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LiveRamp Announces Third Quarter Results

Montag, 11.02.19 22:05
LiveRamp Announces Third Quarter Results
Bildquelle: fotolia.com
SAN FRANCISCO –

LiveRamp(NYSE: RAMP), the identity platform powering exceptional experiences, today announced its financial results for the quarter ended December 31, 2018.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190211005709/en/

Third Quarter Financial Highlights

  • Total revenue of $80 million, up 35% compared to the prior year period. Excluding the impact of Facebook, revenue increased 49%.
  • Subscription revenue of $65 million, up 42%.
  • Marketplace & Other revenue of $15 million grew 13%. Excluding the impact of Facebook, Marketplace & Other revenue increased 91%.
  • GAAP loss per share from continuing operations was ($0.20) and non-GAAP earnings per share from continuing operations was $0.03. Earnings benefited from interest income related to invested proceeds from the Acxiom Marketing Solutions (AMS) sale.
  • Cash flow used in operating activities improved sequentially to $11 million compared to $27 million during the second quarter of fiscal 2019. At quarter end, the Company had cash and cash equivalents totaling $1.5 billion and no debt. LiveRamp expects to pay taxes of roughly $450 million during its fiscal fourth quarter as a result of the gain on the sale of AMS.
  • The Company completed a $500 million tender for 11.2 million shares, reducing its share count by approximately 14%. Additionally, during the quarter, LiveRamp repurchased 0.4 million shares for $18 million under its $1 billion stock repurchase program. Since inception of its share repurchase program in 2011, the Company has repurchased 22.4 million shares for $439 million, leaving remaining capacity of $561 million.

“This was a landmark quarter for LiveRamp,” said LiveRamp CEO Scott Howe. “During our first official quarter as a stand-alone public company, we received $2.3 billion from the sale of AMS, completed a $500 million share repurchase, and at the same time, delivered a record top-line performance. We are excited about the value we bring to our customers and our role as the neutral and open platform for the safe and ethical use of data across the ecosystem.”

“Land, expand and extend is our way of life,” said LiveRamp President and CFO Warren Jenson. “This quarter, we added 30 new direct customers and meaningfully grew our existing customer relationships. As a result, subscription revenue was up 42%, and our dollar-based net retention rate exceeded 115% for the tenth consecutive quarter.”

Third Quarter GAAP and Non-GAAP Results

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

  Q3 Fiscal 2019   Q3 Fiscal 2019
GAAP Results Non-GAAP Results

 

  YoY       YoY
Subscription $65   42% $65   42%
Marketplace & other

$15

13%

$15

13%

Total Revenue $80 35% $80 35%
 
Gross profit $45 31% $51 24%
% Gross margin 56% (200 bps) 64% (590 bps)
 
Operating loss ($48) nm ($11) nm
% Operating margin (60%) (1,340 bps) (14%) (710 bps)
 
Net earnings (loss) from continuing operations ($15) nm $2 nm
Earnings (loss) per share ($0.20) nm $0.03 nm
Net cash used in operating activities ($11) nm ($11) nm
Free cash flow nm nm ($13) nm

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.

Key Metrics and Business Highlights

  • LiveRamp added 30 new direct customers during the quarter, bringing its total direct customer count to 640, an increase of 23% year-over-year. We now serve 19% of the Fortune 500 compared to 15% in the prior year period.
  • LiveRamp has 42 clients whose subscription contracts exceed $1 million in annual revenue, up from 31 in the prior year period.
  • Dollar-based net retention was in excess of 115% for the tenth consecutive quarter.
  • During the quarter, TV related revenue grew 38% year-over-year and addressable campaign volumes more than doubled. Recent LiveRamp TV wins included Cox, Turner and iSpot.

Financial Outlook

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

For fiscal 2019, LiveRamp now expects to report:

  • Revenue of up to $284 million, an increase of 29% year-over-year as compared to the Company’s previous revenue growth guidance of 25% to 30%.
  • GAAP operating loss from continuing operations of approximately $181 million as compared to previous GAAP operating loss guidance of $170 million to $158 million. The increased GAAP operating loss is associated with incremental restructuring charges and higher stock compensation.
  • Non-GAAP operating loss from continuing operations of approximately $55 million as compared to previous operating loss guidance of $64 million to $52 million.

The Company’s GAAP and non-GAAP operating loss guidance includes approximately $21 million of transition-related spend associated with establishing standalone operations at LiveRamp. The $21 million is broken out as follows: approximately $4 million in the second quarter, $9 million in the third quarter and $8 million in the fourth quarter. Transition-related spending is expected to be largely complete by mid-FY20.

Conference Call

LiveRamp will hold a conference call at 2:00 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 our investor site. A slide presentation will be referenced during the call and can be accessed here.

Upcoming Conference Attendance

LiveRamp management will be presenting at the 2019 Morgan Stanley TMT Conference on February 27th at 3:50 p.m. PT in San Francisco, California.

RampUp™ 2019

LiveRamp will be hosting RampUp 2019, the premiere conference for leaders in MarTech, on February 25th and 26th in San Francisco, California. This year’s event will include speakers from Cars.com, Dun & Bradstreet, Macy’s, Spark Foundry, Unity Technologies, and many more.

