Liveramp Holdings, Inc. · NYSE:RAMP
Liveramp — Investor Day (February 2025)
105 slides from Liveramp's investor day presentation, Feb 25, 2025
Slide 1: LiveRamp Investor Day 2025
LiveRamp Investor Day 2025 February 25, 2025
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, regarding LiveRamp’s (the "Company“) future busin
Slide 3: Use of Non-GAAP Information
Use of Non-GAAP Information The Company reports all financial information required in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes, however, that evaluating its ongoing operating results will be enhanced if it also discloses certain non-GAAP information
Slide 4: Agenda
1 OUR VISION & STRATEGY Scott Howe, Chief Executive Officer 2 OUR UNIQUE PRODUCT OFFERING Matt Karasick, Vice President, Product Agenda 3 OUR MARKET OPPORTUNITY Vihan Sharma, Chief Revenue Officer BREAK 4 DRIVING LONG-TERM SHAREHOLDER VALUE Lauren Dillard, Chief Financial Officer 5 Q&A LiveRamp Executi
Slide 5: The Headlines
1 Data collaboration is a significant and scaling market 2 We are uniquely positioned to win – given our solution set and network scale The Headlines 3 Our revenue growth is durable – levered to the increasing demand for data to support marketing outcomes We are driving long-term shareholder 4 value
Slide 6: Our Vision & Strategy
Our Vision & Strategy Scott Howe Chief Executive Officer
Slide 7: Key Takeaways
Key Takeaways Every company strives for better results, but this is difficult for many reasons LiveRamp’s Data Collaboration Platform helps companies transform their data into better outcomes We are uniquely positioned for ongoing market leadership, top line growth and profitability
Slide 8: Every Company Strives for Better Results
Internal data Every Company Strives for Better Results relationship External data But It’s Difficult for Many Reasons relationship Buys new Galaxy S25 phone Reads article and sees The “High display ad on Galaxy S25 Watches tech review Tech Switcher” phone accessories Purchases Buds2 video with ad for
Slide 9: Overwhelming complexity
Internal data Every Company Strives for Better Results relationship External data But It’s Difficult for Many Reasons relationship Buys new Galaxy S25 phone Reads article and sees The “High display ad on Galaxy Watches tech review Tech Switcher” S25 phone accessories Purchases Buds2 video with ad for
Slide 10: Imperfect Marketing
Internal data Every Company Strives for Better Results relationship External data But It’s Difficult for Many Reasons relationship Buys new Galaxy S25 phone Reads article and sees The “High display ad on Galaxy S25 Watches tech review Tech Switcher” phone accessories Purchases Buds2 video with ad for
Slide 11: Measurement Challenges
Internal data Every Company Strives for Better Results relationship Measurement Challenges External data But It’s Difficult for Many Reasons relationship Hard to know whether and how prospects reacted to Buys new Galaxy S25 phone The “High Tech Switcher” any communication Watches tech review Reads ar
Slide 12: Even More Daunting…
Internal data Every Company Strives for Better Results relationship External data But It’s Difficult for Many Reasons relationship Buys new Galaxy S25 phone The “High Tech Switcher” Even More Daunting… Reads article and sees display ad on Galaxy S25 phone accessories Purchases Buds2 Pro and Watch6 Wa
Slide 13: Every Company, All Connected
STRATEGY PRODUCT GTM FINANCIALS Every Company, All Connected CREDIT TRAVELER EXPERIENCE EXPERIENCE BEAUTY EXPERIENCE AUTO EXPERIENCE DINER EXPERIENCE HEALTH EXPERIENCE
Slide 14: All Advertising and Media Platforms, All Connected
STRATEGY PRODUCT GTM FINANCIALS All Advertising and Media Platforms, All Connected
Slide 15: Strategy, Product, GTM
STRATEGY PRODUCT GTM FINANCIALS
Slide 16: LiveRamp: The Data Collaboration Platform
STRATEGY PRODUCT GTM FINANCIALS LiveRamp: The Data Collaboration Platform Neutral Middleware for Companies that Want Better Results BRANDS TECH PARTNERS AGENCIES DATA PUBLISHERS CONSUMERS Creates Interoperability Removes Data Silos Compliant & Permission Based
Slide 17: 400+ brand subscription customers
STRATEGY PRODUCT GTM FINANCIALS 20 of the 25 400+ brand largest US subscription advertisers customers BRANDS 25% of the F500 300+ integration partners 70+ agency All major social and CTV platforms subscription + Retail Media Networks customers TECH 200+ tech partner subscription AGENCIES 6 of 6 glob
Slide 18: Our 400+ Brand Subscription Customers are Unmatched
STRATEGY PRODUCT GTM FINANCIALS 20 of the 25 400+ brand largest US subscription advertisers customers BRANDS 25% of the F500 300+ integration partners 70+ agency Our 400+ Brand Subscription All major social and CTV platforms subscription + Retail Media Networks customers TECH 200+ tech partner subsc
Slide 19: Our Platform has Four Components
STRATEGY PRODUCT GTM FINANCIALS Our Platform has Four Components DATA COLLABORATION SOLUTIONS Identity Resolution Data Audience Addressability Data Clean Solutions Marketplace Solutions Rooms Unify disparate customer Match buyers and Onboard offline customer data, Privacy-compliant, permissioned touc
Slide 20: Today, the Data Collaboration market is served by...
