CORRECTION -- LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

Yahoo

21-05-2025

SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) -- In a release issued earlier today under the same headline by LiveRamp (NYSE: RAMP), please note the GAAP operating income and Non-GAAP operating income for the first quarter of fiscal 2026 and fiscal 2026 were stated incorrectly. The corrected release follows:
Q4 Revenue up 10% year-over-year
FY25 Operating Cash Flow increases 46% year-over-year
FY25 Share Repurchases totaled $101 million
LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.
Q4 Financial Highlights1
Total revenue was $189 million, up 10%.
Subscription revenue was $145 million, up 9%.
Marketplace & Other revenue was $44 million, up 14%.
GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
Net cash provided by operating activities was $63 million compared to $28 million.
Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.
Fiscal Year Financial Highlights1
Total revenue was $746 million, up 13%.
Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
Marketplace & Other revenue was $177 million, up 21%.
GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
Net cash provided by operating activities was $154 million compared to $106 million.
Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.
A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
Commenting on the results, CEO Scott Howe said: "We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.'
GAAP and Non-GAAP ResultsThe following table summarizes the Company's financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):
GAAP
Non-GAAP
Q4 FY25
FY25
Q4 FY25
FY25
Subscription revenue
$145
$569
—
—
YoY change
9%
11%
—
—
Marketplace & Other revenue
$44
$177
—
—
YoY change
14%
21%
—
—
Total revenue
$189
$746
—
—
YoY change
10%
13%
—
—
Gross profit
$131
$530
$136
$550
% Gross margin
69%
71%
72%
74%
YoY change
(3 pts)
(2 pts)
(3 pts)
(1 pt)
Operating income (loss)
($12)
$5
$23
$136
% Operating margin
(6%)
1%
12%
18%
YoY change
2 pts
(1 pt)
3 pts
2 pts
Net earnings (loss)
($6)
($1)
$20
$115
Diluted earnings (loss) per share
($0.10)
($0.01)
$0.30
$1.70
Shares to calculate diluted EPS
66.0
66.1
67.5
67.5
YoY change
(1%)
(3%)
(1%)
(1%)
Net operating cash flow
$63
$154
—
—
Free cash flow
—
—
$62
$153
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 February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp's Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp's mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
Fourth quarter subscription net retention was 104% and platform net retention was 106%.
Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 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 $471 million, up 14% 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 first quarter of fiscal 2026, LiveRamp expects to report:
Revenue of $191 million, an increase of 9%
GAAP operating income of $6 million
Non-GAAP operating income of $33 million
For fiscal 2026, LiveRamp expects to report:
Revenue of between $787 million and $817 million, an increase of between 6% and 10%
GAAP operating income of between $85 million and $89 million
Non-GAAP operating income of between $178 million and $182 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.
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, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.
Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world's leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.
LiveRamp is headquartered 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'). 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, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company's guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.
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 economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political 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 our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain 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. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our 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 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 that could affect LiveRamp's business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp's filings with the U.S. Securities and Exchange Commission, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of LiveRamp's most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.
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 [e-mail]
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.
