LiveRamp Holdings, Inc.

Previous wording

Total revenues were $394.7 million for the six months ended September 30, 2025, a $33.2 million, or 9.2%, 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 $20.3 million, or 7.3%, primarily due to upsell to existing customers and higher variable revenue. The Marketplace and Other revenue growth was $12.9 million, or 15.4%, primarily due to Data Marketplace and Services growth. On a geographic basis, U.S. revenue increased $31.5 million, or 9.2%. International revenue increased $1.7 million, or 8.7%.

Current wording

Total revenues were $212.2 million for the three months ended December 31, 2025, a $16.8 million, or 8.6%, increase from 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 $12.8 million, or 8.8%, primarily due to upsell to existing customers and higher variable revenue. The Marketplace and Other revenue growth was $4.0 million, or 8.0%, primarily due to Data Marketplace and Services growth. On a geographic basis, U.S. revenue increased $14.9 million, or 8.1%. International revenue increased $1.9 million, or 18.0%. The differences in exchange rates in the current quarter compared to those in the prior year quarter favorably impacted international revenue growth by approximately 5 percentage points.

Previous wording

Total revenues were $199.8 million for the three months ended September 30, 2025, a $14.3 million, or 7.7%, increase from 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 $6.8 million, or 4.7%, primarily due to upsell to existing customers. The Marketplace and Other revenue growth was $7.6 million, or 18.0%, primarily due to Data Marketplace growth. On a geographic basis, U.S. revenue increased $13.5 million, or 7.7%. International revenue increased $0.8 million, or 8.1%.

Current wording

Total revenues were $606.8 million for the nine months ended December 31, 2025, a $50.0 million, or 9.0%, 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 $33.1 million, or 7.8%, primarily due to upsell to existing customers and higher variable revenue. The Marketplace and Other revenue growth was $16.9 million, or 12.7%, primarily due to Data Marketplace and Services growth. On a geographic basis, U.S. revenue increased $46.4 million, or 8.8%. International revenue increased $3.6 million, or 11.9%. The differences in exchange rates in the current year compared to those in the prior year favorably impacted international revenue growth by approximately 4 percentage points.

Previous wording

Cost of revenue was $59.6 million for the three months ended September 30, 2025, a $8.4 million, or 16.3%, increase from the same period a year ago. Gross profit increased to $140.2 million (70.2% gross margin) from $134.2 million (72.4% gross margin) in the prior year period due to the revenue increase of $14.3 million and a decrease in purchased intangible asset amortization of $1.0 million (roll-off of amortization from previous acquisitions in the prior year), offset partially by an increase in cloud infrastructure costs (increased $8.8 million) driven by increased customer usage and platform migration costs. U.S. gross margins decreased to 70.7% from 73.3% while International gross margins increased to 61.9% from 57.3%.

Current wording

Cost of revenue was $59.7 million for the three months ended December 31, 2025, a $4.7 million, or 8.5%, increase from the same period a year ago. Gross profit increased to $152.5 million (71.9% gross margin) from $140.4 million (71.9% gross margin) in the prior year period due to the revenue increase of $16.8 million and a decrease in purchased intangible asset amortization of $0.9 million (roll-off of amortization from previous acquisitions in the prior year), offset partially by an increase in cloud infrastructure costs (increased $5.8 million) driven by increased customer usage and platform migration costs. U.S. gross margins decreased to 72.2% from 72.8% while International gross margins increased to 67.5% from 55.5%.

Previous wording

Cost of revenue was $117.9 million for the six months ended September 30, 2025, a $14.9 million, or 14.5%, increase from the same period a year ago. Gross profit increased to $276.7 million (70.1% gross margin) from $258.5 million (71.5% gross margin) in the prior period due to the revenue increase of $33.2 million and a decrease in purchased intangible asset amortization of $2.1 million (roll-off of amortization from previous acquisitions in the prior year), offset partially by an increase in cloud infrastructure costs (increased $15.6 million) driven by increased customer usage and platform migration costs. U.S. gross margins decreased to 70.6% from 72.4%, and International gross margins increased to 61.2% from 56.4%.

