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LiveRamp (RAMP):

• Twilio for marketing data and identity
• AWS for customer identity and data connectivity
• Stripe for customer data infrastructure

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• Identity Resolution: A service that unifies various customer identifiers into a persistent, privacy-safe ID, creating a comprehensive view of individuals across platforms.
• Data Connectivity & Activation: Enables secure and privacy-enhanced connection and activation of first-party data with a vast ecosystem of advertising, marketing, and measurement partners.
• Safe Haven (Data Collaboration Platform): A platform designed for secure, privacy-preserving data sharing and analysis among multiple parties without exposing raw personally identifiable information (PII).
• Measurement & Attribution: Provides tools and services to accurately measure the effectiveness of marketing campaigns and attribute conversions, leveraging their identity resolution capabilities.

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• The Trade Desk (Symbol: TTD): A leading demand-side platform (DSP) that heavily relies on LiveRamp's identity solutions for targeted advertising and measurement across digital channels for its clients.
• Google (Symbol: GOOGL): LiveRamp integrates with Google's various advertising platforms, including Google Marketing Platform and Google Cloud, enabling advertisers and publishers to leverage LiveRamp's identity resolution within Google's ecosystem.
• Snowflake (Symbol: SNOW): Many of LiveRamp's data collaboration solutions, particularly its "Safe Haven" offerings, are deeply integrated with Snowflake's Data Cloud. This allows enterprises to securely share and analyze data, making Snowflake a crucial platform for LiveRamp's customers.
• Magnite (Symbol: MGNI): As a major supply-side platform (SSP), Magnite partners with LiveRamp to help publishers monetize their inventory by enabling addressable advertising based on LiveRamp's authenticated identity framework.
• Adobe (Symbol: ADBE): LiveRamp frequently integrates with Adobe Experience Cloud products, such as Adobe Audience Manager and Adobe Real-Time CDP, providing enhanced data connectivity and activation capabilities for enterprise marketers using Adobe's suite.

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• Amazon.com (AMZN)

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Scott Howe, Chief Executive Officer

Mr. Howe joined LiveRamp in 2011 as its Chief Executive Officer and President. Before LiveRamp, he served as corporate vice president of Microsoft Advertising Business Group from 2007–2010. From 1999–2007, he was an executive and corporate officer at aQuantive, Inc., where he managed Avenue A | Razorfish, DRIVE Performance Media (now Microsoft Media Network), and Atlas International (now owned by Facebook). aQuantive, Inc. was acquired by Microsoft. Earlier in his career, Mr. Howe was with The Boston Consulting Group and Kidder, Peabody & Company, Inc. He previously served on the boards of Blue Nile, Inc., and the Internet Advertising Bureau (IAB).

Lauren Dillard, EVP, Chief Financial Officer

Ms. Dillard was promoted to Chief Financial Officer in November 2023, having served as interim CFO and Senior Vice President of Finance and Investor Relations. She joined Acxiom in 2014 as Head of Investor Relations and played a key role in the Acxiom reorganization and separation in 2018, as well as helping launch LiveRamp as a public company. She also played an integral role in strategic initiatives, including the acquisitions of Data Plus Math, Faktor, Acuity Data, and DataFleets. Prior to LiveRamp, Ms. Dillard spent two years at Addo Communications, where she developed investor relations strategies for private and public companies. Before Addo, she worked in Corporate Finance at Silver Spring Networks and completed her CPA at Ernst & Young.

Kimberly Bloomston, Chief Product Officer

Ms. Bloomston was promoted to Chief Product Officer in December 2023, where she leads LiveRamp's global product organization with a focus on innovation, strategy, go-to-market, design, and user experience. She previously held roles at LiveRamp as Senior Vice President of Product, Vice President of Core Platform and Data Marketplace, and Head of Product, Data Marketplace and Application Experience. With over 15 years of experience, she has held executive positions leading product, design, and operations at various software companies and industries, including higher education, security, and data enablement. Prior to joining LiveRamp, Ms. Bloomston served in leadership roles at Ellucian, Digital Signal Corporation, and The Zellman Group.

Mohsin Hussain, Chief Technology Officer

Mr. Hussain has been the Chief Technology Officer and Executive Vice President of Engineering at LiveRamp since 2021. Before joining LiveRamp, he served as Senior Vice President of Engineering at Criteo, where he was responsible for leading the US engineering organization and successfully integrating several acquisitions, including Hooklogic. With over 25 years of experience, his career has spanned leadership roles across high-growth startups and public companies such as AOL/Netscape, Siebel, SunPower, and Criteo. He has expertise in building large-scale high-availability systems, cultivating engineering culture, and integrating complex technology M&A.

David Eisenberg, Chief Strategy Officer

Mr. Eisenberg is the Chief Strategy Officer at LiveRamp and Head of LiveRamp Ventures, overseeing corporate strategy, mergers and acquisitions (M&A), and business development. Prior to LiveRamp, he served as Head of Global Corporate Development for Rakuten Group, where he led global expansion strategy, M&A, and business development efforts, including the acquisitions of LinkShare, CauseLoyalty, Traffic Strategies, and FreeCause. Mr. Eisenberg serves on the Board of Directors at Catalina Marketing and formerly at Ensono, which was acquired by KKR for $1.9 billion.