________________________1 Unless otherwise indicated, all comparisons are to the prior year period.
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
For the three months ended March 31,
$
%
2025
2024
Variance
Variance
Revenues
188,724
171,852
16,872
9.8
%
Cost of revenue
57,929
47,722
10,207
21.4
%
Gross profit
130,795
124,130
6,665
5.4
%
% Gross margin
69.3
%
72.2
%
Operating expenses
Research and development
45,926
45,161
765
1.7
%
Sales and marketing
56,961
60,476
(3,515
)
(5.8
)%
General and administrative
32,175
30,252
1,923
6.4
%
Gains, losses and other items, net
7,241
2,516
4,725
187.8
%
Total operating expenses
142,303
138,405
3,898
2.8
%
Loss from operations
(11,508
)
(14,275
)
2,767
19.4
%
% Margin
(6.1
)%
(8.3
)%
Total other income, net
4,762
5,070
(308
)
(6.1
)%
Loss from continuing operations before income taxes
(6,746
)
(9,205
)
2,459
26.7
%
Income tax benefit
(479
)
(3,027
)
2,548
84.2
%
Net earnings from continuing operations
(6,267
)
(6,178
)
(89
)
(1.4
)%
Earnings from discontinued operations, net of tax
-
805
(805
)
(100.0
)%
Net loss
(6,267
)
(5,373
)
(894
)
(16.6
)%
Basic loss per share:
Continuing operations
(0.10
)
(0.09
)
(0.00
)
(2.0
)%
Discontinued operations
0.00
0.01
(0.01
)
(100.0
)%
Basic loss per share
(0.10
)
(0.08
)
(0.01
)
(17.3
)%
Diluted loss per share:
Continuing operations
(0.10
)
(0.09
)
(0.00
)
(2.0
)%
Discontinued operations
0.00
0.01
(0.01
)
(100.0
)%
Diluted loss per share
(0.10
)
(0.08
)
(0.01
)
(17.3
)%
Basic weighted average shares
65,957
66,323
Diluted weighted average shares
65,957
66,323
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,
$
%
2025
2024
Variance
Variance
Revenues
745,580
659,661
85,919
13.0
%
Cost of revenue
215,910
179,489
36,421
20.3
%
Gross profit
529,670
480,172
49,498
10.3
%
% Gross margin
71.0
%
72.8
%
Operating expenses
Research and development
176,668
151,201
25,467
16.8
%
Sales and marketing
213,106
195,693
17,413
8.9
%
General and administrative
126,499
110,166
16,333
14.8
%
Gains, losses and other items, net
7,993
11,708
(3,715
)
(31.7
)%
Total operating expenses
524,266
468,768
55,498
11.8
%
Income from operations
5,404
11,404
(6,000
)
(52.6
)%
% Margin
0.7
%
1.7
%
Total other income, net
17,436
22,957
(5,521
)
(24.0
)%
Income from continuing operations before income taxes
22,840
34,361
(11,521
)
(33.5
)%
Income tax expense
25,342
24,270
1,072
4.4
%
Net earnings (loss) from continuing operations
(2,502
)
10,091
(12,593
)
(124.8
)%
Earnings from discontinued operations, net of tax
1,688
1,790
(102
)
(5.7
)%
Net earnings (loss)
(814
)
11,881
(12,695
)
(106.9
)%
Basic earnings (loss) per share:
Continuing operations
(0.04
)
0.15
(0.19
)
(124.8
)%
Discontinued operations
0.03
0.03
(0.00
)
(5.5
)%
Basic earnings (loss) per share
(0.01
)
0.18
(0.19
)
(106.9
)%
Diluted earnings (loss) per share:
Continuing operations
(0.04
)
0.15
(0.19
)
(125.5
)%
Discontinued operations
0.03
0.03
(0.00
)
(3.1
)%
Diluted earnings (loss) per share
(0.01
)
0.17
(0.19
)
(107.0
)%
Basic weighted average shares
66,126
66,266
Diluted weighted average shares
66,126
67,918
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 monthsended March 31,
For the twelve monthsended March 31,
2025
2024
2025
2024
Income (loss) from continuing operations before income taxes
(6,746
)
(9,205
)
22,840
34,361
Income tax expense (benefit)
(479
)
(3,027
)
25,342
24,270
Net earnings from continuing operations
(6,267
)
(6,178
)
(2,502
)
10,091
Earnings from discontinued operations, net of tax
-
805
1,688
1,790
Net earnings (loss)
(6,267
)
(5,373
)
(814
)
11,881
Basic earnings (loss) per share
(0.10
)
(0.08
)
(0.01
)
0.18
Diluted earnings (loss) per share
(0.10
)
(0.08
)
(0.01
)
0.17
Excluded items:
Purchased intangible asset amortization (cost of revenue)
3,135
3,097
14,415
8,785
Non-cash stock compensation (cost of revenue and operating expenses)
