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LiveRamp Announces Fourth Quarter and Fiscal Year Results

Dienstag, 28.05.19 22:05
LiveRamp Announces Fourth Quarter and Fiscal Year Results
Bildquelle: iStock by Getty Images
SAN FRANCISCO –

LiveRamp (NYSE: RAMP), the identity platform powering exceptional experiences, today announced its financial results for the fourth quarter and fiscal year ended March 31, 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190528005741/en/

Fourth Quarter Financial Highlights

  • Total revenue was $78 million, up 30% compared to the prior year period. Excluding the impact of Facebook, total revenue increased 40%.
  • Subscription revenue was $66 million, up 40% and contributed 84% of total revenue.
  • Marketplace & Other revenue of $13 million declined 4% on a reported basis. Excluding the impact of Facebook, Marketplace & Other revenue increased 43%.
  • GAAP loss per share from continuing operations was $0.73, and non-GAAP loss per share from continuing operations was $0.13.
  • Cash flow from operating activities improved to $38 million, compared to net cash used in operating activities of $9 million during the fourth quarter of fiscal 2018. Fourth quarter cash flow included a tax benefit of approximately $60 million.
  • During the quarter, LiveRamp repurchased 175 thousand shares for $10 million under its $1 billion stock repurchase program. Since inception of the share repurchase program in 2011, the Company has repurchased 22.6 million shares for $449 million, leaving remaining capacity of $551 million.

Fiscal Year Financial Highlights

  • Total revenue was $286 million, up 30% compared to the prior year period. Excluding the impact of Facebook, revenue increased 41%.
  • Subscription revenue was $237 million, up 38% and contributed 83% of total revenue.
  • Marketplace & Other revenue of $49 million grew 2%. Excluding the impact of Facebook, Marketplace & Other revenue increased 60%.
  • GAAP loss per share from continuing operations was $1.79, and non-GAAP loss per share from continuing operations was $0.29.
  • Cash flows used in operating activities was $2 million compared to $14 million during fiscal 2018.
  • Cash and cash equivalents totaled $1.1 billion with no debt at fiscal year end.

“The fourth quarter represented a strong finish to an incredible year,” said LiveRamp CEO Scott Howe. “I’m extremely proud of the team’s performance and our momentum entering FY20. LiveRamp has solidified its position as the leading provider of people-based identity and data connectivity for the open ecosystem. In the coming year, we plan to double down on key growth areas like Advanced TV, enterprise data networks and global expansion.”

“Each of our growth initiatives continues to build momentum,” said LiveRamp CFO Warren Jenson. “As enterprises look for new ways to better leverage data to power the customer experience, they are increasingly turning to LiveRamp as the trusted and open choice.”

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for its fourth quarter and fiscal year ($ in millions):

     
Q4 Fiscal 2019 Full Year Fiscal 2019
Results Results
 

GAAP

  Non-GAAP GAAP   Non-GAAP
Subscription revenue $66 -- $237 --
YoY change % 40% 38%
Marketplace & other revenue $13

--

$49 --

YoY change %

(4%)

 

 

2%

 

 

Total revenue $78 -- $286 --
YoY change % 30% 30%
 
Gross profit $41 $47 $165 $188
% Gross margin 52% 60% 58% 66%
YoY change pts (9 pts) (12 pts) 2 pts (2 pts)
 
Operating loss ($82) ($22) ($198) ($54)
% Operating margin (105%) (29%) (69%) (19%)
YoY change pts (59 pts) (17 pts) (9 pts) (2 pts)
 
Net loss1 ($50) ($9) ($134) ($22)
 
Earnings (loss) per share1 ($0.73) ($0.13) ($1.79) ($0.29)
YoY change % nm nm nm nm
Net operating cash flow $38 -- ($2) --
YoY change % nm -- nm --
Free cash flow to equity -- $35 -- ($14)
YoY change % -- nm -- nm

1

From continuing operations, does not include AMS results.
Totals may not sum due to rounding.
 

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

Additional Metrics & Highlights

  • LiveRamp added 25 new direct subscription customers during the quarter, bringing its total direct customer count to 665, an increase of 21% year-over-year. We now serve 20% of the Fortune 500 compared to 16% in the prior year period.
  • LiveRamp has 46 clients whose subscription contracts exceed $1 million in annual revenue, up from 34 in the prior year period.
  • Dollar-based net retention was approximately 114% in the quarter.
  • LiveRamp announced the availability of IdentityLink for Real-Time Bidding (RTB) – providing demand-side platforms free perpetual access to its scaled, people-based identifier. This offering compliments the free access to IdentityLink that supply-side platforms get through the Advertising ID Consortium.
  • In April 2019, LiveRamp acquired consent management platform Faktor to enable streamlined consent management across the open web. LiveRamp remains committed to helping its clients manage consent and maintain transparency in order to comply with the California Consumer Privacy Act (CCPA).

