Hamilton Lane Inc
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Financials : Capital Markets | Small Cap Blend
Company profile

Hamilton Lane Incorporated is a private market investment management company that provides solutions to institutional and private wealth investors around the world. The Company works with its clients to conceive, structure, build out, manage, and monitor portfolios of private markets funds and direct investments, and it helps them access a diversified set of such investment opportunities around the world. It offers a range of investment solutions to address its client needs across a range of private markets, including private equity, private credit, real estate, infrastructure, natural resources, growth equity, venture capital and impact. These solutions are constructed from a range of investment types, including primary investments in funds managed by third-party managers, direct investments alongside such funds and acquisitions of secondary stakes in such funds, with several of its clients utilizing multiple investment types. These solutions are offered in a variety of formats.

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LiveRamp Announces Fourth Quarter and Fiscal Year Results

4:05 pm ET May 24, 2022 (BusinessWire) Print

--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

LiveRamp(R) (NYSE: RAMP), the leading global data enablement platform, today announced its financial results for the quarter and fiscal year ended March 31, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220524006020/en/

Fourth Quarter Financial Highlights

All metrics compared to the prior year fourth quarter

Total revenue was $142 million, up 19%. Subscription revenue was $116 million, up 22%, and contributed 82% of total revenue. Marketplace & Other revenue was $26 million, up 6%. GAAP gross profit was $102 million, up 25%, and GAAP gross margin of 72% expanded 4 percentage points. Non-GAAP gross profit was $108 million, up 22%, and non-GAAP gross margin of 76% expanded 2 percentage points. GAAP operating loss was $28 million compared to a GAAP operating loss of $52 million in the prior year period. Non-GAAP operating income was $3 million compared to non-GAAP operating income of $1 million in the prior year period. GAAP loss per share was $0.43, and non-GAAP loss per share was $0.01. Net cash provided by operating activities was $59 million compared to net cash used in operating activities of $18 million in the prior year period.

Fiscal Year Financial Highlights

All metrics compared to the prior fiscal year

Total revenue was $529 million, up 19%. Subscription revenue was $429 million, up 20%, and contributed 81% of total revenue. Marketplace & Other revenue was $100 million, up 16%. GAAP gross profit was $381 million, up 27%, and GAAP gross margin of 72% expanded 5 percentage points. Non-GAAP gross profit was $404 million, up 25%, and non-GAAP gross margin of 76% expanded 4 percentage points. GAAP operating loss was $66 million compared to a GAAP operating loss of $121 million in the prior year period. Non-GAAP operating income was $42 million compared to non-GAAP operating income of $16 million. GAAP loss per share was $0.50, and non-GAAP earnings per share were $0.48. Net cash provided by operating activities was $78 million compared to net cash used in operating activities of $21 million in the prior fiscal year. In fiscal 2022, LiveRamp repurchased approximately 1.3 million shares for $59 million, including approximately 220,000 shares for $9 million in the fourth quarter. In total, since the inception of the share repurchase program in August 2011, the Company has returned over $1.2 billion in capital to shareholders.

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(R) 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                  Q4 Fiscal 2022                           Full Year Fiscal 2022
                Results                         Results                                     Results
                 GAAP                 GAAP               Non-GAAP                 GAAP               Non-GAAP
                            -------------------- -------------------- --------------------                      -------------------- --------------------
Subscription revenue                $116                 $116            --              $429            --
YoY change %                         22%                  22%                      20%          
Marketplace & other revenue          $26                  $26            --              $100            --
YoY change %                         6%                   6%                       16%          
                            -------------------- -------------------- --------------------                      -------------------- --------------------
Total revenue                       $142                 $142            --              $529            --
YoY change %                         19%                  19%                      19%          
                    
Gross profit                        $102                 $102                 $108                   $381                 $404
% Gross margin                       72%                  72%                  76%                    72%                  76%
YoY change, pts                     4 pts                4 pts                2 pts                  5 pts                4 pts
                    
Operating income (loss)             ($28)                ($28)                 $3                    ($66)                 $42
% Operating margin                  (20%)                (20%)                 2%                    (12%)                 8%
YoY change, pts                    24 pts               24 pts                1 pts                 15 pts                4 pts
                    
Net earnings (loss)                 ($29)                ($29)                ($1)                   ($34)                 $34
Earnings (loss) per share          ($0.43)              ($0.43)              ($0.01)                ($0.50)               $0.48
                    
Shares to Calculate EPS             68.3                 68.3                 68.3                   68.2                 69.6
YoY change %                         2%                   2%                  (2%)                    3%                   1%
Net operating cash flow              $59                  $59            --               $78            --
Free cash flow to equity       --       --             $57              --             $74
                    

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

Additional Business Highlights & Metrics

The Company's Authenticated Traffic Solution (ATS) has reached global scale. There are currently more than 125 supply-side platforms (SSPs) and demand-side platforms (DSPs) live or committed to bid on RampID(TM) and ATS, including The Trade Desk, Amobee, Criteo, dataxu, and MediaMath. Further, in March 2022, LiveRamp announced an expanded partnership with The Trade Desk to power European Unified ID (EUID) via our ATS infrastructure. To date, over 1,500 publishers, representing more than 11,000 deployed domains, have integrated ATS worldwide, including Amazon Publisher Services, Microsoft, CafeMedia, Leaf Group, Prisma Media and Burda. Through these integrations, LiveRamp is now connected to over 85% of consumer time spent online in the U.S. LiveRamp added 15 net new direct subscription customers in the fourth quarter. Customer count at quarter end was 905, up from 825 a year ago. LiveRamp has 87 customers whose subscription contracts exceed $1 million in annual revenue, up 24% compared to the prior year period. During the fourth quarter, subscription net retention was 111%, and platform net retention was 110%. Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $309 million, up 21% compared to the prior year period.

