,658		8.5	%
Gross profit	152,541		140,414		12,127		8.6	%
*% Gross margin*	*71.9*	%	*71.9*	%

Operating expenses
Research and development	33,823		42,735		(8,912	)	(20.9	)%
Sales and marketing	48,864		50,863		(1,999	)	(3.9	)%
General and administrative	29,078		31,994		(2,916	)	(9.1	)%
Gains, losses and other items, net	1,252		149		1,103		740.3	%
Total operating expenses	113,017		125,741		(12,724	)	(10.1	)%

Income from operations	39,524		14,673		24,851		169.4	%
*% Margin*	*18.6*	%	*7.5*	%

Total other income, net	3,378		4,033		(655	)	(16.2	)%
Income from continuing operations before income taxes	42,902		18,706		24,196		129.3	%
Income tax expense	3,029		9,184		(6,155	)	(67.0	)%
Net earnings from continuing operations	39,873		9,522		30,351		318.7	%

Earnings from discontinued operations, net of tax	—		1,688		(1,688	)	(100.0	)%

Net earnings	39,873		11,210		28,663		255.7	%

Basic earnings per share:
Continuing operations	0.63		0.15		0.48		332.7	%
Discontinued operations	0.00		0.03		(0.03	)	(100.0	)%
Basic earnings per share	0.63		0.17		0.46		267.5	%

Diluted earnings per share:
Continuing operations	0.62		0.14		0.48		334.7	%
Discontinued operations	0.00		0.03		(0.03	)	(100.0	)%
Diluted earnings per share	0.62		0.17		0.45		269.3	%

Basic weighted average shares	63,517		65,631
Diluted weighted average shares	64,285		66,743


Some totals may not sum due to rounding.

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

	For the nine months ended December 31,
					$		%
	2025		2024		Variance		Variance

Revenues	606,848		556,856		49,992		9.0	%
Cost of revenue	177,569		157,981		19,588		12.4	%
Gross profit	429,279		398,875		30,404		7.6	%
*% Gross margin*	*70.7*	%	*71.6*	%

Operating expenses
Research and development	110,383		130,742		(20,359	)	(15.6	)%
Sales and marketing	149,455		156,145		(6,690	)	(4.3	)%
General and administrative	99,593		94,324		5,269		5.6	%
Gains, losses and other items, net	1,675		752		923		122.7	%
Total operating expenses	361,106		381,963		(20,857	)	(5.5	)%

Income from operations	68,173		16,912		51,261		303.1	%
*% Margin*	*11.2*	%	*3.0*	%

Total other income, net	10,631		12,674		(2,043	)	(16.1	)%
Income from continuing operations before income taxes	78,804		29,586		49,218		166.4	%
Income tax expense	3,764		25,821		(22,057	)	(85.4	)%
Net earnings from continuing operations	75,040		3,765		71,275		1,893.1	%

Earnings from discontinued operations, net of tax	—		1,688		(1,688	)	(100.0	)%

Net earnings	75,040		5,453		69,587		1,276.1	%

Basic earnings per share:
Continuing operations	1.16		0.06		1.10		1,939.4	%
Discontinued operations	0.00		0.03		(0.03	)	(100.0	)%
Basic earnings per share	1.16		0.08		1.08		1,308.1	%

Diluted earnings per share:
Continuing operations	1.14		0.06		1.09		1,951.0	%
Discontinued operations	0.00		0.03		(0.03	)	(100.0	)%
Diluted earnings per share	1.14		0.08		1.06		1,316.1	%

Basic weighted average shares	64,680		66,182
Diluted weighted average shares	65,599		67,505


Some totals may not sum due to rounding.

