What changed in LiveRamp Holdings, Inc.'s 2025 10-K compared to 2024?

Across the narrative sections we track, LiveRamp Holdings, Inc. (RAMP) added 426 paragraphs, removed 267, and edited 98 between the 2024 and 2025 10-K filings. The biggest movers are Item 1. Business (+311/−155), Item 1A. Risk Factors (+89/−87), Item 5. Market for Registrant's Common Equity (+11/−10).

Did LiveRamp Holdings, Inc. add new Risk Factors in the 2025 10-K?

Yes — Item 1A Risk Factors shows 89 new/edited paragraphs and 87 removed paragraphs versus the 2024 10-K.

Did LiveRamp Holdings, Inc. update its Cybersecurity disclosure (Item 1C) in 2025?

Item 1C Cybersecurity has 9 paragraph-level changes between the 2024 and 2025 filings.

Did LiveRamp Holdings, Inc.'s Legal Proceedings (Item 3) change in 2025?

Item 3 shows 1 added/edited paragraphs and 1 removed paragraphs — usually indicating new litigation disclosed or settled cases removed.

Where does this RAMP 10-K diff come from?

The source filings are LiveRamp Holdings, Inc.'s official 2024 and 2025 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in LiveRamp Holdings, Inc.'s 10-K — 2024 vs 2025

Paragraph-level year-over-year comparison of LiveRamp Holdings, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+426 added−267 removedSource: 10-K (2025-05-21) vs 10-K (2024-05-22)

Top changes in LiveRamp Holdings, Inc.'s 2025 10-K

426 paragraphs added · 267 removed · 98 edited across 7 sections

Item 1. Business+311 / −155 · 4 edited
Item 1A. Risk Factors+89 / −87 · 71 edited
Item 5. Market for Registrant's Common Equity+11 / −10 · 10 edited
Item 1C. Cybersecurity+9 / −9 · 8 edited
Item 7A. Quantitative and Qualitative Disclosures About Market Risk+4 / −4 · 3 edited

Item 1. Business

Business — how the company describes what it does

4 edited+307 added−151 removed1 unchanged

2024 filing

2025 filing

Biggest changeWe also generate Marketplace and Other revenue through transactional usage-based arrangements with certain publishers and addressable TV providers. Data Marketplace revenue is recognized net of the share of revenue earned by the data seller. To complement our product offering, we provide professional services and enhanced support entitlements to help customers leverage our platform and drive business outcomes.

Biggest changeRevenue Recognition - LiveRamp recognizes revenue from the following sources: (i) Subscription revenue, which consists primarily of subscription fees from customers accessing our LiveRamp platform; and (ii) Marketplace and Other revenue, which primarily consists of revenue-sharing fees generated from access to data through our LiveRamp Data Marketplace, professional services including product implementation, data science analytics and audience measurement, and transactional usage-based revenue from arrangements with certain publishers and addressable TV providers.

Our direct customer list includes many of the world’s best-known and most innovative brands across most major industry verticals, including but not limited to financial, insurance and investment services, retail, automotive, telecommunications, high tech, consumer packaged goods, healthcare, travel, entertainment and non-profit.

Our direct customer list includes many of the world’s best-known and most innovative brands across most major industry verticals, including but not limited to financial, insurance and investment services, information services, direct marketing, retail, automotive, telecommunications, technology, consumer packaged goods, media, healthcare, travel and hospitality, entertainment and non-profit.

Our services offering includes product implementation, data science analytics, audience measurement and general advisory. We generate revenue from services primarily from project fees paid by subscribers to our software platform. Service projects are sold on an ad hoc basis as well as bundled with platform subscriptions. Professional services revenue is approximately 3% of total Company revenue.

Consequently, the portion of the gross amount billed to data buyers that is remitted to data providers is not reflected as revenues. We generate revenue from Services primarily from project fees paid by subscribers to our platform. Service projects are sold on an ad hoc basis as well as bundled with platform subscriptions.

Through our expansive partner ecosystem we serve thousands of additional companies, unlocking access to unique customer moments and creating powerful network effects. Industry We are experiencing a convergence of several key industry trends that are shaping the future of how data is used to power the customer experience economy.

Through our expansive partner ecosystem we serve thousands of additional companies, unlocking access to unique customer moments and creating powerful network effects. Basis of Presentation and Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, after elimination of all significant intercompany accounts and transactions.

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Item 1. Business LiveRamp Holdings, Inc. ("LiveRamp", "we", "us", or the "Company") is a global technology company that helps companies build enduring brand and business value by collaborating responsibly with data. A groundbreaking leader in consumer privacy, data ethics and foundational identity, LiveRamp offers a connected customer view with clarity and context while protecting brand and consumer trust.

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AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, March 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 413,331 $ 336,867 Restricted cash 595 2,604 Short-term investments 7,500 32,045 Trade accounts receivable, net 186,169 190,313 Refundable income taxes, net 9,708 8,521 Other current assets 38,886 31,682 Total current assets 656,189 602,032 Property and equipment, net of accumulated depreciation and amortization 6,184 8,181 Intangible assets, net 20,167 34,583 Goodwill 501,756 501,756 Deferred commissions, net 44,452 48,143 Other assets, net 30,623 36,748 $ 1,259,371 $ 1,231,443 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable $ 112,271 $ 81,202 Accrued payroll and related expenses 50,776 61,575 Other accrued expenses 38,586 42,857 Deferred revenue 45,885 30,942 Total current liabilities 247,518 216,576 Other liabilities 62,994 65,732 Commitments and contingencies (Note 13) Stockholders' equity: Preferred stock, $1.00 par value (authorized 1 million shares; issued 0 shares at March 31, 2025 and 2024, respectively) — — Common stock, $0.10 par value (authorized 200 million shares; issued 159.2 million and 155.9 million shares at March 31, 2025 and 2024, respectively) 15,918 15,594 Additional paid-in capital 2,045,316 1,933,776 Retained earnings 1,313,358 1,314,172 Accumulated other comprehensive income 4,295 3,964 Treasury stock, at cost (93.8 million and 89.7 million shares at March 31, 2025 and 2024, respectively) (2,430,028) (2,318,371) Total stockholders' equity 948,859 949,135 $ 1,259,371 $ 1,231,443 See accompanying notes to consolidated financial statements.

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Our best-in-class enterprise platform enables data collaboration, where companies can share first-party consumer data with trusted business partners securely and in a privacy conscious manner. We offer flexibility to collaborate wherever data lives to support a wide range of data collaboration use cases—within organizations, between brands, and across our global network of premier partners.

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AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) For the twelve months ended March 31, 2025 2024 2023 Revenues $ 745,580 $ 659,661 596,583 Cost of revenue 215,910 179,489 170,084 Gross profit 529,670 480,172 426,499 Operating expenses Research and development 176,668 151,201 189,195 Sales and marketing 213,106 195,693 202,437 General and administrative 126,499 110,166 125,351 Gains, losses and other items, net 7,993 11,708 35,316 Total operating expenses 524,266 468,768 552,299 Income (loss) from operations 5,404 11,404 (125,800) Total other income, net 17,436 22,957 6,946 Income (loss) from continuing operations before income taxes 22,840 34,361 (118,854) Income tax expense 25,342 24,270 5,252 Net earnings (loss) from continuing operations (2,502) 10,091 (124,106) Earnings from discontinued operations, net of tax 1,688 1,790 5,404 Net earnings (loss) $ (814) $ 11,881 $ (118,702) Basic earnings (loss) per share: Continuing operations $ (0.04) $ 0.15 (1.87) Discontinued operations $ 0.03 $ 0.03 0.08 Basic earnings (loss) per share $ (0.01) $ 0.18 $ (1.79) Diluted earnings (loss) per share: Continuing operations $ (0.04) $ 0.15 (1.87) Discontinued operations $ 0.03 $ 0.03 0.08 Diluted earnings (loss) per share $ (0.01) $ 0.17 $ (1.79) See accompanying notes to consolidated financial statements.

