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 Results
The 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 Relations
Investor.Relations@LiveRamp.com

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 months ended March 31,						For the twelve months ended 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 months ended March 31,						For the twelve months ended 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 months ended March 31,						For the twelve months ended 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 months ended 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 months ended 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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