LiveRamp Announces Third Quarter Results

Revenue up 10% year-over-year

GAAP Operating Margin of 9% and Non-GAAP Operating Margin of 21%

Operating Cash Flow Fiscal YTD of $78 million versus $4 million a year-ago

Closed Habu Acquisition on January 31 to Accelerate the Company’s Data Collaboration Strategy

LiveRamp® (NYSE: RAMP), the leading data collaboration platform, today announced its financial results for the fiscal 2024 third quarter ended December 31, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240208650365/en/

Q3 Financial Highlights1

  • Total revenue was $174 million, up 10%.
  • Subscription revenue was $132 million, up 5%.
  • Marketplace & Other revenue was $42 million, up 29%.
  • GAAP gross profit was $129 million, up 12%. GAAP gross margin of 74% expanded by 1 percentage point. Non-GAAP gross profit was $131 million, up 8%. Non-GAAP gross margin of 75% contracted by 1 percentage point.
  • GAAP operating income was $15 million compared to a loss of $24 million. GAAP operating margin was 9% compared to negative 15%. Non-GAAP operating income was $36 million compared to $26 million. Non-GAAP operating margin of 21% expanded by 5 percentage points.
  • GAAP diluted earnings per share was $0.21 and non-GAAP diluted earnings per share was $0.47.
  • Net cash provided by operating activities was $17 million compared to $16 million.
  • Share repurchases in the third quarter totaled approximately 347,000 shares for $10 million, bringing the fiscal year-to-date total to 1.7 million shares for $45 million.

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

"We outperformed again this quarter, with revenue and operating income ahead of our expectations,” said LiveRamp CEO Scott Howe. “Our forward sales momentum also continued in the quarter, including another strong new logo quarter, demonstrating healthy customer demand and good sales execution. We are moving quickly to integrate the recently closed Habu acquisition, and the initial customer response reinforces our confidence in the power of this combination.”

__________________________
1Unless otherwise indicated, all comparisons are to the prior year period.

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for the fiscal 2024 third quarter ended December 31, 2023 ($ in millions, except per share amounts):

 

 

 

 

 

GAAP

 

Non-GAAP

 

Q3 FY24

Q3 FY23

 

Q3 FY24

Q3 FY23

Subscription revenue

$132

$126

 

YoY change %

5%

14%

 

Marketplace & Other revenue

$42

$32

 

YoY change %

29%

9%

 

Total revenue

$174

$159

 

YoY change %

10%

13%

 

 

 

 

 

 

 

Gross profit

$129

$115

 

$131

$121

% Gross margin

74%

73%

 

75%

76%

YoY change, pts

1 pt

0 pts

 

(1 pt)

(1 pt)

 

 

 

 

 

 

Operating income (loss)

$15

($24)

 

$36

$26

% Operating margin

9%

(15%)

 

21%

16%

YoY change, pts

24 pts

(5 pts)

 

5 pts

6 pts

 

 

 

 

 

 

Net earnings (loss)

$14

($30)

 

$32

$19

Diluted earnings (loss) per share

$0.21

($0.46)

 

$0.47

$0.28

 

 

 

 

 

 

Shares to calculate diluted EPS

67.9

64.8

 

67.9

65.4

YoY change %

5%

(5%)

 

4%

(7%)

 

 

 

 

 

 

Net operating cash flow

$17

$16

 

Free cash flow to equity

 

$14

$16

 

 

 

 

 

 

Totals may not sum due to rounding.