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.

About LiveRamp

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.

LiveRampa", RampID(TM), Abiliteca", Safe Havena" 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              141,725              141,725              141,725    141,725                119,175    119,175                 22,550     22,550         18.9         %
                                                      
Cost of revenue                                         39,476               39,476               39,476     39,476                 37,557     37,557                  1,919      1,919          5.1         %
                                          -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
   Gross profit                                        102,249              102,249              102,249    102,249                 81,618     81,618                 20,631     20,631         25.3         %
   % Gross margin                                         72.1                 72.1                 72.1       72.1                    %                 68.5       68.5                    %
                                                      
Operating expenses:
   Research and development                                                  45,501               45,501     45,501                 46,479     46,479                   (978       (978                    )       (2.1        %)
   Sales and marketing                                  54,951               54,951               54,951     54,951                 53,307     53,307                  1,644      1,644          3.1         %
   General and administrative                                                29,583               29,583     29,583                 32,395     32,395                 (2,812     (2,812                    )       (8.7        %)
   Gains, losses and other items, net                                                                183        183                  1,345      1,345                 (1,162     (1,162                    )      (86.4        %)
                                                                                    -------------------- ---------- -------------------- -------------------- ---------- --------------------
Total operating expenses                                                    130,218              130,218    130,218                133,526    133,526                 (3,308     (3,308                    )       (2.5        %)
                                                               -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                      
   Loss from operations                                                     (27,969              (27,969    (27,969                    )              (51,908    (51,908                    )               23,939     23,939         46.1         %
   % Margin                                              -19.7                -19.7                -19.7      -19.7                    %                -43.6      -43.6                    %
                                                      
   Total other expense, net                                                     (47                  (47        (47                    )                 (404       (404 )                                     357        357         88.4         %
                                                               -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                      
   Loss before income taxes                                                 (28,016              (28,016    (28,016                    )              (52,312    (52,312                    )               24,296     24,296         46.4         %
                                                      
   Income tax expense (benefit)                                               1,376                1,376      1,376                (19,465    (19,465                    )               20,841     20,841        107.1         %
                                                               -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                      
   Net loss                       (29,392              (29,392              (29,392              (29,392    (29,392                    )              (32,847    (32,847                    )                3,455      3,455         10.5         %
                     ==================== ==================== ==================== ==================== ========== ==================== ==================== ========== ====================
                                                      
Basic loss per share                                     (0.43                (0.43                (0.43      (0.43                    )                (0.49      (0.49                    )                 0.06       0.06         12.1         %
                                          ==================== ==================== ==================== ========== ==================== ==================== ========== ====================
                                                      
Diluted loss per share:                                  (0.43                (0.43                (0.43      (0.43                    )                (0.49      (0.49                    )                 0.06       0.06         12.1         %
                                          ==================== ==================== ==================== ========== ==================== ==================== ========== ====================
                                                      
Basic weighted average shares                                                68,283               68,283     68,283                 67,111     67,111  
                                                      
Diluted weighted average shares                                              68,283               68,283     68,283                 67,111     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 For the Twelve Months Ended For the Twelve Months Ended For the Twelve Months Ended For the Twelve Months Ended                                                                        For the Twelve Months Ended
          March 31,                   March 31,                   March 31,                   March 31,                   March 31,                                                                                          March 31,
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------- --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
              $                           $                           $                           $                           $                             $                         $                          $                         $                          $                               %
            2022                        2022                        2022                        2022                        2022                          2022                      2021                       2021                    Variance                   Variance                        Variance
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  ------------------------------
                                                                                         
Revenues                                        528,657                     528,657                     528,657                     528,657    528,657                443,026    443,026                 85,631     85,631         19.3                    %
                                                                                         
Cost of revenue                                                             147,427                     147,427                     147,427    147,427                144,004    144,004                  3,423      3,423          2.4                    %
                                                        --------------------------- --------------------------- --------------------------- ---------- -------------------- -------------------- ---------- --------------------
   Gross profit                                                             381,230                     381,230                     381,230    381,230                299,022    299,022                 82,208     82,208         27.5                    %
   % Gross margin                                                              72.1                        72.1                        72.1       72.1                    %                 67.5       67.5                    %
                                                                                         
Operating expenses:
   Research and development                                                                             157,935                     157,935    157,935                135,111    135,111                 22,824     22,824         16.9                    %
   Sales and marketing                                                      182,763                     182,763                     182,763    182,763                177,543    177,543                  5,220      5,220          2.9                    %
   General and administrative                                                                           104,591                     104,591    104,591                104,201    104,201                    390        390          0.4                    %
   Gains, losses and other items, net                                                                                                 1,479      1,479                  2,715      2,715                 (1,236     (1,236                    )      (45.5                   %)
                                                                                                                --------------------------- ---------- -------------------- -------------------- ---------- --------------------
Total operating expenses                                                                                446,768                     446,768    446,768                419,570    419,570                 27,198     27,198          6.5                    %
                                                                                    --------------------------- --------------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                         
   Loss from operations                                                                                 (65,538                     (65,538    (65,538                    )             (120,548   (120,548                    )               55,010     55,010         45.6                    %
   % Margin                                                                   -12.4                       -12.4                       -12.4      -12.4                    %                -27.2      -27.2                    %
                                                                                         