STRATEGY PRODUCT GTM FINANCIALS Offering Coverage Today, the Data Competitor Archetypes Identity Data Audience Data Clean Resolution Marketplace Addressability Rooms Collaboration market is served by Ad Agencies / Marketing Platforms a broad range of Identity & Credit solution providers with varying
Slide 21: The Data Collaboration Market is Sizable
STRATEGY PRODUCT GTM FINANCIALS Data Marketplace 17% Audience Addressability Identity 28% Resolution The Data 22% Collaboration ~$13B Market is Sizable TAM* Data Room 33% * LiveRamp estimates and analysis in partnership with LEK Consulting. Data Collaboration total addressable market for advertising
Slide 22: Secular Trends Fuel Our Growth
STRATEGY PRODUCT GTM FINANCIALS Secular Trends Fuel Our Growth ($ bn) COMMERCE MEDIA CTV SOCIAL AI 200 175 +17% +13% +11% +59% 150 CAGR CAGR CAGR CAGR 125 $202 100 75 $136 50 $98 $91 25 $52 $46 $28 $31 2024 2028E 2024 2028E 2024 2028E 2024 2028E Source: eMarketer, IDC
Slide 23: Strong Roster of Clients
Strong Roster of Clients With Opportunity to Capture Significantly More Share of Wallet 125 $1M+ Annual Subscription 865 Customers2 Direct Subscription Customers1 See Appendix for footnote definitions
Slide 24: Campaign Reach: Ad Budget
Campaign Reach Ad Budget Audience, Data & Measurability
Slide 25: Problems, Solved
Problems, Solved LiveRamp’s Data Collaboration Platform Helps Companies Transform Data Into Outcomes INDUSTRY CHALLENGE LIVERAMP ADVANTAGE Overwhelming complexity Network scale Imperfect marketing Turnkey integrations with all the destinations that matter Clean room collaboration and insights at key
Slide 26: LiveRamp is the Catalyst for Outcomes
Internal data Every Company Strives for Better Results relationship External data LiveRamp is the Catalyst for Outcomes relationship Buys new Galaxy S25 phone Reads article and sees The “High display ad on Galaxy Tech Switcher” S25 phone accessories Purchases Buds2 Pro and Watch6 Watches tech review
Slide 27: What's Next
~$35B + New Verticals ● Healthcare ● Fraud & Risk ● Public Sector ~$19B What’s Next + MarTech and CX ● New channels: Email, SMS ● New platforms: ~$13B CXM, CDP Advertising TAM Secular Drivers: Commerce Media CTV Social AI * LiveRamp estimates and analysis in partnership with LEK Consulting. $13B rep
Slide 28: Talented and Experienced Leadership Team
Underneath it All, a Talented and Experienced Leadership Team Scott Howe Lauren Dillard Dave Eisenberg Vihan Sharma Kimberley Bloomston Matt Karasick Chief Executive Officer Chief Financial Officer Chief Strategy Officer Chief Revenue Officer Chief Product Officer VP, Product Mohsin Hussain Travis Clinge
Slide 29: Key Takeaways
Key Takeaways Every company strives for better results, but this is difficult for many reasons LiveRamp’s Data Collaboration Network helps companies transform their data into better outcomes We are uniquely positioned for ongoing market leadership, top line growth and profitability
Slide 30: Our Unique Product Offering
Our Unique Product Offering Matt Karasick Vice President, Product
Slide 31: Key Takeaways
Key Takeaways Our platform is purpose built to solve for marketers' biggest data challenges - and to help them achieve better marketing outcomes We have multiple defensible moats And a clear roadmap to further strengthen our leadership position
Slide 32: Only LiveRamp Can Deliver It
STRATEGY PRODUCT GTM FINANCIALS Every Company Strives for Better Results Only LiveRamp Can Deliver It Internal data relationship External data relationship Buys new Galaxy S25 phone Reads article and sees The “High display ad on Galaxy Tech Switcher” S25 phone accessories Purchases Buds2 Pro and Wat
