LiveRamp Holdings, Inc.

What they do

LiveRamp provides a data collaboration platform that enables businesses to securely share and manage first-party consumer data with trusted partners. The platform supports marketers and media owners in delivering and measuring marketing performance, with revenue from subscription fees, data marketplace transactions, usage-based fees, and professional services. The company operates globally with a single reportable segment.

Revenue drivers

• Subscription revenue — Largest revenue source, $160 million in Q1 FY27 (up 8% YoY), representing ~75% of total revenue.
• Marketplace and other revenue — Includes data marketplace transactions and usage-based fees, $54 million in Q1 FY27 (up 15% YoY).
• Professional services — Fees from implementation and related services, contributing to overall revenue mix.

Recent performance

For the quarter ended June 30, 2026, total revenue was $214 million, up 10% YoY, with subscription revenue up 8% and marketplace/other up 15%. GAAP operating income was $20 million (9% margin), more than double the prior year's $7 million; non-GAAP operating income was $50 million, up 41%. Net earnings were $18 million (GAAP EPS $0.28) and non-GAAP net earnings $40 million ($0.65). Operating cash flow was $17 million, versus a use of $16 million a year ago.

Strategy

LiveRamp is focused on expanding its data collaboration network to support AI and agentic initiatives, as highlighted by the launch of LiveRamp Agent Builders Lab and partnerships with OpenAI, Databricks, and Adobe. The company is enabling integrations like the Conversions API Hub for ChatGPT ad campaigns to improve measurement. The pending merger with Publicis Groupe is expected to close before the end of calendar 2026, subject to shareholder and regulatory approvals.

Risks

• Merger completion risk — The merger with Publicis requires 66 2/3% shareholder approval and regulatory clearances (including HSR and CFIUS); failure could delay or prevent closing and negatively impact the stock.
• Customer concentration — A significant portion of revenue comes from a limited number of large customers; loss of any could materially affect results.
• Competition and technology shifts — The data collaboration market is competitive, and rapid changes in AI or data privacy regulations could reduce platform differentiation.
• Macroeconomic and industry headwinds — Ad spending and marketing budgets are cyclical; economic downturns could reduce demand for the company's services.

Outlook

Management did not provide financial guidance in light of the pending merger. The company expects the Publicis Groupe transaction to close before the end of calendar year 2026, with a shareholder vote scheduled for August 17, 2026. The merger is subject to customary conditions, and if completed, LiveRamp common stock will be delisted from the NYSE.