LiveRamp Enters into Definitive Agreement to be Acquired by Publicis Groupe in All-Cash Transaction with an Equity Value of $2.5 billion
SAN FRANCISCO, May 17, 2026 (GLOBE NEWSWIRE) -- LiveRamp® (NYSE:RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2026.
Q4 Financial HighlightsUnless otherwise indicated, all comparisons are to the prior year period.
Total revenue was $206 million, up 9%.
Subscription revenue was $158 million, up 9%.
Marketplace & Other revenue was $49 million, up 11%.
GAAP gross profit was $146 million, up 11%. GAAP gross margin of 71% expanded by 1 percentage point. Non-GAAP gross profit was $149 million, up 10%. Non-GAAP gross margin of 72% expanded by 1 percentage point.
GAAP income from operations was $15 million compared to a loss of $12 million. GAAP operating margin of 7% expanded by 14 percentage points. Non-GAAP operating income was $40 million, up 75%. Non-GAAP operating margin of 20% expanded by 7 percentage points.
GAAP and non-GAAP diluted earnings per share was $1.12 and $0.52, respectively. GAAP diluted EPS benefited from the release of deferred tax valuation allowances.
Net cash provided by operating activities was $59 million compared to $63 million.
Share repurchases in the fourth quarter totaled approximately 2.8 million shares for $76 million.
Fiscal Year 2026 Financial HighlightsUnless otherwise indicated, all comparisons are to the prior year period.
Total revenue was $813 million, up 9%.
Subscription revenue was $614 million, up 8%.
Marketplace & Other revenue was $199 million, up 12%.
GAAP gross profit was $575 million, up 9%. GAAP gross margin of 71% was flat. Non-GAAP gross profit was $591 million, up 7%, and non-GAAP gross margin of 73% compressed by 1 percentage point.
GAAP Income from operations was $83 million compared to $5 million. GAAP operating margin of 10% expanded by 10 percentage points. Non-GAAP operating income was $182 million, up 34%. Non-GAAP operating margin of 22% expanded by 4 percentage points.
GAAP diluted earnings per share was $2.24, and non-GAAP diluted EPS was $2.27. GAAP diluted EPS benefited from the release of deferred tax valuation allowances.
Net cash provided by operating activities was $168 million compared to $154 million.
Share repurchases in fiscal 2026 totaled approximately 7.1 million shares for $194 million. As of March 31, 2026, there was $262 million in remaining capacity under the recently modified share repurchase authorization that expires on December 31, 2027.
A reconciliation between GAAP and non-GAAP results is provided in the schedules in this press release.
Commenting on the results, CEO Scott Howe said: "We finished FY26 on a strong note, with Q4 revenue and operating income ahead of consensus and ARR growth accelerating sequentially. We also achieved record operating cash flow in FY26, and returned over 100% to shareholders through buybacks. We continue to leverage AI to make our platform faster, more effective and easier to use, including the recent introduction of AI agent accessibility, enabling specialized AI agents to autonomously collaborate with any partner."
Howe continued: "In addition, we announced an agreement to be acquired by Publicis Groupe, delivering significant and certain value to LiveRamp shareholders. This transaction reflects the strength of our business, the value of our platform and the strategic role LiveRamp plays in an AI-driven market. Together, we believe we can accelerate data collaboration and the delivery of AI capabilities that help customers and partners advance agentic transformation and derive more value, faster."