Slide 33: LiveRamp's Data Collaboration Platform has Four Components
STRATEGY PRODUCT GTM FINANCIALS LiveRamp’s Data Collaboration Platform has Four Components DATA COLLABORATION SOLUTIONS Identity Solutions Data Audience Addressability Data Clean Marketplace Solutions Rooms Unify disparate customer Match buyers and sellers of Onboard offline customer data, Privacy-co
Slide 34: Strategic Moats Power Market Leadership
STRATEGY PRODUCT GTM FINANCIALS Strategic Moats Power Market Leadership Our Competitive Advantage Largest, most accurate consented IDENTITY identity graph to deliver precise consumer view Live/Access Live/Identity Industry’s only interoperable INTEROPERABILITY platform – connect data from anywhere t
Slide 35: Purpose Built to Enhance and Simplify Key Marketer Activities
STRATEGY PRODUCT GTM FINANCIALS Purpose Built to Enhance and Simplify Key Marketer Activities PLAN MEASURE SEGMENT Live/Access Live/Identity Live/Insights Live/Connectivity OPTIMIZE CONNECT
Slide 36: How Our Product Works
How Our Product Works Connect data and network Ingest data and resolve to Map data to network partners for ad targeting, an individual or household identifiers optimization and measurement CRM Data Prospect Data Live/Access Live/Identity Transaction Data Audience Data Insights Data Live/Insights Live
Slide 37: Live/Identity
STRATEGY PRODUCT GTM FINANCIALS Live/Identity The key to world-class customer experience and marketing performance Live/Identity in action PLAN: PLAN: PLAN and OPTIMIZE: Resolve multiple ‘versions’ Build a first party data Translate of a consumer back to a graph - based on the and deconflict single pe
Slide 38: Identity is the Cornerstone of Entire Marketing Cycle
STRATEGY PRODUCT GTM FINANCIALS Identity is the Cornerstone of Entire Marketing Cycle Name & Address Phone Email Cookies Walled Gardens Mobile CTV Other TV Cookieless Identifiers John Smith Johnjsmith Google PAIR ID Cookie 123 @JSmith AAID 456 123 Main Street @gmail.com tddy123uk IP Address 650.987.1
Slide 39: Live/Access
STRATEGY PRODUCT GTM FINANCIALS Live/Access The fastest way to grow a high-quality consumer dataset and boost acquisition Live/Access in action PLAN: SEGMENT: MEASURE: Building out prospecting Building and targeting License data for universes and database to 3P data audiences across measurement to a
Slide 40: Live/Connectivity
STRATEGY PRODUCT GTM FINANCIALS Live/Connectivity CLIENT LOGO Seamless ecosystem connectivity and scale to drive connected customer experience Live/Connectivity in action OPTIMIZE: CONNECT: CONNECT: Enhance your media Activate your customer or Link your audiences in your performance and site busines
Slide 41: Seamlessly Connect Data Across Platforms, Partners, and Applications
STRATEGY PRODUCT GTM FINANCIALS Seamless direct-to-platform Collaborative activation across 300+ insights media destinations Seamlessly Data management platform (DMP) Full-funnel Connect Data Email service closed-loop measurement Strategic Across Platforms, provider partnerships Partners, and Busine
Slide 42: Live/Insights
STRATEGY PRODUCT GTM FINANCIALS Live/Insights The clearest view into performance to get the most out of marketing investments Live/Insights in action OPTIMIZE: MEASURE: MEASURE: Streamline collaboration Enable predictive analytics Get de-duplicated with key partners and find and advanced modeling for
Slide 43: Powers Cross-Media Intelligence, Transforming Measurement
STRATEGY PRODUCT GTM FINANCIALS Powers Cross-Media Intelligence, Transforming Measurement for the Modern Marketer
Slide 44: Winning Requires Solving for Both User Personas
