LiveRamp Holdings Inc

Previous wording

Our solutions are sold to enterprise marketers and the companies they partner with to execute their marketing, including agencies, marketing technology providers, publishers and data providers. Today, we work with 885 direct customers world-wide and serve thousands of additional customers indirectly through our reseller partnership arrangements.

Current wording

Our solutions are sold to enterprise marketers and the companies they partner with to execute their marketing, including agencies, marketing technology providers, publishers and data providers. Today, we work with 865 direct customers world-wide and serve thousands of additional customers indirectly through our reseller partnership arrangements.

Previous wording

•Gross margin decreased to 72.4% from 74.2%.

Current wording

•Gross margin decreased to 71.9% from 74.2%.

Previous wording

•Total operating expenses were $126.8 million, a 14.8% increase from $110.5 million.

Current wording

•Total operating expenses were $125.7 million, a 10.6% increase from $113.7 million.

Previous wording

◦Non-cash stock compensation of $29.1 million and $15.7 million, respectively (cost of revenue of $1.5 million and $0.6 million, respectively, and operating expenses of $27.6 million and $15.1 million, respectively)

Current wording

◦Non-cash stock compensation of $26.8 million and $17.5 million, respectively (cost of revenue of $1.5 million and $0.8 million, respectively, and operating expenses of $25.3 million and $16.7 million, respectively)

Previous wording

◦Restructuring and other charges of $0.4 million and $6.6 million, respectively (gains, losses, and other items, net)

Current wording

◦Restructuring and other charges of $0.1 million and $2.5 million, respectively (operating expenses)

Previous wording

•Total other income, net was $4.2 million, a decrease of $2.2 million from $6.4 million.

Current wording

•Total other income, net was $4.0 million, a decrease of $2.6 million from $6.6 million.

Previous wording

•Net earnings were $1.7 million, or $0.03 per diluted share, compared to net earnings of $4.9 million, or $0.07 per diluted share.

Current wording

•Net earnings were $11.2 million, or $0.17 per diluted share, compared to net earnings of $14.0 million, or $0.21 per diluted share.

Previous wording

•The Company repurchased 1.9 million shares of its common stock for $49.9 million compared to 0.5 million shares for $15.1 million under the Company's common stock repurchase program.

Current wording

•The Company repurchased 0.4 million shares of its common stock for $10.0 million compared to 0.3 million shares for $10.0 million under the Company's common stock repurchase program.

Previous wording

SNR at September 30, 2024 compared to September 30, 2023 increased 6%. Lower contraction levels and increasing usage revenue were the primary contributors to the improvement. The acquisition of Habu contributed approximately two percentage points to the current period growth.

Current wording

SNR at December 31, 2024 compared to December 31, 2023 increased 7%. The acquisition of Habu contributed approximately one percentage point to the current period growth. Lower contraction levels and increasing usage revenue were the primary contributors to the additional improvement.

Previous wording

Our ARR growth of 13% was attributable to both new customer revenue and net growth (upsell revenue less downsell and churn) in existing customer revenue. The increasing growth rate compared to the 2% growth in the previous year is due to improvement in net growth in existing customer revenue. The acquisition of Habu contributed approximately three percentage points to the current period growth.

Current wording

Our ARR growth of 10% was attributable to both new customer revenue and net growth (upsell revenue less downsell and churn) in existing customer revenue. The increasing growth rate compared to the 6% growth in the previous year is due to improvement in net growth in existing customer revenue, primarily from lower downsell and churn. The acquisition of Habu contributed approximately three percentage points to the current period growth.

Previous wording

While the Company believes RPO and CRPO are leading indicators of revenue as they represent sales activity not yet recognized in revenue, they are not necessarily indicative of future revenue growth as they are influenced by several factors, including seasonality of contract renewal timing and average contract terms. The Company monitors RPO and CRPO to manage the business and evaluate performance. RPO increased due to several large, multi-year renewals. CRPO increased due to new customer additions, as well as the multi-year renewals. The relative decline in RPO and CRPO growth (in terms of % change) is primarily due to timing of multi-year renewals and revenue run-off from large multi-year arrangements subject to future renewal.