   Total other income (expense), net                                                                     30,463                      30,463     30,463                   (252       (252 )                                  30,715     30,715          n/a  
                                                                                    --------------------------- --------------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                         
   Loss before income taxes                                                                             (35,075                     (35,075    (35,075                    )             (120,800   (120,800                    )               85,725     85,725         71.0                    %
                                                                                         
   Income tax benefit                                                        (1,242                      (1,242                      (1,242     (1,242                    )              (30,532    (30,532                    )               29,290     29,290         95.9                    %
                                                        --------------------------- --------------------------- --------------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                         
   Net loss                                     (33,833                     (33,833                     (33,833                     (33,833    (33,833                    )              (90,268    (90,268                    )               56,435     56,435         62.5                    %
                            =========================== =========================== =========================== =========================== ========== ==================== ==================== ========== ====================
                                                                                         
Basic loss per share                                                          (0.50                       (0.50                       (0.50      (0.50                    )                (1.36      (1.36                    )                 0.87       0.87         63.6                    %
                                                        =========================== =========================== =========================== ========== ==================== ==================== ========== ====================
                                                                                         
Diluted loss per share:                                                       (0.50                       (0.50                       (0.50      (0.50                    )                (1.36      (1.36                    )                 0.87       0.87         63.6                    %
                                                        =========================== =========================== =========================== ========== ==================== ==================== ========== ====================
                                                                                         
Basic weighted average shares                                                                            68,211                      68,211     68,211                 66,304     66,304  
                                                                                         
Diluted weighted average shares                                                                          68,211                      68,211     68,211                 66,304     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 Three Months Ended For the Three Months Ended For the Three Months Ended                              For the Three Months Ended                               For the Twelve Months Ended                             For the Twelve Months Ended
         March 31,                  March 31,                  March 31,                  March 31,                                               March 31,                                                March 31,                                               March 31,
-------------------------- -------------------------- -------------------------- -------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------
           2022                       2022                       2022                       2022                          2022                              2021                                     2022                              2021
-------------------------- -------------------------- -------------------------- -------------------------- ------------------------------                       ------------------------------                              ------------------------------                       ------------------------------
                                                                                           
                                                                                     
   Loss before income taxes                                                                         (28,016    (28,016                    )              (52,312    (52,312                    )                     (35,075    (35,075                    )             (120,800   (120,800                    )
                                                                                     
   Income tax expense (benefit)                                                                       1,376      1,376                (19,465    (19,465                    )                      (1,242     (1,242                    )              (30,532    (30,532                    )
                                                                                 -------------------------- ---------- -------------------- -------------------- ---------- -------------------- --------------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                     
-------------------------- -------------------------- -------------------------- -------------------------- ---------------------------------------------------- ----------------------------------------------------------- ---------------------------------------------------- --------------------------------
   Net loss                                   (29,392                    (29,392                    (29,392    (29,392                    )              (32,847    (32,847                    )                     (33,833    (33,833                    )              (90,268    (90,268                    )
                           ========================== ========================== ========================== ========== ==================== ==================== ========== ==================== =========================== ========== ==================== ==================== ========== ====================
                                                                                     
Loss per share:
       Basic                                    (0.43                      (0.43                      (0.43      (0.43                    )                (0.49      (0.49                    )                       (0.50      (0.50                    )                (1.36      (1.36                    )
                           ========================== ========================== ========================== ========== ==================== ==================== ========== ==================== =========================== ========== ==================== ==================== ========== ====================
                                                                                     
       Diluted                                  (0.43                      (0.43                      (0.43      (0.43                    )                (0.49      (0.49                    )                       (0.50      (0.50                    )                (1.36      (1.36                    )
                           ========================== ========================== ========================== ========== ==================== ==================== ========== ==================== =========================== ========== ==================== ==================== ========== ====================
                                                                                     
Excluded items:
   Purchased intangible asset amortization (cost of revenue)                                          4,807      4,807                  4,177      4,177                        18,711     18,711                 18,046     18,046  
   Non-cash stock compensation (cost of revenue and operating expenses)                              25,782     25,782                 47,124     47,124                        87,257     87,257                111,707    111,707  
   Transformation costs (general and administrative)                                                      -          -                      -          -                             -          -                  3,863      3,863  
   Restructuring and merger charges (gains, losses, and other)                                          183        183                  1,345      1,345                         1,479      1,479                  2,715      2,715  
   Gain on retained profits interest (other income)                                                       -          -                      -          -                       (30,235    (30,235                    )                    -          -  
                                                                                 -------------------------- ---------- -------------------- -------------------- ---------- -------------------- --------------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                     
   Total excluded items                                                   30,772                     30,772     30,772                 52,646     52,646                        77,212     77,212                136,331    136,331  
                                                      ========================== ========================== ========== ==================== ==================== ========== ==================== =========================== ========== ==================== ==================== ========== ====================
                                                                                     
     Income before income taxes and excluding items                                                   2,756      2,756                    334        334                        42,137     42,137                 15,531     15,531  
                                                                                     