Current wording

Cost of revenue was $177.6 million for the nine months ended December 31, 2025, a $19.6 million, or 12.4%, increase from the same period a year ago. Gross profit increased to $429.3 million (70.7% gross margin) from $398.9 million (71.6% gross margin) in the prior period due to the revenue increase of $50.0 million and a decrease in purchased intangible asset amortization of $3.0 million (roll-off of amortization from previous acquisitions in the prior year), offset partially by an increase in cloud infrastructure costs (increased $21.4 million) driven by increased customer usage and platform migration costs. U.S. gross margins decreased to 71.2% from 72.5%, and International gross margins increased to 63.5% from 56.1%.

Previous wording

R&D expenses were $37.0 million for the three months ended September 30, 2025, a decrease of $6.9 million, or 15.8%, compared to the same period a year ago, and are 18.5% of total revenues compared to 23.7% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $4.4 million), headcount-related expenses (decreased $2.5 million) and professional services (decreased $0.5 million), offset partially by cloud R&D hosting expenses (increased $1.1 million).

Current wording

R&D expenses were $33.8 million for the three months ended December 31, 2025, a decrease of $8.9 million, or 20.9%, compared to the same period a year ago, and are 15.9% of total revenues compared to 21.9% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $4.5 million), headcount-related expenses (decreased $3.3 million), cloud R&D hosting expenses (decreased $0.4 million) and professional services expenses (decreased $0.3 million).

Previous wording

R&D expenses were $76.6 million for the six months ended September 30, 2025, a decrease of $11.4 million, or 13.0%, compared to the same period a year ago, and are 19.4% of total revenues compared to 24.3% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $6.3 million) and headcount-related expenses (decreased $4.9 million).

Current wording

R&D expenses were $110.4 million for the nine months ended December 31, 2025, a decrease of $20.4 million, or 15.6%, compared to the same period a year ago, and are 18.2% of total revenues compared to 23.5% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $10.8 million) and headcount-related expenses (decreased $8.2 million).

Previous wording

S&M expenses were $48.7 million for the three months ended September 30, 2025, a decrease of $2.4 million, or 4.7%, compared to the same period a year ago, and are 24.4% of total revenues compared to 27.6% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $1.9 million) and headcount-related expenses (decreased $0.3 million).

Current wording

S&M expenses were $48.9 million for the three months ended December 31, 2025, a decrease of $2.0 million, or 3.9%, compared to the same period a year ago, and are 23.0% of total revenues compared to 26.0% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $2.3 million), lower bad debt expense (decreased $0.5 million), and third-party marketing and event expenses (decreased $0.4 million), offset partially by increases in professional services expenses (increased $0.8 million) and headcount-related expenses (increased $0.6 million).

Previous wording

S&M expenses were $100.6 million for the six months ended September 30, 2025, a decrease of $4.7 million, or 4.5%, compared to the same period a year ago, and are 25.5% of total revenues compared to 29.1% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $3.0 million), headcount-related expenses (decreased $1.2 million), and third-party marketing and event expenses (decreased $0.6 million).

Current wording

S&M expenses were $149.5 million for the nine months ended December 31, 2025, a decrease of $6.7 million, or 4.3%, compared to the same period a year ago, and are 24.6% of total revenues compared to 28.0% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $5.3 million) and third-party marketing and event expenses (decreased $1.0 million).

Previous wording

G&A expenses were $70.5 million for the six months ended September 30, 2025, an increase of $8.2 million, or 13.1%, compared to the same period a year ago, and are 17.9% of total revenues compared to 17.2% in the prior year. The increase is primarily due to professional services expenses (increased $7.1 million) largely related to litigation costs, including those associated with the class action lawsuit, and fees in support of strategic corporate initiatives, headcount-related expenses (increased $1.9 million, primarily incentive compensation), offset partially by stock-based compensation expense (decreased $1.9 million).