GAAP and Non-GAAP Results
The following table summarizes the Company's financial results for the fourth quarter and fiscal year ended March 31, 2026 ($ in millions, except per share amounts):
GAAP
Non-GAAP
Q4 FY26
FY26
Q4 FY26
FY26
Subscription revenue
$
158
$
614
--
--
YoY change %
9
%
8
%
--
--
Marketplace & Other revenue
$
49
$
199
--
--
YoY change %
11
%
12
%
--
--
Total revenue
$
206
$
813
--
--
YoY change %
9
%
9
%
--
--
Gross profit
$
146
$
575
$
149
$
591
% Gross margin
71
%
71
%
72
%
73
%
YoY change, pts
1 pt
0 pts
1 pt
(1) pt
Operating income
$
15
$
83
$
40
$
182
% Operating margin
7
%
10
%
20
%
22
%
YoY change, pts
14 pts
10 pts
7 pts
4 pts
Net earnings
$
71
$
146
$
33
$
148
Diluted earnings per share
$
1.12
$
2.24
$
0.52
$
2.27
Shares to calculate diluted EPS
63.4
65.0
63.4
65.0
YoY change %
(4)%
(2)%
(6)%
(4)%
Operating cash flow
$
59
$
168
Free cash flow
$
59
$
166
Totals and year-over-year changes may not reconcile due to rounding.
A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
Additional Business Highlights & Metrics
We announced the launch of new AI capabilities to help transform how marketers plan, execute, measure, and optimize campaigns agentically. We introduced agent-powered access to the LiveRamp platform, enabling specialized AI agents to autonomously collaborate with any partner, moving from manual, fragmented workflows to intelligent, governed execution that delivers better performance (link).
We announced native support for NVIDIA AI infrastructure, upgrading our clean room architecture to handle the world's most advanced and compute-intensive AI workloads. AI partners and brands can now securely and seamlessly train and deploy sophisticated models using LiveRamp clean rooms or via the LiveRamp Marketplace at up to 15x speed, without exposing data or model weights (link).
We announced an expanded partnership with Unity, a leading game engine, to help marketers more effectively reach mobile users and generate better marketing returns. The partnership will make LiveRamp's durable, interoperable identifier, RampID, available across Unity Exchange, enabling marketers, agencies, and platforms to apply identity-based buying strategies within Unity's mobile ecosystem that includes 2.9 billion monthly active mobile devices (link).
In March we hosted our annual customer and partner conference, RampUp, bringing together more than 2,300 leaders from across the digital advertising ecosystem. The event included more than 40 presentations and panels featuring some of our largest customers and partners, such as General Motors, JPMorgan Chase, Netflix, and Meta. Video replays of these sessions are available here. Also, we hosted an investor presentation that can be accessed here.
On February 12, 2026 we announced an increase in our share repurchase authorization by $200 million and extended the expiration by one year to December 31, 2027. As of March 31, 2026, there was $262 million in remaining capacity under the authorization.
On February 11, 2026 we appointed to our Board of Directors Kristi Argyilan, who currently serves as Global Head of Advertising at Uber. Widely recognized as the pioneer of retail media, Argyilan previously led the Albertsons Media Collective and championed the industry-wide move toward measurement standardization (link).
LiveRamp ended the fiscal year with 133 customers whose annualized subscription revenue exceeds $1 million, compared to 128 in the prior year period.
LiveRamp ended the fiscal year with 846 direct subscription customers, compared to 840 in the prior year period.
Subscription net retention was 107% and platform net retention was 108%.
Annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $545 million, up 8% compared to the prior year period.
Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $518 million, up 10% compared to the prior year period.
Transaction with Publicis Groupe
In a separate press release issued today, LiveRamp announced that it has entered into a definitive agreement to be acquired by Publicis Groupe. Under the terms of the agreement, Publicis Groupe will acquire all of the outstanding shares of LiveRamp for $38.50 per share in an all-cash transaction for an equity value of $2.5 billion. This represents a premium of 30% to LiveRamp's closing stock price on May 15, 2026, the last full trading day prior to the transaction announcement. The transaction is expected to close by the end of calendar 2026, subject to customary closing conditions, including approval by LiveRamp shareholders. The transaction press release is available on the LiveRamp investor relations website.
Given the announced transaction, LiveRamp will not host its previously scheduled earnings conference call or provide financial guidance in conjunction with this earnings release.
About LiveRamp
LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp's data collaboration network seamlessly unites data across advertisers, ad tech platforms, publishers, data providers, and commerce media networks—unlocking insights that deliver transformational consumer experiences, and drive measurable business outcomes. As consumers embrace AI-powered experiences, the LiveRamp data collaboration network expands the breadth and accuracy of the data on which marketing AI capabilities operate. Our platform is engineered for AI agent accessibility, facilitating autonomous data collaboration between the specialized AI agents utilized by our customers and partners. Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating business growth.
LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning LiveRamp, Publicis, the proposed transaction and other matters. Forward-looking statements contained herein could include, among other things, statements regarding the anticipated timing of the consummation of the proposed transaction; statements about management's confidence in and strategies for performance of the combined businesses; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms. These forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the control of LiveRamp or Publicis. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication including, but not limited to: economic uncertainties that could impact LiveRamp or LiveRamp's suppliers, customers and partners, geopolitical circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of LiveRamp's customers to renew their agreements with LiveRamp upon their expiration; LiveRamp's ability to add new customers and upsell within LiveRamp's subscription business; LiveRamp's reliance upon partners, including data suppliers, who may withdraw or withhold data from LiveRamp; increased competition and rapidly changing technology that could impact LiveRamp's products and services; LiveRamp's ability to keep up with rapidly changing technology practices in LiveRamp's products and services or that expected benefits from utilization of technological innovations (including AI) may not be realized as soon as expected or at all; the risk that LiveRamp fails to realize the potential benefits of or have difficulty integrating acquired businesses; and LiveRamp's inability to attract, motivate and retain talent. Additional risks include maintaining LiveRamp's culture and LiveRamp's 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 LiveRamp's current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting LiveRamp's workforce. LiveRamp's global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. LiveRamp's 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 LiveRamp's business. The risk of a significant breach of the confidentiality of the information or the security of LiveRamp's or LiveRamp's customers', suppliers', or other partners' data and/or computer systems, or the risk that LiveRamp's 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 LiveRamp on commercially reasonable terms, or at all, could be detrimental to LiveRamp's business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about LiveRamp's industry; interruptions or delays in service from data center or cloud hosting vendors LiveRamp relies upon; and LiveRamp's dependence on the continued availability of third-party data hosting and transmission services. LiveRamp's clients' ability to use data on LiveRamp's platform could be restricted if the industry's use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting LiveRamp's business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to LiveRamp's customers which could cause enterprise software budget tightening. In addition, third parties may claim that LiveRamp is infringing their intellectual property or may infringe LiveRamp's intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of LiveRamp's resources. Factors that could cause actual future events to differ materially from the forward looking-statements in this communication in regard to the proposed transaction concerning LiveRamp and Publicis include, but are not limited to: (1) failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change, or other circumstance that could give rise to the right of one or multiple of the parties to terminate the definitive agreement between Publicis and LiveRamp; (2) the possibility that the transaction does not close when expected or at all because required regulatory, shareholder, or other approvals are not received or satisfied on a timely basis or at all; (3) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, including those resulting from the announcement, pendency or completion of the transaction; (4) risks that the new businesses will not be integrated successfully or that the combined companies will not realize estimated cost savings, value of certain tax assets, synergies and growth or that such benefits may take longer to realize than expected; (5) failure to realize anticipated benefits of the combined operations; (6) risks relating to unanticipated costs of integration; (7) ability to hire and retain key personnel; (8) ability to successfully integrate the companies' businesses; (9) the potential impact of announcement or consummation of the proposed transactions on relationships with third parties, including clients, employees and competitors, including reputational risk; (10) ability to attract new clients and retain existing clients in the manner anticipated; (11) reliance on and integration of information technology systems; (12) suffering reduced profits or losses as a result of intense competition; or (13) potential litigation that may be instituted against LiveRamp or its directors or officers related to the proposed transaction or the merger agreement. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the parties' businesses, including those described in LiveRamp's Annual Report on Form 10-K for the year ended March 31, 2025, in Part I "Cautionary Statements Relevant to Forward-Looking Information" and Part I, Item 1A, "Risk Factors," as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission (the "SEC") and those described in documents Publicis has filed with the Autorité des Marchés Financiers (the French securities regulator). The parties do not undertake, nor do they have, any obligation to provide updates or to revise any forward-looking statements.