STRATEGY PRODUCT GTM FINANCIALS Winning Requires Solving for Both User Personas Low/Pro-Code for Flexible No-Code for Pre-Packaged DATA SCIENCE TEAMS Queries BUSINESS USERS ● GenAI-powered Question Configurable ● Pre-built connectors to any Builder to create and Business User cloud or walled garden m
Slide 45: Platform Modernization Improves Customer Experience
STRATEGY PRODUCT GTM FINANCIALS Platform Modernization Improves Customer Experience While Delivering Greater Outcomes FY25 FY26 Cloud Decreased Match Rate Modern Powered by AI Interoperability Processing Times Improvements User Experience Enabling AI
Slide 46: Product Roadmap Priorities
STRATEGY PRODUCT GTM FINANCIALS Expand cloud-interoperability and first party Live/Identity identity infrastructure to power greater accuracy and scale. Product Advance Data Marketplace to power AI-driven Live/Access workflows and seamless integration with clean rooms Roadmap Priorities Live/Connectiv
Slide 47: What's Next
STRATEGY PRODUCT GTM FINANCIALS 1 Omnichannel Outcomes Powered by AI What’s Next Customer Value TODAY Audience Data 2 for Advertising & Marketing Expand to New Verticals for Use Cases with Fragmented, Siloed Data Industry
Slide 48: Key Takeaways
Key Takeaways Our platform is purpose built to solve for marketers' biggest data challenges - and to help them achieve better marketing outcomes We have multiple defensible moats And a clear roadmap to further strengthen our leadership position
Slide 49: Our Market Opportunity
Our Market Opportunity Vihan Sharma Chief Revenue Officer
Slide 50: Key Takeaways
Key Takeaways We are at the Center of Massive Industry Transformation We are a critical platform for marketers and their partners We have multiple levers for growth – chief among them our network We are just getting started
Slide 51: Who We Serve
STRATEGY PRODUCT GTM FINANCIALS Who We Serve BRANDS TECH AGENCIES PARTNERS DATA PUBLISHERS CONSUMERS
Slide 52: We are at the Center of Massive Industry Transformation
STRATEGY PRODUCT GTM FINANCIALS We are at the Center of Massive Industry Transformation ($ bn) COMMERCE MEDIA CTV SOCIAL AI 200 175 +17% +13% +11% +59% 150 CAGR CAGR CAGR CAGR 125 $202 100 75 $136 50 $98 $91 25 $52 $46 $28 $31 2024 2028E 2024 2028E 2024 2028E 2024 2028E Source: eMarketer, IDC
Slide 53: Multiple Levers for Growth
STRATEGY PRODUCT GTM FINANCIALS STRENGTHEN NETWORK Multiple Levers LAND & EXPAND for Growth Network Driven Strategy GROW PARTNER CHANNEL INNOVATE
Slide 54: Our Network Journey
STRATEGY PRODUCT GTM FINANCIALS Our Network Journey BRANDS TECH AGENCIES PARTNERS DATA PUBLISHERS CONSUMERS
Slide 55: Our Network Journey
STRATEGY PRODUCT GTM FINANCIALS Our Network Journey BRANDS TECH AGENCIES PARTNERS DATA PUBLISHERS CONSUMERS
Slide 56: Our Network is Our Moat
STRATEGY PRODUCT GTM FINANCIALS Our Network is Our Moat…. Yesterday Today Tomorrow
Slide 57: Brand Marketers are Our Largest Customer Cohort
STRATEGY PRODUCT GTM FINANCIALS SUBSCRIPTION REVENUE & CUSTOMER MIX (Q3-25A TTM) Brand Marketers are Our Largest 11% 9% Brand Customer Cohort… 11% 11% Media Platform 29% Data 30% Agency 48% 51% SUBSCRIPTION REVENUE SUBSCRIPTION CUSTOMERS
Slide 58: And We Have a Long Runway for Customer Growth
STRATEGY PRODUCT GTM FINANCIALS LiveRamp Customer ~45% 100 Penetration …And We Have a Long Runway for Customer Growth LiveRamp Customer ~25% 500 Penetration LiveRamp Customer ~20% 1000 Penetration
Slide 59: Multiple Land Motions
STRATEGY PRODUCT GTM FINANCIALS Multiple Land Motions BASIC AUDIENCE TARGETING BASIC MEASUREMENT Live/Connectivity Live/Insights ● Fortune 1000 advertisers ● DTC and eCommerce brands ● Activating CRM for advanced targeting ● ROAS and optimization across channels
Slide 60: Multiple Paths to Expand