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Global innovators, from iconic consumer brands and tech platforms to retailers, financial services, and healthcare leaders, turn to LiveRamp to deepen customer engagement and loyalty, activate new partnerships, and maximize the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is a Delaware corporation headquartered in San Francisco, California.

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AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in thousands) For the twelve months ended March 31, 2025 2024 2023 Net earnings (loss) $ (814) $ 11,881 (118,702) Other comprehensive income (loss): Change in foreign currency translation adjustment 331 (540) (1,226) Comprehensive income (loss) $ (483) $ 11,341 (119,928) See accompanying notes to consolidated financial statements.

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Some of these key industry trends include: Marketing and Customer Experience in the Data-Driven Era As the world becomes more multichannel, consumer behavior is rapidly shifting, and organizations are increasingly realizing that true competitive advantage lies in providing meaningful customer experiences – experiences that are personalized, relevant and cohesive across all channels and interactions.

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AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (Dollars in thousands) Accumulated Common Stock Additional other Treasury Stock Number paid-in Retained comprehensive Number Total of shares Amount Capital earnings income (loss) of shares Amount Equity Balances at March 31, 2022 149,840,925 $ 14,984 $ 1,721,118 $ 1,420,993 $ 5,730 (81,205,596) $ (2,099,765) $ 1,063,060 Employee stock awards, benefit plans and other issuances 399,146 $ 40 $ 6,219 $ — $ — (101,011) $ (2,272) $ 3,987 Non-cash stock-based compensation 47,093 5 117,346 — — — — 117,351 Restricted stock units vested 3,253,815 325 (325) — — — — — Liability-classified restricted stock units vested 446,805 45 11,558 — — — — 11,603 Acquisition of treasury stock — — — — — (6,066,230) (149,997) (149,997) Comprehensive loss: Foreign currency translation — — — — (1,226) — — (1,226) Net loss — — — (118,702) — — — (118,702) Balances at March 31, 2023 153,987,784 $ 15,399 $ 1,855,916 $ 1,302,291 $ 4,504 (87,372,837) $ (2,252,034) $ 926,076 Employee stock awards, benefit plans and other issuances 369,442 $ 38 $ 7,184 $ — $ — (219,270) $ (5,835) $ 1,387 Non-cash stock-based compensation 39,174 3 68,054 — — — — 68,057 Restricted stock units vested 1,427,305 143 (143) — — — — — Acquisition-related restricted stock award 36,118 3 (3) — — — — — Liability-classified restricted stock units vested 83,439 8 2,275 — — — — 2,283 Acquisition-related replacement stock options — — 493 — — — — 493 Acquisition of treasury stock — — — — — (2,076,854) (60,502) (60,502) Comprehensive income (loss): Foreign currency translation — — — — (540) — — (540) Net earnings — — — 11,881 — — — 11,881 Balances at March 31, 2024 155,943,262 $ 15,594 $ 1,933,776 $ 1,314,172 $ 3,964 (89,668,961) $ (2,318,371) $ 949,135 F-23 LIVERAMP HOLDINGS, INC.

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Experience is the key to brand differentiation and customer retention. Companies that fail to prioritize customer experience as a strategic growth initiative will simply get left behind. Companies are also increasingly realizing that best-in-class customer experiences require enhanced insights that can only be achieved through a structured data collaboration effort that combines first- and second-party data.

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At the same time, consumer expectations are also at an all-time high. Consumers are demanding personalization from brands and, in this new area, every consumer interaction has the potential to be individually relevant, addressable, and measurable. Data is at the center of exceptional customer experiences but is still vastly underutilized.

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AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) For the twelve months ended March 31, 2025 2024 2023 Cash flows from operating activities: Net earnings (loss) $ (814) $ 11,881 $ (118,702) Earnings from discontinued operations, net of tax (1,688) (1,790) (5,404) Non-cash operating activities: Depreciation and amortization 17,207 11,508 20,787 Loss on disposal or impairment of assets 85 1,219 4,137 Lease-related impairment and restructuring charges 14 1,769 27,545 Gain on sale of strategic investments (515) — (194) Loss on marketable equity securities 206 — — Provision for doubtful accounts 695 2,254 1,776 Impairment of goodwill — 2,875 — Deferred income taxes (447) (458) 115 Non-cash stock compensation expense 107,979 71,304 125,800 Changes in operating assets and liabilities: Accounts receivable, net 3,547 (32,336) (12,123) Deferred commissions 3,691 (11,113) (6,436) Other assets 2,105 9,426 7,705 Accounts payable and other liabilities 3,573 8,508 (15,369) Income taxes 3,430 22,275 596 Deferred revenue 14,897 8,334 4,208 Net cash provided by operating activities 153,965 105,656 34,441 Cash flows from investing activities: Capital expenditures (1,042) (4,255) (4,696) Cash paid in acquisitions, net of cash received (1,951) (170,281) — Purchases of investments (1,967) (48,894) (28,197) Proceeds from sales of investments 26,989 50,750 3,000 Purchases of strategic investments (1,400) (1,000) (500) Proceeds from sale of strategic investment 763 — 1,394 Net cash provided by (used in) investing activities 21,392 (173,680) (28,999) Cash flows from financing activities: Proceeds related to the issuance of common stock under stock and employee benefit plans 8,833 7,222 6,259 Shares repurchased for tax withholdings upon vesting of stock-based awards (10,331) (5,835) (2,272) Acquisition of treasury stock (101,198) (60,502) (149,997) Net cash used in financing activities (102,696) (59,115) (146,010) Net cash provided by (used in) continuing operations 72,661 (127,139) (140,568) F-25 LIVERAMP HOLDINGS, INC.

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Organizations must capture, analyze, understand – and, most importantly use – customer data to power the customer experience. By understanding which devices, email addresses, and postal addresses relate to the same individual, enterprise marketers can leverage that insight to deliver seamless experiences as consumers engage with a company across all touchpoints.

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AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) For the twelve months ended March 31, 2025 2024 2023 Cash flows from discontinued operations: From operating activities 1,688 1,790 5,404 Net cash provided by discontinued operations 1,688 1,790 5,404 Effect of exchange rate changes on cash 106 372 (550) Net change in cash, cash equivalents and restricted cash 74,455 (124,977) (135,714) Cash, cash equivalents and restricted cash at beginning of period 339,471 464,448 600,162 Cash, cash equivalents and restricted cash at end of period $ 413,926 $ 339,471 $ 464,448 Supplemental cash flow information: Cash paid for income taxes, net from continuing operations $ 22,548 $ 2,465 $ 5,801 Cash received for income taxes, net from discontinued operations (2,486) (2,765) (8,332) Cash received for tenant improvement allowances (2,628) — — Cash paid for operating lease liabilities 9,798 10,293 8,243 Operating lease assets obtained in exchange for operating lease liabilities 2,327 11,825 69 Operating lease assets, and related lease liabilities, relinquished in lease terminations (595) (4,486) (6,781) Purchases of property, plant and equipment remaining unpaid at period end 20 104 47 Marketable equity securities obtained in disposition of strategic investment 652 — — Excise tax payable on net stock repurchases 128 — — See accompanying notes to consolidated financial statements.

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At the same time, by reaching consumers at the individual level, organizations can reduce marketing waste and more easily attribute their marketing spend to actual results.

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F-26 LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Description of Business - LiveRamp Holdings, Inc. ("LiveRamp", "we", "us", or the "Company") is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters.

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Enterprise marketers recognize the huge opportunity big data brings, yet many admit they are not using their data effectively to drive their customer experience. 7 Growing Data Usage Advances in software, including artificial intelligence and machine learning, and the consumer's growing use of Internet connected devices and applications have made it possible to collect and rapidly process massive amounts of customer data.

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LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks — unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth. Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation.

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Data vendors and direct-to-consumer platforms are able to collect user information across a wide range of offline and online properties and connected devices, and to aggregate and combine it with other data sources. With proper permissions, this data can be integrated with a company's own proprietary data and can be made non-identifiable if the use case requires it.