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

Additional Business Highlights & Metrics

  • On January 31, 2024, we closed the acquisition of Habu, a leading data clean room software provider. The acquisition will further accelerate LiveRamp’s ability to offer global data collaboration at scale, across all clouds and walled gardens, unlocking powerful measurement and analytics use cases that will bolster our growth and create value for shareholders (additional information).
  • During the quarter we announced the promotion of four senior leaders to accelerate our recent momentum: Lauren Dillard to Chief Financial Officer, Vihan Sharma to Chief Revenue Officer, Kimberly Bloomston to Chief Product Officer, and Travis Clinger to Chief Connectivity & Ecosystem Officer (additional information here and here).
  • In November 2023 we were selected as a 2023 Amazon Web Services (AWS) Global Industry Partner of the Year for playing a key role helping customers drive innovation and build solutions on AWS (additional information). Similarly, in August 2023 we were selected as a 2023 Google Cloud Platform (GCP) Partner of the Year.
  • In January 2024 Google deprecated third-party cookies for 1% of Chrome users globally – the next milestone in Google’s previously announced plan to phase out third-party cookies for all Chrome users globally in the second half of 2024. LiveRamp’s Authenticated Traffic Solution (ATS) for global addressability is a fully scaled solution to help marketers deal with third-party cookie deprecation by connecting publisher and marketer data to better personalize and measure advertising on authenticated inventory.
  • ATS has more than 165 supply-side platforms (SSPs) and demand-side platforms (DSPs) live or committed to bid on RampID™ and ATS, including The Trade Desk, Xandr, Yahoo, Amobee, Criteo, Adobe Ad Cloud, and Roku Oneview.
  • To date, over 18,000 publisher domains and 70% of the comScore 100 publishers, have adopted ATS, including Amazon Publisher Services, Microsoft, Hearst, CafeMedia, Leaf Group, Prisma Media and Burda. Through these integrations, LiveRamp is now connected to over 92% of consumer time spent online in the US.
  • LiveRamp ended the quarter with 105 customers whose subscription contracts exceed $1 million in annual revenue, compared to 94 in the prior year period.
  • LiveRamp ended the quarter with 895 direct subscription customers, compared to 910 in the prior year period.
  • Third quarter subscription net retention was 101% and platform net retention was 105%.
  • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $382 million, up 18% compared to the prior year period.

Financial Outlook

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

For the fourth quarter of fiscal 2024, LiveRamp expects to report:

  • Revenue of between $158 million and $162 million, an increase of between 6% and 9%
  • GAAP operating loss of between $18 million and $17 million
  • Non-GAAP operating income of between $13 million and $14 million

For fiscal 2024, LiveRamp updates its guidance and expects to report:

  • Revenue of between $646 million and $650 million, an increase of between 8% and 9%
  • GAAP operating income of between $8 million and $9 million
  • Non-GAAP operating income of between $102 million and $103 million

Conference Call

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

RampUp 2024 Conference

RampUp is the Company’s annual customer and partner conference that brings together leaders across marketing, media, technology and more to discuss data collaboration. This year’s conference is being held on February 27-29 in San Francisco. For additional information please visit the RampUp 2024 website. Members of the financial community who are interested in attending, please contact investor relations.

About LiveRamp

LiveRamp is the data collaboration platform of choice for the world’s most innovative companies. A groundbreaking leader in consumer privacy, data ethics, and foundational identity, LiveRamp is setting the new standard for building a connected customer view with unmatched clarity and context while protecting precious brand and consumer trust. LiveRamp offers complete flexibility to collaborate wherever data lives to support the widest range of data collaboration use cases—within organizations, between brands, and across its premier global network of top-quality partners. Hundreds of global innovators, from iconic consumer brands and tech giants to banks, retailers, and healthcare leaders, turn to LiveRamp to build enduring brand and business value by deepening customer engagement and loyalty, activating new partnerships, and maximizing the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is based in San Francisco, California with offices worldwide. Learn more at LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). 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 for fiscal 2024 and beyond, the integration and expected benefits from the acquisition of Habu, 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 rising interest rates, cost increases, the possibility of a recession, general inflationary pressure, geo-political circumstances that could result in increased economic uncertainties and the associated impacts of these potential events 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; rapidly changing technology’s impact on our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating Habu; and attracting, motivating and retaining talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. 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 2023 ended March 31, 2023, and LiveRamp's Quarterly Reports on Form 10-Q issued in fiscal year 2024.

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

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

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

LiveRampand RampIDTM 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
December 31,
$ %

2023

2022

Variance Variance
 
Revenues

173,869

 

158,615

 

15,254

 

9.6

%

 
Cost of revenue

44,934

 

43,287

 

1,647

 

3.8

%

Gross profit

128,935

 

115,328

 

13,607

 

11.8

%

% Gross margin

74.2

%

72.7

%

 
Operating expenses:
Research and development

37,788

 

43,175

 

(5,387

)

(12.5

%)

Sales and marketing

46,203

 

47,702

 

(1,499

)

(3.1

%)

General and administrative

27,241

 

36,657

 

(9,416

)

(25.7

%)

Gains, losses and other items, net

2,502

 

11,743

 

(9,241

)

(78.7

%)

Total operating expenses

113,734

 

139,277

 

(25,543

)

(18.3

%)

 
Income (loss) from operations

15,201

 

(23,949

)

39,150

 

163.5

%

% Margin

8.7

%

-15.1

%

 
Total other income (expense), net

6,607

 

(736

)

7,343

 

997.7

%

 
Income (loss) from continuing operations before income taxes

21,808

 