STRATEGY PRODUCT GTM FINANCIALS Multiple Paths to Expand MORE CONNECTIVITY CROSS-SELL CLEAN ROOM CONNECTIONS New advertising destinations Optimize media performance MarTech use cases Standardized analytics AI use cases Manage your 1st party data MORE CLEAN ROOM MORE DATA VOLUME CONNECTIONS More data
Slide 61: Live/Insights is a Substantial Cross-Sell Opportunity
STRATEGY PRODUCT GTM FINANCIALS Live/Insights is a Substantial Cross-Sell Opportunity Whitespace within existing brand customer base ~4x 75% higher ARR for Brand customers with Clean Room customers a Clean Room today ~25% 61
Slide 62: Land & Expand Example: Global Electronics Manufacturer
STRATEGY PRODUCT GTM FINANCIALS Land & Expand Example Leading Global Electronics Manufacturer $10M+ Annual Contract Value FY19: Identity Upsell Connectivity Upsell $6.5M FY27+: Clean Room Insights Upsell $3.6M FY25: FY16: Clean Room Insights Upsell Connectivity Land (New Logo) Identity Upsell Connec
Slide 63: Land & Expand Example: Global Automaker
STRATEGY PRODUCT GTM FINANCIALS Land & Expand Example Leading Global Automaker FY24: Clean Room Insights Upsell $10M Annual Contract Value $6.7M FY26+: FY22: Clean Room Insights and Connectivity Upsell Connectivity Land (New Logo) $3.3M FY25: Clean Room Insights Upsell $1.6M $0.5M FY23: Clean Room I
Slide 64: Land & Expand Example: US Grocery Chain
STRATEGY PRODUCT GTM FINANCIALS Land & Expand Example Leading US Grocery Chain Annual Contract Value FY23: $10M Clean Room Insights Upsell $6.8M FY26: Connectivity Upsell FY21: Clean Room Insights Land (New Logo) $5.9M FY24: Clean Room Insights Upsell $5.4M $3.4M FY22: Identity & Connectivity Cross-
Slide 65: Land & Expand Example: Global Pharmaceutical
STRATEGY PRODUCT GTM FINANCIALS Land & Expand Example Leading Global Pharmaceutical FY21: Clean Room Insights Cross-Sell $10M Annual Contract Value $6.9M FY26+: FY19: Clean Room Insights and Connectivity Upsell Connectivity Land (New Logo) $3.0M FY25: Clean Room Insights Upsell Connectivity Upsell $
Slide 66: Channel Partner Strategy
STRATEGY PRODUCT GTM FINANCIALS Channel Partner Strategy Cloud Partners Global System Integrators Retail & Commerce Pub & Media Partners Media Networks
Slide 67: Innovation to Deliver Greater Customer Value and Drive Market Expansion
STRATEGY PRODUCT GTM FINANCIALS Innovation to Deliver Greater Customer Value and Drive Market Expansion PRODUCT SUPPORT MARKET EXPANSION Platform speed, stability and Dedicated teams supporting Lending - PreScreened scalability network extension Acquisitions as a Service Better partner and use case
Slide 68: How GTM is Organized to Serve Our Customers
STRATEGY PRODUCT GTM FINANCIALS How GTM is Organized to Serve Our Customers VERTICALIZED VERTICALIZED PRODUCTIVITY SALES TEAMS POST-SALES TEAMS METRICS Commercial Lead Customer Success BRANDS Commercial Lead = New Logo Net Retention, CSAT, + AGENCIES $2M+ per year in Adoption, Renewal annual rev boo
Slide 69: Supercharging Commercial Motion through Pricing Redesign
STRATEGY PRODUCT GTM FINANCIALS Supercharging Commercial Motion through Pricing Redesign OBJECTIVES CURRENT STATE UNLOCK FROM NEW PRICING DESIGN IMPROVE CUSTOMER Complex deal arrangements Standardized pricing with fully fungible EXPERIENCE introducing cross-sell friction credits across all LiveRamp
Slide 70: Key Takeaways
Key Takeaways We are at the Center of Massive Industry Transformation We are a critical platform for marketers and their partners We have multiple levers for growth – chief among them our network We are just getting started
Slide 71: Break
LiveRamp Investor Day 2025 We are taking a 15 minute break. The program will resume shortly. Thank you.