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Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages. LiveRamp is a Delaware corporation headquartered in San Francisco, California.

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Through the use of data, marketers and publishers can more effectively acquire customers, elevate their lifetime value, and enhance the customer experience. Growing Data Collaboration to Enable Commerce Media The advertising market is being transformed by commerce media, a new form of advertising that closes the loop between media impressions and sales transactions.

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We have prepared the accompanying consolidated financial statements in U.S. dollars in accordance with accounting principles generally accepted in the U.S.

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Commerce media provides brand advertisers with enhanced audience insights that drive more effective and efficient advertising and provides consumers with a more relevant experience. The foundation for commerce media is data collaboration where companies share first-party consumer data with trusted business partners in a manner that is safe, secure and adheres to privacy regulations.

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(“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification and Updates (“ASC” and "ASU"), and we consider the various staff accounting bulletins and other applicable guidance issued by the United States Securities and Exchange Commission ("SEC"). Our fiscal year ends on March 31.

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Retail media was the first to scale, spurred by e-commerce, but other sectors are embracing the commerce media opportunity, including travel & hospitality, telecommunications, finance, automotive and healthcare .

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References to fiscal 2025, for example, are to the twelve months ended March 31, 2025. Use of Estimates - In preparing consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes.

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Other examples of data collaboration use cases include enterprise companies connecting consumer data across functional groups or properties, cross-screen media measurement and analysis, and closed loop attribution from connecting marketing exposures to actual sales.

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Estimates are used in determining, among other items, revenue recognition criteria, allowance for credit losses, operating lease assets and liabilities, including the incremental borrowing rate and terms and provision of each lease, the fair value of acquired assets and assumed liabilities, restructuring and impairment accruals, litigation and facilities lease loss accruals, stock-based compensation, and the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions.

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Growing Complexity of the Customer Journey The customer experience economy has evolved significantly in recent years, driven by rapid innovation and an explosion of data, marketing channels, devices, and applications. Historically, brands interacted with consumers through a limited number of marketing channels, with limited visibility into the activities taking place.

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Actual results could differ from those estimates. As of March 31, 2025, the impacts to the Company's business due to risks related to tariffs and other trade restrictions, geopolitical developments and macroeconomic factors, such as rising interest rates, inflation, bank failures, changes in foreign currency exchange rates and supply chain disruptions, continue to evolve.

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Today, companies interact with consumers across a growing number of touchpoints, including online, social, mobile and point-of-sale. The billions of interactions that take place each day between brands and consumers create a trove of valuable data that can be harnessed to power better customer interactions and experiences.

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As a result, many of the Company's estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods.

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However, most enterprise marketers remain unable to navigate through the complexity to effectively leverage this data. Additionally, innovation has fueled the growth of a highly-fragmented technology landscape, forcing companies to contend with thousands of marketing technologies and data silos.

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F-27 Operating Segments - We apply the provisions of ASC 280, Segment Reporting, to our segment disclosures. The segment disclosures may be found in Note 17, "Segment and Geographic Information." Earnings (Loss) per Share - Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period.

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To make every customer experience relevant across channels and devices, organizations need a trusted platform that can break down those silos, make data portable, and accurately recognize individuals throughout the customer journey. Marketing is becoming more audience-centric, automated, and optimized. However, several important factors still prevent data from being used effectively to optimize the customer experience: • Identity.

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Diluted net earnings (loss) per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period.

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For organizations to target audiences at the individual level, they must be able to recognize consumers across all channels and devices, and link multiple identifiers and data elements to create a single view of the customer. The evolving regulations around consumer data privacy highlight the importance of authenticated, first-party identity. • Scaled Data Assets.

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A reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share is shown below (in thousands, except per share amounts): Twelve Months Ended March 31, 2025 2024 2023 Basic earnings (loss) per share: Net earnings (loss) from continuing operations $ (2,502) $ 10,091 $ (124,106) Earnings from discontinued operations, net of tax 1,688 1,790 5,404 Net earnings (loss) $ (814) $ 11,881 $ (118,702) Basic weighted-average shares outstanding 66,126 66,266 66,352 Dilutive effect of common stock options and restricted stock units as computed under the treasury stock method — 1,652 — Diluted weighted-average shares outstanding 66,126 67,918 66,352 Basic earnings (loss) per share: Continuing operations $ (0.04) $ 0.15 $ (1.87) Discontinued operations 0.03 0.03 0.08 Basic earnings (loss) per share: $ (0.01) $ 0.18 $ (1.79) Diluted earnings (loss) per share: Continuing operations $ (0.04) $ 0.15 $ (1.87) Discontinued operations 0.03 0.03 0.08 Diluted earnings (loss) per share: $ (0.01) $ 0.17 $ (1.79) Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share 1,354 1,112 2,376 Earnings per share totals may not sum due to rounding.

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Quality, depth, and recency of data matter when deriving linkages between identifiers. Organizations must have access to an extensive set of data and be able to match that data with a high degree of accuracy to perform true cross-device audience addressability and measurement. • Connectivity.

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Significant Accounting Policies Cash and Cash Equivalents - The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly liquid money market fund investments and U.S.

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The fragmented marketing landscape creates a need for a common network of integrations that make it easy and safe to connect and activate data anywhere in the ecosystem. • Data Control .

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Treasury securities with remaining maturities of three months or less at the date of purchase. F-28 Investments - Investments primarily consist of U.S. Treasury securities and certificates of deposit.

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Organizations are increasingly looking to collaborate with their most important partners but do not want to give up control of their data or, in certain cases, do not want their data to leave their environment. 8 • Walled Gardens.

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Securities having remaining maturities of more than three months at the date of purchase and less than one year from the date of the balance sheet are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets.

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Walled gardens, or marketing platforms that strictly control the use of data outside of their walls, are becoming more pervasive and can result in diminished control and transparency for brand advertisers. For customers, it can result in a disjointed user experience.

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These investments are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported as accumulated other comprehensive income, a separate component of stockholders' equity. The Company reviews all investments for reductions in fair value that are other-than-temporary.

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Organizations need a solution that enables an open ecosystem and ensures complete control over customer data, along with the flexibility to choose a diversified approach to meeting marketing goals. • Data Governance. Preserving brand integrity while delivering positive customer experiences is a top priority for every company.

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When such reductions occur, the cost of the investment is adjusted to fair value through recording a loss on investments in the consolidated statements of operations. Gains and losses on investments are calculated on the basis of specific identification. We did not recognize any gains or losses in the twelve months ended March 31, 2025, 2024 or 2023.

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Organizations must be able to manage large sets of complex data ethically, securely, within legal boundaries, and in a way that protects consumers from harm. Importantly, they must also honor consumer preferences and put procedures in place that enable individuals to control how, when and for what reasons companies collect and use information about them.

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Beginning in fiscal 2025, the Company also holds immaterial, non-controlling investments in publicly held equity securities that are recorded in other current assets in the consolidated balance sheets. Changes in the fair value are measured on a recurring basis and recognized within total other income, net in the consolidated statements of operations.

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Increasing Fragmentation of Consumer Identity Today, customer journeys span multiple channels and devices over time, resulting in data silos and fragmented identities.

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The fair value changes resulted in a net loss of $0.2 million for the twelve months ended March 31, 2025 due to net changes in the underlying stock prices of those investments. Strategic Investments - Strategic investments consist of non-controlling equity investments in privately held companies.

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As consumers engage with brands across various touchpoints – over the web, mobile devices and applications, by email and television, and in physical stores – they may not be represented as single unique individuals with complex behaviors, appearing instead as disparate data points with dozens of different identifiers.

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The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting.

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Becky Smith who lives at 123 Main Street may appear as beckys@acme.com when she uses Facebook, becky@yahoo.com when she signs into Yahoo Finance, becky.smith@gmail.com when she conducts a Google search, cookie ABC when she browses cnn.com, device ID 234 on Hulu and so on.