24,166
24,780
107,979
71,304
Restructuring and merger charges (gains, losses, and other)
7,241
2,516
7,993
11,708
Transformation costs (general and administrative)
—
—
—
1,875
Total excluded items from continuing operations
34,542
30,393
130,387
93,672
Income from continuing operations before income taxes and excluding items
27,796
21,188
153,227
128,033
Income tax expense (2)
7,759
3,947
38,296
29,882
Non-GAAP net earnings (loss) from continuing operations
20,037
17,241
114,931
98,151
Non-GAAP earnings per share from continuing operations
Basic
0.30
0.26
1.74
1.48
Diluted
0.30
0.25
1.70
1.45
Basic weighted average shares
65,957
66,323
66,126
66,266
Diluted weighted average shares
67,479
68,471
67,499
67,918
(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 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 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 monthsended March 31,
For the twelve monthsended March 31,
2025
2024
2025
2024
Income (loss) from operations
(11,508
)
(14,275
)
5,404
11,404
Operating income (loss) margin
(6.1
)%
(8.3
)%
0.7
%
1.7
%
Excluded items:
Purchased intangible asset amortization (cost of revenue)
3,135
3,097
14,415
8,785
Non-cash stock compensation (cost of revenue and operating expenses)
24,166
24,780
107,979
71,304
Restructuring and merger charges (gains, losses, and other)
7,241
2,516
7,993
11,708
Transformation costs (general and administrative)
-
-
-
1,875
Total excluded items
34,542
30,393
130,387
93,672
Income from operations before excluded items
23,034
16,118
135,791
105,076
Non-GAAP operating income margin
12.2
%
9.4
%
18.2
%
15.9
%
(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 monthsended March 31,
For the twelve monthsended March 31,
2024
2023
2024
2023
Net earnings (loss) from continuing operations
(6,267
)
(6,178
)
(2,502
)
10,091
Income tax expense (benefit)
(479
)
(3,027
)
25,342
24,270
Total other expense, net
(4,762
)
(5,070
)
(17,436
)
(22,957
)
Income (loss) from operations
(11,508
)
(14,275
)
5,404
11,404
Depreciation and amortization
3,803
3,823
17,207
11,508
EBITDA
(7,705
)
(10,452
)
22,611
22,912
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)
24,166
24,780
107,979
71,304
Restructuring and merger charges (gains, losses, and other)
7,241
2,516
7,993
11,708
Transformation costs (general and administrative)
-
-
-
1,875
Other adjustments
31,407
27,296
115,972
84,887
Adjusted EBITDA
23,702
16,844
138,583
107,799
(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
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
March 31
March 31
$
%
2025
2024
Variance
Variance
Assets
Current assets:
Cash and cash equivalents
413,331
336,867
76,464
22.7
%
Restricted cash
595
2,604
(2,009
)
(77.2
)%
Short-term investments
7,500
32,045
(24,545
)
(76.6
)%
Trade accounts receivable, net
186,169
190,313
(4,144
)
(2.2
)%
Refundable income taxes, net
9,708
8,521
1,187
13.9
%
Other current assets
38,886
31,682
7,204
22.7
%
Total current assets
656,189
602,032
54,157
9.0
%
Property and equipment
23,813
25,394
(1,581
)
(6.2
)%
Less - accumulated depreciation and amortization
17,629
17,213
416
2.4
%
Property and equipment, net
6,184
8,181
(1,997
)
(24.4
)%
Intangible assets, net
20,167
34,583
(14,416
)
(41.7
)%
Goodwill
501,756
501,756
-
-
%
Deferred commissions, net
44,452
48,143
(3,691
)
(7.7
)%
Other assets, net
30,623
36,748
(6,125
)
(16.7
)%
1,259,371
1,231,443
27,928
2.3
%
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable
112,271
81,202
31,069
38.3
%
Accrued payroll and related expenses
50,776
61,575
(10,799
)
(17.5
)%
Other accrued expenses
38,586
42,857
(4,271
)
(10.0
)%
Deferred revenue
45,885
30,942
14,943
48.3
%
Total current liabilities
247,518
216,576
30,942
14.3
%
Other liabilities
62,994
65,732
(2,738
)
(4.2
)%
Stockholders' equity:
Preferred stock
-
-
-