Slide 72: Driving Long-Term Shareholder Value
Driving Long-Term Shareholder Value Lauren Dillard Chief Financial Officer
Slide 73: Key Takeaways
Key Takeaways We are Driving Long-Term Shareholder Value Foundation for durable growth at scale Large addressable market with multiple growth levers Attractive long-term financial model
Slide 74: Foundation for Durable Growth at Scale
Foundation for Durable Growth at Scale
Slide 75: Compelling Financial Foundation with Strong Retention Metrics
STRATEGY PRODUCT GTM FINANCIALS Compelling Financial Foundation with Strong Retention Metrics Predictable, Recurring Revenue Growing KPIs Retention Rates $491M 76% $579M 125 108% 111% 10% YoY Growth Proportion Remaining Customers with Subscription Net Platform Net Annual Recurring of Revenue from Pe
Slide 76: Consistently Scaling Revenue
STRATEGY PRODUCT GTM FINANCIALS Consistently Scaling Revenue Total Revenue ($ M) 800 +15% TRACK RECORD OF 10%+ annual revenue growth CAGR 600 FY21 16% FY22 19% 400 FY23 13% FY24 11% 200 FY25 Guide 12-13% FY19A FY20A FY21A FY22A FY23A FY24A FY25 Guide
Slide 77: Revenue Well-Diversified Across Industry Sectors
PERCENT OF TOTAL REVENUE (Q3-25 TTM) Revenue EDUCATION Well-Diversified MANUFACTURING Across Industry OTHER TRAVEL & HOSPITALITY Sectors AUTO HEALTHCARE TELECOM CPG FINANCIAL SERVICES PROFESSIONAL SERVICES AGENCIES MEDIA & ENTERTAINMENT RETAIL INFORMATION TECHNOLOGY 0% 10% 20% 30%
Slide 78: We are Thriving with Large Brand Customers
STRATEGY PRODUCT GTM FINANCIALS We are Thriving with Large Brand Customers Subscription revenue skews to brand customers.… ….and the largest brand customers drive revenue growth SUBSCRIPTION REVENUE & CUSTOMER MIX BRAND SUBSCRIPTION REVENUE MIX BY CUSTOMER SIZE2 (Q3-25A TTM) 11% 9% 11% 11% 54% 58% 2
Slide 79: Consistent Growth with $1M+ Cohort
STRATEGY PRODUCT GTM FINANCIALS Consistent Growth with $1M+ Cohort $1M+ ANNUAL DIRECT SUBSCRIPTION CUSTOMERS2 3 ~20% # of $1M+ CAGR Customers FY20-25 125 Consistent annual growth 100 75 Expect this growth trajectory to continue 50 Average $1M+ customer size is ~$3M* 25 0 FY20A FY21A FY22A FY23A FY24
Slide 80: Good Forward Revenue Visibility from Subscription Contracts
STRATEGY PRODUCT GTM FINANCIALS Good Forward Revenue Visibility from Subscription Contracts REVENUE COMPOSITION (Q3-25A TTM) Marketplace & Other ● Minimum 1-year fixed 24% fee contracts ● 33% of subscription revenue is on a multi-year contract ● Fixed fee for a monthly Subscription Usage data volume
Slide 81: Data Marketplace Represents Majority of Marketplace & Other Revenue
STRATEGY PRODUCT GTM FINANCIALS Data Marketplace MARKETPLACE & OTHER REVENUE COMPOSITION Represents Majority Other Marketplace (Q3-25A TTM) of Marketplace 5% & Other Revenue Services 17% REVENUE COMPOSITION (Q3-25A TTM) Marketplace & Other 24% Data Marketplace 78% Subscription Usage 11% Subscription
Slide 82: Data Marketplace Fueled By Secular Growth
STRATEGY PRODUCT GTM FINANCIALS Data Marketplace Fueled By Secular Growth & Outpacing US Digital Ad Market LIVERAMP DATA MARKETPLACE vs. 21% Trailing Growth YoY US DIGITAL ADVERTISING MARKET* 2-year CAGR 40% Growth correlates to 30% US digital advertising market growth 20% Outperformance reflects 10%