Current wording

G&A expenses were $99.6 million for the nine months ended December 31, 2025, an increase of $5.3 million, or 5.6%, compared to the same period a year ago, and are 16.4% of total revenues compared to 16.9% in the prior year. The increase is primarily due to professional services expenses (increased $7.5 million) largely related to litigation costs, including those associated with the class action lawsuit, and fees in support of strategic corporate initiatives, headcount-related expenses (increased $0.7 million, primarily incentive compensation), offset partially by stock-based compensation expense (decreased $3.4 million).

Previous wording

Gains, losses and other items, net was $0.0 million for the three months ended September 30, 2025, a decrease of $0.4 million compared to the same period a year ago. The prior year was all related to employee termination benefits.

Current wording

Gains, losses and other items, net was $1.3 million for the three months ended December 31, 2025, an increase of $1.1 million compared to the same period a year ago. The current year costs relate to employee termination benefits and real estate reserve adjustments, and the prior year costs were all related to employee termination benefits.

Previous wording

Gains, losses and other items, net was $0.4 million for the six months ended September 30, 2025, a decrease of $0.2 million compared to the same period a year ago. The current year relates primarily to adjustments to previous lease restructuring reserves while the prior year costs are primarily related to termination benefits for employees whose positions were eliminated.

Current wording

Gains, losses and other items, net was $1.7 million for the nine months ended December 31, 2025, an increase of $0.9 million compared to the same period a year ago. The current year relates primarily to employee termination benefits and adjustments to previous lease restructuring reserves while the prior year costs are primarily related to termination benefits for employees whose positions were eliminated.

Previous wording

Income from operations was $21.4 million for the three months ended September 30, 2025 compared to income from operations of $7.5 million in the same period a year ago. Operating margin was 10.7% compared to 4.0% in the same period a year ago. Margins in the current year were positively impacted by the decrease in stock-based compensation.

Current wording

Income from operations was $39.5 million for the three months ended December 31, 2025 compared to income from operations of $14.7 million in the same period a year ago. Operating margin was 18.6% compared to 7.5% in the same period a year ago. Margins in the current year were positively impacted by the decrease in stock-based compensation.

Previous wording

Income from operations was $28.6 million for the six months ended September 30, 2025 compared to income from operations of $2.2 million in the same period a year ago. Operating margin was 7.3% compared to 0.6% in the same period a year ago. Margins in the current year were positively impacted by the decrease in stock-based compensation.

Current wording

Income from operations was $68.2 million for the nine months ended December 31, 2025 compared to income from operations of $16.9 million in the same period a year ago. Operating margin was 11.2% compared to 3.0% in the same period a year ago. Margins in the current year were positively impacted by the decrease in stock-based compensation.

Previous wording

Total other income, net was $3.5 million for the three months ended September 30, 2025 compared to total other income, net of $4.2 million in the same period a year ago. Total other income, net was $7.3 million for the six months ended September 30, 2025 compared to $8.6 million in the same period a year ago. The decrease is primarily attributable to lower invested cash balances and lower interest rates in the current year.

Current wording

Total other income, net was $3.4 million for the three months ended December 31, 2025 compared to total other income, net of $4.0 million in the same period a year ago. Total other income, net was $10.6 million for the nine months ended December 31, 2025 compared to $12.7 million in the same period a year ago. The decrease is primarily attributable to lower interest rates in the current year.

Previous wording

Income tax benefit was $2.4 million on income from continuing operations before income taxes of $25.0 million for the three months ended September 30, 2025, resulting in a negative 9.8% effective tax rate. This compares to income tax expense of $10.0 million on income from continuing operations before income taxes of $11.7 million, or an 85.2% effective tax rate in the same period a year ago. The current year period benefited from the enactment of new tax laws, as described below. The prior year tax rate 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. Income tax expense was $0.7 million on income from continuing operations before income taxes of $35.9 million for the six months ended September 30, 2025, resulting in a 2.0% effective tax rate. This compares to income tax expense of $16.6 million on income from continuing operations before income taxes of $10.9 million, or a 152.9% effective tax rate in the same period a year ago. Income tax expense (benefit) for all periods reflects the impact of the valuation allowance and nondeductible stock-based compensation.