(24,685

)

46,493

 

188.3

%

 
Income tax expense

8,429

 

5,835

 

2,594

 

44.5

%

 
Net earnings (loss) from continuing operations

13,379

 

(30,520

)

43,899

 

143.8

%

 
Earnings from discontinued operations, net of tax

598

 

836

 

(238

)

(28.5

%)

 
Net earnings (loss)

13,977

 

(29,684

)

43,661

 

147.1

%

 
Basic earnings (loss) per share:
Continuing operations

0.20

 

(0.47

)

0.67

 

143.1

%

Discontinued operations

0.01

 

0.01

 

(0.00

)

n/a

 

Basic earnings (loss) per share

0.21

 

(0.46

)

0.67

 

146.2

%

 
Diluted earnings (loss) per share:
Continuing operations

0.20

 

(0.47

)

0.67

 

141.8

%

Discontinued operations

0.01

 

0.01

 

(0.00

)

n/a

 

Diluted earnings (loss) per share:

0.21

 

(0.46

)

0.66

 

144.9

%

 
Basic weighted average shares

65,961

 

64,784

 

Diluted weighted average shares

67,943

 

64,784

 

 
Some totals may not sum due to rounding.
 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
For the Nine Months Ended
December 31,
$ %

2023

2022

Variance Variance
 
Revenues

487,809

 

447,957

 

39,852

 

8.9

%

 
Cost of revenue

131,767

 

126,612

 

5,155

 

4.1

%

Gross profit

356,042

 

321,345

 

34,697

 

10.8

%

% Gross margin

73.0

%

71.7

%

 
Operating expenses:
Research and development

106,040

 

136,975

 

(30,935

)

(22.6

%)

Sales and marketing

135,217

 

144,931

 

(9,714

)

(6.7

%)

General and administrative

79,914

 

92,519

 

(12,605

)

(13.6

%)

Gains, losses and other items, net

9,192

 

25,593

 

(16,401

)

(64.1

%)

Total operating expenses

330,363

 

400,018

 

(69,655

)

(17.4

%)

 
Income (loss) from operations

25,679

 

(78,673

)

104,352

 

132.6

%

% Margin

5.3

%

-17.6

%

 
Total other income, net

17,887

 

2,211

 

15,676

 

709.0

%

 
Income (loss) from continuing operations before income taxes

43,566

 

(76,462

)

120,028

 

157.0

%

 
Income tax expense

27,297

 

11,712

 

15,585

 

133.1

%

 
Net earnings (loss) from continuing operations

16,269

 

(88,174

)

104,443

 

118.5

%

 
Earnings from discontinued operations, net of tax

985

 

836

 

149

 

17.8

%

 
Net earnings (loss)

17,254

 

(87,338

)

104,592

 

119.8

%

 
Basic earnings (loss) per share:
Continuing operations

0.25

 

(1.32

)

1.57

 

118.6

%

Discontinued operations

0.01

 

0.01

 

0.00

 

18.7

%

Basic earnings (loss) per share

0.26

 

(1.31

)

1.57

 

119.9

%

 
Diluted earnings (loss) per share:
Continuing operations

0.24

 

(1.32

)

1.56

 

118.2

%

Discontinued operations

0.01

 

0.01

 

0.00

 

16.1

%

Diluted earnings (loss) per share:

0.25

 

(1.31

)

1.56

 

119.5

%

 
Basic weighted average shares

66,247

 

66,761

 

Diluted weighted average shares

67,733

 

66,761

 

 
Some totals may not sum due to rounding.
 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
 
For the Three Months Ended For the Nine Months Ended
December 31, December 31,

2023

2022

2023

2022

 
Income (loss) from continuing operations before income taxes

21,808

(24,685

)

43,566

(76,462

)

 
Income tax expense

8,429

5,835

 

27,297

11,712

 

 
Net earnings (loss) from continuing operations

13,379

(30,520

)

16,269

(88,174

)

 
Earnings from discontinued operations, net of tax

598

836

 

985

836

 

 
Net earnings (loss)

13,977

(29,684

)

17,254

(87,338

)

 
Earnings (loss) per share:
Basic

0.21

(0.46

)

0.26

(1.31

)

Diluted

0.21

(0.46

)

0.25

(1.31

)

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

1,181

4,209

 

5,688

13,489

 

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

17,497

29,624

 

46,524

81,142

 

Transformation costs (general and administrative)

-

4,112

 

1,875

5,362

 

Restructuring charges (gains, losses, and other)

2,502

11,743

 

9,192

25,593

 