Current wording

While the Company believes RPO and CRPO are leading indicators of revenue as they represent sales activity not yet recognized in revenue, they are not necessarily indicative of future revenue growth as they are influenced by several factors, including seasonality of contract renewal timing and average contract terms. The Company monitors RPO and CRPO to manage the business and evaluate performance. RPO increased due to several large, multi-year renewals; however, the increase was partially offset by continued run-off of other large multi-year arrangements with future renewal dates. CRPO increased due to new customer additions, as well as the multi-year renewals. The relative decline in RPO and CRPO growth (in terms of % change) is primarily due to timing of multi-year renewals and revenue run-off from large multi-year arrangements subject to future renewal.

Previous wording

Total revenues for the quarter ended September 30, 2024 were $185.5 million, a $25.6 million, or 16.0%, increase from the same quarter a year ago. The increase was due to revenue growth in both Subscription and Marketplace and Other. The Subscription revenue growth was $17.6 million, or 14.0%, primarily due to upsell to existing customers, higher variable revenue and to a lesser extent new logo deals. Subscription revenue also included approximately $3.5 million of revenue associated with the fiscal 2024 acquisition of Habu. The Marketplace and Other revenue growth was $8.0 million, or 23.5%, primarily due to Data Marketplace and Services volume growth. On a geographic basis, U.S. revenue increased $25.8 million, or 17.2%. International revenue decreased $0.2 million, or 1.5%.

Current wording

Total revenues for the quarter ended December 31, 2024 were $195.4 million, a $21.5 million, or 12.4%, increase from the same quarter a year ago. The increase was due to revenue growth in both Subscription and Marketplace and Other. The Subscription revenue growth was $13.2 million, or 10.0%, primarily due to new logo deals and higher variable revenue. Subscription revenue also included approximately $3.7 million of revenue associated with the fiscal 2024 acquisition of Habu. The Marketplace and Other revenue growth was $8.3 million, or 20.0%, primarily due to Data Marketplace and Services growth. On a geographic basis, U.S. revenue increased $21.9 million, or 13.4%. International revenue decreased $0.4 million, or 3.3%.

Previous wording

Total revenues for the six months ended September 30, 2024 were $361.4 million, a $47.5 million, or 15.1%, increase compared to the same period a year ago. The increase was due to revenue growth in both Subscription and Marketplace and Other. The Subscription revenue growth was $30.5 million, or 12.3%, primarily due to upsell to existing customers, new logo deals and higher variable revenue. Subscription revenue also included approximately $6.8 million of revenue associated with the fiscal 2024 acquisition of Habu. The Marketplace and Other revenue growth was $17.0 million, or 25.6%, primarily due to Data Marketplace and Services volume growth. On a geographic basis, U.S. revenue increased $47.9 million, or 16.3%. International revenue decreased $0.4 million, or 2.0%.

Current wording

Total revenues for the nine months ended December 31, 2024 were $556.9 million, a $69.0 million, or 14.2%, increase compared to the same period a year ago. The increase was due to revenue growth in both Subscription and Marketplace and Other. The Subscription revenue growth was $43.7 million, or 11.5%, primarily due to upsell to existing customers, new logo deals and higher variable revenue. Subscription revenue also included approximately $10.4 million of revenue associated with the fiscal 2024 acquisition of Habu. The Marketplace and Other revenue growth was $25.3 million, or 23.5%, primarily due to Data Marketplace and Services growth. On a geographic basis, U.S. revenue increased $69.8 million, or 15.3%. International revenue decreased $0.8 million, or 2.5%.