NO OFFER OR SOLICITATION
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and applicable regulations.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction, LiveRamp Holdings, Inc. will be filing documents with the SEC, including preliminary and definitive proxy statements relating to the proposed transaction (the "proxy statement"). The definitive proxy statement will be mailed to LiveRamp's shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Any vote in respect of resolutions to be proposed at LiveRamp's shareholder meeting to approve the proposed transaction should be made only on the basis of the information contained in LiveRamp's proxy statement and documents incorporated by reference therein. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC's website at www.sec.gov or on LiveRamp's website at www.liveramp.com.
PARTICIPANTS IN THE SOLICITATION
Publicis, LiveRamp and their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of LiveRamp in respect of the proposed transactions contemplated by the proxy statement. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the shareholders of LiveRamp in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement when it is filed with the SEC. Information about the directors and executive officers of LiveRamp and their ownership of shares of LiveRamp common stock and other securities of LiveRamp can be found in the sections entitled "Nominees and Continuing Directors," "Stock Ownership," "Compensation Discussion and Analysis," "Compensation Tables," and "Non-Employee Director Compensation" included in LiveRamp's proxy statement in connection with its 2025 Annual Meeting of Shareholders, filed with the SEC on June 27, 2025; in the Form 3 and Form 4 initial statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by LiveRamp's directors and executive officers; and in other documents subsequently filed by LiveRamp with the SEC, including LiveRamp's proxy statement relating to the proposed transaction when it becomes available. Investors and security holders may obtain free copies of these documents and other related documents filed with the SEC at the SEC's website at www.sec.gov or on LiveRamp's website at www.liveramp.com.
The financial information set forth in this press release reflects estimates based on information available at this time.
LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.
To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.
For more information, contact: LiveRamp Investor Relations[email protected]
LiveRampⓇ and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
For the three months ended March 31,
$
%
2026
2025
Variance
Variance
Revenues
206,092
188,724
17,368
9.2
%
Cost of revenue
60,548
57,929
2,619
4.5
%
Gross profit
145,544
130,795
14,749
11.3
%
% Gross margin
70.6
%
69.3
%
Operating expenses
Research and development
37,756
45,926
(8,170
)
(17.8
)%
Sales and marketing
56,192
56,961
(769
)
(1.4
)%
General and administrative
32,988
32,175
813
2.5
%
Gains, losses and other items, net
3,315
7,241
(3,926
)
(54.2
)%
Total operating expenses
130,251
142,303
(12,052
)
(8.5
)%
Income (loss) from operations
15,293
(11,508
)
26,801
N/A
% Margin
7.4
%
(6.1
)%
Total other income, net
3,967
4,762
(795
)
(16.7
)%
Income (loss) from continuing operations before income taxes
19,260
(6,746
)
26,006
N/A
Income tax benefit
(50,476
)
(479
)
(49,997
)
(10,437.8
)%
Net earnings (loss) from continuing operations
69,736
(6,267
)
76,003
N/A
Earnings from discontinued operations, net of tax
1,176
—
1,176
N/A
Net earnings (loss)
70,912
(6,267
)
77,179
1,231.5
%
Basic earnings (loss) per share:
Continuing operations
1.12
(0.10
)
1.21
N/A
Discontinued operations
0.02
—
0.02
N/A
Basic earnings (loss) per share
1.14
(0.10
)
1.23
N/A
Diluted earnings (loss) per share:
Continuing operations
1.10
(0.10
)
1.20
N/A
Discontinued operations
0.02
—
0.02
N/A
Diluted earnings (loss) per share
1.12
(0.10
)
1.21
N/A
Basic weighted average shares
62,382
65,957
Diluted weighted average shares
63,382
65,957
Some totals may not sum due to rounding.