 
Total excluded items, continuing operations

21,180

49,688

 

63,279

125,586

 

 
Income from continuing operations before income taxes and excluding items

42,988

25,003

 

106,845

49,124

 

 
Income tax expense (2)

10,732

6,468

 

25,935

12,262

 

 
Non-GAAP net earnings from continuing operations

32,256

18,535

 

80,910

36,862

 

 
Non-GAAP earnings per share from continuing operations:
Basic

0.49

0.29

 

1.22

0.55

 

Diluted

0.47

0.28

 

1.19

0.55

 

 
Basic weighted average shares

65,961

64,784

 

66,247

66,761

 

Diluted weighted average shares

67,943

65,356

 

67,733

67,373

 

 

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

 

(2) 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 Nine Months Ended
December 31, December 31,

2023

2022

2023

2022

 
Income (loss) from continuing operations

15,201

(23,949

)

25,679

(78,673

)

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

1,181

4,209

 

5,688

13,489

 

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

17,497

29,624

 

46,524

81,142

 

Transformation costs (general and administrative)

-

4,112

 

1,875

5,362

 

Restructuring charges (gains, losses, and other)

2,502

11,743

 

9,192

25,593

 

 
Total excluded items

21,180

49,688

 

63,279

125,586

 

 
Income from continuing operations before excluded items

36,381

25,739

 

88,958

46,913

 

 

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)
 
For the Three Months Ended For the Nine Months Ended
December 31, December 31,

2023

2022

2023

2022

 
Net earnings (loss) from continuing operations

13,379

 

(30,520

)

16,269

 

(88,174

)

 
Income tax expense

8,429

 

5,835

 

27,297

 

11,712

 

 
Other income

(6,607

)

736

 

(17,887

)

(2,211

)

 
Income (loss) from operations

15,201

 

(23,949

)

25,679

 

(78,673

)

 
Depreciation and amortization

1,782

 

5,131

 

7,685

 

16,561

 

 
EBITDA

16,983

 

(18,818

)

33,364

 

(62,112

)

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

17,497

 

29,624

 

46,524

 

81,142

 

Transformation costs (general and administrative)

-

 

4,112

 

1,875

 

5,362

 

Restructuring charges (gains, losses, and other)

2,502

 

11,743

 

9,192

 

25,593

 

 
Other adjustments

19,999

 

45,479

 

57,591

 

112,097

 

 
Adjusted EBITDA

36,982

 

26,661

 

90,955

 

49,985

 

 

(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
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
 
December 31, March 31, $ %

2023

2023

Variance Variance
 
Assets
Current assets:
Cash and cash equivalents

498,946

 

464,448

 

34,498

 

7.4

%

Short-term investments

32,264

 

32,807

 

(543

)

(1.7

%)

Trade accounts receivable, net

199,383

 

157,379

 

42,004

 

26.7

%

Refundable income taxes, net

1,143

 

28,897

 

(27,754

)

(96.0

%)

Other current assets

37,926

 

31,028

 

6,898

 

22.2

%

 
Total current assets

769,662

 

714,559

 

55,103

 

7.7

%

 
Property and equipment

35,125

 

39,393

 

(4,268

)

(10.8

%)

Less - accumulated depreciation and amortization

26,923

 

32,308

 

(5,385

)

(16.7

%)

 
Property and equipment, net

8,202

 

7,085

 

1,117

 

15.8

%

 
Intangible assets, net

4,180

 

9,868

 

(5,688

)

(57.6

%)

Goodwill

360,227

 

363,116

 

(2,889

)

(0.8

%)

Deferred commissions, net

44,172

 

37,030

 

7,142

 

19.3

%

Other assets, net

38,298

 

41,045

 

(2,747

)

(6.7

%)

 

1,224,741

 

1,172,703

 

52,038

 

4.4

%

 
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable

88,797

 

86,568

 

2,229

 

2.6

%

Accrued payroll and related expenses

47,398

 

33,434

 

13,964

 

41.8

%

Other accrued expenses

42,600

 

35,736

 

6,864

 

19.2

%

Deferred revenue

29,957

 

19,091

 

10,866

 

56.9

%

 
Total current liabilities

208,752

 

174,829

 

33,923

 

19.4

%

 
Other liabilities

69,499

 

71,798

 

(2,299

)

(3.2

%)

 
Stockholders' equity:
Preferred stock

-

 

-

 

-

 

n/a

 

Common stock

15,542

 

15,399

 

143

 

0.9

%

Additional paid-in capital

1,909,370

 

1,855,916

 