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 December 31,		For the nine months ended December 31,
	2025	2024	2025	2024

Income from continuing operations before income taxes	42,902	18,706	78,804	29,586
Income tax expense	3,029	9,184	3,764	25,821
Net earnings from continuing operations	39,873	9,522	75,040	3,765
Earnings from discontinued operations, net of tax	—	1,688	—	1,688
Net earnings	39,873	11,210	75,040	5,453

Basic earnings per share	0.63	0.17	1.16	0.08
Diluted earnings per share	0.62	0.17	1.14	0.08

Excluded items:
Purchased intangible asset amortization (cost of revenue)	2,750	3,686	8,250	11,280
Non-cash stock compensation (cost of revenue and operating expenses)	18,131	26,760	64,058	83,813
Restructuring and merger charges (gains, losses, and other)	1,252	149	1,675	752
Total excluded items from continuing operations	22,133	30,595	73,983	95,845

Income from continuing operations before income taxes and excluding items	65,035	49,301	152,787	125,431
Income tax expense (2)	16,259	12,421	38,197	30,537
Non-GAAP net earnings from continuing operations	48,776	36,880	114,590	94,894

Non-GAAP earnings per share from continuing operations
Basic	0.77	0.56	1.77	1.43
Diluted	0.76	0.55	1.75	1.41

Basic weighted average shares	63,517	65,631	64,680	66,182
Diluted weighted average shares	64,285	66,743	65,599	67,505


(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 and the material limitations on the usefulness of these measures, please see Appendix A.

(2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss. 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 the valuation allowance and smaller pre-tax income for GAAP purposes.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended December 31,				For the nine months ended December 31,
	2025		2024		2025		2024

Income from operations	39,524		14,673		68,173		16,912
Operating income margin	18.6	%	7.5	%	11.2	%	3.0	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	2,750		3,686		8,250		11,280
Non-cash stock compensation (cost of revenue and operating expenses)	18,131		26,760		64,058		83,813
Restructuring and merger charges (gains, losses, and other)	1,252		149		1,675		752
Total excluded items	22,133		30,595		73,983		95,845

Income from operations before excluded items	61,657		45,268		142,156		112,757
Non-GAAP operating income margin	29.1	%	23.2	%	23.4	%	20.2	%


(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 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 December 31,				For the nine months ended December 31,
	2025		2024		2024		2023

Net earnings from continuing operations	39,873		9,522		75,040		3,765
Income tax expense	3,029		9,184		3,764		25,821
Total other income, net	(3,378	)	(4,033	)	(10,631	)	(12,674	)

Income from operations	39,524		14,673		68,173		16,912
Depreciation and amortization	3,328		4,400		10,079		13,404

EBITDA	42,852		19,073		78,252		30,316

Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)	18,131		26,760		64,058		83,813
Restructuring and merger charges (gains, losses, and other)	1,252		149		1,675		752

Other adjustments	19,383		26,909		65,733		84,565

Adjusted EBITDA	62,235		45,982		143,985		114,881



(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
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

	December 31,		March 31,		$		%
	2025		2025		Variance		Variance
Assets
Current assets:
Cash and cash equivalents	395,888		413,331		(17,443	)	(4.2	)%
Restricted cash	—		595		(595	)	(100.0	)%
Short-term investments	7,500		7,500		—		—	%
Trade accounts receivable, net	218,780		186,169		32,611		17.5	%
Refundable income taxes, net	10,371		9,708		663		6.8	%
Other current assets	46,770		38,886		7,884		20.3	%
Total current assets	679,309		656,189		23,120		3.5	%

Property and equipment	23,564		23,813		(249	)	(1.0	)%
Less - accumulated depreciation and amortization	18,058		17,629		429		2.4	%
Property and equipment, net	5,506		6,184		(678	)	(11.0	)%

Intangible assets, net	11,917		20,167		(8,250	)	(40.9	)%
Goodwill	502,174		501,756		418		0.1	%
Deferred commissions, net	40,235		44,452		(4,217	)	(9.5	)%
Other assets, net	30,032		30,623		(591	)	(1.9	)%
	1,269,173		1,259,371		9,802		0.8	%

Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable	123,718		112,271		11,447		10.2	%
Accrued payroll and related expenses	36,268		50,776		(14,508	)	(28.6	)%
Other accrued expenses	44,035		38,586		5,449		14.1	%
Deferred revenue	45,979		45,885		94		0.2	%
Total current liabilities	250,000		247,518		2,482		1.0	%