     Income taxes (2)                                                      3,391                      3,391      3,391                 (2,628     (2,628                    )                       8,515      8,515                   (638       (638                    )
                                                      -------------------------- -------------------------- ---------- -------------------- -------------------- ---------- -------------------- --------------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                                                     
     Non-GAAP net earnings (loss)                                                                      (635       (635                    )                2,962      2,962                        33,622     33,622                 16,169     16,169  
                                                                                 ========================== ========== ==================== ==================== ========== ==================== =========================== ========== ==================== ==================== ========== ====================
                                                                                     
Non-GAAP earnings per share:
       Basic                                    (0.01                      (0.01                      (0.01      (0.01                    )                 0.04       0.04                          0.49       0.49                   0.24       0.24  
                           ========================== ========================== ========================== ========== ==================== ==================== ========== ==================== =========================== ========== ==================== ==================== ========== ====================
                                                                                     
       Diluted                                  (0.01                      (0.01                      (0.01      (0.01 )                                    0.04       0.04                          0.48       0.48                   0.23       0.23  
                           ========================== ========================== ========================== ========== ==================== ==================== ========== ==================== =========================== ========== ==================== ==================== ========== ====================
                                                                                     
Basic weighted average shares                                                                        68,283     68,283                 67,111     67,111                        68,211     68,211                 66,304     66,304  
                                                                                 ========================== ========== ==================== ==================== ========== ==================== =========================== ========== ==================== ==================== ========== ====================
                                                                                     
Diluted weighted average shares                                                                      68,283     68,283                 69,935     69,935                        69,560     69,560                 68,963     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    (51,908                    )              (65,538    (65,538                    )             (120,548   (120,548                    )
                                                                        ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ====================
                                                             
Excluded items:
  Purchased intangible asset amortization (cost of revenue)                  4,807                  4,177      4,177                 18,711     18,711                 18,046     18,046  
  Non-cash stock compensation (cost of revenue and operating expenses)      25,782                 47,124     47,124                 87,257     87,257                111,707    111,707  
  Transformation costs (general and administrative)                              -                      -          -                      -          -                  3,863      3,863  
  Restructuring and merger charges (gains, losses, and other)                  183                  1,345      1,345                  1,479      1,479                  2,715      2,715  
                                                                        ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                             
  Total excluded items                                           30,772     30,772                 52,646     52,646                107,447    107,447                136,331    136,331  
                                                ======================= ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ====================
                                                             
    Income from operations before excluded items                             2,803                    738        738                 41,909     41,909                 15,783     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    (29,392                    )              (32,847    (32,847                    )              (33,833    (33,833                    )              (90,268    (90,268                    )
                                                             
   Income tax expense (benefit)                                              1,376                (19,465    (19,465                    )               (1,242     (1,242                    )              (30,532    (30,532                    )
                                                             
   Other expense (income)                                                       47                    404        404                (30,463    (30,463                    )                  252        252  
                                                                        ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                             
   Loss from operations                                                    (27,969                    )              (51,908    (51,908                    )              (65,538    (65,538                    )             (120,548   (120,548                    )
                                                             
Depreciation and amortization                                                6,017                  6,277      6,277                 24,248     24,248                 27,741     27,741  
                                                                        ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                             
EBITDA                                                          (21,952    (21,952                    )              (45,631    (45,631                    )              (41,290    (41,290                    )              (92,807    (92,807                    )
                                                ======================= ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ====================
                                                             
Other adjustments:
   Non-cash stock compensation (cost of revenue and operating expenses)     25,782                 47,124     47,124                 87,257     87,257                111,707    111,707  
   Transformation costs (general and administrative)                             -                      -          -                      -          -                  3,863      3,863  
   Restructuring and merger charges (gains, losses, and other)                 183                  1,345      1,345                  1,479      1,479                  2,715      2,715  
                                                                        ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                             
  Other adjustments                                                         25,965                 48,469     48,469                 88,736     88,736                118,285    118,285  
                                                                        ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
                                                             
Adjusted EBITDA                                                              4,013                  2,838      2,838                 47,446     47,446                 25,478     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    572,787                 27,375     27,375          4.8                    %
  Restricted cash                                         -                  8,900      8,900                 (8,900     (8,900 )                        (100.0                   %)
  Trade accounts receivable, net                    148,343                114,284    114,284                 34,059     34,059         29.8                    %
  Refundable income taxes                            30,354                 65,692     65,692                (35,338    (35,338                    )      (53.8                   %)
  Other current assets                               36,975                 64,052     64,052                (27,077    (27,077                    )      (42.3                   %)
                                                 ---------- -------------------- -------------------- ---------- --------------------
                                                                          
    Total current assets                            815,834                825,715    825,715                 (9,881     (9,881                    )       (1.2                   %)
                                                 ---------- -------------------- -------------------- ---------- --------------------
                                                                          
Property and equipment                               45,001                 44,284     44,284                    717        717          1.6                    %
Less - accumulated depreciation and amortization     33,470                 32,327     32,327                  1,143      1,143          3.5                    %
                                                 ---------- -------------------- -------------------- ---------- --------------------
                                                                          
Property and equipment, net                          11,531                 11,957     11,957                   (426       (426                    )       (3.6                   %)
                                                 ---------- -------------------- -------------------- ---------- --------------------
                                                                          
Intangible assets, net                               26,718                 39,730     39,730                (13,012    (13,012                    )      (32.8                   %)
Goodwill                                            363,845                357,446    357,446                  6,399      6,399          1.8                    %
Deferred commissions, net                            30,594                 22,619     22,619                  7,975      7,975         35.3                    %
Other assets, net                                    85,214                 30,854     30,854                 54,360     54,360        176.2                    %
                                                 ---------- -------------------- -------------------- ---------- --------------------
                                                                          