53,454

 

2.9

%

Retained earnings

1,319,545

 

1,302,291

 

17,254

 

1.3

%

Accumulated other comprehensive income

4,508

 

4,504

 

4

 

0.1

%

Treasury stock, at cost

(2,302,475

)

(2,252,034

)

(50,441

)

2.2

%

Total stockholders' equity

946,490

 

926,076

 

20,414

 

2.2

%

 

1,224,741

 

1,172,703

 

52,038

 

4.4

%

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
 
For the Three Months Ended
December 31,

2023

2022

 
Cash flows from operating activities:
Net earnings (loss)

13,977

 

(29,684

)

Earnings from discontinued operations, net of tax

(598

)

(836

)

Non-cash operating activities:
Depreciation and amortization

1,782

 

5,131

 

Loss on disposal or impairment of assets

911

 

4,124

 

Lease impairments

-

 

5,940

 

Provision for doubtful accounts

544

 

613

 

Deferred income taxes

(47

)

(14

)

Non-cash stock compensation expense

17,497

 

29,624

 

Changes in operating assets and liabilities:
Accounts receivable

(24,778

)

(15,722

)

Deferred commissions

(4,235

)

(1,203

)

Other assets

(4,831

)

(7,372

)

Accounts payable and other liabilities

21,639

 

20,168

 

Income taxes

(14,139

)

5,454

 

Deferred revenue

8,834

 

(453

)

Net cash provided by operating activities

16,556

 

15,770

 

Cash flows from investing activities:
Capital expenditures

(2,211

)

(179

)

Purchases of investments

-

 

(3,000

)

Proceeds from sale of investments

-

 

3,000

 

Purchases of strategic investments

-

 

(500

)

Net cash used in investing activities

(2,211

)

(679

)

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

1,646

 

1,664

 

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

(547

)

(764

)

Acquisition of treasury stock

(10,000

)

(49,906

)

Net cash used in financing activities

(8,901

)

(49,006

)

Cash flows from discontinued operations:
From operating activities

598

 

836

 

Net cash provided by discontinued operations

598

 

836

 

Effect of exchange rate changes on cash

735

 

993

 

 
Net change in cash and cash equivalents

6,777

 

(32,086

)

Cash and cash equivalents at beginning of period

492,169

 

485,602

 

Cash and cash equivalents at end of period

498,946

 

453,516

 

 
Supplemental cash flow information:
Cash paid for income taxes, net - continuing operations

22,699

 

556

 

Cash (received) for income taxes, net - discontinued operations

(912

)

(1,307

)

Cash paid for operating lease liabilities

2,551

 

2,472

 

Operating lease assets obtained in exchange for operating lease liabilities

-

 

69

 

Purchases of property, plant, & equipment, net remaining unpaid at end of period

1,218

 

77

 

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
 
For the Nine Months Ended
December 31,

2023

2022

 
Cash flows from operating activities:
Net earnings (loss)

17,254

 

(87,338

)

Earnings from discontinued operations, net of tax

(985

)

(836

)

Non-cash operating activities:
Depreciation and amortization

7,685

 

16,561

 

Loss on disposal or impairment of assets

3,528

 

4,121

 

Gain on sale of strategic investment

-

 

(194

)

Lease impairments

-

 

18,165

 

Provision for doubtful accounts

307

 

1,728

 

Impairment of goodwill

2,875

 

-

 

Deferred income taxes

40

 

204

 

Non-cash stock compensation expense

46,524

 

81,142

 

Changes in operating assets and liabilities:
Accounts receivable

(41,036

)

(27,171

)

Deferred commissions

(7,142

)

(2,123

)

Other assets

912

 

1,588

 

Accounts payable and other liabilities

8,754

 

(9,309

)

Income taxes

29,560

 

6,967

 

Deferred revenue

9,737

 

271

 

Net cash provided by operating activities

78,013

 

3,776

 

Cash flows from investing activities:
Capital expenditures

(2,464

)

(4,593

)

Purchases of investments

(24,385

)

(3,000

)

Proceeds from sales of investments

25,750

 

3,000

 

Purchases of strategic investments

(1,000

)

(500

)

Proceeds from sales of strategic investments

-

 

400

 

Net cash used in investing activities

(2,099

)

(4,693

)

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

7,221

 

6,255

 

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

(5,116

)

(2,054

)

Acquisition of treasury stock

(45,325

)

(149,997

)

Net cash used in financing activities

(43,220

)

(145,796

)

Cash flows from discontinued operations:
From operating activities

985

 

836

 