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Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the consolidated statements of operations.

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As a result, enterprise marketers struggle to understand the cross-channel, cross-device habits of consumers and the different steps they take on their path to conversion.

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On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the investment is impaired. If there are sufficient indicators that the fair value of the investment is less than the carrying value, the carrying value of the investment is reduced and an impairment is recorded in the consolidated statements of operations as other expense, net of tax.

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More specifically, data silos and fragmented identities prevent companies from being able to resolve all relevant data to a specific individual; this poses a challenge to the formation of accurate, actionable insights about a brand’s consumers or campaigns.

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During the twelve months ended March 31, 2023, the Company recorded a $4.0 million impairment of a strategic investment that is recorded in other income, net in the consolidated statement of operations. There were no impairment charges for the twelve months ended March 31, 2025 or 2024.

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Marketing Waste from Inaccurate Consumer Identification Every day, brands spend billions of dollars on advertising and marketing, yet many of the messages they deliver are irrelevant, repetitive, mistimed, or simply reach the wrong audience.

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We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the performance obligations are satisfied.

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In addition, as the marketing landscape continues to grow and splinter across a growing array of online and offline channels, it is increasingly difficult to attribute marketing spend to a measurable outcome, such as an in-store visit or sale.

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F-29 Identification of the contract We consider the terms and conditions of the contract and our customary business practices when identifying our contracts under ASC 606.

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Wasted marketing spend is largely driven by the fragmented ecosystem of brands, data providers, marketing applications, media providers, and agencies that are involved in the marketing process, but operate without cohesion. Without a common understanding of consumer identity to unify otherwise siloed data, brands are unable to define accurate audience segments and derive insights that would enable better decision making.

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We determine we have a contract with a customer when the contract or contract modification is approved and the parties are committed to performing their respective obligations, we can identify each party's rights regarding the services to be transferred, we can identify the payment terms for the services, we have determined the contract has commercial substance, and we have determined that collection of at least some of the contract consideration is probable.

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Heightened Privacy and Security Concerns In the era of regulations such as the European General Data Protection Regulation ("GDPR") and the California Consumer Privacy Act ("CCPA"), diligence in the areas of consumer privacy and security is and will continue to be paramount. Every year there are new consumer data privacy regulations being introduced.

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At contract inception we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the single or combined contract includes one or multiple performance obligations. We apply judgment in determining the customer's ability to pay, which is based on a variety of factors, including the customer's historical payment experience.

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For example, new comprehensive privacy legislation, similar to the CCPA, has taken, or will take, effect in at least sixteen states on or by January 1, 2026. Additional new category-specific legislation, such as the My Health, My Data Act passed in Washington State in April 2023, will also take effect in the next year or two.

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Identification of the performance obligations As part of accounting for arrangements with multiple performance obligations, we must assess whether each performance obligation is distinct.

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Consumers' understanding of the benefits of marketing technology often lags the pace of innovation, giving rise to new demands from government agencies and consumer advocacy groups across the world. These factors challenge the liability every company faces when managing and activating consumer data.

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A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract.

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Our Approach Leveraging our groundbreaking leadership in consumer privacy, data ethics, foundational identity and connectivity, we help our customers build enduring brand and business value by unlocking siloed and fragmented consumer data and enabling responsible data collaboration. 9 We are middleware for the customer experience economy.

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We have determined that our subscriptions to the platform are a distinct performance obligation and access to data for revenue-sharing and usage-based arrangements is a distinct performance obligation because, once a customer has access to the platform, the service is fully functional and does not require any additional development, modification, or customization.

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LiveRamp provides the trusted platform that sits in between customer data and the thousands of applications powered by data. We make data consistent, consumable and portable. We ensure the seamless connection of data to and from the customer experience applications our customers use and the partners with which they collaborate.

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Determination of the transaction price The transaction price is the amount of consideration we expect to be entitled to in exchange for transferring services to a customer, excluding sales taxes that are collected on behalf of government agencies.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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2024 filing

2025 filing

Biggest changeThe loss of, or decrease in revenue from, any of our significant customers for any reason could have a material adverse effect on our revenue and operating results, which could be exacerbated by customer consolidation, changes in technologies or solutions used by our customers, changes in demand for our platform, legal or regulatory changes, market optics, customer bankruptcies or departures from their respective industries, pricing or product competition, or deviation from marketing and sales methods, any one of which may result in even fewer contractual relationships accounting for a high percentage of our revenue and reduced demand from any single significant customer. 20 In addition, some of our customers have used, and may in the future use, the size and relative importance of their purchases to our business to require that we enter into agreements with more favorable terms than we would otherwise agree to, to obtain price concessions, or to otherwise restrict our business.

Biggest changeThe material adverse effect on our revenue and operating results may be exacerbated by customer consolidation, changes in technologies or solutions used by our customers, changes in demand for our platform, legal or regulatory changes, market optics, customer bankruptcies or departures from their respective industries, bans that prohibit certain customers from continuing to do business in the United States, pricing or product competition, or deviation from marketing and sales methods, any one of which may result in even fewer contractual relationships accounting for a high percentage of our revenue and reduced demand from any single significant customer.

As the market matures and regulation increases, and as existing and new market participants produce new and different approaches to enable businesses to address their respective needs that compete with our offerings, we may be forced to reduce the prices we charge, may be unable to renew existing customer agreements, or enter into new customer agreements at the same prices and upon the same terms that we have historically obtained.

As the market matures and regulation increases, and as existing and new market participants produce new and different approaches to enable businesses to address their respective needs that compete with our offerings, we may be forced to reduce the prices we charge, unable to renew existing customer agreements, or unable to enter into new customer agreements at the same prices and upon the same terms that we have historically obtained.

Technical or policy changes, including regulation or industry self-regulation, could harm our growth in those channels. As the collection and use of data for digital advertising has received ongoing media attention over the past several years, some government regulators, such as the FTC, and privacy advocates have raised significant concerns around observed data.

Technical or policy changes, including regulation or industry self-regulation, could harm our growth in those channels. 27 As the collection and use of data for digital advertising has received ongoing media attention over the past several years, some government regulators, such as the FTC, and privacy advocates have raised significant concerns around observed data.

Privacy concerns, whether valid or not valid, may inhibit market adoption of our platform particularly in certain industries and foreign countries. 30 Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, financial condition or results of operations.

Privacy concerns, whether valid or not valid, may inhibit market adoption of our platform particularly in certain industries and foreign countries. Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, financial condition or results of operations.

For example, data suppliers could withhold their data from us if there is a competitive reason to do so, if we breach our contract with a supplier, if we breach their expectations of our use of their data, if they are acquired by one of our competitors, if legislation is passed or regulations are adopted restricting or making too difficult the collection, use or dissemination of the data they provide, if market optics become negative regarding the sharing of their data with third parties or allowing the setting of cookies from their sites, if publishers change their privacy policies or user settings, including as a result of legal or regulatory actions, in a material manner that turns off or diminishes the volume of data we receive, or if judicial interpretations are issued restricting use of such data, or for other reasons.

For example, data suppliers could withhold their data from us if there is a competitive reason to do so, if we breach our contract with a data supplier, if we breach their expectations of our use of their data, if they are acquired by one of our competitors, if legislation is passed or regulations are adopted restricting or making too difficult the collection, use or dissemination of the data they provide, if market optics become negative regarding the sharing of their data with third parties or allowing the setting of cookies from their sites, if publishers change their privacy policies or user settings, including as a result of legal or regulatory actions, in a material manner that turns off or diminishes the volume of data we receive, or if judicial interpretations are issued restricting use of such data.

Much of the data that we use is either purchased or licensed from third-party data suppliers, and we are dependent upon our ability to obtain necessary data licenses on commercially reasonable terms.

Much of the data that we use is either purchased or licensed from third-party data suppliers, and we are dependent upon our ability to purchase data or obtain necessary data licenses on commercially reasonable terms.