                                       1,333,736  1,333,736              1,288,321  1,288,321                 45,415     45,415          3.5                    %
================================================ ========== ==================== ==================== ========== ====================
                                                                          
      Liabilities and Stockholders' Equity
------------------------------------------------
Current liabilities:
  Trade accounts payable                             83,197                 39,955     39,955                 43,242     43,242        108.2                    %
  Accrued payroll and related expenses               39,188                 46,438     46,438                 (7,250     (7,250                    )      (15.6                   %)
  Other accrued expenses                             46,067                 58,353     58,353                (12,286    (12,286                    )      (21.1                   %)
  Acquisition escrow payable                              -                  8,900      8,900                 (8,900     (8,900 )                        (100.0                   %)
  Deferred revenue                                   16,114                 11,603     11,603                  4,511      4,511         38.9                    %
                                                 ---------- -------------------- -------------------- ---------- --------------------
                                                                          
   Total current liabilities                        184,566                165,249    165,249                 19,317     19,317         11.7                    %
                                                 ---------- -------------------- -------------------- ---------- --------------------
                                                                          
Other liabilities                                    86,110                 42,389     42,389                 43,721     43,721        103.1                    %
                                                                          
  Stockholders' equity:
  Preferred stock                                         -                      -          -                      -          -          n/a  
  Common stock                                       14,984                 14,781     14,781                    203        203          1.4                    %
  Additional paid-in capital                      1,721,118              1,630,072  1,630,072                 91,046     91,046          5.6                    %
  Retained earnings                               1,420,993              1,454,826  1,454,826                (33,833    (33,833                    )       (2.3                   %)
  Accumulated other comprehensive income              5,730                  7,522      7,522                 (1,792     (1,792                    )      (23.8                   %)
  Treasury stock, at cost                        (2,099,765                    )           (2,026,518 (2,026,518                    )              (73,247    (73,247                    )       (3.6                   %)
                                                 ---------- -------------------- -------------------- ---------- --------------------
Total stockholders' equity                        1,063,060              1,080,683  1,080,683                (17,623    (17,623                    )       (1.6                   %)
                                                 ---------- -------------------- -------------------- ---------- --------------------
                                                                          
                                                                    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    (32,847                    )
  Non-cash operating activities:
    Depreciation and amortization                                                                6,017                  6,277      6,277  
    Loss on disposal or impairment of assets                                                        41                     54         54  
    Provision for doubtful accounts                                                              1,090                   (431       (431                    )
    Deferred income taxes                                                                       (1,084                    )               (1,418     (1,418                    )
    Non-cash stock compensation expense                                                         25,782                 47,124     47,124  
    Changes in operating assets and liabilities:
      Accounts receivable                                                                        7,265                  1,818      1,818  
      Deferred commissions                                                                      (1,111                    )               (1,523     (1,523                    )
      Other assets                                                                               4,786                (26,283    (26,283                    )
      Accounts payable and other liabilities                                                    11,321                  6,731      6,731  
      Income taxes                                                                              32,971                (17,233    (17,233                    )
      Deferred revenue                                                                           1,258                   (156       (156                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
      Net cash provided by (used in) operating activities                                       58,944                (17,887    (17,887                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
Cash flows from investing activities:
    Capital expenditures                                                                        (1,880                    )                 (376       (376                    )
    Purchases of investments                                                                         -                 (4,500     (4,500                    )
    Cash paid in acquisition, net of cash received                                              (8,731                    )              (58,264    (58,264                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
      Net cash used in investing activities                                                    (10,611                    )              (63,140    (63,140                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
Cash flows from financing activities:
    Proceeds related to the issuance of common stock under stock and employee benefit plans         83                     61         61  
    Shares repurchased for tax withholdings upon vesting of stock-based awards                    (410                    )                 (538       (538                    )
    Acquisition of treasury stock                                                               (9,397                    )                    -          -  
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
      Net cash used in financing activities                                                     (9,724                    )                 (477       (477                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
      Effect of exchange rate changes on cash                                                     (137                    )                 (210       (210                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
                                                                                                    
  Net change in cash and cash equivalents                                                       38,472                (81,714    (81,714                    )
  Cash and cash equivalents at beginning of period                                             561,690                663,401    663,401  
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
  Cash and cash equivalents at end of period                                                   600,162                581,687    581,687  
                                                                                            ========== ==================== ==================== ========== ====================
                                                                                                    
    Supplemental cash flow information:
    Cash (received) during the period for:
      Income taxes                                                                             (30,101                    )                 (819       (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                                                             For the Twelve Months Ended
                                          March 31,                                                                               March 31,
                                            2022                                                          2022                      2021                       2021
------------------------------------------------------------------------------------------- ------------------------------  -------------------- ------------------------------
                                                                                                    