Previous wording

Cost of revenue was $51.2 million for the quarter ended September 30, 2024, a $10.0 million, or 24.3%, increase from the same quarter a year ago. Gross profit increased to $134.2 million (72.4% gross margin) from $118.7 million (74.2% gross margin) in the prior year quarter due to revenue increases offset partially by an increase in cloud infrastructure costs (increased $4.0 million), services costs (increased $2.3 million) due to higher services revenue, intangible asset amortization (increased $2.5 million) and stock-based compensation expense (increased $0.9 million). U.S. gross margins decreased to 73.3% from 76.2% while International gross margins increased to 57.3% from 46.4%.

Current wording

Cost of revenue was $55.0 million for the quarter ended December 31, 2024, a $10.1 million, or 22.4%, increase from the same quarter a year ago. Gross profit increased to $140.4 million (71.9% gross margin) from $128.9 million (74.2% gross margin) in the prior year quarter due to the revenue increase of $21.5 million offset partially by an increase in cloud infrastructure costs (increased $6.9 million), services costs (increased $1.6 million) due to higher services revenue, intangible asset amortization (increased $2.5 million) and stock-based compensation expense (increased $0.7 million). U.S. gross margins decreased to 72.8% from 76.4% while International gross margins increased to 57.3% from 46.4%.

Previous wording

Cost of revenue was $103.0 million for the six months ended September 30, 2024, a $16.2 million, or 18.6%, increase from the same period a year ago. Gross profit increased to $258.5 million (71.5% gross margin) from $227.1 million (72.3% gross margin) in the prior period due to revenue increases offset partially by an increase in services costs (increased $8.8 million) due to higher services revenue, higher cloud infrastructure costs (increased $5.8 million), increased intangible asset amortization (increased $3.1 million) and stock-based compensation expense (increased $1.8 million). U.S. gross margins decreased to 72.4% from 74.2%, and International gross margins increased to 56.4% from 44.9%.

Current wording

Cost of revenue was $158.0 million for the nine months ended December 31, 2024, a $26.2 million, or 19.9%, increase from the same period a year ago. Gross profit increased to $398.9 million (71.6% gross margin) from $356.0 million (73.0% gross margin) in the prior period due to the revenue increase of $69.0 million offset partially by an increase in cloud infrastructure costs (increased $12.4 million), services costs (increased $10.4 million) due to higher services revenue, intangible asset amortization (increased $5.6 million) and stock-based compensation expense (increased $2.5 million). U.S. gross margins decreased to 72.5% from 75.0%, and International gross margins increased to 56.1% from 43.1%.

Previous wording

R&D expenses were $88.0 million for the six months ended September 30, 2024, an increase of $19.8 million, or 28.9%, compared to the same period a year ago, and are 24.3% of total revenues compared to 21.7% in the prior year period. The increase is primarily due to stock-based compensation expense (increased $10.8 million), headcount-related expenses (increased $8.0 million) and professional services expenses (increased $1.0 million). Stock-based compensation expense in the prior year period was favorably impacted due to the acceleration of stock-based compensation expense in the fourth quarter of fiscal 2023.

Current wording

R&D expenses were $130.7 million for the nine months ended December 31, 2024, an increase of $24.7 million, or 23.3%, compared to the same period a year ago, and are 23.5% of total revenues compared to 21.7% in the prior year period. The increase is primarily due to stock-based compensation expense (increased $13.9 million), headcount-related expenses (increased $8.9 million) and cloud R&D hosting expenses (increased $1.3 million). Stock-based compensation expense in the prior year period was favorably impacted due to the acceleration of stock-based compensation expense in the fourth quarter of fiscal 2023.

Previous wording

S&M expenses were $105.3 million for the six months ended September 30, 2024, an increase of $16.3 million, or 18.3%, compared to the same period a year ago, and are 29.1% of total revenues compared to 28.4% in the prior year period. The increase is primarily due to stock-based compensation expense (increased $6.0 million), headcount-related expenses (increased $6.1 million), professional services expenses (increased $1.6 million), and marketing expenses (increased $1.4 million). Stock-based compensation expense in the prior year period was favorably impacted due to the acceleration of stock-based compensation expense in the fourth quarter of fiscal 2023.