Net cash provided by discontinued operations

985

 

836

 

Effect of exchange rate changes on cash

819

 

(769

)

 
Net change in cash and cash equivalents

34,498

 

(146,646

)

Cash and cash equivalents at beginning of period

464,448

 

600,162

 

Cash and cash equivalents at end of period

498,946

 

453,516

 

 
Supplemental cash flow information:
Cash (received) paid for income taxes, net - continuing operations

(2,440

)

4,725

 

Cash (received) for income taxes, net - discontinued operations

(1,507

)

(1,307

)

Cash paid for operating lease liabilities

7,699

 

5,733

 

Operating lease assets obtained in exchange for operating lease liabilities

11,677

 

69

 

Operating lease assets relinquished in exchange for operating lease liabilities

(4,486

)

(6,781

)

Purchases of property, plant, & equipment, net remaining unpaid at end of period

1,218

 

77

 

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW TO EQUITY (1)
(Unaudited)
(Dollars in thousands)
 
06/30/22 09/30/22 12/31/22 03/31/23 FY2023 06/30/23 09/30/23 12/31/23
 
Net Cash Provided by (Used in) Operating Activities-Continuing Operations

(33,369

)

21,375

 

15,770

 

30,665

 

34,441

 

25,693

 

35,764

 

16,556

 

 
Less:
Capital expenditures

(1,741

)

(2,673

)

(179

)

(103

)

(4,696

)

(53

)

(200

)

(2,211

)

 
Free Cash Flow to Equity

(35,110

)

18,702

 

15,591

 

30,562

 

29,745

 

25,640

 

35,564

 

14,345

 

 

(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)
 
FY24 to FY23
06/30/22 09/30/22 12/31/22 03/31/23 FY2023 06/30/23 09/30/23 12/31/23 FY2024 % $
Revenues

142,243

 

147,099

 

158,615

 

148,626

 

596,583

 

154,069

 

159,871

 

173,869

 

487,809

 

9.6

%

15,254

 

 
Cost of revenue

41,021

 

42,304

 

43,287

 

43,472

 

170,084

 

45,621

 

41,212

 

44,934

 

131,767

 

3.8

%

1,647

 

Gross profit

101,222

 

104,795

 

115,328

 

105,154

 

426,499

 

108,448

 

118,659

 

128,935

 

356,042

 

11.8

%

13,607

 

% Gross margin

71.2

%

71.2

%

72.7

%

70.8

%

71.5

%

70.4

%

74.2

%

74.2

%

73.0

%

 
Operating expenses
Research and development

47,661

 

46,139

 

43,175

 

52,220

 

189,195

 

34,519

 

33,733

 

37,788

 

106,040

 

(12.5

%)

(5,387

)

Sales and marketing

51,280

 

45,949

 

47,702

 

57,506

 

202,437

 

44,879

 

44,135

 

46,203

 

135,217

 

(3.1

%)

(1,499

)

General and administrative

27,144

 

28,718

 

36,657

 

32,832

 

125,351

 

26,664

 

26,009

 

27,241

 

79,914

 

(25.7

%)

(9,416

)

Gains, losses and other items, net

739

 

13,111

 

11,743

 

9,723

 

35,316

 

116

 

6,574

 

2,502

 

9,192

 

(78.7

%)

(9,241

)

Total operating expenses

126,824

 

133,917

 

139,277

 

152,281

 

552,299

 

106,178

 

110,451

 

113,734

 

330,363

 

(18.3

%)

(25,543

)

 
Income (loss) from operations

(25,602

)

(29,122

)

(23,949

)

(47,127

)

(125,800

)

2,270

 

8,208

 

15,201

 

25,679

 

163.5

%

39,150

 

% Margin

-18.0

%

-19.8

%

-15.1

%

-31.7

%

-21.1

%

1.5

%

5.1

%

8.7

%

5.3

%

 
Total other income (expense), net

699

 

2,248

 

(736

)

4,735

 

6,946

 

4,849

 

6,431

 

6,607

 

17,887

 

997.7

%

7,343

 

 
Income (loss) from continuing operations before income taxes

(24,903

)

(26,874

)

(24,685

)

(42,392

)

(118,854

)

7,119

 

14,639

 

21,808

 

43,566

 

188.3

%

46,493

 

 
Income taxes expense (benefit)

2,315

 

3,562

 

5,835

 

(6,460

)

5,252

 

8,705

 

10,163

 

8,429

 

27,297

 

44.5

%

2,594

 

 
Net loss from continuing operations

(27,218

)