Cash flows from operating activities:
  Net loss                                                                                     (33,833                    )              (90,268    (90,268                    )
  Non-cash operating activities:
    Depreciation and amortization                                                               24,248                 27,741     27,741  
    Loss on disposal or impairment of assets                                                       183                    388        388  
    Gain on distribution from retained profits interest                                        (30,235                    )                    -          -  
    Provision for doubtful accounts                                                              4,217                  2,915      2,915  
    Deferred income taxes                                                                       (1,540                    )               (1,418     (1,418                    )
    Non-cash stock compensation expense                                                         87,257                111,707    111,707  
    Changes in operating assets and liabilities:
      Accounts receivable                                                                      (38,611                    )              (24,828    (24,828                    )
      Deferred commissions                                                                      (7,975                    )               (6,605     (6,605                    )
      Other assets                                                                              26,863                (18,772    (18,772                    )
      Accounts payable and other liabilities                                                     8,850                   (116       (116                    )
      Income taxes                                                                              33,969                (26,215    (26,215                    )
      Deferred revenue                                                                           4,684                  4,911      4,911  
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
      Net cash provided by (used in) operating activities                                       78,077                (20,560    (20,560                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
Cash flows from investing activities:
    Capital expenditures                                                                        (4,499                    )               (2,182     (2,182                    )
    Purchases of investments                                                                         -                 (7,500     (7,500                    )
    Purchases of strategic investments                                                               -                 (2,200     (2,200                    )
    Distribution from retained profits interest                                                 31,184                      -          -  
    Cash paid in acquisition, net of cash received                                             (19,107                    )              (76,012    (76,012                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
      Net cash provided by (used in) investing activities                                        7,578                (87,894    (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      8,737  
    Shares repurchased for tax withholdings upon vesting of stock-based awards                 (14,626                    )               (9,920     (9,920                    )
    Acquisition of treasury stock                                                              (58,621                    )              (42,312    (42,312                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
      Net cash used in financing activities                                                    (66,981                    )              (43,495    (43,495                    )
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
      Effect of exchange rate changes on cash                                                     (199                    )                1,010      1,010  
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
                                                                                                    
  Net change in cash and cash equivalents                                                       18,475               (150,939   (150,939                    )
  Cash and cash equivalents at beginning of period                                             581,687                732,626    732,626  
                                                                                            ---------- -------------------- -------------------- ---------- --------------------
  Cash and cash equivalents at end of period                                                   600,162                581,687    581,687  
                                                                                            ========== ==================== ==================== ========== ====================
                                                                                                    
    Supplemental cash flow information:
    Cash (received) during the period for:
      Income taxes                                                                             (32,916                    )               (2,911     (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                  06/30/20               06/30/20                   09/30/20                        12/31/20                  03/31/21              FY2021              06/30/21             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    (17,241 )             10,901       25,473       58,944       78,077  
                                                                                          
Less:
Capital expenditures      Capital expenditures            (832 )               (296 )                          (678 )                          (376 )             (2,182 )                         (427       (427 )               (876 )                        (1,316 )                        (1,880 )                        (4,499 )
                                                    ---------- --------- ---------- -------------------- ---------- -------------------- ---------- --------- ---------- --------- -------------------- ---------- --------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
                                                                                          

(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                                        FY22 to FY21                       FY22 to FY21                    FY22 to FY21                    FY22 to FY21                    FY22 to FY21                    FY22 to FY21              FY22 to FY21               FY22 to FY21                    FY22 to FY21                    FY22 to FY21                    FY22 to FY21                    FY22 to FY21              FY22 to FY21                         FY22 to FY21
------------------------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------------------------------------------------------------------------
                              06/30/20                                            06/30/20                           06/30/20                        09/30/20                        12/31/20                        03/31/21                         FY2021                   06/30/21                   06/30/21                        09/30/21                        12/31/21                        03/31/22                         FY2022                       %                    %                          $
------------------------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------------------------------------                                -------------------- -----------------------------------------------------
Revenues                                                            Revenues                                 99,437      104,661      119,753      119,175      443,026                119,038    119,038      127,290      140,604      141,725      528,657                   19.3       19.3         %     85,631  
                                                                                                                                                                                                            
Cost of revenue                                                     Cost of revenue                          34,465       34,897       37,085       37,557      144,004                 34,315     34,315       35,079       38,557       39,476      147,427                    2.4        2.4         %      3,423  
                                                                                                         ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Gross profit                                                          Gross profit                           64,972       69,764       82,668       81,618      299,022                 84,723     84,723       92,211      102,047      102,249      381,230                   27.5       27.5         %     82,208  
% Gross margin                                                        % Gross margin                           65.3                    %       66.7                    %       69.0                    %       68.5                    %       67.5                    %                 71.2       71.2                    %       72.4                    %       72.6                    %       72.1                    %       72.1                    %
                                                                                                                                                                                                            
Operating expenses                                                  Operating expenses
Research and development                                              Research and development               26,989       31,035       30,608       46,479      135,111                 34,776     34,776       35,788       41,870       45,501      157,935                   16.9       16.9         %     22,824  
Sales and marketing                                                   Sales and marketing                    38,627       41,705       43,904       53,307      177,543                 41,979     41,979       39,509       46,324       54,951      182,763                    2.9        2.9         %      5,220  
General and administrative                                            General and administrative             23,368       24,495       23,943       32,395      104,201                 24,291     24,291       23,078       27,639       29,583      104,591                    0.4        0.4         %        390  
Gains, losses and other items, net                                    Gains, losses and other items, net      1,995         (619 )                            (6 )                         1,345        2,715                  1,278      1,278           18            -          183        1,479                  (45.5      (45.5        %)     (1,236                    )
                                                                                                         ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Total operating expenses                                            Total operating expenses                 90,979       96,616       98,449      133,526      419,570                102,324    102,324       98,393      115,833      130,218      446,768                    6.5        6.5         %     27,198  
                                                                                                                                                                                                            