Current wording

S&M expenses were $50.9 million for the quarter ended December 31, 2024, an increase of $4.7 million, or 10.1%, compared to the same quarter a year ago, and are 26.0% of total revenues compared to 26.6% in the prior year period. The increase is primarily due to stock-based compensation expense (increased $3.2 million) and marketing expenses (increased $1.5 million). Stock-based compensation expense in the prior year quarter was favorably impacted due to the acceleration of stock-based compensation expense in the fourth quarter of fiscal 2023.

Previous wording

S&M expenses were $51.1 million for the quarter ended September 30, 2024, an increase of $7.0 million, or 15.8%, compared to the same quarter a year ago, and are 27.6% of total revenues in both periods. The increase is primarily due to stock-based compensation expense (increased $2.6 million), headcount-related expenses (increased $3.0 million), and professional services expenses (increased $0.5 million). Stock-based compensation expense in the prior year quarter was favorably impacted due to the acceleration of stock-based compensation expense in the fourth quarter of fiscal 2023.

Current wording

S&M expenses were $156.1 million for the nine months ended December 31, 2024, an increase of $20.9 million, or 15.5%, compared to the same period a year ago, and are 28.0% of total revenues compared to 27.7% in the prior year period. The increase is primarily due to stock-based compensation expense (increased $9.1 million), headcount-related expenses (increased $6.7 million), marketing expenses (increased $3.0 million), and professional services expenses (increased $1.6 million). Stock-based compensation expense in the prior year period was favorably impacted due to the acceleration of stock-based compensation expense in the fourth quarter of fiscal 2023.

Previous wording

G&A expenses were $62.3 million for the six months ended September 30, 2024, an increase of $9.7 million, or 18.3%, compared to the same period a year ago, and are 17.2% of total revenues compared to 16.8% in the prior year period. The increase is primarily due to stock-based compensation expense (increased $9.5 million) and professional services expenses (increased $2.0 million), offset partially by a decrease in transformation costs (decreased $1.9 million). Stock-based compensation expense in the prior year period was favorably impacted due to the acceleration of stock-based compensation expense in the fourth quarter of fiscal 2023.

Current wording

G&A expenses were $94.3 million for the nine months ended December 31, 2024, an increase of $14.4 million, or 18.0%, compared to the same period a year ago, and are 16.9% of total revenues compared to 16.4% in the prior year period. The increase is primarily due to stock-based compensation expense (increased $11.8 million) and professional services expenses (increased $5.1 million), offset partially by a decrease in transformation costs (decreased $1.9 million). Stock-based compensation expense in the prior year period was favorably impacted due to the acceleration of stock-based compensation expense in the fourth quarter of fiscal 2023.

Previous wording

Gains, losses and other items, net was $0.4 million for the quarter ended September 30, 2024, a decrease of $6.2 million compared to the same quarter a year ago. The prior year quarter costs primarily related to $2.8 million related to the impairment of APAC goodwill, $2.3 million in lease impairments and restructuring and $1.4 million related to termination benefits for employees whose positions were eliminated. The current quarter was all related to employee termination benefits.

Current wording

Gains, losses and other items, net was $0.1 million for the quarter ended December 31, 2024, a decrease of $2.4 million compared to the same quarter a year ago. The prior year quarter costs primarily related to $1.3 million related to termination benefits for employees whose positions were eliminated, and $1.2 million of third-party merger costs associated with the Habu acquisition.

Previous wording

Gains, losses and other items, net was $0.6 million for the six months ended September 30, 2024, a decrease of $6.1 million compared to the same period a year ago. The prior year costs primarily related to $2.8 million related to the impairment of APAC goodwill, $2.3 million in lease impairments and restructuring and $1.5 million related to termination benefits for employees whose positions were eliminated.

Current wording

Gains, losses and other items, net was $0.8 million for the nine months ended December 31, 2024, a decrease of $8.4 million compared to the same period a year ago. The prior year costs primarily related to $2.8 million related to the impairment of APAC goodwill, $2.3 million in lease impairments and restructuring, $2.8 million related to termination benefits for employees whose positions were eliminated, and $1.2 million of third-party merger costs associated with the Habu acquisition.