n/a
Common stock
15,918
15,594
324
2.1
%
Additional paid-in capital
2,045,316
1,933,776
111,540
5.8
%
Retained earnings
1,313,358
1,314,172
(814
)
(0.1
)%
Accumulated other comprehensive income
4,295
3,964
331
8.4
%
Treasury stock, at cost
(2,430,028
)
(2,318,371
)
(111,657
)
4.8
%
Total stockholders' equity
948,859
949,135
(276
)
(0.0
)%
1,259,371
1,231,443
27,928
2.3
%
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three monthsended March 31,
2025
2024
Cash flows from operating activities:
Net loss
(6,267
)
(5,373
)
Earnings from discontinued operations, net of tax
—
(805
)
Non-cash operating activities:
Depreciation and amortization
3,803
3,823
Loss on disposal or impairment of assets
44
6
Lease-related impairment and restructuring charges
(28
)
(546
)
Gain on sale of strategic investments
(515
)
—
Loss on marketable equity securities
206
—
Provision for doubtful accounts
(453
)
1,947
Deferred income taxes
(496
)
(498
)
Non-cash stock compensation expense
24,166
24,780
Changes in operating assets and liabilities:
Accounts receivable, net
25,187
8,700
Deferred commissions
46
(3,971
)
Other assets
4,703
8,514
Accounts payable and other liabilities
11,738
(246
)
Income taxes
(523
)
(7,285
)
Deferred revenue
969
(1,403
)
Net cash provided by operating activities
62,580
27,643
Cash flows from investing activities:
Capital expenditures
(293
)
(1,791
)
Cash paid in acquisitions, net of cash received
—
(170,281
)
Purchases of investments
—
(24,509
)
Proceeds from sales of investments
—
25,000
Proceeds from sale of strategic investment
763
—
Net cash provided by (used in) investing activities
470
(171,581
)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans
202
1
Shares repurchased for tax withholdings upon vesting of stock-based awards
(1,026
)
(719
)
Acquisition of treasury stock
(25,447
)
(15,177
)
Net cash used in financing activities
(26,271
)
(15,895
)
Net cash provided by (used in) continuing operations
36,779
(159,833
)
Cash flows from discontinued operations:
From operating activities
(798
)
805
Net cash provided by (used in) discontinued operations
(798
)
805
Net cash provided by (used in) continuing and discontinued operations
35,981
(159,028
)
Effect of exchange rate changes on cash
580
(447
)
Net change in cash, cash equivalents and restricted cash
36,561
(159,475
)
Cash, cash equivalents and restricted cash at beginning of period
377,365
498,946
Cash, cash equivalents and restricted cash at end of period
413,926
339,471
Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations
558
4,905
Cash received for income taxes, net from discontinued operations
—
(1,258
)
Cash paid for operating lease liabilities
2,426
2,594
Operating lease assets obtained in exchange for operating lease liabilities
—
148
Operating lease assets, and related lease liabilities, relinquished in lease terminations
(40
)
—
Purchases of property, plant and equipment remaining unpaid at period end
20
104
Marketable equity securities obtained in disposition of strategic investment
652
—
Excise tax payable on net stock repurchases
64
—
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the twelve monthsended March 31,
2025
2024
Cash flows from operating activities:
Net earnings (loss)
(814
)
11,881
Earnings from discontinued operations, net of tax
(1,688
)
(1,790
)
Non-cash operating activities:
Depreciation and amortization
17,207
11,508
Loss on disposal or impairment of assets
85
1,219
Lease-related impairment and restructuring charges
14
1,769
Gain on sale of strategic investments
(515
)
—
Loss on marketable equity securities
206
—
Provision for doubtful accounts
695
2,254
Impairment of goodwill
—
2,875
Deferred income taxes
(447
)
(458
)
Non-cash stock compensation expense
107,979
71,304
Changes in operating assets and liabilities:
Accounts receivable, net
3,547
(32,336