Loss from operations                                                Loss from operations                    (26,007                    )    (26,852                    )    (15,781                    )    (51,908                    )   (120,548                    )              (17,601    (17,601                    )     (6,182                    )    (13,786                    )    (27,969                    )    (65,538                    )                 45.6       45.6         %     55,010  
% Margin                                                              % Margin                                -26.2                    %      -25.7                    %      -13.2                    %      -43.6                    %      -27.2                    %                -14.8      -14.8                    %       -4.9                    %       -9.8                    %      -19.7                    %      -12.4                    %
                                                                                                                                                                                                            
Total other income (expense), net                                   Total other income (expense), net           463         (225                    )        (86                    )       (404                    )       (252                    )               30,601     30,601          150         (241                    )        (47                    )     30,463                12188.5    12188.5         %     30,715  
                                                                                                         ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
                                                                                                                                                                                                            
Loss before income taxes                                            Loss before income taxes                (25,544                    )    (27,077                    )    (15,867                    )    (52,312                    )   (120,800                    )               13,000     13,000       (6,032                    )    (14,027                    )    (28,016                    )    (35,075                    )                 71.0       71.0         %     85,725  
                                                                                                                                                                                                            
Income taxes expense (benefit)                                      Income taxes expense (benefit)           (3,816                    )     (3,109                    )     (4,142                    )    (19,465                    )    (30,532                    )               (4,365     (4,365                    )        399        1,348        1,376       (1,242                    )                 95.9       95.9         %     29,290  
                                                                                                         ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
                                                                                                                                                                                                            
Net earnings (loss)                                                 Net earnings (loss)                     (21,728                    )    (23,968                    )    (11,725                    )    (32,847                    )    (90,268                    )               17,365     17,365       (6,431                    )    (15,375                    )    (29,392                    )    (33,833                    )                 62.5       62.5         %     56,435  
                                                                                                                                                                                                                       
Diluted earnings (loss) per share                                   Diluted earnings (loss) per share         (0.33                    )      (0.36                    )      (0.18                    )      (0.49                    )      (1.36                    )                 0.25       0.25        (0.09                    )      (0.23                    )      (0.43                    )      (0.50                    )                 63.6       63.6         %       0.87  
                                                                                                         ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
                                                                                                                                                                                                            
Some earnings (loss) per share amounts may not add due to rounding. Some earnings (loss) per share amounts may not add due to rounding.
                                                                                                                                                                                                            
Basic shares                                                        Basic shares                             65,570       66,010       66,523       67,111       66,304                 68,328     68,328       68,042       68,190       68,283       68,211  
                                                                                                                                                                                                LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
                                                                                                                                                                                               RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
                                                                                                                                                                                                               (Unaudited)
                                                                                                                                                                                            (Dollars in thousands, except per share amounts)
                                                                                                                                
                                                                                                                                
                                                                                                                                
-------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------------------------------------------------------------------------
      06/30/20             06/30/20             06/30/20             06/30/20                   06/30/20                        09/30/20                        12/31/20                        03/31/21                         FY2021                   06/30/21                   06/30/21                        09/30/21                        12/31/21                        03/31/22                         FY 2022
-------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                
                                                                                                                                
  Income (loss) before income taxes                                         (25,544    (25,544                    )    (27,077                    )    (15,867                    )    (52,312                    )   (120,800                    )               13,000     13,000       (6,032                    )    (14,027                    )    (28,016                    )    (35,075                    )
  Income taxes (benefit)                                                     (3,816     (3,816                    )     (3,109                    )     (4,142                    )    (19,465                    )    (30,532                    )               (4,365     (4,365                    )        399        1,348        1,376       (1,242                    )
                                                               -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
  Net earnings (loss)                                  (21,728              (21,728    (21,728                    )    (23,968                    )    (11,725                    )    (32,847                    )    (90,268                    )               17,365     17,365       (6,431                    )    (15,375                    )    (29,392                    )    (33,833                    )
                                          ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
                                                                                                                                
Earnings (loss) per share:
  Basic                             (0.33                (0.33                (0.33      (0.33                    )      (0.36                    )      (0.18                    )      (0.49                    )      (1.36                    )                 0.25       0.25        (0.09                    )      (0.23                    )      (0.43                    )      (0.50                    )
                     ==================== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
  Diluted                           (0.33                (0.33                (0.33      (0.33                    )      (0.36                    )      (0.18                    )      (0.49                    )      (1.36                    )                 0.25       0.25        (0.09                    )      (0.23                    )      (0.43                    )      (0.49                    )
                     ==================== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
                                                                                                                                
Excluded items:
  Purchased intangible asset amortization (cost of revenue)                   5,306      5,306        4,350        4,213        4,177       18,046                  4,645      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     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      1,278           18            -          183        1,479  
  Transformation costs (general and administrative)                           3,605      3,605          258            -            -        3,863                      -          -            -            -            -            -  
  Gain on retained profits interest (other income)                                -          -            -            -            -            -                (30,052    (30,052 )                             -         (183 )                             -      (30,235 )
                                                               -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Total excluded items                                    27,391               27,391     27,391       28,193       28,101       52,646      136,331                 (5,633     (5,633                    )     23,851       28,222       30,772       77,212  
                                          ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
                                                                                                                                
  Income before income taxes and excluding items                              1,847      1,847        1,116       12,234          334       15,531                  7,367      7,367       17,819       14,195        2,756       42,137  
  Income taxes expense (benefit)                                                934        934       (1,291                    )      2,347       (2,628                    )       (638                    )                  865        865          (12                    )      4,271        3,391        8,515  
                                                               -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
  Non-GAAP net earnings (loss)                                                  913        913        2,407        9,887        2,962       16,169                  6,502      6,502       17,831        9,924         (635                    )     33,622  
                                                               ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
                                                                                                                                
