Quick Summary:
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the six months ended September 30, 2024 2023 Cash flows from operating activities: Net earnings (loss) (5,757) 3,277 Earnings from discontinued operations, net of tax — (387) Non-cash operating activities: Depreciation and amortization 9,004 5,903 Gain on disposal or impairment of assets 20 302 Lease-related impairment and restructuring charges (36) 2,315 Provision for doubtful accounts 1,245 (237) Impairment of goodwill — 2,875 Deferred income taxes 38 87 Non-cash stock compensation expense 57,053 29,027 Changes in operating assets and liabilities: Accounts receivable, net (2,627) (16,258) Deferred commissions 4,687 (2,907) Other assets 3,998 5,743 Accounts payable and other liabilities (31,994) (12,885) Income taxes 5,570 43,699 Deferred revenue 5,067 903 Net cash provided by operating activities 46,268 61,457 Cash flows from investing activities: Capital expenditures (467) (253) Purchases of investments (1,967) (24,385) Proceeds from sales of investments 24,995 25,750 Purchases of strategic investments (400) (1,000) Net cash provided by investing activities 22,161 112 Cash flows from financing activities: Proceeds related to the issuance of common stock under stock and employee benefit plans 6,327 5,575 Shares repurchased for tax withholdings upon vesting of stock-based awards (7,740) (4,569) Acquisition of treasury stock (65,653) (35,325) Net cash used in financing activities (67,066) (34,319) Cash flows from discontinued operations: From operating activities — 387 Net cash provided by discontinued operations — 387 Effect of exchange rate changes on cash 743 84 Net change in cash, cash equivalents and restricted cash 2,106 27,721 Cash, cash equivalents and restricted cash at beginning of period 339,471 464,448 Cash, cash equivalents and restricted cash at end of period 341,577 492,169 Supplemental cash flow information: Cash paid (received) for income taxes, net from continuing operations 11,000 (25,139) Cash received for income taxes, net from discontinued operations — (595) Cash received for tenant improvement allowances (1,758) — Cash paid for operating lease liabilities 4,877 5,148 Operating lease assets obtained in exchange for operating lease liabilities 1,043 11,677 Operating lease assets, and related lease liabilities, relinquished in lease terminations (555) (4,486) Purchases of property, plant and equipment remaining unpaid at period end 238 211 LIVERAMP HOLDINGS, INC AND SUBSIDIARIESCALCULATION OF FREE CASH FLOW TO EQUITY (1)(Unaudited)(Dollars in thousands) 6/30/20239/30/202312/31/20233/31/2024FY2024 6/30/20249/30/2024FY2025 Net Cash Provided by (Used in) Operating Activities $25,693 $35,764 $16,556 $27,643 $105,656 $(9,328)$55,596 $46,268 Less: Capital expenditures (53) (200) (2,211) (1,791) (4,255) (226) (241) (467) Free Cash Flow to Equity $25,640 $35,564 $14,345 $25,852 $101,401 $(9,554)$55,355 $45,801 (1) This presentation includes non-GAAP measures.
AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP EPS (1)(Unaudited)(Dollars in thousands, except per share amounts) FY2024 FY2025 6/30/20239/30/202312/31/20233/31/2024FY2024 6/30/20249/30/2024FY2025 Income (loss) from continuing operations before income taxes 7,119 14,63921,808(9,205)34,361 (804)11,68410,880 Income tax expense (benefit) 8,705 10,1638,429(3,027)24,270 6,685 9,95216,637 Net earnings (loss) from continuing operations (1,586)4,47613,379(6,178)10,091 (7,489)1,732(5,757) Earnings from discontinued operations, net of tax - 387598805 1,790 - -- Net earnings (loss) (1,586)4,86313,977(5,373)11,881 (7,489)1,732(5,757) Earnings (loss) per share: Basic (0.02)0.070.21(0.08)0.18 (0.11)0.03(0.09)Diluted (0.02)0.070.21(0.08)0.17 (0.11)0.03(0.09) Excluded items: Purchased intangible asset amortization (cost of revenue) 3,290 1,2171,1813,097 8,785 3,846 3,7487,594 Non-cash stock compensation (cost of revenue and operating expenses) 13,292 15,73517,49724,780 71,304 27,985 29,06857,053 Restructuring and merger charges (gains, losses, and other) 116 6,5742,5022,516 11,708 206 397603 Transformation costs (general and administrative) 1,875 --- 1,875 - -- Total excluded items from continuing operations 18,573 23,52621,18030,393 93,672 32,037 33,21365,250 Income from continuing operations before income taxes and excluding items 25,692 38,16542,98821,188 128,033 31,233 44,89776,130 Income tax expense 6,167 9,03610,7323,947 29,882 7,371 10,74518,116 Non-GAAP net earnings from continuing operations 19,525 29,12932,25617,241 98,151 23,862 34,15258,014 Non-GAAP earnings per share from continuing operations: Basic 0.29 0.440.490.26 1.48 0.36 0.520.87 Diluted 0.29 0.430.470.25 1.45 0.35 0.510.85 Basic weighted average shares 66,497 66,28465,96166,323 66,266 66,621 66,29466,458 Diluted weighted average shares, Non-GAAP 67,388 67,86867,94368,471 67,918 68,463 67,30967,886 Some totals may not add due to rounding (1) This presentation includes non-GAAP measures.
AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP EPS (1)(Unaudited)(Dollars in thousands, except per share amounts) For the three months ended September 30, For the six months ended September 30, 2024 2023 2024 2023 Income from continuing operations before income taxes 11,684 14,639 10,880 21,758Income tax expense 9,952 10,163 16,637 18,868Net earnings (loss) from continuing operations 1,732 4,476 (5,757) 2,890Earnings from discontinued operations, net of tax - 387 - 387Net earnings (loss) 1,732 4,863 (5,757) 3,277 Basic earnings (loss) per share 0.03 0.07 (0.09) 0.05Diluted earnings (loss) per share 0.03 0.07 (0.09) 0.05 Excluded items: Purchased intangible asset amortization (cost of revenue) 3,748 1,217 7,594 4,507Non-cash stock compensation (cost of revenue and operating expenses) 29,068 15,735 57,053 29,027Restructuring and merger charges (gains, losses, and other) 397 6,574 603 6,690 Total excluded items from continuing operations 33,213 23,526 65,250 42,099 Income from continuing operations before income taxes and excluding items 44,897 38,165 76,130 63,857Income tax expense (2) 10,745 9,036 18,116 15,203Non-GAAP net earnings from continuing operations 34,152 29,129 58,014 48,654 Non-GAAP earnings per share from continuing operations: Basic 0.52 0.44 0.87 0.73Diluted 0.51 0.43 0.85 0.72 Basic weighted average shares 66,294 66,284 66,458 66,391Diluted weighted average shares, Non-GAAP 67,309 67,868 67,886 67,628 (1) This presentation includes non-GAAP measures.