Financial Outlook

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

For fiscal 2020, LiveRamp expects to report:

  • Revenue of $358 million to $372 million, an increase of between 25% and 30% year-over-year.
  • GAAP operating loss from continuing operations of between $165.5 million and $145.5 million.
  • Non-GAAP operating loss of between $70 million to $50 million.

The Company’s GAAP and non-GAAP operating loss guidance includes up to $15 million of transition-related spend associated with establishing standalone operations at LiveRamp following the AMS sale. Transition-related spending is expected to be complete by the end of the second fiscal quarter.

LiveRamp continues to expect full year non-GAAP operating profitability in fiscal 2021.

Conference Call

LiveRamp will hold a conference call at 1:30 p.m. PT today to further discuss this information. Interested parties are invited to listen to the call which will be broadcast via the Internet and can be found on LiveRamp’s investor site. A slide presentation will be referenced during the call and can be accessed here.

About LiveRamp

LiveRamp provides the identity platform leveraged by brands and their partners to deliver innovative products and exceptional experiences. LiveRamp IdentityLink connects people, data, and devices across the digital and physical world, powering the people-based marketing revolution and allowing consumers to safely connect with the brands and products they love. For more information, visit www.LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). These statements, which are not statements of historical fact, may contain estimates, assumptions, projections and/or expectations regarding the Company’s financial position, results of operations, market position, product development, growth opportunities, economic conditions, and other similar forecasts and statements of expectation. Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof.

These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements relate to the Company’s dependence upon customer renewals, new customer additions and upsell within our subscription business, the reliance upon partners including data suppliers, competition, attracting and retaining talent. Additional risks relate to maintaining our culture, our ability to innovate and evolve within rapidly changing industry including digital advertising, while also avoiding disruption from acquisition and divestiture activities. Our international operations are subject to risks that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ computer systems could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry, interruptions or delays in service from data center hosting vendors we rely upon, our dependence on the continued availability of third-party data hosting and transmission services, our client’s ability to use data on our platform could be restricted if the industry’s use of third party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Changes in regulations relating to information collection represents a risk as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. Finally, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties, please refer to LiveRamp’s Annual Report on Form 10-K for our fiscal year 2018 ended March 31, 2018, and LiveRamp's Quarterly Reports on Form 10-Q issued in fiscal year 2019.

The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in LiveRamp’s Annual Report on Form 10-K for our fiscal year ended March 31, 2019, which LiveRamp expects to file on May 28, 2019.

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

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

LiveRamp, IdentityLinkTM, AbilitecTM and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

       
LIVERAMP HOLDINGS, INC. AND SUBDISIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
 
For the Three Months Ended
March 31,
$ %
2019 2018   Variance Variance
 
Revenues 78,316 60,210 18,106 30.1 %
 
Cost of revenue 37,760   23,800   13,960 58.7 %
Gross profit 40,556 36,410 4,146 11.4 %
% Gross margin 51.8 % 60.5 %
 
Operating expenses:
Research and development 31,318 15,963 15,355 96.2 %
Sales and marketing 49,223 30,735 18,488 60.2 %
General and administrative 27,749 16,914 10,835 64.1 %
Gains, losses and other items, net 14,400   681   13,719 2014.5 %
Total operating expenses 122,690   64,293   58,397 90.8 %
 
Loss from operations (82,134 ) (27,883 ) (54,251 ) (194.6 %)
% Margin -104.9 % -46.3 %
 
Total other income 8,311   387   7,924 2047.5 %
 
Loss from continuing operations before income taxes (73,823 ) (27,496 ) (46,327 ) (168.5 %)
 
Income taxes (benefit) (24,135 ) (8,486 ) (15,649 ) (184.4 %)
 
Net loss from continuing operations (49,688 ) (19,010 ) (30,678 ) (161.4 %)
 
Earnings from discontinued operations, net of tax 4,227   24,185   (19,958 ) (82.5 %)
 
Net earnings (loss) (45,461 ) 5,175   (50,636 ) (978.5 %)
 
Basic earnings (loss) per share:
Continuing operations (0.73 ) (0.24 ) (0.49 ) (200.9 %)
Discontinued operations 0.06   0.31   (0.25 ) (79.9 %)
Net earnings (loss) (0.67 ) 0.07   (0.73 ) (1111.1 %)
 
Diluted earnings (loss) per share:
Continuing operations (0.73 ) (0.24 ) (0.49 ) (200.9 %)
Discontinued operations 0.06   0.31   (0.25 ) (79.9 %)
Net earnings (loss) (0.67 ) 0.07   (0.73 ) (1111.1 %)
 
Basic weighted average shares 68,299 78,614
Diluted weighted average shares 68,299 78,614
 


Quelle: Business Wire

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LIVERAMP HOLDINGS, INC. AND SUBDISIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
 
For the Twelve Months Ended
March 31,
$ %
2019 2018 Variance Variance
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