LiveRamp Holdings, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
RAMP$38.50+0.7%Stored close · as of Oct 30, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-05.
0000733269-26-000012
Item 2. Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0000733269-26-000047
Item 2. Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 68 previous paragraphs and 57 current paragraphs.
30 unchanged; 22 reworded; 5 added; 14 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
R&D expenses were $37.1 million for the three months ended June 30, 2026, a decrease of $2.5 million, or 6.2%, compared to the same period a year ago, and are 17.4% of total revenues compared to 20.3% in the prior year. The decrease is primarily due to stock-based compensation expense (decreased $2.5 million).
Current report
Under the terms of the Merger Agreement, we have agreed to various covenants and agreements, including, among others, agreements to conduct our business in the ordinary course during the period between the execution of the Merger Agreement and the Effective Time. We have agreed that we may not take, commit or agree to do certain actions without Parent’s consent, including, but not limited to, entering into material transactions other than in the ordinary course of business, disposing of material assets, making capital expenditures in excess of the amounts specified in the Merger Agreement, issuing additional capital stock or other equity securities, repurchasing capital stock except in satisfaction of tax withholding on vesting of restricted awards or for exercise price of stock options, or incurring indebtedness. We do not believe these restrictions will prevent us from meeting our ongoing operating and working capital needs or capital expenditure requirements.
Current report
Net cash used in investing activities for the three months ended June 30, 2026 was $0.7 million and consisted of capital expenditures.
Removed paragraphs (14)
Previous report
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 report
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 report
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 report
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 report
G&A expenses were $29.1 million for the three months ended December 31, 2025, a decrease of $2.9 million, or 9.1%, compared to the same period a year ago, and are 13.7% of total revenues compared to 16.4% in the prior year. The decrease is primarily due to headcount-related expenses (decreased $1.2 million) and stock-based compensation expense (decreased $1.5 million).
Previous report
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 report
On July 4, 2025, H.R. 1, also known as “The One Big Beautiful Bill” Act (the "2025 Tax Act"), was signed into law in the U.S. The 2025 Tax Act includes provisions that allow for the immediate expensing of domestic research and development expenditures, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. Under the 2025 Tax Act's transition rules, IRC Section 174A allows certain unamortized domestic research and development expenditures to be deducted over one or two years, at the taxpayer's election. In accordance with IRC Section 174, foreign research and development expenditures are still required to be capitalized and amortized over 15 years. Due to the valuation allowance, the Company has not recorded a deferred tax benefit for future amortization deductions.
Previous report
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 report
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 report
Earnings from discontinued operations, net of tax, was $1.7 million for the three and nine months ended December 31, 2024. During fiscal 2019, the Company completed the sale of its Acxiom Marketing Solutions ("AMS") business, and the business qualified for treatment as discontinued operations. Significant income taxes were incurred and paid on the gain from the sale of AMS. During fiscal 2025, 2024, and 2023, the Company recovered certain previously paid state income taxes arising from the sale of AMS.
Previous report
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 report
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).
Reworded paragraphs (22)
Previous 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.
Current wording
Total revenues were $214.0 million for the three months ended June 30, 2026, a $19.2 million, or 9.8%, 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 $12.0 million, or 8.1%, primarily due to upsell to existing customers and higher variable revenue. The Marketplace and Other revenue growth was $7.2 million, or 15.4%, primarily due to Data Marketplace and other transactional growth. On a geographic basis, U.S. revenue increased $16.7 million, or 9.1%. International revenue increased $2.5 million, or 23.2%. The differences in exchange rates in the current year compared to those in the prior year favorably impacted international revenue growth by approximately 2 percentage points.
Previous 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%.
Current wording
Cost of revenue was $63.0 million for the three months ended June 30, 2026, a $4.7 million, or 8.1%, increase from the same period a year ago. Gross profit increased to $150.9 million (70.5% gross margin) from $136.5 million (70.1% gross margin) in the prior period due to the revenue increase of $19.2 million, offset partially by an increase in cloud infrastructure costs (increased $6.0 million) driven by increased customer usage and platform migration costs. U.S. gross margins decreased to 70.1% from 70.6%, and International gross margins increased to 77.5% from 60.5%.
Previous 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).
Current wording
S&M expenses were $51.9 million for the three months ended June 30, 2026, staying flat compared to the same period a year ago, and are 24.3% of total revenues compared to 26.6% in the prior year. Changes within S&M expenses compared to the prior year were primarily in third-party marketing and event expenses (increased $1.5 million) and headcount-related expenses (increased $1.1 million), and professional services (increased $0.4 million), offset by stock-based compensation expense (decreased $2.0 million) and bad debt expenses (decreased $1.0 million).