)
Deferred commissions
3,691
(11,113
)
Other assets
2,105
9,426
Accounts payable and other liabilities
3,573
8,508
Income taxes
3,430
22,275
Deferred revenue
14,897
8,334
Net cash provided by operating activities
153,965
105,656
Cash flows from investing activities:
Capital expenditures
(1,042
)
(4,255
)
Cash paid in acquisitions, net of cash received
(1,951
)
(170,281
)
Purchases of investments
(1,967
)
(48,894
)
Proceeds from sales of investments
26,989
50,750
Proceeds from sale of strategic investment
763
—
Purchases of strategic investments
(1,400
)
(1,000
)
Net cash provided by (used in) investing activities
21,392
(173,680
)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans
8,833
7,222
Shares repurchased for tax withholdings upon vesting of stock-based awards
(10,331
)
(5,835
)
Acquisition of treasury stock
(101,198
)
(60,502
)
Net cash used in financing activities
(102,696
)
(59,115
)
Net cash provided by (used in) continuing operations
72,661
(127,139
)
Cash flows from discontinued operations:
From operating activities
1,688
1,790
Net cash provided by discontinued operations
1,688
1,790
Net cash provided by (used in) continuing and discontinued operations
74,349
(125,349
)
Effect of exchange rate changes on cash
106
372
Net change in cash, cash equivalents and restricted cash
74,455
(124,977
)
Cash, cash equivalents and restricted cash at beginning of period
339,471
464,448
Cash, cash equivalents and restricted cash at end of period
413,926
339,471
Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations
22,548
2,465
Cash received for income taxes, net from discontinued operations
(2,486
)
(2,765
)
Cash received for tenant improvement allowances
(2,628
)
—
Cash paid for operating lease liabilities
9,798
10,293
Operating lease assets obtained in exchange for operating lease liabilities
2,327
11,825
Operating lease assets, and related lease liabilities, relinquished in lease terminations
(595
)
(4,486
)
Purchases of property, plant and equipment remaining unpaid at period end
20
104
Marketable equity securities obtained in disposition of strategic investment
652
—
Excise tax payable on net stock repurchases
128
—
LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)
6/30/2023
9/30/2023
12/31/2023
3/31/2024
FY2024
6/30/2024
9/30/2024
12/31/2024
3/31/2025
FY2025
Net cash provided by (used in) operating activities
$
25,693
$
35,764
$
16,556
$
27,643
$
105,656
$
(9,328
)
$
55,596
$
45,117
$
62,580
$
153,965
Less:
Capital expenditures
(53
)
(200
)
(2,211
)
(1,791
)
(4,255
)
(226
)
(241
)
(282
)
(293
)
(1,042
)
Free Cash Flow
$
25,640
$
35,564
$
14,345
$
25,852
$
101,401
$
(9,554
)
$
55,355
$
44,835
$
62,287
$
152,923
(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
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
Yr-to-Yr
FY2024
FY2025
FY2025 to FY2024
6/30/2023
9/30/2023
12/31/2023
3/31/2024
FY2024
6/30/2024
9/30/2024
12/31/2024
3/31/2025
FY2025
%
$
Revenues
154,069
159,871
173,869
171,852
659,661
175,961
185,483
195,412
188,724
745,580
13.0
%
85,919
Cost of revenue
45,621
41,212
44,934
47,722
179,489
51,749
51,234
54,998
57,929
215,910
20.3
%
36,421
Gross profit
108,448
118,659
128,935
124,130
480,172
124,212
134,249
140,414
130,795
529,670
10.3
%
49,498
% Gross margin
70.4
%
74.2
%
74.2
%
72.2
%
72.8
%
70.6
%
72.4
%
71.9
%
69.3
%
71.0
%
Operating expenses
Research and development
34,519
33,733
37,788
45,161
151,201
44,118
43,889
42,735
45,926
176,668
16.8
%
25,467
Sales and marketing
44,879
44,135
46,203
60,476
195,693
54,175
51,107
50,863
56,961
213,106
8.9
%
17,413
General and administrative
26,664
26,009
27,241
30,252
110,166
30,961
31,369
31,994
32,175
126,499
14.8
%
16,333
Gains, losses and other items, net
116
6,574
2,502
2,516
11,708
206
397
149
7,241
7,993
(31.7
)%
(3,715
)
Total operating expenses
106,178
110,451
113,734