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Key Risks to LiveRamp (RAMP)

1. Rapidly Changing Technology and Marketing Landscape: LiveRamp operates in a highly dynamic industry characterized by rapid technological advancements and evolving marketing practices. The company faces the risk that its products and services could become less competitive or obsolete if it fails to keep pace with these changes, including the integration of new technologies like artificial intelligence and machine learning. This environment is further complicated by the deprecation of third-party cookies by major platforms, which necessitates continuous adaptation and expansion of its authenticated ecosystem to mitigate long-term risks. Intense competition from a diverse group of market participants also contributes to this challenge.
2. Data Privacy Regulations and Compliance: LiveRamp's business, centered on data connectivity and identity resolution, is significantly exposed to the increasing scrutiny and evolving landscape of data privacy laws and regulations. Compliance with existing and new regulations, such as GDPR and CCPA, as well as emerging state-level privacy laws in the United States, requires substantial and ongoing expenditures. Furthermore, the "black-box" nature of LiveRamp's identity resolution process, which creates unified customer profiles (RampIDs), can raise transparency and auditability concerns. The storage of customer data on LiveRamp's infrastructure also presents potential compliance and security risks.
3. Customer Concentration and Macroeconomic Headwinds: A notable portion of LiveRamp's revenue is derived from its ten largest customers, which collectively represented approximately 25% of its revenues in the twelve months ended March 31, 2025. The loss of, or a significant reduction in business from, any of these key customers could materially and adversely impact LiveRamp's revenue and operating results. Additionally, macroeconomic factors, such as reduced consumer spending and increasing costs, have exerted pressure on the company's gross and operating margins, leading to cautious revenue growth outlooks.

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The increasing dominance and sophistication of "walled garden" platforms (e.g., Google, Meta, Amazon, Apple) and their proprietary first-party data, identity solutions, and measurement frameworks pose a clear emerging threat to LiveRamp. These platforms are developing comprehensive, closed ecosystems designed to keep data and advertising activity within their own environments, effectively reducing the need or efficacy of independent, cross-platform identity resolution and data collaboration services like those offered by LiveRamp. As advertisers and publishers increasingly rely on these dominant platforms for their integrated solutions, it could diminish the demand for LiveRamp's role as an independent data connectivity and interoperability layer across the open web.

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LiveRamp (RAMP) estimates its current addressable market at approximately $13 billion. This market size relates to the large data collaboration opportunity and is supported by their data connectivity platform, which focuses on identity resolution and privacy-safe data collaboration.

A key segment within LiveRamp's operations is the Customer Data Platform (CDP) market. The global CDP market is projected to be approximately $3.28 billion in 2025 and is anticipated to grow to $12.96 billion by 2032.

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Expected Drivers of Future Revenue Growth for LiveRamp (RAMP)

LiveRamp (NYSE: RAMP) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of the Data Collaboration Network and New Functionality: LiveRamp is focused on scaling its Data Collaboration Network and rolling out new functionalities to enhance marketing performance. This includes solutions such as "Cross Media Intelligence," which enables marketers to better measure and optimize advertising campaigns across various screens and platforms with unified, de-duplicated reporting. The company also expects growth from the expansion of commerce media networks.
2. Growth in Subscription Customers and Retention of Large Enterprise Clients: A significant driver of revenue growth for LiveRamp is the continued expansion of its direct subscription customer base, particularly those generating over $1 million in annual revenue. The company has demonstrated consistent growth in Annual Recurring Revenue (ARR) and strong subscription net retention, indicating an expanding and loyal customer portfolio.
3. Growth in Marketplace and Other Revenue Streams: The "Marketplace and Other" revenue segment has shown substantial year-over-year growth. This indicates increasing demand for LiveRamp's data marketplace offerings and its integrations within evolving digital advertising landscapes, such as Connected TV (CTV).
4. Leveraging Artificial Intelligence (AI) for Enhanced Offerings: LiveRamp is actively investing in and integrating AI into its platform. New product enhancements include AI-powered audience segment builders and agentic orchestration tools. These AI-driven solutions are expected to drive demand, optimize ad spend for customers, and unlock new opportunities for data collaboration and advertising effectiveness.
5. Strategic Acquisitions: Acquisitions, such as the recently closed Habu acquisition, are strategic moves aimed at accelerating LiveRamp's data collaboration strategy. These integrations are expected to broaden the company's platform capabilities, expand its market reach, and ultimately contribute to future revenue growth by enhancing its overall offerings.

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Share Repurchases

• LiveRamp repurchased approximately $101 million in shares during fiscal year 2025 (ended March 31, 2025).
• Through September 30, 2025 (fiscal year to date FY26), the company repurchased approximately $80 million in shares.
• As of March 31, 2025, LiveRamp had $256 million remaining under its share repurchase authorization, which expires on December 31, 2026.

Share Issuance

• Proceeds related to the issuance of common stock under stock and employee benefit plans were approximately $202,000 in fiscal year 2025.
• Proceeds related to the issuance of common stock under stock and employee benefit plans were approximately $6.3 million during the six months ended September 30, 2025.

Outbound Investments

• LiveRamp acquired Habu for approximately $170 million.
• The company plans to continue considering targeted and profitable acquisitions in the future.