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
For the twelve months ended March 31,
$
%
2026
2025
Variance
Variance
Revenues
812,940
745,580
67,360
9.0
%
Cost of revenue
238,117
215,910
22,207
10.3
%
Gross profit
574,823
529,670
45,153
8.5
%
% Gross margin
70.7
%
71.0
%
Operating expenses
Research and development
148,139
176,668
(28,529
)
(16.1
)%
Sales and marketing
205,647
213,106
(7,459
)
(3.5
)%
General and administrative
132,581
126,499
6,082
4.8
%
Gains, losses and other items, net
4,990
7,993
(3,003
)
(37.6
)%
Total operating expenses
491,357
524,266
(32,909
)
(6.3
)%
Income from operations
83,466
5,404
78,062
1,444.5
%
% Margin
10.3
%
0.7
%
Total other income, net
14,598
17,436
(2,838
)
(16.3
)%
Income from continuing operations before income taxes
98,064
22,840
75,224
329.4
%
Income tax expense (benefit)
(46,712
)
25,342
(72,054
)
N/A
Net earnings (loss) from continuing operations
144,776
(2,502
)
147,278
N/A
Earnings from discontinued operations, net of tax
1,176
1,688
(512
)
(30.3
)%
Net earnings (loss)
145,952
(814
)
146,766
18,030.2
%
Basic earnings (loss) per share:
Continuing operations
2.26
(0.04
)
2.30
N/A
Discontinued operations
0.02
0.03
(0.01
)
(28.1
)%
Basic earnings (loss) per share
2.28
(0.01
)
2.29
N/A
Diluted earnings (loss) per share:
Continuing operations
2.23
(0.04
)
2.26
N/A
Discontinued operations
0.02
0.03
(0.01
)
(29.2
)%
Diluted earnings (loss) per share
2.24
(0.01
)
2.26
N/A
Basic weighted average shares
64,105
66,126
Diluted weighted average shares
65,045
66,126
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 March 31,
For the twelve months ended March 31,
2026
2025
2026
2025
Income (loss) from continuing operations before income taxes
19,260
(6,746
)
98,064
22,840
Income tax expense (benefit)
(50,476
)
(479
)
(46,712
)
25,342
Net earnings (loss) from continuing operations
69,736
(6,267
)
144,776
(2,502
)
Earnings from discontinued operations, net of tax
1,176
—
1,176
1,688
Net earnings (loss)
70,912
(6,267
)
145,952
(814
)
Basic earnings (loss) per share
1.14
(0.10
)
2.28
(0.01
)
Diluted earnings (loss) per share
1.12
(0.10
)
2.24
(0.01
)
Excluded items:
Purchased intangible asset amortization (cost of revenue)
2,750
3,135
11,000
14,415
Non-cash stock compensation (cost of revenue and operating expenses)
18,930
24,166
82,988
107,979
Restructuring and merger charges (gains, losses, and other)
3,315
7,241
4,990
7,993
Total excluded items from continuing operations
24,995
34,542
98,978
130,387
Income from continuing operations before income taxes and excluding items
44,255
27,796
197,042
153,227
Income tax expense (2)
11,064
7,759
49,261
38,296
Non-GAAP net earnings from continuing operations
33,191
20,037
147,781
114,931
Non-GAAP earnings per share from continuing operations
Basic
0.53
0.30
2.31
1.74
Diluted
0.52
0.30
2.27
1.70
Basic weighted average shares
62,382
65,957
64,105
66,126
Diluted weighted average shares
63,382
67,479
65,045
67,499
(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 consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
(2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)
For the three months ended March 31,
For the twelve months ended March 31,
2026
2025
2026
2025
Income (loss) from operations
15,293
(11,508
)
83,466
5,404
Operating income (loss) margin
7.4
%
(6.1
)%
10.3
%
0.7
%
Excluded items:
Purchased intangible asset amortization (cost of revenue)
2,750
3,135
11,000
14,415
Non-cash stock compensation (cost of revenue and operating expenses)
18,930
24,166
82,988
107,979
Restructuring and merger charges (gains, losses, and other)
3,315
7,241
4,990
7,993
Total excluded items
24,995
34,542
98,978
130,387
Income from operations before excluded items
40,288
23,034
182,444
135,791
Non-GAAP operating income margin
19.5
%
12.2
%
22.4
%
18.2
%
(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)