Slide 83: Large Addressable Market with Multiple Growth Levers
Large Addressable Market with Multiple Growth Levers
Slide 84: The Data Collaboration Market is Sizable
STRATEGY PRODUCT GTM FINANCIALS Data Marketplace 17% Audience Addressability Identity 28% Resolution The Data 22% Collaboration ~$13B Market is Sizable TAM* Data Room 33% * LiveRamp estimates and analysis in partnership with LEK Consulting. Data Collaboration total addressable market for advertising
Slide 85: Multiple Levers for Growth
STRATEGY PRODUCT GTM FINANCIALS STRENGTHEN NETWORK Multiple Levers LAND & EXPAND for Growth Network Driven Strategy GROW PARTNER CHANNEL INNOVATE
Slide 86: Targeting 10-15% Annual Revenue Growth
STRATEGY PRODUCT GTM FINANCIALS Targeting 10-15% Annual Revenue Growth GROWTH LEVERS FINANCIAL IMPLICATIONS LAND ~30% New ARR LAND & EXPAND Further global 2000 penetration 10% to Mid-market opportunity STRENGTHEN EXPAND NETWORK ~70% of New ARR 15% 105-110% Net Retention Simplified and flexible pricing
Slide 87: Customer Cohorts Demonstrate Durability of Land & Expand Strategy
STRATEGY PRODUCT GTM FINANCIALS Customer Cohorts Demonstrate $300 Durability of Land & Expand Strategy 32% CAGR $200 (Q3-17 to Q3-25) Brand FY25 Ending ARR3 by Cohort FY24 ($M) FY23 FY22 $100 FY21 FY20 FY19 FY18 FY17 & Older $0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q3-25 See Appendix for footnote
Slide 88: Product Innovation Driving Retention
STRATEGY PRODUCT GTM FINANCIALS Product Innovation Driving Retention Expansion driven by NET DOLLAR RETENTION clean room cross-sell Subscription5 Platform6 Upward trend driven by platform modernization and enhanced customer service FY22 FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24 FY25 FY2
Slide 89: Targeting 10-15% Annual Revenue Growth
STRATEGY PRODUCT GTM FINANCIALS Targeting 10-15% Annual Revenue Growth GROWTH LEVERS FINANCIAL IMPLICATIONS LAND ~30% New ARR LAND & EXPAND Further global 2000 penetration 10% to Mid-market opportunity STRENGTHEN NETWORK EXPAND ~70% of New ARR 15% 105-110% Net Retention Simplified and flexible pricing
Slide 90: Attractive Long-Term Financial Model
Attractive Long-Term Financial Model
Slide 91: Pillars of Our Financial Model
STRATEGY PRODUCT GTM FINANCIALS Pillars of Our Financial Model 1 2 3 4 DURABLE, RECURRING HIGH-MARGIN DATA HIGH OPERATING DISCIPLINED APPROACH SUBSCRIPTION REVENUE MARKETPLACE REVENUE LEVERAGE TO CAPITAL ALLOCATION
Slide 92: Attractive & Consistent Gross Margin with Further Upside
STRATEGY PRODUCT GTM FINANCIALS Attractive & Consistent Gross Margin with Further Upside NON-GAAP GROSS MARGIN7 6 Non-GAAP Gross Margin Drivers of further improvement Continued platform modernization Mix shift to higher 76% 75% 75% 74% margin revenue streams Improving revenue scale on highly fixed co
Slide 93: High Fixed Cost Base Results in Strong Operating Leverage
STRATEGY PRODUCT GTM FINANCIALS High Fixed Cost Base Results in Strong Operating Leverage Leverage across entire expense structure… …drives steady operating margin expansion NON-GAAP OPEX AS % OF REVENUE7 NON-GAAP OPERATING MARGIN7 69% 65% 59% 56% 24% 22% 20-25% 19% 18% 29% 29% 27% 25% 18% 16% 10% 1
Slide 94: Long-Term Model