(30,436

)

(30,520

)

(35,932

)

(124,106

)

(1,586

)

4,476

 

13,379

 

16,269

 

143.8

%

43,899

 

 
Earnings from discontinued operations, net of tax

-

 

-

 

836

 

4,568

 

5,404

 

-

 

387

 

598

 

985

 

(28.5

%)

(238

)

 
Net earnings (loss)

(27,218

)

(30,436

)

(29,684

)

(31,364

)

(118,702

)

(1,586

)

4,863

 

13,977

 

17,254

 

147.1

%

43,661

 

 
Diluted earnings (loss) per share

(0.40

)

(0.45

)

(0.46

)

(0.48

)

(1.79

)

(0.02

)

0.07

 

0.21

 

0.25

 

n/a

 

0.66

 

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

68,403

 

67,096

 

64,784

 

65,126

 

66,352

 

66,497

 

66,284

 

65,961

 

66,247

 

Diluted shares

69,195

 

67,568

 

65,356

 

66,268

 

67,097

 

67,388

 

67,868

 

67,943

 

67,733

 

 
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
 
06/30/22 09/30/22 12/31/22 03/31/23 FY2023 06/30/23 09/30/23 12/31/23 FY2024
 
Expenses, continuing operations:
Cost of revenue

41,021

 

42,304

 

43,287

 

43,472

 

170,084

 

45,621

 

41,212

 

44,934

 

131,767

 

Research and development

47,661

 

46,139

 

43,175

 

52,220

 

189,195

 

34,519

 

33,733

 

37,788

 

106,040

 

Sales and marketing

51,280

 

45,949

 

47,702

 

57,506

 

202,437

 

44,879

 

44,135

 

46,203

 

135,217

 

General and administrative

27,144

 

28,718

 

36,657

 

32,832

 

125,351

 

26,664

 

26,009

 

27,241

 

79,914

 

Gains, losses and other items, net

739

 

13,111

 

11,743.00

 

9,723

 

35,316

 

116

 

6,574

 

2,502

 

9,192

 

 
Gross profit, continuing operations:

101,222

 

104,795

 

115,328

 

105,154

 

426,499

 

108,448

 

118,659

 

128,935

 

356,042

 

% Gross margin

71.2

%

71.2

%

72.7

%

70.8

%

71.5

%

70.4

%

74.2

%

74.2

%

73.0

%

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

4,643

 

4,637

 

4,209

 

3,336

 

16,825

 

3,290

 

1,217

 

1,181

 

5,688

 

Non-cash stock compensation (cost of revenue)

1,163

 

1,293

 

1,208

 

2,653

 

6,317

 

629

 

629

 

817

 

2,075

 

Non-cash stock compensation (research and development)

11,656

 

12,360

 

10,654

 

20,737

 

55,407

 

5,077

 

5,293

 

6,960

 

17,330

 

Non-cash stock compensation (sales and marketing)

5,884

 

6,116

 

5,871

 

11,558

 

29,429

 

3,736

 

4,786

 

4,089

 

12,611

 

Non-cash stock compensation (general and administrative)

5,522

 

7,524

 

11,891

 

9,710

 

34,647

 

3,850

 

5,027

 

5,631

 

14,508

 

Restructuring charges (gains, losses, and other)

739

 

13,111

 

11,743

 

9,723

 

35,316

 

116

 

6,574

 

2,502

 

9,192

 

Transformation costs (general and administrative)

-

 

1,250

 

4,112

 

3,663

 

9,025

 

1,875

 

-

 

-

 

1,875

 

Total excluded items

29,607

 

46,291

 

49,688

 

61,380

 

186,966

 

18,573

 

23,526

 

21,180

 

63,279

 

 
Expenses, continuing operations excluding items:
Cost of revenue

35,215

 

36,374

 

37,870

 

37,483

 

146,942

 

41,702

 

39,366

 

42,936

 

124,004

 

Research and development

36,005

 

33,779

 

32,521

 

31,483

 

133,788

 

29,442

 

28,440

 

30,828

 

88,710

 

Sales and marketing

45,396

 

39,833

 

41,831

 

45,948

 

173,008

 

41,143

 

39,349

 

42,114

 

122,606

 

General and administrative

21,622

 

19,944

 

20,654

 

19,459

 

81,679

 

20,939

 

20,982

 

21,610

 

63,531

 

Gains, losses and other items, net

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 
Gross profit, continuing operations excluding items:

107,028

 

110,725

 

120,745

 

111,143

 

449,641

 

112,367

 

120,505

 