Further, definitions in enacted or proposed state-level data broker legislation apply to LiveRamp, potentially exposing the Company to negative perceptions and diminishing data available to it. Additionally, we could terminate relationships with our data suppliers if they fail to adhere to our data quality standards or their legal and/or other contractual commitments.

Further, definitions in enacted or proposed state-level data broker legislation apply to us, potentially exposing the Company to negative perceptions and diminishing data available to it. Additionally, we could terminate relationships with our data suppliers if they fail to adhere to our data quality standards or their legal and/or other contractual commitments.

To sustain or increase our revenue, we must regularly add new customers and encourage existing customers to maintain or increase their business with us.

To sustain or increase our subscription revenue, we must regularly add new customers and encourage existing customers to maintain or increase their business with us.

While we believe we will be able to successfully integrate newly acquired businesses (such as Habu) into our existing operations, there is no certainty that future acquisitions or alliances will be consummated on acceptable terms or that we will be able to successfully integrate the services, content, products and personnel of any such transaction into our operations.

While we believe we will be able to successfully integrate newly acquired businesses into our existing operations, there is no certainty that future acquisitions or alliances will be consummated on acceptable terms or that we will be able to successfully integrate the services, content, products and personnel of any such transaction into our operations.

Our proprietary portfolio consists of various intellectual property rights, including patents, copyrights, database rights, source code, trademarks, trade secrets, know-how, confidentiality provisions and licensing arrangements. The extent to which such rights can be protected varies from jurisdiction to jurisdiction.

In addition, our proprietary portfolio consists of various intellectual property rights, including patents, copyrights, database rights, source code, trademarks, trade secrets, know-how, confidentiality provisions and licensing arrangements. The extent to which such rights can be protected varies from jurisdiction to jurisdiction.

Data suppliers may withdraw data that we have previously collected or withhold data from us in the future, leading to our inability to provide products and services to our customers, which could lead to a decrease in revenue and loss of customer confidence.

Data suppliers may withdraw data that we have previously collected or withhold data from us in the future, which could lead to our inability to provide products and services to our customers and could result in a decrease in revenue and loss of customer confidence.

In addition to existing competitors and intermediaries, we may also face competition from new companies entering the market, which may include large established companies, all of which currently offer, or may in the future offer, products and services that result in additional competition.

In addition to existing competitors and intermediaries, we may also face competition from new companies entering the market, including large established companies, all of which currently offer, or may in the future offer, products and services that result in additional competition.

In particular, interest-based advertising, or the use of data to draw inferences about a user’s interests and deliver relevant advertising to that user, and similar or related practices, such as cross-device data collection and aggregation, steps taken to de-identify or pseudonymize personal data and to use and distribute the resulting data, including for purposes of personalization and the targeting of advertisements, have come under increasing scrutiny by legislative, regulatory, and self-regulatory bodies in the U.S. and abroad that focus on consumer protection or data privacy.

In particular, interest-based advertising, or the use of data to draw inferences about a user’s interests and deliver relevant advertising to that user, and similar or related practices, such as cross-device data collection and aggregation, steps taken to de-identify or pseudonymize personal data and to use and distribute the resulting data, including for purposes of personalization and the targeting of advertisements, have come under increasing scrutiny by legislative, regulatory, and self-regulatory bodies in the United States and abroad that focus on consumer protection or data privacy.

For example, in the U.S., in August 2022 the FTC released an advance notice of proposed rulemaking concerning commercial surveillance and data security and sought comment on whether it should implement new trade regulation rules or other regulatory alternatives concerning the ways in which companies (1) collect, aggregate, protect, use, analyze, and retain consumer data, as well as (2) transfer, share, sell, or otherwise monetize that data in ways that are unfair or deceptive.

For example, in the United States, in August 2022 the FTC released an advance notice of proposed rulemaking concerning commercial surveillance and data security and sought comment on whether it should implement new trade regulation rules or other regulatory alternatives concerning the ways in which companies (1) collect, aggregate, protect, use, analyze, and retain consumer data, as well as (2) transfer, share, sell, or otherwise monetize that data in ways that are unfair or deceptive.

If an “opt-in” model were to be adopted in the U.S., less data would be available, and the cost of data would be higher. For example, California enacted legislation, the California Consumer Privacy Act (“CCPA”), that became operative on January 1, 2020 and came under California Attorney General ("AG") enforcement on July 1, 2020.

If an “opt-in” model were to be adopted in the United States, less data would be available, and the cost of data would be higher. For example, California enacted legislation, the California Consumer Privacy Act (“CCPA”), that became operative on January 1, 2020 and came under California Attorney General ("AG") enforcement on July 1, 2020.

If any of the legal bases upon which we currently rely for transferring data from Europe to the U.S. are invalidated, if we are unable to transfer data between and among countries and regions in which we operate, or if we are prohibited from sharing data among our products and services, it could affect the manner in which we provide our services or adversely affect our financial results.

If any of the legal bases upon which we currently rely for transferring data from Europe to the United States are invalidated, if we are unable to transfer data between and among countries and regions in which we operate, or if we are prohibited from sharing data among our products and services, it could affect the manner in which we provide our services or adversely affect our financial results.

Similar to the COVID-19 pandemic, future public health emergencies could result in significant disruptions to the global financial markets and economic uncertainty, as well as regional quarantines, labor shortages or stoppages, changes in consumer purchasing patterns, disruptions to service providers to deliver data on a timely basis, or at all, and overall economic instability.

Future public health emergencies could result in significant disruptions to the global financial markets and economic uncertainty, as well as regional quarantines, labor shortages or stoppages, changes in consumer purchasing patterns, disruptions to service providers to deliver data on a timely basis, or at all, and overall economic instability.

In the U.S., various laws and regulations apply to the collection, processing, disclosure, and security of certain types of data. Additionally, the FTC and many state attorneys general are interpreting federal and state consumer protection laws as imposing standards for the online collection, use, dissemination and security of data.

In the United States, various laws and regulations apply to the collection, processing, disclosure, and security of certain types of data. Additionally, the FTC and many state attorneys general are interpreting federal and state consumer protection laws as imposing standards for the online collection, use, dissemination and security of data.

These factors in turn could further reduce our revenue, subject us to liability and cause us to issue credits or cause customers to fail to renew their subscriptions, any of which could materially adversely affect our business. We are dependent on the continued availability of third-party data hosting and transmission services.

These factors in turn could further reduce our revenue by subjecting us to liability, causing us to issue credits or causing customers to fail to renew their subscriptions, any of which could materially adversely affect our business. We are dependent on the continued availability of third-party data hosting and transmission services.

We have offered most of our employees the flexibility to determine the amount of time they work in the office, which may present operational challenges and risks, including negative employee morale and productivity, low employee retention, and increased compliance and tax obligations in a number of jurisdictions.

We have offered most of our employees the flexibility to determine the amount of time they work in the office, and the majority of our employees continue to work remotely. Remote work may present operational challenges and risks, including negative employee morale and productivity, low employee retention, and increased compliance and tax obligations in a number of jurisdictions.

In the event that any of our third-party facilities arrangements are terminated, or if there is a lapse of service or damage to a facility, we could experience interruptions in our platform as well as delays and additional expenses in arranging new facilities and services. 25 Any damage to, or failure of, the systems of our third-party providers could result in interruptions to our platform.

The COVID-19 pandemic generally increased opportunities available to hackers and cyber criminals as more companies and individuals work online from remote locations.

The COVID-19 pandemic generally increased opportunities available to hackers and cyber criminals as more companies and individuals continue to work online from remote locations than prior to the pandemic.

If a substantial number of data suppliers were to withdraw or withhold their data from us or substantially limit our use of their data, or if we were to sever ties with our data suppliers based on their inability to meet appropriate data standards, our ability to provide products and services to our customers could be materially adversely impacted, which could result in decreased revenues and operating results.