Other liabilities	56,903		62,994		(6,091	)	(9.7	)%

Stockholders' equity:
Preferred stock	—		—		—		n/a
Common stock	16,155		15,918		237		1.5	%
Additional paid-in capital	2,113,501		2,045,316		68,185		3.3	%
Retained earnings	1,388,398		1,313,358		75,040		5.7	%
Accumulated other comprehensive income	6,060		4,295		1,765		41.1	%
Treasury stock, at cost	(2,561,844	)	(2,430,028	)	(131,816	)	5.4	%
Total stockholders' equity	962,270		948,859		13,411		1.4	%
	1,269,173		1,259,371		9,802		0.8	%

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the three months ended December 31,
	2025		2024
Cash flows from operating activities:
Net earnings	39,873		11,210
Earnings from discontinued operations, net of tax	—		(1,688	)
Non-cash operating activities:
Depreciation and amortization	3,328		4,400
Loss on disposal or impairment of assets	10		21
Lease-related impairment and restructuring charges	343		78
Gain on sale of strategic investments	(33	)	—
Loss on marketable equity securities	90		—
Provision for doubtful accounts	(597	)	(97	)
Deferred income taxes	—		11
Non-cash stock compensation expense	18,131		26,760
Changes in operating assets and liabilities:
Accounts receivable, net	(1,340	)	(19,013	)
Deferred commissions	1,568		(1,042	)
Other assets	(3,655	)	(6,596	)
Accounts payable and other liabilities	11,198		23,829
Income taxes	2,108		(1,617	)
Deferred revenue	(3,758	)	8,861
Net cash provided by operating activities	67,266		45,117
Cash flows from investing activities:
Capital expenditures	(162	)	(282	)
Cash paid in acquisitions, net of cash received	11		(1,951	)
Proceeds from sales of investments	—		1,994
Proceeds from sale of strategic investment	233		—
Purchases of strategic investments	(2,820	)	(1,000	)
Net cash used in investing activities	(2,738	)	(1,239	)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	1,836		2,304
Shares repurchased for tax withholdings upon vesting of stock-based awards	(795	)	(1,565	)
Acquisition of treasury stock	(39,168	)	(10,098	)
Net cash used in financing activities	(38,127	)	(9,359	)
Net cash provided by continuing operations	26,401		34,519
Cash flows from discontinued operations:
From operating activities	—		2,486
Net cash provided by discontinued operations	—		2,486
Net cash provided by continuing and discontinued operations	26,401		37,005
Effect of exchange rate changes on cash	41		(1,217	)

Net change in cash, cash equivalents and restricted cash	26,442		35,788
Cash, cash equivalents and restricted cash at beginning of period	369,446		341,577
Cash, cash equivalents and restricted cash at end of period	395,888		377,365

Supplemental cash flow information:
Cash paid for income taxes, net	895		10,990
Cash received for income taxes, net from discontinued operations	—		(2,486	)
Cash paid for operating lease liabilities	2,469		2,495
Operating lease assets obtained in exchange for operating lease liabilities	—		1,284
Purchases of property, plant and equipment remaining unpaid at period end	104		85
Excise tax payable on net stock repurchases	290		64