STRATEGY PRODUCT GTM FINANCIALS Long-Term Model Drivers of Further Improvement Non-GAAP % Long Term 7 FY22A FY23A FY24A FY25 Guide11 of Revenue Model Improving revenue scale on highly fixed cost base Gross Margin 76% 75% 75% 74% 75% - 77% Offshoring Research & 24% 22% 19% 18% 15% - 14% Development Pa
Slide 95: Our Goal is to be a Rule of 40 Company by FY28
STRATEGY PRODUCT GTM FINANCIALS Our Goal is to be a “Rule of 40” Company by FY28 40% Non-GAAP Op Margin7 31% Rev Growth 27% 23% 25-30% 18% 10% 16% 13% 12% 10-15% 11% FY25 FY28 FY23A FY24A Guide11 Target *May not foot due to rounding See Appendix for footnote definitions 95
Slide 96: Strong Free Cash Flow Generation
STRATEGY PRODUCT GTM FINANCIALS Strong Free Cash Flow Generation FREE CASH FLOW8 Free Cash 3 Flow ($M) $125 Targeting ~75% Adjusted EBITDA-to-FCF conversion $100 Driven by improving revenue $75 scale on high fixed cost base with consistent working capital cash flow uses $50 Minimal CAPEX requirements
Slide 97: Continue Our Balanced Approach to Capital Allocation
STRATEGY PRODUCT GTM FINANCIALS Continue Our Balanced Approach to Capital Allocation Generate healthy Invest in the business to Opportunistically return FCF and maintain strong support future growth – both capital to shareholders through balance sheet organically and inorganically share repurchases
Slide 98: Stock-Based Compensation
STRATEGY PRODUCT GTM FINANCIALS Stock-Based Compensation …and targeting non-acquisition related SBC Managing to peer group median… expense at or below 10% of revenue BURN RATE (ISS) NORMALIZED SBC AS % OF REV10 21% 17% 15% 6% 14% 3% 1% 2% <10% 7.0% 4.9% 4.9% 14% 14% 13% 13% 3.5% 3.4% 3.2% 3.4% 2.8%
Slide 99: Reiterating Financial FY25 Outlook
STRATEGY PRODUCT GTM FINANCIALS Reiterating Financial FY25 Outlook ($M) Q4 FY25 Revenue $184-186 $741-$743 YoY Growth 7% - 8% 12% - 13% GAAP Operating Income (Loss) ($8) $10 Non-GAAP Operating Income $22 $135 11 See Appendix for footnote definitions
Slide 100: Key Takeaways
Key Takeaways We are Driving Long-Term Shareholder Value Foundation for durable growth at scale Large addressable market with multiple growth levers Attractive long-term financial model
Slide 101: The Headlines
1 Data collaboration is a significant and scaling market 2 We are uniquely positioned to win – given our solution set and network scale The Headlines 3 Our revenue growth is durable – levered to the increasing demand for data to support marketing outcomes We are driving long-term shareholder 4 value
Slide 102: Appendix
Appendix /L
Slide 103: Footnotes
Footnotes 1 Direct client count excludes agency and reseller deployments and Marketplace-only customers. 2 $1M clients are counted as $250k or more subscription-only revenue in the quarter; $500k-$1M clients are counted as between $250k to $125k subscription-only revenue in the quarter, <$500k clien
Slide 104: GAAP to Non-GAAP Expenses and Operating Income Reconciliation
GAAP to Non-GAAP Expenses and Operating Income Reconciliation
Slide 105: GAAP to Non-GAAP Schedules and Metrics
GAAP to Non-GAAP Schedules and Metrics Additional GAAP to Non-GAAP reconciliations are presented on our investor relations website: https://investors.liveramp.com/financial-information/quarterly-results