Previous 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).
Current wording
G&A expenses were $35.1 million for the three months ended June 30, 2026, a decrease of $2.2 million, or 5.9%, compared to the same period a year ago, and are 16.4% of total revenues compared to 19.2% in the prior year. The decrease is primarily due to professional services expenses (decreased $3.3 million) largely related to a decrease in litigation costs associated with the class action lawsuit and fees in support of strategic corporate initiatives, offset partially by stock-based compensation expense (increased $0.5 million).
Previous 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.
Current wording
Gains, losses and other items, net was $6.6 million for the three months ended June 30, 2026, an increase of $6.1 million compared to the same period a year ago. The current year relates primarily to acquisition-related costs associated with the Merger. The prior year relates primarily to adjustments to previous lease restructuring reserves.
Previous 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.
Current wording
Income from operations was $20.2 million for the three months ended June 30, 2026 compared to income from operations of $7.2 million in the same period a year ago. Operating margin was 9.4% compared to 3.7% in the same period a year ago. Margins in the current year were positively impacted by the increase in gross profit.
Previous 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.
Current wording
Total other income, net was $3.1 million for the three months ended June 30, 2026 compared to $3.7 million in the same period a year ago. The decrease is primarily attributable to lower interest rates.
Previous 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.
Current wording
Income tax expense was $5.7 million on income from continuing operations before income taxes of $23.3 million for the three months ended June 30, 2026, resulting in a 24.7% effective tax rate. This compares to income tax expense of $3.2 million on income from continuing operations before income taxes of $10.9 million, or a 29.1% effective tax rate in the same period a year ago. The decrease in the effective tax rate was primarily driven by changes in valuation allowance and unrecognized tax benefits, partially offset by nondeductible stock-based compensation.
Previous 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.
Current wording
The Company’s cash and cash equivalents are primarily located in the United States. At June 30, 2026, approximately $24.1 million of the total cash balance of $363.5 million, or approximately 6.6%, was located outside of the United States.
Previous 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.
Current wording
Trade accounts receivable, net balances were $216.7 million at June 30, 2026, an increase of $3.7 million, compared to $213.0 million at March 31, 2026. Days sales outstanding ("DSO"), a measurement of the time it takes to collect receivables, was 92 days at June 30, 2026, compared to 93 days at March 31, 2026. 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 as revenue 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, 2026, DSO at June 30, 2026 was not impacted due to 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 December 31, 2025 totaled $429.3 million, a $20.6 million increase when compared to $408.7 million at March 31, 2025.
Current wording
Working capital at June 30, 2026 totaled $396.4 million, a $8.1 million increase when compared to $388.4 million at March 31, 2026.
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 short term (the next 12 months) and separately in the long term (beyond the next 12 months). However, in light of the recent tariffs and other trade restrictions, 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. 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. We have historically taken and may continue to take advantage of opportunities to generate additional liquidity through capital market transactions. 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 short term (the next 12 months) and separately in the long term (beyond the next 12 months). However, in light of the uncertainty regarding tariffs and other trade restrictions, risk of recession, the military conflicts in Europe and the Middle East, cost increases, 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. 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. We have historically taken and may continue to take advantage of opportunities to generate additional liquidity through capital market transactions. 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
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.
Current wording
Net cash provided by operating activities for the three months ended June 30, 2026 was $17.0 million and resulted primarily from operating results adjusted for non-cash items of $42.0 million offset by changes in operating assets and liabilities of $25.0 million. Net cash used due to changes in operating assets and liabilities was primarily related to decrease in accounts payable and other liabilities of $37.3 million, partially offset by an increase in deferred revenue of $5.7 million and income taxes payable of $4.5 million. The change in accounts payable and other liabilities is primarily due to the payment of annual incentive compensation awards for fiscal 2026 and the timing of payments to suppliers.
Previous 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.
Current wording
Net cash used in operating activities for the three months ended June 30, 2025 was $15.8 million and resulted primarily from operating results adjusted for non-cash items of $38.2 million offset by changes in operating assets and liabilities of $54.0 million. Net cash used by changes in operating assets and liabilities was primarily related to a decrease in accounts payable and other liabilities of $35.9 million and an increase in accounts receivable of $34.3 million, partially offset by an increase in deferred revenue of $5.7 million and income taxes payable of $4.5 million. 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. The change in accounts receivable is primarily due to revenue growth and the timing of cash receipts from customers.