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the nine months ended December 31,
	2025		2024
Cash flows from operating activities:
Net earnings	75,040		5,453
Earnings (loss) from discontinued operations, net of tax	—		(1,688	)
Non-cash operating activities:
Depreciation and amortization	10,079		13,404
Loss on disposal or impairment of assets	140		41
Lease-related impairment and restructuring charges	617		42
Gain on sale of strategic investments	(47	)	—
Loss on marketable equity securities	136		—
Provision for doubtful accounts	1,295		1,148
Deferred income taxes	113		49
Non-cash stock compensation expense	64,058		83,813
Changes in operating assets and liabilities:
Accounts receivable, net	(33,254	)	(21,640	)
Deferred commissions	4,217		3,645
Other assets	(1,837	)	(2,598	)
Accounts payable and other liabilities	(12,892	)	(8,165	)
Income taxes	1,295		3,953
Deferred revenue	(107	)	13,928
Net cash provided by operating activities	108,853		91,385
Cash flows from investing activities:
Capital expenditures	(1,087	)	(749	)
Cash paid in acquisitions, net of cash received	(595	)	(1,951	)
Purchases of investments	—		(1,967	)
Proceeds from sales of investments	—		26,989
Proceeds from sale of strategic investment	247		—
Purchases of strategic investments	(3,320	)	(1,400	)
Net cash provided by (used in) investing activities	(4,755	)	20,922
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	8,104		8,631
Shares repurchased for tax withholdings upon vesting of stock-based awards	(12,447	)	(9,305	)
Acquisition of treasury stock	(118,930	)	(75,751	)
Net cash used in financing activities	(123,273	)	(76,425	)
Net cash provided by (used in) continuing operations	(19,175	)	35,882
Cash flows from discontinued operations:
From operating activities	—		2,486
Net cash provided by discontinued operations	—		2,486
Net cash provided by (used in) continuing and discontinued operations	(19,175	)	38,368
Effect of exchange rate changes on cash	1,137		(474	)

Net change in cash, cash equivalents and restricted cash	(18,038	)	37,894
Cash, cash equivalents and restricted cash at beginning of period	413,926		339,471
Cash, cash equivalents and restricted cash at end of period	395,888		377,365

Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations	2,321		21,990
Cash received for income taxes, net from discontinued operations	—		(2,486	)
Cash received for tenant improvement allowances	—		(1,758	)
Cash paid for operating lease liabilities	7,471		7,372
Operating lease assets obtained in exchange for operating lease liabilities	747		2,327
Operating lease assets, and related lease liabilities, relinquished in lease terminations	—		(555	)
Purchases of property, plant and equipment remaining unpaid at period end	104		85
Excise tax payable on net stock repurchases	567		64

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)


		6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			6/30/2025			9/30/2025			12/31/2025

Net cash provided by (used in) operating activities		$	(9,328	)	$	55,596		$	45,117		$	62,580		$	153,965		$	(15,821	)	$	57,408		$	67,266

Less:
	Capital expenditures		(226	)		(241	)		(282	)		(293	)		(1,042	)		(336	)		(589	)		(162	)

Free Cash Flow		$	(9,554	)	$	55,355		$	44,835		$	62,287		$	152,923		$	(16,157	)	$	56,819		$	67,104


(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 and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
																									Qtr-to-Qtr
	FY2025															FY2026									FY2026 to FY2025
	6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			6/30/2025			9/30/2025			12/31/2025			%		$

Revenues		175,961			185,483			195,412			188,724			745,580			194,822			199,829			212,197		8.6	%	16,785
Cost of revenue		51,749			51,234			54,998			57,929			215,910			58,319			59,594			59,656		8.5	%	4,658
Gross profit		124,212			134,249			140,414			130,795			529,670			136,503			140,235			152,541		8.6	%	12,127
*% Gross margin*		*70.6*	%		*72.4*	%		*71.9*	%		*69.3*	%		*71.0*	%		*70.1*	%		*70.2*	%		*71.9*	%

Operating expenses
Research and development		44,118			43,889			42,735			45,926			176,668			39,608			36,952			33,823		(20.9	)%	(8,912	)
Sales and marketing		54,175			51,107			50,863			56,961			213,106			51,906			48,685			48,864		(3.9	)%	(1,999	)
General and administrative		30,961			31,369			31,994			32,175			126,499			37,345			33,170			29,078		(9.1	)%	(2,916	)
Gains, losses and other items, net		206			397			149			7,241			7,993			423			—			1,252		740.3	%	1,103
Total operating expenses		129,460			126,762			125,741			142,303			524,266			129,282			118,807			113,017		(10.1	)%	(12,724	)