If a substantial number of data suppliers were to withdraw or withhold their data from us or substantially limit our use of their data, or if we were to sever ties with our data suppliers, our ability to provide products and services to our customers could be materially adversely impacted, which could result in decreased revenues and operating results.

Our existing customers have no obligation to renew their contracts upon expiration of their contractual subscription period and may not choose to renew their contracts for a variety of reasons. In the normal course of business, some customers have elected not to renew, and it is difficult to predict attrition rates.

Our existing customers have no obligation to renew their subscription contracts upon expiration of their contractual subscription period and may not renew their subscription contracts for a variety of reasons. Some customers elect not to renew in the normal course of business, and it is difficult to predict renewal rates.

These competitors may be in a better position to develop new products and pricing strategies that more quickly and effectively respond to changes in customer requirements in these markets. These competitors and new products and technologies may be disruptive to our existing platform offerings, resulting in operating inefficiencies and increased competitive pressure.

Our competitors may be in a better position to develop new products and pricing strategies that more quickly and effectively respond to changes in customer requirements in our markets, which may be disruptive to our existing platform offerings and result in operating inefficiencies and increased competitive pressure.

A claim of intellectual property infringement could force us to enter into a costly or restrictive license or royalty agreement, which might not be available under acceptable terms or at all, could require us to pay significant damages (including attorneys’ fees), could subject us to an injunction against development and sale of certain of our products or services, could require us to expend additional development resources to redesign our technology and could require us to indemnify our partners and other third parties.

A claim of intellectual property infringement could force us to enter into a costly or restrictive license or royalty agreement, which might not be available under acceptable terms or at all, could require us to pay significant damages (including attorneys’ fees), could subject us to an injunction against development and sale of certain of our products or services, could require us to expend additional development resources to redesign our technology and/or could require us to indemnify our partners and other third parties, any or all of which could have a material adverse effect on our business and results of operations.

For example, in 2016, the European Union and the U.S. agreed to an alternative transfer framework for data transferred from the European Union to the U.S., called the Privacy Shield.

For example, in 2016, the European Union and the United States agreed to an alternative transfer framework for data transferred from the European Union to the United States called the Privacy Shield.

Moreover, even if we are able to do so, such additional products and tools may be subject to further regulation, time consuming to develop or costly to obtain, and less effective than our current use of cookies.

We have invested substantial time and resources in building our team within this company culture. Any failure to preserve our culture could negatively affect our ability to retain and recruit personnel and to proactively focus on and pursue our corporate objectives. The majority of our employees continue to work remotely.

In addition, computer malware, viruses, social engineering, ransomware, phishing and general hacking have become more prevalent, and events outside of our control, such as the military conflicts in Europe and the Middle East, could result in a further increase in such activities.

In addition, computer malware, viruses, social engineering, ransomware, phishing and general hacking have become more prevalent, and events outside of our control, such as the military conflicts in Europe and the Middle East, and economic and political uncertainty caused by the U.S. tariffs could result in a further increase in such activities.

As the use of “third-party cookies” or other tracking technology continues to be pressured by Internet users, restricted or otherwise subject to unfavorable regulation, blocked or limited by technical changes on end users’ devices, or our and our customers’ ability to use data on our platform is otherwise restricted, our business could be materially impacted.

As a result, our operating results may be significantly worse than forecasted. 26 As the use of “third-party cookies” or other tracking technology continues to be pressured by Internet users, restricted or otherwise subject to unfavorable regulation, blocked or limited by technical changes on end users’ devices, or our and our customers’ ability to use data on our platform is otherwise restricted, our business could be materially impacted.

Moreover, the conditions caused by other factors outside our control, such as macroeconomic growth and increasing global geopolitical tensions, have affected, and may affect, directly or indirectly, the rate of spending on advertising products and have and could continue to adversely affect our customers’ ability or willingness to purchase our offerings, delay prospective customers’ purchasing decisions, increase pressure for pricing discounts, lengthen payment terms, reduce the value or duration of their subscription contracts, or increase customer attrition rates, all of which could adversely affect our future sales, operating results and overall financial performance.

Moreover, the conditions caused by other factors outside our control, such as economic slowdowns, macroeconomic growth and increasing global geopolitical tensions, have affected, and may continue to affect, directly or indirectly, the rate of spending on advertising products and have adversely affected, and could continue to adversely affect, our existing and prospective customers’ ability or willingness to purchase our offerings, delay our existing and prospective customers’ purchasing decisions, increase pressure for pricing discounts, lengthen payment terms, reduce the value or duration of subscription contracts, or decrease customer renewal rates, all of which could adversely affect our future sales, operating results and overall financial performance. 20 The loss of a contract upon which we rely for a significant portion of our revenues could adversely affect our operating results.

Without the timely introduction of new products, services and enhancements that comply with changing laws and standards, including through the use of new and emerging technologies (e.g., artificial intelligence and machine learning), we could be at a competitive disadvantage and our offerings will become technologically or commercially obsolete over time, in which case our revenue and operating results would suffer.

While we presently have a sophisticated, dedicated and experienced team of executives and employees who have a deep understanding of our business, the labor market for these individuals has historically been very competitive due to the limited number of people available with the necessary technical skills and understanding.

We incur significant costs with our third-party data hosting services. If the costs for such services increase due to vendor consolidation, regulation, contract renegotiation, or otherwise, we may not be able to increase the fees for our products and services to cover the changes. As a result, our operating results may be significantly worse than forecasted.

The successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have a material adverse effect on our business, financial condition, financial results and reputation.

Our renewal rates may decline or fluctuate as a result of a number of factors, including customer satisfaction, pricing changes, the prices of services offered by our competitors, mergers and acquisitions affecting our customer base, regulatory changes such as in privacy, antitrust, or international relations, and reductions in our customers’ spending levels or other declines in customer activity.

Our renewal rates may decline or fluctuate as a result of a number of factors, including customer satisfaction, pricing changes by us or our competitors, new offerings by our competitors, mergers and acquisitions affecting our customer base, regulatory changes such as in privacy, antitrust, or international relations, and reductions in our existing customers’ spending levels or activity.

For example, our offices and facilities in California have experienced, and are projected to continue to experience, climate-related events at an increasing frequency, including drought, water scarcity, heat waves, wildfires and resultant air quality impacts and power shutoffs associated with wildfire prevention.

Any of our primary locations may be vulnerable to the adverse effects of climate change. For example, our offices and facilities in California have experienced, and are projected to continue to experience, climate-related events at an increasing frequency, including drought, water scarcity, heat waves, wildfires and resultant air quality impacts and power shutoffs associated with wildfire prevention.

During the last fiscal year, we received approximately 6% of our revenues from business outside the United States. In those non-U.S. locations where legislation restricting the collection and use of personal data currently exists, less data is available and at a much higher cost.

During the twelve months ended March 31, 2025, we received approximately 5% of our revenues from business outside the United States. In those non-U.S. locations where legislation restricting the collection and use of personal data currently exists, less data is available and at a much higher cost.

Additionally, the Safari browser currently blocks some third-party cookies by default and has recently added controls that algorithmically block or limit some cookies. Other browsers have added similar controls. In addition, Internet users can delete cookies from their computers at any time.

Mobile devices allow users to opt out of the use of mobile device IDs for targeted advertising. Additionally, the Safari browser currently blocks some third-party cookies by default and has recently added controls that algorithmically block or limit some cookies. Other browsers have added similar controls. In addition, Internet users can delete cookies from their computers at any time.

We could suffer material adverse consequences if our data suppliers were to withhold their data from us or materially limit our use of their data, which could occur for a variety of reasons, including because we fail to maintain sufficient relationships with the suppliers or because they decline to provide, or are prohibited from providing, such data to us due to legal, regulatory, contractual, privacy, competitive or other economic concerns.

We could suffer material adverse consequences if our data suppliers withhold their data from us or materially limit our use of their data, which could occur for a variety of reasons, including, but not limited to, because we fail to maintain sufficient relationships with the data suppliers or because they decline to provide, or are prohibited from providing, such data to us for any reason.