Previous wording

Income from operations was $7.5 million for the quarter ended September 30, 2024 compared to income from operations of $8.2 million in the same quarter a year ago. Operating margin for the quarter ended September 30, 2024 was 4.0% compared to 5.1% in the same quarter a year ago. Margins in the prior year quarter were positively impacted by the acceleration of stock-based compensation previously discussed.

Current wording

Income from operations was $14.7 million for the quarter ended December 31, 2024 compared to income from operations of $15.2 million in the same quarter a year ago. Operating margin for the quarter ended December 31, 2024 was 7.5% compared to 8.7% in the same quarter a year ago. Margins in the prior year quarter were positively impacted by the acceleration of stock-based compensation previously discussed.

Previous wording

Income from operations was $2.2 million for the six months ended September 30, 2024 compared to income from operations of $10.5 million in the same period a year ago. Operating margin was 0.6% compared to 3.3% in the prior year period. Margins in the prior year period were positively impacted by the acceleration of stock-based compensation previously discussed.

Current wording

Income from operations was $16.9 million for the nine months ended December 31, 2024 compared to income from operations of $25.7 million in the same period a year ago. Operating margin was 3.0% compared to 5.3% in the prior year period. Margins in the prior year period were positively impacted by the acceleration of stock-based compensation previously discussed.

Previous wording

Total other income, net was $4.2 million for the quarter ended September 30, 2024 compared to total other income, net of $6.4 million in the same quarter a year ago. Total other income, net was $8.6 million for the six months ended September 30, 2024 compared to $11.3 million in the same period a year ago. The quarter and year-to-date decreases are primarily attributable to lower invested cash and short-term investments.

Current wording

Total other income, net was $4.0 million for the quarter ended December 31, 2024 compared to total other income, net of $6.6 million in the same quarter a year ago. Total other income, net was $12.7 million for the nine months ended December 31, 2024 compared to $17.9 million in the same period a year ago. The quarter and year-to-date decreases are primarily attributable to lower invested cash and short-term investments (the prior year invested cash balance reflected cash prior to the acquisition of Habu) and slightly lower interest rates in the current fiscal year.

Previous wording

Income tax expense was $10.0 million on pretax income of $11.7 million for the quarter ended September 30, 2024, resulting in an 85.2% effective tax rate. This compares to a prior year quarter income tax expense of $10.2 million on pretax income of $14.6 million, or a 69.4% effective tax rate. Income tax expense was $16.6 million on pretax income of $10.9 million for the six months ended September 30, 2024, resulting in an 152.9% effective tax rate. This compares to a prior year period income tax expense of $18.9 million on pretax income of $21.8 million, or an 86.7% effective tax rate. Tax expense for all periods reflects the impact of the capitalization of research and development expenditures in accordance with Internal Revenue Code ("IRC") Section 174, as modified by the Tax Cuts and Jobs Act of 2017, the valuation allowance, and nondeductible stock-based compensation.

Current wording

Income tax expense was $9.2 million on income from continuing operations before income taxes of $18.7 million for the quarter ended December 31, 2024, resulting in a 49.1% effective tax rate. This compares to a prior year quarter income tax expense of $8.4 million on income from continuing operations before income taxes of $21.8 million, or a 38.7% effective tax rate. Income tax expense was $25.8 million on income from continuing operations before income taxes of $29.6 million for the nine months ended December 31, 2024, resulting in an 87.3% effective tax rate. This compares to a prior year period income tax expense of $27.3 million on income from continuing operations before income taxes of $43.6 million, or a 62.7% effective tax rate. Tax expense for all periods reflects the impact of the capitalization of research and development expenditures in accordance with Internal Revenue Code ("IRC") Section 174, as modified by the Tax Cuts and Jobs Act of 2017, without a corresponding deferred tax benefit, the valuation allowance, and nondeductible stock-based compensation.