Previous 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.
Current wording
Net cash used in investing activities for the three months ended June 30, 2025 was $0.9 million and consisted of net cash paid in acquisitions of $0.6 million related to the Habu escrow and capital expenditures of $0.3 million.
Previous 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.
Current wording
Net cash used in financing activities for the three months ended June 30, 2026 was $32.3 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 $17.6 million (0.6 million shares), and $17.3 million for shares repurchased for tax withholdings upon vesting of stock-based awards. These uses of cash were partially offset by $2.6 million of proceeds from the sale of common stock from our equity compensation plans.
Previous 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.
Current wording
Net cash used in financing activities for the three months ended June 30, 2025 was $34.8 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 $29.9 million (1.1 million shares), and $10.8 million for shares repurchased for tax withholdings upon vesting of stock-based awards. These uses of cash were partially offset by $5.9 million of proceeds from the sale of common stock from our equity compensation plans.
Previous wording
On August 14, 2024, the Company's board of directors approved an amendment to the existing common stock repurchase program, which was initially adopted in 2011. The amendment authorized an additional $200.0 million in share repurchases, increasing the total amount authorized for repurchase under the common stock repurchase program to $1.3 billion. In addition, it extended the common stock repurchase program duration through December 31, 2026.
Current wording
On February 12, 2026, the Company's board of directors approved an amendment to the existing common stock repurchase program, which was initially adopted in 2011. The amendment authorized an additional $200.0 million in share repurchases, increasing the total amount authorized for repurchase under the common stock repurchase program to $1.5 billion. In addition, it extended the common stock repurchase program duration through December 31, 2027.
Previous 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.
Current wording
During the three months ended June 30, 2026, the Company repurchased 0.6 million shares of its common stock for $17.6 million under the modified common stock repurchase program. Through June 30, 2026, the Company had repurchased a total of 49.2 million shares of its common stock for $1.3 billion under the program, leaving remaining capacity of $244.2 million. In accordance with the Merger Agreement, the Company has paused repurchases under its stock repurchase program through the completion of the Merger. 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 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.
Current wording
The following tables present the Company’s contractual cash obligations and purchase commitments at June 30, 2026 (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 $38.4 million as the Company is not able to predict the periods in which the payments will be made. The amount for 2027 represents the remaining nine months ending March 31, 2027. All other periods represent fiscal years ending March 31.
Previous wording
For a description of certain risks that could have an impact on results of operations or financial condition, including liquidity and capital resources, see “Risk Factors” contained in Part I, Item 1A, of the Company's 2025 Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on May 21, 2025 ("2025 Annual Report").
Current wording
For a description of certain risks that could have an impact on results of operations or financial condition, including liquidity and capital resources, see “Risk Factors” contained in Part I, Item 1A, of the Company's 2026 Annual Report on Form 10-K as filed with the SEC on May 21, 2026 ("2026 Annual Report").
Previous wording
The Company has a material presence in the United Kingdom, France, the Netherlands, India, Australia and China. Most of the Company’s exposure to exchange rate fluctuation is due to translation gains and losses as there are no material transactions that cause exchange rate impact. In general, each of the foreign locations is expected to fund its own operations and cash flows, although funds may be loaned or invested from the U.S. to the foreign subsidiaries. These advances are considered long-term investments, and any gain or loss resulting from changes in exchange rates as well as gains or losses resulting from translating the foreign financial statements into U.S. dollars are included in accumulated other comprehensive income. Therefore, exchange rate movements of foreign currencies may have an impact on the Company’s future costs or on future cash flows from foreign investments. The Company has not entered into any foreign currency forward exchange contracts or other derivative instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.
Current wording
The Company has a material presence in the United Kingdom, France, Spain, the Netherlands, India, Brazil, Australia and China. Most of the Company’s exposure to exchange rate fluctuation is due to translation gains and losses as there are no material transactions that cause exchange rate impact. In general, each of the foreign locations is expected to fund its own operations and cash flows, although funds may be loaned or invested from the U.S. to the foreign subsidiaries. These advances are considered long-term investments, and any gain or loss resulting from changes in exchange rates as well as gains or losses resulting from translating the foreign financial statements into U.S. dollars are included in accumulated other comprehensive income. Therefore, exchange rate movements of foreign currencies may have an impact on the Company’s future costs or on future cash flows from foreign investments. The Company has not entered into any foreign currency forward exchange contracts or other derivative instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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.