Current wording

Income tax expense was $3.0 million on income from continuing operations before income taxes of $42.9 million for the three months ended December 31, 2025, resulting in a 7.1% effective tax rate. This compares to income tax expense of $9.2 million on income from continuing operations before income taxes of $18.7 million, or a 49.1% effective tax rate in the same period a year ago. The current year period benefited from the enactment of new tax laws, as described below. The prior year tax rate 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. Income tax expense was $3.8 million on income from continuing operations before income taxes of $78.8 million for the nine months ended December 31, 2025, resulting in a 4.8% effective tax rate. This compares to income tax expense of $25.8 million on income from continuing operations before income taxes of $29.6 million, or an 87.3% effective tax rate in the same period a year ago. Income tax expense for all periods reflects the impact of the valuation allowance and nondeductible stock-based compensation.

Previous wording

Given the Company's recent history of profitability, it is reasonably possible that within the next 12 months sufficient positive evidence may become available to support a conclusion that a substantial portion of the valuation allowance is no longer needed. The exact timing and amount of the valuation allowance release are subject to significant judgment and continued analysis of the positive and negative evidence. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded.

Current wording

Given the Company's recent history of profitability, it is reasonably possible that within the next 12 months sufficient positive evidence may become available to support a conclusion that a substantial portion of the valuation allowance is no longer needed. The exact timing and amount of the valuation allowance release are subject to significant judgment and continued analysis of the positive and negative evidence. Release of the valuation allowance would result in an income tax benefit for the period the release is recorded.

Previous wording

The newly enacted 2025 Tax Act has multiple effective dates, with certain changes taking effect during our fiscal year ending March 31, 2026. The estimated impact of provisions taking effect during fiscal 2026 has been reflected in the provision for income taxes for the quarter ended September 30, 2025. The 2025 Tax Act caused a material decrease in the Company’s effective tax rate for the three and six months ended September 30, 2025. We also expect a material decrease in cash tax payments for fiscal 2026 due to the new law. Given the complexity and various upcoming effective dates of the 2025 Tax Act, we are still in the process of assessing its impact on our consolidated financial statements. The final impact may differ from our current estimates based on further analysis, regulatory guidance, and any legislative changes.

Current wording

The 2025 Tax Act has multiple effective dates, with certain changes taking effect during our fiscal year ending March 31, 2026. The estimated impact of provisions taking effect during fiscal 2026 has been reflected in the provision for income taxes for the quarter ended December 31, 2025. The 2025 Tax Act caused a material decrease in the Company’s effective tax rate for the three and nine months ended December 31, 2025. We also expect a material decrease in cash tax payments for fiscal 2026 due to the new law. Given the complexity and various upcoming effective dates of the 2025 Tax Act, as well as uncertainty surrounding state tax conformity, we are still in the process of assessing its impact on our consolidated financial statements. The final impact may differ from our current estimates based on further analysis, regulatory guidance, and any legislative changes.

Previous wording

The Company’s cash and cash equivalents are primarily located in the United States. At September 30, 2025, approximately $25.6 million of the total cash balance of $369.4 million, or approximately 6.9%, was located outside of the United States.

Current wording

The Company’s cash and cash equivalents are primarily located in the United States. At December 31, 2025, approximately $24.4 million of the total cash balance of $395.9 million, or approximately 6.2%, was located outside of the United States.

Previous wording

Trade accounts receivable, net balances were $216.8 million at September 30, 2025, an increase of $30.6 million, compared to $186.2 million at March 31, 2025. Days sales outstanding ("DSO"), a measurement of the time it takes to collect receivables, was 100 days at September 30, 2025, compared to 89 days at March 31, 2025. 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, 2025, DSO at September 30, 2025 was negatively impacted by approximately eight days due to the increased impact of Data Marketplace gross accounts receivable. 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 $218.8 million at December 31, 2025, an increase of $32.6 million, compared to $186.2 million at March 31, 2025. Days sales outstanding ("DSO"), a measurement of the time it takes to collect receivables, was 95 days at December 31, 2025, compared to 89 days at March 31, 2025. 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, 2025, DSO at December 31, 2025 was negatively impacted by approximately seven days due to the increased impact of Data Marketplace gross accounts receivable. All customer accounts are actively managed, and no losses in excess of amounts reserved are currently expected.