Previous wording

The Company’s cash and cash equivalents are primarily located in the United States. At September 30, 2024, approximately $19.9 million of the total cash balance of $338.9 million, or approximately 5.9%, was located outside of the United States. The Company has no current plans to repatriate this cash to the United States.

Current wording

The Company’s cash and cash equivalents are primarily located in the United States. At December 31, 2024, approximately $19.8 million of the total cash balance of $376.8 million, or approximately 5.3%, was located outside of the United States. The Company has no current plans to repatriate this cash to the United States.

Previous wording

Net accounts receivable balances were $192.1 million at September 30, 2024, an increase of $1.8 million, compared to $190.3 million at March 31, 2024. Days sales outstanding ("DSO"), a measurement of the time it takes to collect receivables, was 95 days at September 30, 2024, compared to 101 days at March 31, 2024. DSO can fluctuate due to the timing and nature of contracts that lead to up-front billings related to deferred revenue on services not yet performed, and Data Marketplace contracts, which are billed on a gross basis, recognized on a net basis, but for which the amount that is due to data sellers is not reflected as an offset to accounts receivable. Compared to March 31, 2024, DSO at September 30, 2024 was positively impacted by approximately two days as the increased impact of Data Marketplace gross accounts receivable was offset by collections of Data Marketplace receivables. All customer accounts are actively managed, and no losses in excess of amounts reserved are currently expected.

Current wording

Trade accounts receivable, net balances were $210.6 million at December 31, 2024, an increase of $20.3 million, compared to $190.3 million at March 31, 2024. Days sales outstanding ("DSO"), a measurement of the time it takes to collect receivables, was 99 days at December 31, 2024, compared to 101 days at March 31, 2024. DSO can fluctuate due to the timing and nature of contracts that lead to up-front billings related to deferred revenue on services not yet performed, and Data Marketplace contracts, which are billed on a gross basis, recognized on a net basis, but for which the amount that is due to data sellers is not reflected as an offset to accounts receivable. Compared to March 31, 2024, DSO at December 31, 2024 was positively impacted by approximately two days as the increased impact of Data Marketplace gross accounts receivable was offset by collections of Data Marketplace receivables. All customer accounts are actively managed, and no losses in excess of amounts reserved are currently expected.

Previous wording

Working capital at September 30, 2024 totaled $382.7 million, a $2.8 million decrease when compared to $385.5 million at March 31, 2024.

Current wording

Working capital at December 31, 2024 totaled $412.2 million, a $26.7 million increase when compared to $385.5 million at March 31, 2024.

Previous wording

Management believes that the Company's existing available cash will be sufficient to meet the Company's working capital and capital expenditure requirements for the foreseeable future. However, in light of the risk of recession, the military conflicts in Europe and the Middle East, cost increases, high interest rates, capital markets volatility, bank failures and general inflationary pressures, our liquidity position may change due to the inability to collect from our customers, inability to raise new capital via issuance of equity or debt, and disruption in completing repayments or disbursements to our creditors. We have historically taken and may continue to take advantage of opportunities to generate additional liquidity through capital market transactions. These impacts have caused significant disruptions to the global financial markets, which could increase the cost of capital and adversely impact our ability to raise additional capital, which could negatively affect our liquidity in the future. The amount, nature, and timing of any capital market transactions will depend on our operating performance and other circumstances; our then-current commitments and obligations; the amount, nature, and timing of our capital requirements; and overall market conditions. If we are unable to raise funds as and when we need them, we may be forced to curtail our operations.

Current wording

Management believes that the Company's existing available cash will be sufficient to meet the Company's working capital and capital expenditure requirements for the foreseeable future. However, in light of the risk of recession, the military conflicts in Europe and the Middle East, cost increases, high interest rates, capital markets volatility and general inflationary pressures, our liquidity position may change due to the inability to collect from our customers, inability to raise new capital via issuance of equity or debt, and disruption in completing repayments or disbursements to our creditors. We have historically taken and may continue to take advantage of opportunities to generate additional liquidity through capital market transactions. These impacts have caused significant disruptions to the global financial markets, which could increase the cost of capital and adversely impact our ability to raise additional capital, which could negatively affect our liquidity in the future. The amount, nature, and timing of any capital market transactions will depend on our operating performance and other circumstances; our then-current commitments and obligations; the amount, nature, and timing of our capital requirements; and overall market conditions. If we are unable to raise funds as and when we need them, we may be forced to curtail our operations.

