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Here are 1-3 brief analogies for LiveRamp (RAMP):

• LiveRamp is like Stripe for customer data connectivity and identity.
• LiveRamp is like Okta for customer identity and data activation.
• LiveRamp is like Twilio for customer data and identity APIs.

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• RampID: A people-based identifier that provides core identity resolution for data connectivity.
• Data Activation Solutions: Services that enable the use of data for targeted marketing and personalized experiences.
• Measurement and Analytics Solutions: Services for tracking the performance and effectiveness of data initiatives.
• Identity Solutions: Services focused on linking and unifying customer identities across various data sources.
• Data Collaboration Solutions: Services that facilitate secure and privacy-safe data sharing between different companies.
• Data Marketplace Solutions: Services for accessing, exchanging, or monetizing third-party data.

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Scott Howe, Chief Executive Officer

Scott Howe joined LiveRamp as its Chief Executive Officer and President in 2011. Before his tenure at LiveRamp, he was the corporate vice president of Microsoft Advertising Business Group from 2007 to 2010, where he managed various multi-billion-dollar online advertising sectors including search, display, and ad networks. From 1999 to 2007, Mr. Howe was an executive and corporate officer at aQuantive, Inc., overseeing three business lines: Avenue A | Razorfish, DRIVE Performance Media (now Microsoft Media Network), and Atlas International. aQuantive, Inc. was acquired by Microsoft in 2007. He also served as President & Chief Executive Officer at King of the Web, Inc. Earlier in his career, he worked with The Boston Consulting Group and Kidder, Peabody & Company, Inc. Mr. Howe has also served on the boards of Blue Nile, Inc. and the Internet Advertising Bureau (IAB).

Lauren Dillard, EVP, Chief Financial Officer

Lauren Dillard is LiveRamp's EVP, Chief Financial Officer, where she directs all aspects of the company's finance and investor relations. She joined LiveRamp in 2014 as Head of Investor Relations and was instrumental in the Acxiom reorganization and separation in 2018, which led to LiveRamp becoming a public company. Prior to her CFO appointment in 2023, she held roles as chief communications officer, interim chief marketing officer, and senior vice president of finance and investor relations. Her experience also includes five years at Acxiom and two years at Addo Communications, where she developed investor relations strategies for public and private companies. She worked in Corporate Finance at Silver Spring Networks and completed her CPA at Ernst & Young. Her background is rooted in accounting, with both her father and grandfather having careers as CPAs.

Vihan Sharma, Chief Revenue Officer

Vihan Sharma is the Chief Revenue Officer at LiveRamp, responsible for all global commercial functions, as well as the company's growth and operations in Europe. Before this role, he was the Senior Vice President of Safe Haven and Managing Director Europe. Mr. Sharma also served as Vice President of Product at Acxiom, where he oversaw data and product strategy outside of the United States. He previously held various strategic leadership positions at several startups across Europe.

Mohsin Hussain, EVP Engineering & CTO

Mohsin Hussain serves as LiveRamp's EVP Engineering & CTO, leading the global engineering team. With over 25 years of experience in engineering, leadership, and innovation, his expertise spans software, distributed systems, data science, machine learning, analytics, and cloud technologies. Before joining LiveRamp, he was the senior vice president of engineering at Criteo, where he was responsible for leading the US engineering organization, building out the team, launching new products, and integrating acquisitions such as Hooklogic.

Jessica Shapiro, Chief Marketing Officer

Jessica Shapiro is the Chief Marketing Officer at LiveRamp. She holds a Bachelor of Arts degree from Brown University and an MBA from the Michael G Foster School of Business.

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1. Evolving Data Privacy Regulations: LiveRamp's core business of data connectivity and identity resolution is highly susceptible to changes in global data privacy laws, such as GDPR and CCPA. Stricter regulations or new privacy frameworks could limit the company's ability to collect and utilize data, thereby increasing compliance costs and potentially impacting revenue.
2. Intense Competition and "Walled Garden" Dominance: The company operates in a highly competitive market, facing rivals like Hightouch and TransUnion. Additionally, the increasing development of proprietary identity and clean room solutions by major platforms ("walled gardens") such as Google, Amazon, and Meta poses a significant risk of ecosystem lock-out, challenging LiveRamp's interoperability and market position.
3. Reliance on Large Customers and Potential for Churn: LiveRamp's business is dependent on renewals and new customer acquisitions, particularly from a concentrated set of large enterprise clients. A significant churn of these key customers could adversely affect the company's revenue and growth trajectory.