Previous wording

Working capital at September 30, 2025 totaled $409.7 million, a $1.0 million increase when compared to $408.7 million at March 31, 2025.

Current wording

Working capital at December 31, 2025 totaled $429.3 million, a $20.6 million increase when compared to $408.7 million at March 31, 2025.

Previous wording

Net cash provided by operating activities for the six months ended September 30, 2025 was $41.6 million and resulted primarily from operating results adjusted for non-cash items of $90.3 million offset by unfavorable changes in operating assets and liabilities of $48.7 million. Net cash used by changes in operating assets and liabilities was primarily related to an increase in accounts receivable of $31.9 million and a decrease in accounts payable and other liabilities of $24.1 million. The change in accounts receivable is primarily due to revenue growth and the timing of cash receipts from customers. The change in accounts payable and other liabilities is primarily due to the payment of annual incentive compensation awards for fiscal year 2025 and the timing of payments to suppliers.

Current wording

Net cash provided by operating activities for the nine months ended December 31, 2025 was $108.9 million and resulted primarily from operating results adjusted for non-cash items of $151.4 million offset by unfavorable changes in operating assets and liabilities of $42.6 million. Net cash used due to changes in operating assets and liabilities was primarily related to an increase in accounts receivable of $33.3 million and a decrease in accounts payable and other liabilities of $12.9 million. The change in accounts receivable is primarily due to revenue growth and the timing of cash receipts from customers. The change in accounts payable and other liabilities is primarily due to the payment of annual incentive compensation awards for fiscal year 2025 and the timing of payments to suppliers.

Previous wording

Net cash provided by operating activities for the six months ended September 30, 2024 was $46.3 million and resulted primarily from operating results adjusted for non-cash items of $61.6 million offset by unfavorable changes in operating assets and liabilities of $15.3 million. Net cash provided by changes in 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 awards for fiscal year 2024 and the timing of payments to suppliers.

Current wording

Net cash provided by operating activities for the nine months ended December 31, 2024 was $91.4 million and resulted primarily from operating results adjusted for non-cash items of $102.3 million offset by unfavorable changes in operating assets and liabilities of $10.9 million. Net cash used due to changes in operating assets and liabilities was primarily related to an increase in accounts receivable of $21.6 million, 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

Net cash used in investing activities for the six months ended September 30, 2025 was $2.0 million and consisted of capital expenditures of $0.9 million, net cash paid in acquisitions of $0.6 million related primarily to the Habu escrow release, and purchases of strategic investments for $0.5 million.

Current wording

Net cash used in investing activities for the nine months ended December 31, 2025 was $4.8 million and consisted of purchases of strategic investments for $3.3 million, capital expenditures of $1.1 million and net cash paid in acquisitions of $0.6 million related primarily to the Habu escrow release, offset partially by proceeds from sales of strategic investments of $0.2 million.

Previous wording

Net cash provided by investing activities for the six months ended September 30, 2024 was $22.2 million and consisted of the proceeds from the sales 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

Net cash provided by investing activities for the nine months ended December 31, 2024 was $20.9 million and 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

Net cash used in financing activities for the six months ended September 30, 2025 was $85.1 million and consisted of the acquisition of treasury shares pursuant to the board of directors' approved stock repurchase plan, and related excise tax payments, of $79.8 million (2.9 million shares), and $11.7 million for shares repurchased for tax withholdings upon vesting of stock-based awards. These uses of cash were partially offset by $6.3 million of proceeds from the sale of common stock from our equity compensation plans.

Current wording

Net cash used in financing activities for the nine months ended December 31, 2025 was $123.3 million and consisted of the acquisition of treasury shares pursuant to the board of directors' approved stock repurchase plan, and related excise tax payments, of $118.9 million (4.3 million shares), and $12.4 million for shares repurchased for tax withholdings upon vesting of stock-based awards. These uses of cash were partially offset by $8.1 million of proceeds from the sale of common stock from our equity compensation plans.

Previous wording

Net cash used in financing activities for the six months ended September 30, 2024 was $67.1 million and consisted 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 $6.3 million of proceeds from the sale of common stock from our equity compensation plans.