Previous wording

In the six months ended September 30, 2024, net cash provided by operating activities of $46.3 million resulted primarily from operating results adjusted for non-cash items of $61.6 million offset by changes in operating assets and liabilities of $15.3 million. Net cash provided by operating assets and liabilities was primarily related to a decrease in accounts payable and other liabilities of $32.0 million primarily due to the payment of annual incentive compensation and the timing of payments to suppliers.

Current wording

In the nine months ended December 31, 2024, net cash provided by operating activities of $91.4 million resulted primarily from operating results adjusted for non-cash items of $102.3 million offset by changes in operating assets and liabilities of $10.9 million. Net cash used by changes in operating assets and liabilities was primarily related to an increase in accounts receivable of $21.6 million primarily due to revenue growth and the timing of cash receipts from customers, offset partially by an increase in deferred revenue of $13.9 million. The change in accounts receivable is primarily due to revenue growth and the timing of cash receipts from customers. The change in deferred revenue is primarily due to growth in quarterly and annual upfront billings to customers.

Previous wording

In the six months ended September 30, 2023, net cash provided by operating activities of $61.5 million resulted primarily from operating results adjusted for non-cash items of $43.2 million and changes in operating assets and liabilities of $18.3 million. Net cash provided by operating assets and liabilities was primarily related to a $29.2 million Internal Revenue Service refund related to fiscal 2021, an increase in income taxes payable of $13.9 million, and an increase in other assets of $5.7 million, offset partially by a decrease in accounts payable and other liabilities of $12.9 million and an increase in accounts receivable of $16.3 million. The change in accounts payable and other liabilities is primarily due to the payment of annual incentive compensation, and the timing of payments to suppliers. The change in accounts receivable is primarily due to revenue growth and the timing of cash receipts from customers.

Current wording

In the nine months ended December 31, 2023, net cash provided by operating activities of $78.0 million resulted primarily from operating results adjusted for non-cash items of $77.2 million and changes in operating assets and liabilities of $0.8 million. Net cash provided by changes in operating assets and liabilities was primarily related to a net reduction in refundable income taxes of $29.6 million, an increase in deferred revenue of $9.7 million, and an increase in other assets of $8.8 million, offset partially by an increase in accounts receivable of $41.0 million. The change in accounts receivable is primarily due to revenue growth and the timing of cash receipts from customers.

Previous wording

In the six months ended September 30, 2024, net cash provided by investing activities consisted of the proceeds from the sale of short-term investments of $25.0 million, partially offset by purchases of short-term investments of $2.0 million, capital expenditures of $0.5 million and the purchases of strategic investments of $0.4 million.

Current wording

In the nine months ended December 31, 2024, net cash provided by investing activities consisted of the proceeds from the sale of short-term investments of $27.0 million, partially offset by purchases of short-term investments of $2.0 million, net cash paid in acquisitions of $2.0 million, purchases of strategic investments of $1.4 million, and capital expenditures of $0.7 million.

Previous wording

In the six months ended September 30, 2023, net cash provided by investing activities consisted of the proceeds from the sale of short-term investments of $25.8 million, partially offset by purchases of short-term investments of $24.4 million, purchases of strategic investments of $1.0 million and capital expenditures of $0.3 million.

Current wording

In the nine months ended December 31, 2023, net cash used in investing activities consisted ofcapital expenditures of $2.5 million, purchases of strategic investments of $1.0 million, and purchases of investments of $24.4 million partially offset by the proceeds from the sale of investments of $25.8 million.