If we do not enforce our intellectual property rights vigorously and successfully, our competitive position may suffer, which could harm our operating results. 31 Item 1B. Unresolved Staff Comments None.

Our competitive position may suffer if we do not enforce our intellectual property rights vigorously and successfully and we may expand significant resources enforcing our intellectual property rights, either or both of which could harm our operating results. 32 Item 1B. Unresolved Staff Comments None.

We cannot yet predict the full impact of the State Consumer Privacy Acts on our business or operations, but they may require us to modify our data processing practices and policies and to incur substantial costs and expenses in an effort to comply.

Many other states currently have comprehensive and/or sector or data-specific bills winding their way through their legislatures. We cannot yet predict the full impact of the State Consumer Privacy Acts on our business or operations, but they may require us to modify our data processing practices and policies and to incur substantial costs and expenses in an effort to comply.

Historically, we have engaged in acquisitions to grow our business, such as the acquisition of Habu in January 2024. To the extent we find suitable and attractive acquisition candidates and business opportunities in the future, we may continue to acquire other complementary businesses, products and technologies and enter into joint ventures or similar strategic relationships.

To the extent we find suitable and attractive acquisition candidates and business opportunities in the future, we may continue to acquire other complementary businesses, products and technologies and enter into joint ventures or similar strategic relationships.

In recent years, the frequency, severity and sophistication of cyberattacks, computer malware, viruses, social engineering, ransomware, phishing and other intentional misconduct by computer hackers have significantly increased, including the ability to evade detection or obscure their activities, and government agencies and security experts have warned about the growing risks of hackers, cyber criminals and other potential attackers targeting information technology systems.

As a result of the types and volume of personal data on our systems, we believe that we are a particularly attractive target for such breaches and attacks. 24 In recent years, the frequency, severity and sophistication of cyberattacks, computer malware, viruses, social engineering, ransomware, phishing and other intentional misconduct by computer hackers have significantly increased, including the ability to evade detection or obscure their activities, and government agencies and security experts have warned about the growing risks of hackers, cyber criminals and other potential attackers targeting information technology systems.

If our new business and cross-selling efforts are unsuccessful or if our customers do not expand their use of our platform or adopt additional offerings and features, our operating results may suffer.

If our efforts to add new customers are unsuccessful or if our existing customers do not maintain or expand their use of our platform, including by adopting additional offerings and features, our operating results may suffer.

We are also subject to laws, regulations and other restrictions that dictate whether, how, and under what circumstances we can transfer, process and/or receive certain data that is critical to our operations, including data shared between countries or regions in which we operate, and data shared among our products and services.

Any failure to achieve required data protection standards may result in lawsuits, regulatory fines, or other actions or liability, all of which may harm our operating results. 30 We are also subject to laws, regulations and other restrictions that dictate whether, how, and under what circumstances we can transfer, process and/or receive certain data that is critical to our operations, including data shared between countries or regions in which we operate, and data shared among our products and services.

Such violations could also adversely affect our reputation with existing and prospective customers, which could negatively impact our operating results and growth prospects. Public health emergencies may result in global, national and/or regional economic uncertainty, and measures taken in response to such emergencies could impact our business and future results of operations and financial condition.

Public health emergencies may result in global, national and/or regional economic uncertainty, and measures taken in response to such emergencies could impact our business and future results of operations and financial condition.

Data Privacy Framework ("DPF"), allowing the DPF to facilitate the transfer of data from Europe to the U.S., and with the U.K. Extension, also from the U.K. to the U.S. In addition, the other bases upon which we rely to legitimize the transfer of such data, such as Standard Contractual Clauses, have been subjected to regulatory and judicial scrutiny.

In addition, the other bases upon which we rely to legitimize the transfer of such data, such as Standard Contractual Clauses, have been subjected to regulatory and judicial scrutiny.

The U.S. federal and various state and foreign governments have adopted or proposed limitations on the collection, distribution, use and storage of data relating to individuals, including the use of contact information and other data for marketing, advertising and other communications with individuals and businesses.

Our data handling also is subject to contractual obligations and may be deemed to be subject to industry standards. 28 The United States federal and various state and foreign governments have adopted or proposed limitations on the collection, distribution, use and storage of data relating to individuals, including the use of contact information and other data for marketing, advertising and other communications with individuals and businesses.

We believe we have taken appropriate measures to protect our systems from intrusion, but we cannot be certain that advances in criminal capabilities, discovery of new or existing vulnerabilities in our systems and attempts to exploit those vulnerabilities, physical system or facility break-ins and data thefts or other developments will not compromise or breach the technology protecting our systems and the information we possess. 24 Although we have developed systems and processes that are designed to protect our data, our customer data, and data transmissions to prevent data loss, and to prevent or detect security breaches, our databases may be subject to unauthorized access by third parties, and we may incur significant costs in protecting against or remediating cyberattacks.

Changing market dynamics, global policy developments and the increasing frequency and impact of extreme weather events on critical infrastructure in the U.S. and elsewhere have the potential to disrupt our business, the business of our third-party suppliers and the business of our customers, and may cause us to experience higher churn, losses and additional costs to maintain or resume operations. 27 Risks Related to Government Regulation and Taxation Changes in legislative, judicial, regulatory, or cultural environments relating to information collection and use may limit our ability to collect and use data.

Changing market dynamics, global policy developments and the increasing frequency and impact of extreme weather events on critical infrastructure in the United States and elsewhere have the potential to disrupt our business, the business of our third-party suppliers and the business of our customers, and may cause us to experience higher churn, losses and additional costs to maintain or resume operations.

Together with the CCPA and CPRA, these are referred to throughout as "State Consumer Privacy Acts." Each of these State Consumer Privacy Acts have gone, or will go, into effect on or before January 1, 2026. Many other states currently have comprehensive and/or sector or data-specific bills winding their way through their legislatures.

Since the CCPA, as of March 31, 2025 at least twenty-two other state legislatures have passed applicable comprehensive or sector-specific privacy legislation. Together with the CCPA and CPRA, these are referred to throughout as "State Consumer Privacy Acts." Each of these State Consumer Privacy Acts have gone, or will go, into effect on or before January 1, 2026.

In addition, providers of Internet browsers have engaged in, or announced plans to continue or expand, efforts to provide increased visibility into, and certain controls over, cookies and similar technologies and the data collected using such technologies. For example, in January 2020 Google announced that at some point in the following 24 months the Chrome browser would block third-party cookies.

Congress and state legislatures, along with federal regulatory authorities have recently increased their attention on matters concerning the collection and use of consumer data. In the U.S., non-sensitive consumer data generally may be used under current rules and regulations, subject to certain restrictions, so long as the person does not affirmatively “opt-out” of the collection or use of such data.

In the United States, non-sensitive consumer data generally may be used under current rules and regulations, subject to certain restrictions, so long as the person does not affirmatively “opt-out” of the collection or use of such data.

These rule changes may create additional liability, expenses, and risk to revenue. 29 In Europe, the European General Data Protection Regulation ("GDPR") took effect on May 25, 2018 and applies to products and services that we provide in Europe, as well as the processing of personal data of EU citizens, wherever that processing occurs.

In Europe, the European General Data Protection Regulation ("GDPR") took effect on May 25, 2018 and applies to products and services that we provide in Europe, as well as the processing of personal data of EU citizens, wherever that processing occurs. The GDPR includes operational requirements for companies that receive or process personal data of residents of the European Union.

Because we, and our customers, rely upon data, including that collected through cookies and similar technologies, it is possible that Google's efforts may have a substantial impact on the ability to collect and use data from Internet users, and it is essential that we monitor developments in this area domestically and globally, and engage in responsible privacy practices, including providing consumers with notice of the types of data we collect and how we use that data to provide our services. 28 In the U.S., the U.S.