Current wording

Net cash used in financing activities for the nine months ended December 31, 2024 was $76.4 million and consisted of the acquisition of treasury shares pursuant to the board of directors' approved stock repurchase plan, and related excise tax payments, of $75.8 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 $8.6 million of proceeds from the sale of common stock from our equity compensation plans.

Previous wording

During the six months ended September 30, 2025, the Company repurchased 2.9 million shares of its common stock for $79.6 million under the modified common stock repurchase program. The repurchase amounts included in the fiscal 2026 condensed consolidated statements of stockholders equity and the condensed consolidated statements of cash flows included amounts related to the 1% excise tax on share repurchases, net of share issuances, as a result of the Inflation Reduction Act of 2022. Through September 30, 2025, the Company had repurchased a total of 44.4 million shares of its common stock for $1.1 billion under the program, leaving remaining capacity of $176.6 million.

Current wording

During the nine months ended December 31, 2025, the Company repurchased 4.3 million shares of its common stock for $118.8 million under the modified common stock repurchase program. Through December 31, 2025, the Company had repurchased a total of 45.8 million shares of its common stock for $1.2 billion under the program, leaving remaining capacity of $137.4 million. The repurchase amounts included in the condensed consolidated statements of stockholders' equity and the condensed consolidated statements of cash flows included amounts related to the 1% excise tax on share repurchases, net of share issuances, as a result of the Inflation Reduction Act of 2022.

Previous wording

The following tables present the Company’s contractual cash obligations and purchase commitments at September 30, 2025 (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 $31.5 million as the Company is not able to predict the periods in which the payments will be made. The amount for 2026 represents the remaining six months ending March 31, 2026. All other periods represent fiscal years ending March 31.

Current wording

The following tables present the Company’s contractual cash obligations and purchase commitments at December 31, 2025 (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 $32.2 million as the Company is not able to predict the periods in which the payments will be made. The amount for 2026 represents the remaining three months ending March 31, 2026. All other periods represent fiscal years ending March 31.

Previous wording

Future minimum payments as of September 30, 2025 related to restructuring plans as a result of the Company's exit from certain leased office facilities are (dollars in thousands): Fiscal 2026: $450.

Current wording

There are no future minimum payments as of December 31, 2025 related to ASC 840 lease liabilities under the restructuring plans resulting from the Company's exit from certain leased office facilities (see Note 13).

Previous wording

These accounting principles require management to make certain judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The consolidated financial statements in the 2025 Annual Report include a summary of significant accounting policies used in the preparation of the Company’s consolidated financial statements. In addition, the Management’s Discussion and Analysis of Financial Condition and Results of Operations filed as part of the 2025 Annual Report contains a discussion of the policies that management has identified as the most critical because they require management’s use of complex and/or significant judgments. None of the Company’s critical accounting policies have materially changed since the date of the 2025 Annual Report other than as described in the "Accounting Pronouncements Adopted During the Current Year" section of Note 1, "Organization and Summary of Significant Accounting Policies”, of the Notes to Condensed Consolidated Financial Statements accompanying this Quarterly Report on Form 10-Q.

Current wording

We prepare our condensed consolidated financial statements in conformity with U.S. GAAP as set forth in the FASB ASC, and we consider the various staff accounting bulletins and other applicable guidance issued by the SEC. These accounting principles require management to make certain judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The consolidated financial statements in the 2025 Annual Report include a summary of significant accounting policies used in the preparation of the Company’s consolidated financial statements. In addition, the Management’s Discussion and Analysis of Financial Condition and Results of Operations filed as part of the 2025 Annual Report contains a discussion of the policies that management has identified as the most critical because they require management’s use of complex and/or significant judgments. None of the Company’s critical accounting policies have materially changed since the date of the 2025 Annual Report other than as described in the "Accounting Pronouncements Adopted During the Current Year" section of Note 1, "Organization and Summary of Significant Accounting Policies”, of the Notes to Condensed Consolidated Financial Statements accompanying this Quarterly Report on Form 10-Q.