Income (loss) from operations		(5,248	)		7,487			14,673			(11,508	)		5,404			7,221			21,428			39,524		169.4	%	24,851
*% Margin*		(3.0	)%		4.0	%		7.5	%		(6.1	)%		0.7	%		3.7	%		10.7	%		18.6	%

Total other income, net		4,444			4,197			4,033			4,762			17,436			3,709			3,544			3,378		(16.2	)%	(655	)

Income (loss) from continuing operations before income taxes		(804	)		11,684			18,706			(6,746	)		22,840			10,930			24,972			42,902		129.3	%	24,196
Income tax expense (benefit)		6,685			9,952			9,184			(479	)		25,342			3,183			(2,448	)		3,029		(67.0	)%	(6,155	)
Net earnings (loss) from continuing operations		(7,489	)		1,732			9,522			(6,267	)		(2,502	)		7,747			27,420			39,873		318.7	%	30,351

Earnings from discontinued operations, net of tax		—			—			1,688			—			1,688			—			—			—		(100.0	)%	(1,688	)

Net earnings (loss)	$	(7,489	)	$	1,732		$	11,210		$	(6,267	)	$	(814	)	$	7,747		$	27,420		$	39,873		255.7	%	28,663

Basic earnings (loss) per share:
Continuing Operations		(0.11	)		0.03			0.15			(0.10	)		(0.04	)		0.12			0.42			0.63		332.7	%	0.48
Discontinued Operations		0.00			0.00			0.03			0.00			0.03			0.00			0.00			0.00		(100.0	)%	(0.03	)
Basic earnings (loss) per share		(0.11	)		0.03			0.17			(0.10	)		(0.01	)		0.12			0.42			0.63		267.5	%	0.46

Diluted earnings (loss) per share:
Continuing Operations		(0.11	)		0.03			0.14			(0.10	)		(0.04	)		0.12			0.42			0.62		334.8	%	0.48
Discontinued Operations		0.00			0.00			0.03			0.00			0.03			0.00			0.00			0.00		(100.0	)%	(0.03	)
Diluted earnings (loss) per share		(0.11	)		0.03			0.17			(0.10	)		(0.01	)		0.12			0.42			0.62		269.3	%	0.45


Basic weighted average shares		66,621			66,294			65,631			65,957			66,126			65,448			65,074			63,517
Diluted weighted average shares		66,621			67,309			66,743			65,957			66,126			66,731			65,781			64,285

Some earnings (loss) per share amounts may not add due to rounding.


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
	FY2025															FY2026
	6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			6/30/2025		9/30/2025		12/31/2025
Expenses:
Cost of revenue	$	51,749		$	51,234		$	54,998		$	57,929		$	215,910		58,319		59,594		59,656
Research and development		44,118			43,889			42,735			45,926			176,668		39,608		36,952		33,823
Sales and marketing		54,175			51,107			50,863			56,961			213,106		51,906		48,685		48,864
General and administrative		30,961			31,369			31,994			32,175			126,499		37,345		33,170		29,078
Gains, losses and other items, net		206			397			149			7,241			7,993		423		—		1,252

Gross profit, continuing operations:		124,212			134,249			140,414			130,795			529,670		136,503		140,235		152,541
% Gross margin		70.6	%		72.4	%		71.9	%		69.3	%		71.0	%	70.1	%	70.2	%	71.9	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)		3,846			3,748			3,686			3,135			14,415		2,750		2,750		2,750
Non-cash stock compensation (cost of revenue)		1,596			1,499			1,455			1,615			6,165		1,541		1,452		1,033
Non-cash stock compensation (research and development)		10,205			10,920			10,085			10,494			41,704		8,332		6,503		5,634
Non-cash stock compensation (sales and marketing)		7,093			7,383			7,278			5,716			27,470		6,014		5,469		5,018
Non-cash stock compensation (general and administrative)		9,091			9,266			7,942			6,341			32,640		9,523		7,093		6,446
Restructuring charges (gains, losses, and other)		206			397			149			7,241			7,993		423		—		1,252
Total excluded items		32,037			33,213			30,595			34,542			130,387		28,583		23,267		22,133