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 release and today’s conference call contain forward-looking statements including, without limitation, statements regarding expected levels of revenue and earnings per share. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The following are factors, among others, that could cause actual results to differ materially from these forward-looking statements: the possibility that expected revenue may not be realized within the expected timeframe; the possibility that the integration of acquired businesses may not be successful as planned; the possibility that certain contracts may not generate the anticipated revenue or profitability or may not be closed within the anticipated time frames; the possibility that significant customers may experience extreme, severe economic difficulty or otherwise reduce or cancel the amount of business they do with us; the possibility that we will not successfully complete customer contract requirements on time or meet the service levels specified in the contracts, which may result in contract penalties or lost revenue; the possibility that data purchasers will reduce their reliance on us by developing and using their own, or alternative, sources of data generally or with respect to certain data elements or categories; the possibility that third-party cookies will be restricted by regulators and or platform partners, which could impact the accuracy of our Identity Graph; the possibility that data suppliers might withdraw data from us, leading to our inability to provide certain products and services to our clients; the possibility that we may not be able to attract, retain or motivate qualified technical, sales and leadership associates, or that we may lose key associates; the possibility that we may not be able to adequately adapt to rapidly changing computing environments, technologies and marketing practices; the possibility that negative changes in economic conditions in general or other conditions might lead to a reduction in demand for our products and services; the possibility that there will be changes in consumer or business information industries and markets that negatively impact the company; the possibility that the historical seasonality of our business may change; the possibility that we will not be able to achieve anticipated cost reductions and avoid unanticipated costs; the possibility that the fair value of certain of our assets may not be equal to the carrying value of those assets now or in future time periods; the possibility that unusual charges may be incurred; the possibility that changes in accounting pronouncements may occur and may impact these forward-looking statements; the possibility that we may encounter difficulties when entering new markets or industries; the possibility that we could experience loss of data center capacity or interruption of telecommunication links; the possibility the European General Data Protection Regulation, which became effective May 25, 2018, will make it more difficult and/or costly for us to do business in the EU; the possibility the California Consumer Privacy Act of 2018, which becomes effective January 1, 2020, will make it more difficult and/or costly for us to do business in California and other states within the U.S.; the possibility that new laws may be enacted which limit our ability to provide services to our clients and/or which limit the use of data; and the possibility that other risks and uncertainties may emerge, including those detailed from time to time in our current and periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, particularly the discussion under the caption “Item 1A. RISK FACTORS” in our Annual Report on Form 10-K for the year ended March 31, 2018, which was filed with the Securities and Exchange Commission on May 25, 2018 and the discussion under the caption “Item 1A. RISK FACTORS” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, which was filed with the Securities and Exchange Commission on November 1, 2018.

With respect to the provision of products or services outside our primary base of operations in the United States, all the above factors apply, along with the difficulty of doing business in numerous sovereign jurisdictions due to differences in scale, competition, culture, laws and regulations.

We undertake no obligation to update the information contained in this press release or any other forward-looking statement.

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

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

     

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
 
For the Three Months Ended
December 31,
$ %
2018 2017 Variance   Variance
 
Revenues 80,021 59,121 20,900 35.4 %
 
Cost of revenue 34,838   24,526   10,312 42.0 %
Gross profit 45,183 34,595 10,588 30.6 %
% Gross margin 56.5 % 58.5 %
 
Operating expenses:
Research and development 20,469 14,311 6,158 43.0 %
Sales and marketing 40,054 27,832 12,222 43.9 %
General and administrative 27,828 20,929 6,899 33.0 %
Gains, losses and other items, net 5,043   (788 ) 5,831 740.0 %
Total operating expenses 93,394   62,284   31,110 49.9 %
 
Loss from operations (48,211 ) (27,689 ) (20,522 ) (74.1 %)
% Margin -60.2 % -46.8 %
 
Total other income 10,404   432   9,972 2308.3 %
 
Loss from continuing operations before income taxes (37,807 ) (27,257 ) (10,550 ) (38.7 %)
 
Income taxes (benefit) (22,546 ) (29,791 ) 7,245 24.3 %
 
Net earnings (loss) from continuing operations (15,261 ) 2,534 (17,795 ) (702.2 %)
 
Earnings from discontinued operations, net of tax 1,071,661   20,407   1,051,254 5151.4 %
 
Net earnings 1,056,400   22,941   1,033,459 4504.9 %
 
Basic earnings (loss) per share:
Continuing operations (0.20 ) 0.03 (0.23 ) (715.0 %)
Discontinued operations 13.85   0.26   13.59 5263.1 %
Net earnings 13.65   0.29   13.36 4602.7 %
 
Diluted earnings (loss) per share:
Continuing operations (0.20 ) 0.03 (0.23 ) (737.0 %)
Discontinued operations 13.85   0.25   13.60 5454.8 %
Net earnings 13.65   0.28   13.37 4770.9 %
 
Basic weighted average shares 77,398 79,043
Diluted weighted average shares 77,398 81,869
     

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
 
For the Nine Months Ended
December 31,
$ %
2018 2017 Variance   Variance
 
Revenues 207,304 159,891 47,413 29.7 %
 
Cost of revenue 82,958   72,596   10,362 14.3 %
Gross profit 124,346 87,295 37,051 42.4 %
% Gross margin 60.0 % Hier geht's zur Aktien-Startseite

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