Liveramp Holdings Inc
F:XIM
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Liveramp Holdings Inc
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Liveramp Holdings Inc
LiveRamp helps companies connect and use customer data without exposing the raw personal records. Its main product is a data connectivity platform that matches identities across systems, lets businesses move first-party data safely, and supports marketing measurement and audience targeting. Customers include advertisers, retailers, media companies, platforms, and other brands that want to use their own customer data more effectively. The company makes money mainly by selling software and data-activation services, often through recurring contracts and usage-based fees. Clients pay to onboard data, link it across partners, and use tools that help them run campaigns or measure results. That puts LiveRamp in the middle of the data supply chain: it does not usually own the customer data, but it helps different parties share and activate it in a controlled way. What makes the business model distinctive is its role as a neutral connector. As privacy rules get stricter and third-party tracking gets harder, companies need a way to work with first-party data across many partners and channels. LiveRamp specializes in that problem, so its value comes from being the trusted bridge between data owners, advertisers, and media partners.
LiveRamp helps companies connect and use customer data without exposing the raw personal records. Its main product is a data connectivity platform that matches identities across systems, lets businesses move first-party data safely, and supports marketing measurement and audience targeting. Customers include advertisers, retailers, media companies, platforms, and other brands that want to use their own customer data more effectively.
The company makes money mainly by selling software and data-activation services, often through recurring contracts and usage-based fees. Clients pay to onboard data, link it across partners, and use tools that help them run campaigns or measure results. That puts LiveRamp in the middle of the data supply chain: it does not usually own the customer data, but it helps different parties share and activate it in a controlled way.
What makes the business model distinctive is its role as a neutral connector. As privacy rules get stricter and third-party tracking gets harder, companies need a way to work with first-party data across many partners and channels. LiveRamp specializes in that problem, so its value comes from being the trusted bridge between data owners, advertisers, and media partners.
Revenue Beat: LiveRamp reported Q3 revenue of $212 million, up 9% year-over-year and $1 million above the midpoint of guidance, marking the 11th consecutive quarter exceeding guidance.
Strong Profitability: Operating income reached $62 million, up 36% from last year, with a record operating margin of 29%; free cash flow also hit a record $67 million.
Customer Growth: Total customer count increased by 15, the largest quarterly gain in over 3.5 years, and $1 million-plus customers grew by 8 to 140.
AI Tailwind: Management emphasized that AI is boosting data usage across their network, driving incremental revenue opportunities, and making LiveRamp more essential to partners.
Pricing Model Shift: The company is moving toward usage-based pricing, which has already shown benefits with both new and existing customers and is set for broader rollout in FY '27.
Raised Outlook: FY '26 revenue guidance was increased to $810–$814 million, about 9% growth; management expects double-digit revenue growth next year if current execution continues.
Margin Expansion: Operating margin expanded by 6 points year-over-year in Q3 and is expected to improve by 4 points for the full year, aided by cost controls and offshoring.
Rule of 40 Focus: The company remains committed to achieving the Rule of 40 (revenue growth + margin ≥ 40%) by FY '28, with Rule of 31 (9% growth, 22% margin) expected in FY '26.