Expenses, excluding items:
Cost of revenue		46,307			45,987			49,857			53,179			195,330		54,028		55,392		55,873
Research and development		33,913			32,969			32,650			35,432			134,964		31,276		30,449		28,189
Sales and marketing		47,082			43,724			43,585			51,245			185,636		45,892		43,216		43,846
General and administrative		21,870			22,103			24,052			25,834			93,859		27,822		26,077		22,632

Gross profit, excluding items:	$	129,654		$	139,496		$	145,555		$	135,545		$	550,250		140,794		144,437		156,324
% Gross margin		73.7	%		75.2	%		74.5	%		71.8	%		73.8	%	72.3	%	72.3	%	73.7	%

(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
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
	FY2025								FY2026
	6/30/2024		9/30/2024	12/31/2024	3/31/2025		FY2025		6/30/2025	9/30/2025		12/31/2025

Income (loss) from continuing operations before income taxes	(804	)	11,684	18,706	(6,746	)	22,840		10,930	24,972		42,902
Income tax expense (benefit)	6,685		9,952	9,184	(479	)	25,342		3,183	(2,448	)	3,029
Net earnings (loss) from continuing operations	(7,489	)	1,732	9,522	(6,267	)	(2,502	)	7,747	27,420		39,873

Earnings from discontinued operations, net of tax	—		—	1,688	—		1,688		—	—		—

Net earnings (loss)	(7,489	)	1,732	11,210	(6,267	)	(814	)	7,747	27,420		39,873

Earnings (loss) per share:
Basic	(0.11	)	0.03	0.17	(0.10	)	(0.01	)	0.12	0.42		0.63
Diluted	(0.11	)	0.03	0.17	(0.10	)	(0.01	)	0.12	0.42		0.62

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,846		3,748	3,686	3,135		14,415		2,750	2,750		2,750
Non-cash stock compensation (cost of revenue and operating expenses)	27,985		29,068	26,760	24,166		107,979		25,410	20,517		18,131
Restructuring and merger charges (gains, losses, and other)	206		397	149	7,241		7,993		423	—		1,252
Total excluded items from continuing operations	32,037		33,213	30,595	34,542		130,387		28,583	23,267		22,133

Income from continuing operations before income taxes and excluding items	31,233		44,897	49,301	27,796		153,227		39,513	48,239		65,035
Income tax expense	7,371		10,745	12,421	7,759		38,296		9,878	12,060		16,259
Non-GAAP net earnings from continuing operations	23,862		34,152	36,880	20,037		114,931		29,635	36,179		48,776

Non-GAAP earnings per share from continuing operations
Basic	0.36		0.52	0.56	0.30		1.74		0.45	0.56		0.77
Diluted	0.35		0.51	0.55	0.30		1.70		0.44	0.55		0.76

Basic weighted average shares	66,621		66,294	65,631	65,957		66,126		65,448	65,074		63,517
Diluted weighted average shares	68,463		67,309	66,743	67,479		67,499		66,731	65,781		64,285

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 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 OPERATING INCOME GUIDANCE (1)
(Unaudited)
(Dollars in thousands)
	For the		For the
	quarter ending		year ending
	March 31, 2026		March 31, 2026

GAAP income from operations	$	16,000	$	84,000

Excluded items:
Purchased intangible asset amortization		3,000		11,000
Non-cash stock compensation		17,000		81,000
Restructuring costs		2,000		4,000
Total excluded items		22,000		96,000

Non-GAAP income from operations	$	38,000	$	180,000



(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

Q3 FISCAL 2026 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, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses 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 employee 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 employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, 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 and again during fiscal 2023 in response to macroeconomic conditions, 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, Non-GAAP operating income margin, 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 income and 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 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 is defined as operating cash flow less capital expenditures. 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. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/ef8117d3-e10f-48d3-b5ba-c275aba0069e

LiveRamp Announces Results for Third Quarter FY26