130,933

 

363,805

 

% Gross margin

75.2

%

75.3

%

76.1

%

74.8

%

75.4

%

72.9

%

75.4

%

75.3

%

74.6

%

 

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
 
06/30/22 09/30/22 12/31/22 03/31/23 FY 2023 06/30/23 09/30/23 12/31/23 FY 2024
 
Income (loss) from continuing operations before income taxes

(24,903

)

(26,874

)

(24,685

)

(42,392

)

(118,854

)

7,119

 

14,639

21,808

43,566

Income taxes (benefit)

2,315

 

3,562

 

5,835

 

(6,460

)

5,252

 

8,705

 

10,163

8,429

27,297

Net earnings (loss) from continuing operations

(27,218

)

(30,436

)

(30,520

)

(35,932

)

(124,106

)

(1,586

)

4,476

13,379

16,269

 
Earnings from discontinued operations, net of tax

-

 

-

 

836

 

4,568

 

5,404

 

-

 

387

598

985

 
Net earnings (loss)

(27,218

)

(30,436

)

(29,684

)

(31,364

)

(118,702

)

(1,586

)

4,863

13,977

17,254

 
Earnings (loss) per share:
Basic

(0.40

)

(0.45

)

(0.46

)

(0.48

)

(1.79

)

(0.02

)

0.07

0.21

0.26

Diluted

(0.40

)

(0.45

)

(0.46

)

(0.48

)

(1.79

)

(0.02

)

0.07

0.21

0.26

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

4,643

 

4,637

 

4,209

 

3,336

 

16,825

 

3,290

 

1,217

1,181

5,688

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

24,225

 

27,293

 

29,624

 

44,658

 

125,800

 

13,292

 

15,735

17,497

46,524

Restructuring charges (gains, losses, and other)

739

 

13,111

 

11,743

 

9,723

 

35,316

 

116

 

6,574

2,502

9,192

Transformation costs (general and administrative)

-

 

1,250

 

4,112

 

3,663

 

9,025

 

1,875

 

-

-

1,875

Total excluded items from continuing operations

29,607

 

46,291

 

49,688

 

61,380

 

186,966

 

18,573

 

23,526

21,180

63,279

 
Income from continuing operations before income taxes and excluding items

4,704

 

19,417

 

25,003

 

18,988

 

68,112

 

25,692

 

38,165

42,988

106,845

Income taxes expense (benefit)

1,237

 

4,557

 

6,468

 

(2,141

)

10,121

 

6,167

 

9,036

10,732

25,935

Non-GAAP net earnings from continuing operations

3,467

 

14,860

 

18,535

 

21,129

 

57,991

 

19,525

 

29,129

32,256

80,910

 
Non-GAAP earnings per share from continuing operations:
Basic

0.05

 

0.22

 

0.29

 

0.32

 

0.87

 

0.29

 

0.44

0.49

1.22

Diluted

0.05

 

0.22

 

0.28

 

0.32

 

0.86

 

0.29

 

0.43

0.47

1.19

 
Basic weighted average shares

68,403

 

67,096

 

64,784

 

65,126

 

66,352

 

66,497

 

66,284

65,961

66,247

Diluted weighted average shares

69,195

 

67,568

 

65,356

 

66,268

 

67,097

 

67,388

 

67,868

67,943

67,733

 
Some totals may not add due to rounding
 

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
(Unaudited)
(Dollars in thousands)
 
For the quarter ending For the year ending
March 31, 2024 March 31, 2024
 
Low High Low High
GAAP income (loss) from operations

 

(18,000

)

 

(17,000

)

 

8,000

 

9,000

 
Excluded items:
Purchased intangible asset amortization

 

3,000

 

 

3,000

 

 

9,000

 

9,000

Non-cash stock compensation

 

25,000

 

 

25,000

 

 

71,000

 

71,000

Restructuring charges

 

3,000

 

 

3,000

 

 

12,000

 

12,000

Transformation costs

 

-

 

 

-

 

 

2,000

 

2,000

Total excluded items

 

31,000

 

 

31,000

 

 

94,000

 

94,000

 
Non-GAAP income from operations

$

13,000

 

$

14,000

 

$

102,000

$

103,000

 

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

APPENDIX A

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

Q3 FISCAL 2024 FINANCIAL RESULTS

EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS

To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.

Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, income (loss) from operations and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:

Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.

Non-cash stock compensation: Non-cash stock compensation consists of charges for associate restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.

Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the current year, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.

Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company's announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.

Our non-GAAP financial schedules are:

Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, 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.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.