Previous wording

In the six months ended September 30, 2024, net cash used in financing activities was $67.1 million, consisting of the acquisition of treasury shares pursuant to the board of directors' approved stock repurchase plan of $65.7 million (2.4 million shares) and $7.7 million for shares repurchased for tax withholdings upon vesting of stock-based awards. These uses of cash were partially offset by proceeds of $6.3 million from the sale of common stock from our equity compensation plans.

Current wording

In the nine months ended December 31, 2024, net cash used in financing activities was $76.4 million, consisting of the acquisition of treasury shares pursuant to the board of directors' approved stock repurchase plan of $75.7 million (2.8 million shares) and $9.3 million for shares repurchased for tax withholdings upon vesting of stock-based awards. These uses of cash were partially offset by proceeds of $8.6 million from the sale of common stock from our equity compensation plans.

Previous wording

In the six months ended September 30, 2023, net cash used in financing activities was $34.3 million, consisting of the acquisition of treasury shares pursuant to the board of directors' approved stock repurchase plan of $35.3 million (1.3 million shares) and $4.6 million for shares repurchased for tax withholdings upon vesting of stock-based awards. These uses of cash were partially offset by proceeds of $5.6 million from the sale of common stock from our equity compensation plans.

Current wording

In the nine months ended December 31, 2023, net cash used in financing activities was $43.2 million, consisting of the acquisition of treasury shares pursuant to the board of directors' approved stock repurchase plan of $45.3 million (1.7 million shares) and $5.1 million for shares repurchased for tax withholdings upon vesting of stock-based awards. These uses of cash were partially offset by proceeds of $7.2 million from the sale of common stock from our equity compensation plans.

Previous wording

During the six months ended September 30, 2024, the Company repurchased 2.4 million shares of its common stock for $65.7 million under the modified common stock repurchase program. Through September 30, 2024, the Company had repurchased a total of 40.2 million shares of its common stock for $1.0 billion under the program, leaving remaining capacity of $291.7 million.

Current wording

During the nine months ended December 31, 2024, the Company repurchased 2.8 million shares of its common stock for $75.7 million under the modified common stock repurchase program. Through December 31, 2024, the Company had repurchased a total of 40.5 million shares of its common stock for $1.0 billion under the program, leaving remaining capacity of $281.6 million. The repurchase amounts included in the condensed consolidated statements of stockholders' equity include immaterial amounts related to the 1% excise tax on share repurchases, net of share issuances, as a result of the IRA.

Previous wording

The following tables present the Company’s contractual cash obligations and purchase commitments at September 30, 2024 (dollars in thousands). Operating leases primarily consist of our various office facilities. Purchase commitments primarily include contractual commitments for the purchase of data, hosting services, software-as-a-service arrangements, and leasehold improvements. The tables do not include the future payment of liabilities related to uncertain tax positions of $27.1 million as the Company is not able to predict the periods in which the payments will be made. The amount for 2025 represents the remaining six months ending March 31, 2025. All other periods represent fiscal years ending March 31 (dollars in thousands):

Current wording

The following tables present the Company’s contractual cash obligations and purchase commitments at December 31, 2024 (dollars in thousands). Operating leases primarily consist of our various office facilities. Purchase commitments primarily include contractual commitments for the purchase of data, hosting services, software-as-a-service arrangements, and leasehold improvements. The tables do not include the future payment of liabilities related to uncertain tax positions of $28.3 million as the Company is not able to predict the periods in which the payments will be made. The amount for 2025 represents the remaining three months ending March 31, 2025. All other periods represent fiscal years ending March 31 (dollars in thousands):

Previous wording

Future minimum payments as of September 30, 2024 related to restructuring plans as a result of the Company's exit from certain leased office facilities are (dollars in thousands): Fiscal 2025: $1,349; and Fiscal 2026: $1,799.

Current wording

Future minimum payments as of December 31, 2024 related to restructuring plans as a result of the Company's exit from certain leased office facilities are (dollars in thousands): Fiscal 2025: $675; and Fiscal 2026: $1,799.