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The deprecation of third-party cookies by major web browsers (such as Google Chrome's announced phasing out) and increasingly stringent privacy restrictions imposed by platform providers (like Apple's Intelligent Tracking Prevention and App Tracking Transparency policies) represent clear emerging threats. These changes directly impact the efficacy and availability of cross-site/app tracking and people-based identifiers, which are central to LiveRamp's data connectivity platform and its core RampID product.

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LiveRamp's addressable markets for its main products and services include:

• The global customer data platform (CDP) market, which is projected to reach $3.28 billion in 2025 and grow to $12.96 billion by 2032, with a compound annual growth rate of 21.7%.
• Approximately 2,000 marketers, which LiveRamp considers its addressable market. This target market has expanded due to the phasing out of third-party cookies and the increased demand for first-party data solutions.

LiveRamp's core RampID identity framework has over 200 million active identifiers in the U.S., and the company is expanding its application into new product categories such as retail media networks and financial services for fraud prevention.

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LiveRamp (RAMP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

• Strategic AI Partnerships and AI-driven Initiatives: LiveRamp is actively collaborating with the AI ecosystem, having already established partnerships with over 20 AI companies. The company views AI as a significant tailwind, providing essential infrastructure that enables its partners to more effectively leverage AI. This is anticipated to lead to increased data activity across LiveRamp's network, thereby scaling revenue without a proportional increase in costs.
• Expansion of Usage-Based Pricing Model: LiveRamp is transitioning towards a usage-based pricing model, which is designed to more directly link revenue to the increasing utilization of its platform by partners and customers. This pivot is expected to unlock incremental revenue growth and accelerate future business expansion, with plans for broader deployment in fiscal year 2027 following positive pilot feedback.
• Growth in Connected TV (CTV) and Commerce Media Use Cases: The company has observed its Annual Recurring Revenue (ARR) growth being significantly driven by increasing adoption and expansion in Connected TV (CTV) and commerce media use cases, as well as cross-platform measurement.
• Enhancement of Data Collaboration Platform and Network Scale: LiveRamp is continuously improving its data collaboration platform by introducing new features to expedite value delivery and enhance marketing impact. This includes self-service capabilities for first-party identity graphs and standardized queries for clean room measurement. Operating the industry's largest data collaboration network, LiveRamp is well-positioned to capitalize on the growing trend of data collaboration, which is fundamental for AI-driven personalization, targeting, and measurement.
• Customer Acquisition and Upsell Opportunities: LiveRamp has demonstrated consistent success in growing its customer base, evidenced by an increase in its total customer count and a rise in clients generating over a million dollars in annual revenue. This includes securing significant upsell deals with major e-commerce retailers, leading social media platforms, and prominent quick-service restaurants (QSRs), indicating strong ongoing relationships and the ability to expand business with existing key accounts.

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Share Repurchases

• LiveRamp repurchased approximately 3.8 million shares for $101 million in fiscal year 2025.
• On February 12, 2026, the Board of Directors increased the share repurchase authorization by $200 million, bringing the total authorization to $1.5 billion and extending the program's expiration to December 31, 2027.
• As of February 12, 2026, approximately $337 million remained available for future share repurchases under the extended program.

Share Issuance

• In fiscal year 2025, proceeds related to the issuance of common stock under stock and employee benefit plans totaled $202 million.

Outbound Investments

• In January 2024, LiveRamp acquired Habu, a data clean room software developer, for approximately $170 million to strengthen its ecosystem and product line by enabling virtual data rooms on its platform.
• For the six months ended September 30, 2025, net cash paid in acquisitions was $0.6 million, primarily related to the Habu escrow release, and purchases of strategic investments amounted to $0.5 million.

Capital Expenditures

• Capital expenditures were $1.042 million in fiscal year 2025 and $4.255 million in fiscal year 2024.
• LiveRamp has demonstrated low capital expenditure intensity, with capital expenditures of approximately $1.5 million over the trailing twelve months as of December 9, 2025.