Non-GAAP earnings (loss) per share:
  Basic                              0.01                 0.01                 0.01       0.01         0.04         0.15         0.04         0.24                   0.10       0.10         0.26         0.15        (0.01                    )       0.49  
                     ==================== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
  Diluted                            0.01                 0.01                 0.01       0.01         0.03         0.14         0.04         0.23                   0.09       0.09         0.26         0.14        (0.01                    )       0.48  
                     ==================== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
                                                                                                                                
Basic weighted average shares                                                65,570     65,570       66,010       66,523       67,111       66,304                 68,328     68,328       68,042       68,190       68,283       68,211  
                                                               ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
Diluted weighted average shares                                              67,337     67,337       68,804       69,775       69,935       68,963                 69,605     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                                 06/30/20                  06/30/20                   06/30/20                        09/30/20                        12/31/20                        03/31/21                         FY2021                   06/30/21                   06/30/21                        09/30/21                        12/31/21                        03/31/22                         FY2022
-------------------------------------------------- ------------------------------ -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                      
Expenses:
  Cost of revenue                                                          34,465               34,465     34,465       34,897       37,085       37,557      144,004                 34,315     34,315       35,079       38,557       39,476      147,427  
  Research and development                                                 26,989               26,989     26,989       31,035       30,608       46,479      135,111                 34,776     34,776       35,788       41,870       45,501      157,935  
  Sales and marketing                                                      38,627               38,627     38,627       41,705       43,904       53,307      177,543                 41,979     41,979       39,509       46,324       54,951      182,763  
  General and administrative                                               23,368               23,368     23,368       24,495       23,943       32,395      104,201                 24,291     24,291       23,078       27,639       29,583      104,591  
  Gains, losses and other items, net                                        1,995                1,995      1,995         (619                    )         (6                    )      1,345        2,715                  1,278      1,278           18            -          183        1,479  
                                                                                                                                                                      
Gross profit:                                                              64,972               64,972     64,972       69,764       82,668       81,618      299,022                 84,723     84,723       92,211      102,047      102,249      381,230  
% Gross margin                                                               65.3                 65.3       65.3                    %       66.7                    %       69.0                    %       68.5                    %       67.5                    %                 71.2       71.2                    %       72.4                    %       72.6                    %       72.1                    %       72.1                    %
                                                                                                                                                                      
Excluded items:
  Purchased intangible asset amortization (cost of revenue)                                      5,306      5,306        4,350        4,213        4,177       18,046                  4,645      4,645        4,612        4,647        4,807       18,711  
  Non-cash stock compensation (cost of revenue)                               775                  775        775          913          988        2,624        5,300                    790        790          948        1,168        1,205        4,111  
  Non-cash stock compensation (research and development)                                         5,886      5,886        7,713        7,376       17,985       38,960                  5,348      5,348        7,184        9,264       10,316       32,112  
  Non-cash stock compensation (sales and marketing)                                              7,123      7,123        9,233        9,212       14,833       40,401                  6,793      6,793        6,749        7,329        7,715       28,586  
  Non-cash stock compensation (general and administrative)                                       2,701      2,701        6,345        6,318       11,682       27,046                  5,565      5,565        4,340        5,997        6,546       22,448  
  Restructuring and merger charges (gains, losses, and other)                                    1,995      1,995         (619 )                            (6 )                         1,345        2,715                  1,278      1,278           18            -          183        1,479  
  Transformation costs (general and administrative)                                              3,605      3,605          258            -            -        3,863                      -          -            -            -            -            -  
  Gain on retained profits interest (other income)                              -                    -          -            -            -            -            -                (30,052    (30,052 )                             -         (183 )                             -      (30,235                    )
                                                   ------------------------------ -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Total excluded items                                                       27,391               27,391     27,391       28,193       28,101       52,646      136,331                 (5,633     (5,633 )                        23,851       28,222       30,772       77,212  
                                                                                                                                                                      
Expenses, excluding items:
  Cost of revenue                                                          28,384               28,384     28,384       29,634       31,884       30,756      120,658                 28,880     28,880       29,519       32,742       33,464      124,605  
  Research and development                                                 21,103               21,103     21,103       23,322       23,232       28,494       96,151                 29,428     29,428       28,604       32,606       35,185      125,823  
  Sales and marketing                                                      31,504               31,504     31,504       32,472       34,692       38,474      137,142                 35,186     35,186       32,760       38,995       47,236      154,177  
  General and administrative                                               17,062               17,062     17,062       17,892       17,625       20,713       73,292                 18,726     18,726       18,738       21,642       23,037       82,143  
  Gains, losses and other items, net                                            -                    -          -            -            -            -            -                      -          -            -            -            -            -  
                                                                                                                                                                      
Gross profit, excluding items:                                             71,053               71,053     71,053       75,027       87,869       88,419      322,368                 90,158     90,158       97,771      107,862      108,261      404,052  

(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 quarter ending For the quarter ending               For the quarter ending               For the year ending                 For the year ending
     June 30, 2022          June 30, 2022          June 30, 2022                        June 30, 2022                     March 31, 2023                      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  
                                              ====================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                              

(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

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220524006020/en/

SOURCE: LiveRamp

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