138,405
468,768
129,460
126,762
125,741
142,303
524,266
11.8
%
55,498
Income (loss) from operations
2,270
8,208
15,201
(14,275
)
11,404
(5,248
)
7,487
14,673
(11,508
)
5,404
(52.6
)%
(6,000
)
% Margin
5.0
%
24.3
%
40.2
%
(31.6
)%
1.7
%
(3.0
)%
4.0
%
7.5
%
(6.1
)%
0.7
%
Total other income, net
4,849
6,431
6,607
5,070
22,957
4,444
4,197
4,033
4,762
17,436
(24.0
)%
(5,521
)
Income (loss) from continuing operations before income taxes
7,119
14,639
21,808
(9,205
)
34,361
(804
)
11,684
18,706
(6,746
)
22,840
(33.5
)%
(11,521
)
Income tax expense (benefit)
8,705
10,163
8,429
(3,027
)
24,270
6,685
9,952
9,184
(479
)
25,342
4.4
%
1,072
Net earnings (loss) from continuing operations
(1,586
)
4,476
13,379
(6,178
)
10,091
(7,489
)
1,732
9,522
(6,267
)
(2,502
)
(124.8
)%
(12,593
)
Earnings from discontinued operations, net of tax
-
387
598
805
1,790
-
-
1,688
-
1,688
(5.7
)%
(102
)
Net earnings (loss)
$
(1,586
)
$
4,863
$
13,977
$
(5,373
)
$
11,881
$
(7,489
)
$
1,732
$
11,210
$
(6,267
)
$
(814
)
(106.9
)%
(12,695
)
Basic earnings (loss) per share:
Continuing Operations
(0.02
)
0.07
0.20
(0.09
)
0.15
(0.11
)
0.03
0.15
(0.10
)
(0.04
)
(124.8
)%
(0.19
)
Discontinued Operations
0.00
0.01
0.01
0.01
0.03
0.00
0.00
0.03
0.00
0.03
(5.5
)%
(0.00
)
Basic earnings (loss) per share
(0.02
)
0.07
0.21
(0.08
)
0.18
(0.11
)
0.03
0.17
(0.10
)
(0.01
)
(106.9
)%
(0.19
)
Diluted earnings (loss) per share:
Continuing Operations
(0.02
)
0.07
0.20
(0.09
)
0.15
(0.11
)
0.03
0.14
(0.10
)
(0.04
)
(125.5
)%
(0.19
)
Discontinued Operations
0.00
0.01
0.01
0.01
0.03
0.00
0.00
0.03
0.00
0.03
(3.1
)%
(0.00
)
Diluted earnings (loss) per share
(0.02
)
0.07
0.21
(0.08
)
0.17
(0.11
)
0.03
0.17
(0.10
)
(0.01
)
(107.0
)%
(0.19
)
Basic weighted average shares
66,497
66,284
65,961
66,323
66,266
66,621
66,294
65,631
65,957
66,126
Diluted weighted average shares
66,497
67,868
67,943
66,323
67,918
66,621
67,309
66,743
65,957
66,126
Some earnings (loss) per share amounts may not add due to rounding.
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2024
FY2025
6/30/2023
9/30/2023
12/31/2023
3/31/2024
FY2024
6/30/2024
9/30/2024
12/31/2024
3/31/2025
FY2025
Expenses:
Cost of revenue
45,621
41,212
44,934
47,722
179,489
51,749
51,234
54,998
57,929
215,910
Research and development
34,519
33,733
37,788
45,161
151,201
44,118
43,889
42,735
45,926
176,668
Sales and marketing
44,879
44,135
46,203
60,476
195,693
54,175
51,107
50,863
56,961
213,106
General and administrative
26,664
26,009
27,241
30,252
110,166
30,961
31,369
31,994
32,175
126,499
Gains, losses and other items, net
116
6,574
2,502
2,516
11,708
206
397
149
7,241
7,993
Gross profit, continuing operations:
108,448
118,659
128,935
124,130
480,172
124,212
134,249
140,414
130,795
529,670
% Gross margin
70.4
%
74.2
%
74.2
%
72.2
%
72.8
%
70.6
%
72.4
%
71.9
%
69.3
%
71.0
%
Excluded items:
Purchased intangible asset amortization (cost of revenue)
3,290
1,217
1,181
3,097
8,785
3,846
3,748
3,686
3,135
14,415
Non-cash stock compensation (cost of revenue)
629
629
817
1,478
3,553
1,596
1,499
1,455
1,615
6,165
Non-cash stock compensation (research and development)
5,077
5,293
6,960
9,859
27,189
10,205
10,920
10,085
10,494
41,704
Non-cash stock compensation (sales and marketing)
3,736
4,786
4,089
6,337
18,948
7,093
7,383
7,278
5,716
27,470
Non-cash stock compensation (general and administrative)
3,850
5,027
5,631
7,106
21,614
9,091
9,266
7,942
6,341
32,640
Restructuring charges (gains, losses, and other)
116
6,574
2,502
2,516
11,708
206
397
149
7,241
7,993
Transformation costs (general and administrative)
1,875
—
—
—
1,875
—
—
—
—
Total excluded items
18,573
23,526
21,180
30,393
93,672
32,037
33,213
30,595
34,542
130,387
Expenses, excluding items:
Cost of revenue
41,702
39,366
42,936
43,147
167,151
46,307
45,987
49,857
53,179
195,330
Research and development
29,442
28,440
