On this page of StockholderLetter.com we present the latest annual shareholder letter from LiveRamp Holdings, Inc. — ticker symbol RAMP. Reading current and past RAMP letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
LiveRamp Shareholders    
Fiscal 2024 marked a return to double-digit revenue growth, a significant improvement
in profitability and cash flow and continued investment to support future growth, not the
least of which was the acquisition of Habu. All told, we made meaningful progress
towards our objective of being a    Rule of 40    company.
FY24 by the numbers. Total revenue grew by 11% year-on-year, led by 28% growth in
Marketplace & Other and 6% growth in Subscription. Quarterly revenue growth
progressively accelerated over the course of the year, with a high-water mark of 16% in
the fourth quarter. Our $1 million plus subscription customer count reached an all-time
high and increased by 21% year-on-year. Beyond the top line, our operating margin
improved by twenty-three percentage points and operating income was positive for the
first time in our history. Operating cash flow also reached a record high, surpassing $100
million. Finally, we extended our longstanding track record of returning cash to
shareholders with the repurchase of $61 million in shares.
Priorities for FY25 and beyond. While I am pleased with last year   s performance, I
believe there is still room for improvement. We believe the LiveRamp Data Collaboration
Platform is well-positioned to capitalize on the growing need for secure, first-party data
collaboration to sustain addressable digital advertising. Our platform provides best in
class identity and connectivity capabilities and there are multiple industry megatrends
working in our favor     including the ongoing shift to cloud computing, the proliferation of
artificial intelligence tools for marketing, growth in new Walled Gardens in CTV and
Commerce Media, and, of course, the rise of authenticated addressability over third-party
signals that are being retired.
More tactically, we have four overarching corporate priorities for FY25:
    First, enhance our products and customer experience to improve customer
retention while positioning us for greater upsell success;
    Second, extend our leadership position in data collaboration, capitalizing on the
enhanced clean room technology from the Habu acquisition;
    Third, scale our partner and connectivity ecosystem, including our leading
Authenticated Traffic Solution (ATS) network; and
    Fourth, simplify LiveRamp for our customers and employees, in part, by leveraging
artificial intelligence technology.
In summary, we finished FY24 with accelerating revenue growth, an improving margin
profile and an enhanced data collaboration offering that helps advertisers transition to
authenticated addressability using first-party data. Looking ahead, in FY25 we expect to
continue driving strong revenue growth and margin expansion, which will be driven, in
part, by our ongoing workforce offshoring initiative. Finally, we expect another year of
strong cash flow generation, providing the financial flexibility to support growth
investments and share repurchases.
On behalf of the entire team at LiveRamp, I thank all of our shareholders for your ongoing
support and partnership.
Warmest regards,
Scott Howe
 • shareholder letter icon 6/28/2024 Letter Continued (Full PDF)
 • stockholder letter icon 6/30/2023 RAMP Stockholder Letter
 • stockholder letter icon More "Application Software" Category Stockholder Letters
 • Benford's Law Stocks icon RAMP Benford's Law Stock Score = 98


RAMP Shareholder/Stockholder Letter Transcript:

2024 Annual Report


LiveRamp Shareholders    
Fiscal 2024 marked a return to double-digit revenue growth, a significant improvement
in profitability and cash flow and continued investment to support future growth, not the
least of which was the acquisition of Habu. All told, we made meaningful progress
towards our objective of being a    Rule of 40    company.
FY24 by the numbers. Total revenue grew by 11% year-on-year, led by 28% growth in
Marketplace & Other and 6% growth in Subscription. Quarterly revenue growth
progressively accelerated over the course of the year, with a high-water mark of 16% in
the fourth quarter. Our $1 million plus subscription customer count reached an all-time
high and increased by 21% year-on-year. Beyond the top line, our operating margin
improved by twenty-three percentage points and operating income was positive for the
first time in our history. Operating cash flow also reached a record high, surpassing $100
million. Finally, we extended our longstanding track record of returning cash to
shareholders with the repurchase of $61 million in shares.
Priorities for FY25 and beyond. While I am pleased with last year   s performance, I
believe there is still room for improvement. We believe the LiveRamp Data Collaboration
Platform is well-positioned to capitalize on the growing need for secure, first-party data
collaboration to sustain addressable digital advertising. Our platform provides best in
class identity and connectivity capabilities and there are multiple industry megatrends
working in our favor     including the ongoing shift to cloud computing, the proliferation of
artificial intelligence tools for marketing, growth in new Walled Gardens in CTV and
Commerce Media, and, of course, the rise of authenticated addressability over third-party
signals that are being retired.
More tactically, we have four overarching corporate priorities for FY25:
    First, enhance our products and customer experience to improve customer
retention while positioning us for greater upsell success;
    Second, extend our leadership position in data collaboration, capitalizing on the
enhanced clean room technology from the Habu acquisition;
    Third, scale our partner and connectivity ecosystem, including our leading
Authenticated Traffic Solution (ATS) network; and
    Fourth, simplify LiveRamp for our customers and employees, in part, by leveraging
artificial intelligence technology.
In summary, we finished FY24 with accelerating revenue growth, an improving margin
profile and an enhanced data collaboration offering that helps advertisers transition to

authenticated addressability using first-party data. Looking ahead, in FY25 we expect to
continue driving strong revenue growth and margin expansion, which will be driven, in
part, by our ongoing workforce offshoring initiative. Finally, we expect another year of
strong cash flow generation, providing the financial flexibility to support growth
investments and share repurchases.
On behalf of the entire team at LiveRamp, I thank all of our shareholders for your ongoing
support and partnership.
Warmest regards,
Scott Howe



shareholder letter icon 6/28/2024 Letter Continued (Full PDF)
 

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