30,828
35,302
124,012
33,913
32,969
32,650
35,432
134,964
Sales and marketing
41,143
39,349
42,114
54,139
176,745
47,082
43,724
43,585
51,245
185,636
General and administrative
20,939
20,982
21,610
23,146
86,677
21,870
22,103
24,052
25,834
93,859
Gross profit, excluding items:
112,367
120,505
130,933
128,705
492,510
129,654
139,496
145,555
135,545
550,250
% Gross margin
72.9
%
75.4
%
75.3
%
74.9
%
74.7
%
73.7
%
75.2
%
74.5
%
71.8
%
73.8
%
(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)
FY2024
FY2025
6/30/2023
9/30/2023
12/31/2023
3/31/2024
FY2024
6/30/2024
9/30/2024
12/31/2024
3/31/2025
FY2025
Income (loss) from continuing operations before income taxes
7,119
14,639
21,808
(9,205
)
34,361
(804
)
11,684
18,706
(6,746
)
22,840
Income tax expense (benefit)
8,705
10,163
8,429
(3,027
)
24,270
6,685
9,952
9,184
(479
)
25,342
Net earnings (loss) from continuing operations
(1,586
)
4,476
13,379
(6,178
)
10,091
(7,489
)
1,732
9,522
(6,267
)
(2,502
)
Earnings from discontinued operations, net of tax
-
387
598
805
1,790
-
-
1,688
-
1,688
Net earnings (loss)
(1,586
)
4,863
13,977
(5,373
)
11,881
(7,489
)
1,732
11,210
(6,267
)
(814
)
Earnings (loss) per share:
Basic
(0.02
)
0.07
0.21
(0.08
)
0.18
(0.11
)
0.03
0.17
(0.10
)
(0.01
)
Diluted
(0.02
)
0.07
0.21
(0.08
)
0.17
(0.11
)
0.03
0.17
(0.10
)
(0.01
)
Excluded items:
Purchased intangible asset amortization (cost of revenue)
3,290
1,217
1,181
3,097
8,785
3,846
3,748
3,686
3,135
14,415
Non-cash stock compensation (cost of revenue and operating expenses)
13,292
15,735
17,497
24,780
71,304
27,985
29,068
26,760
24,166
107,979
Restructuring and merger charges (gains, losses, and other)
116
6,574
2,502
2,516
11,708
206
397
149
7,241
7,993
Transformation costs (general and administrative)
1,875
-
-
-
1,875
-
-
-
-
-
Total excluded items from continuing operations
18,573
23,526
21,180
30,393
93,672
32,037
33,213
30,595
34,542
130,387
Income from continuing operations before income taxes and excluding items
25,692
38,165
42,988
21,188
128,033
31,233
44,897
49,301
27,796
153,227
Income tax expense (2)
6,167
9,036
10,732
3,947
29,882
7,371
10,745
12,421
7,759
38,296
Non-GAAP net earnings from continuing operations
19,525
29,129
32,256
17,241
98,151
23,862
34,152
36,880
20,037
114,931
Non-GAAP earnings per share from continuing operations
Basic
0.29
0.44
0.49
0.26
1.48
0.36
0.52
0.56
0.30
1.74
Diluted
0.29
0.43
0.47
0.25
1.45
0.35
0.51
0.55
0.30
1.70
Basic weighted average shares
66,497
66,284
65,961
66,323
66,266
66,621
66,294
65,631
65,957
66,126
Diluted weighted average shares
67,388
67,868
67,943
68,471
67,918
68,463
67,309
66,743
67,479
67,499
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
For the
quarter ending
year ending
June 30,2025
March 31,2026
Low
High
GAAP income from operations
$
6,000
$
85,000
$
89,000
Excluded items:
Purchased intangible asset amortization
3,000
11,000
11,000
Non-cash stock compensation
24,000
82,000
82,000
Total excluded items
27,000
93,000
93,000
Non-GAAP income from operations
$
33,000
$
178,000
$
182,000
(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
Q4 FISCAL 2025 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, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses 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 employee 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 prior years, 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, Non-GAAP operating income margin, 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 income and 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 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 is defined as operating cash flow less capital expenditures. 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. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
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