While Google has determined not to deprecate cookies or roll out a new standalone prompt for third-party cookies in Chrome at this time it is possible that Google's ongoing efforts in this area may have a substantial impact on the ability to collect and use data from Internet users, and it is essential that we monitor developments in this area domestically and globally, and engage in responsible privacy practices, including providing consumers with notice of the types of data we collect and how we use that data to provide our services. 29 In the United States, the U.S.

Further, existing tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to us, which could have a material adverse effect on our business, cash flow, financial condition or results of operations. 31 Governments are increasingly focused on ways to increase tax revenue, which has contributed to an increase in audit activity, more aggressive positions taken by tax authorities and an increase in tax legislation.

Additional risks inherent in our non-U.S. business activities generally include, among others, the costs and difficulties of managing international operations, potentially adverse tax consequences, and greater difficulty enforcing intellectual property rights.

We have 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. 23 Additional risks inherent in our non-U.S. business activities generally include, among others, the costs and difficulties of managing international operations, potentially adverse tax consequences, and greater difficulty enforcing intellectual property rights.

If we fail to enhance our current products and services or fail to develop new products in light of emerging technologies, industry standards, and regulations, we could lose customers to current or future competitors, which could result in impairment of our growth prospects, loss of market share and decreased revenues. 22 Acquisition and divestiture activities may disrupt our ongoing business and may involve increased expenses, and we may not realize the financial and strategic goals contemplated at the time of a transaction, all of which could adversely affect our business and growth prospects.

If our customers do not renew their contracts or decrease the amount they spend with us, our revenue would decline and our business would suffer. A decline in new or renewed subscriptions in any period may not be immediately reflected in our reported financial results for that period but may result in a decline in our revenue in future periods.

A decline in new or renewed subscription contracts in any period may not be immediately reflected in our reported financial results for that period but may result in a decline in our subscription revenue in future periods.

In April 2021, Google began releasing software updates to its Chrome browser with features intended to phase out third-party cookies. In May 2023, Google stated that it would deprecate third-party cookies by mid-2024 and in January 2024 started by deprecating third-party cookies for 1% of users globally.

In May 2023, Google stated that it would deprecate third-party cookies by mid-2024 and in January 2024 started by deprecating third-party cookies for 1% of users globally. In April 2024, Google announced that the deprecation of third-party cookies will not be completed in 2024.

Because of such loans or investments, exchange rate movements of foreign currencies may have an impact on our future costs of, or future cash flows from, foreign investments. We have 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.

Because of such loans or investments, exchange rate movements of foreign currencies may have an impact on our future costs of, or future cash flows from, foreign investments.

If more Internet users adopt these settings or delete their cookies more frequently than they currently do, or restrictions are imposed by advertisers and publishers, there are changes in technology or new developments in laws, regulations or industry standards around cookies, our business could be harmed. 26 For in-app advertising, data regarding interactions between users and devices are tracked mostly through stable, pseudonymous mobile device identifiers that are built into the device operating system with privacy controls that allow users to express a preference with respect to data collection for advertising, including to disable the identifier.

In addition, the GDPR includes significant penalties for non-compliance of up to the greater of €20 million or 4% of an enterprise’s global annual revenue. Further, the European Union is expected to replace the EU Cookie Directive governing the use of technologies to collect consumer information with the ePrivacy Regulation.

Further, the European Union is expected to replace the EU Cookie Directive governing the use of technologies to collect consumer information with the ePrivacy Regulation.

In April 2024, Google announced that the deprecation of third-party cookies will not be completed in 2024.

The GDPR includes operational requirements for companies that receive or process personal data of residents of the European Union. For example, the GDPR requires offering a variety of controls to individuals in Europe before processing data for certain aspects of our service.

For example, the GDPR requires offering a variety of controls to individuals in Europe before processing data for certain aspects of our service. In addition, the GDPR includes significant penalties for non-compliance of up to the greater of €20 million or 4% of an enterprise’s global annual revenue.

Our handling of this data is subject to a variety of federal, state, and foreign laws and regulations and is subject to regulation by various government authorities. Our data handling also is subject to contractual obligations and may be deemed to be subject to industry standards.

We receive, store and process personal information and other data from and about consumers in addition to our customers, employees, and services providers. Our handling of this data is subject to a variety of federal, state, and foreign laws and regulations and is subject to regulation by various government authorities.

Bribery Act and other local laws prohibiting corrupt payments to government officials, as well as anti-competition regulations and data protection laws and regulations. Violations of these laws and regulations could result in fines and penalties, criminal sanctions, and restrictions on our business conduct and on our ability to offer our products and services in one or more countries.

Violations of these laws and regulations could result in fines and penalties, criminal sanctions, and restrictions on our business conduct and on our ability to offer our products and services in one or more countries. Such violations could also adversely affect our reputation with existing and prospective customers, which could negatively impact our operating results and growth prospects.

For example, the military conflicts in Europe and the Middle East could result in regional instability and adversely impact financial markets as well as economic conditions. 23 In addition, when operating in foreign jurisdictions, we must comply with complex foreign and U.S. laws and regulations, such as the U.S. Foreign Corrupt Practices Act, the U.K.

In addition, when operating in foreign jurisdictions, we must comply with complex foreign and U.S. laws and regulations, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and other local laws prohibiting corrupt payments to government officials, as well as anti-competition regulations and data protection laws and regulations.

Such developments could cause revenues to decline, increase the cost and availability of data and adversely affect the demand for our products and services. We receive, store and process personal information and other data from and about consumers in addition to our customers, employees, and services providers.

Risks Related to Government Regulation and Taxation Changes in legislative, judicial, regulatory, or cultural environments relating to information collection and use may limit our ability to collect and use data. Such developments could cause revenues to decline, increase the cost and availability of data and adversely affect the demand for our products and services.

Removed

If we were to experience significant downturns in subscription sales and renewal rates, our reported financial results might not reflect such downturns until future periods.

Added

If our existing customers do not renew their subscription contracts or otherwise decrease the amount they spend with us, our subscription revenue would decline and our business would suffer.

Removed

The loss of a contract upon which we rely for a significant portion of our revenues could adversely affect our operating results. Our ten largest customers represented approximately 27% of our revenues in fiscal year 2024.

Added

Our ten largest customers represented approximately 25% of our revenues in the twelve months ended March 31, 2025.

Removed

Consumer needs and expectations and the business information industry as a whole are in a constant state of change.

Added

Some of our significant customers have used, and may in the future use, their size and relative importance to our business to require that we enter into agreements with more favorable terms than we would otherwise agree to, to obtain price concessions, or to otherwise restrict our business.

Removed

As a result of the types and volume of personal data on our systems, we believe that we are a particularly attractive target for such breaches and attacks.

Added

The loss of, or decrease in revenue from, any of our significant customers for any reason could have a material adverse effect on our revenue and operating results.

Removed

Unfavorable publicity and negative public perception about our industry could adversely affect our business and operating results.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeAligning to these standards allows our program to adjust to changing conditions such as new technology, industry best practices, or organizational risk tolerance. Security Governance Oversight of our security program starts at the Board level. On an annual basis, the enterprise risk team reports to the full Board regarding the top ten enterprise risks, including cybersecurity.

Biggest changeSecurity Governance Oversight of our security program starts at the Board level. On an annual basis, the enterprise risk team reports to the full Board regarding the top ten enterprise risks, including cybersecurity. Additionally, on a quarterly basis, the Audit/Finance Committee receives presentations by LiveRamp security, highlighting any risks, initiatives, and/or relevant industry trends.

Third-party providers are also utilized for penetration testing and for a bug bounty program. Third-party tooling is utilized in support of functions including threat intelligence, security logging, security information and event management (SIEM), vulnerability scanning, email protection, security awareness training, secure development training, cloud posture management, secret management, identity and access management, and anti-malware.

Third-party providers are also utilized for penetration testing and for a bug bounty program. Third-party tooling is utilized in support of functions including threat intelligence, security logging, security information and event management (SIEM), 33 vulnerability scanning, email protection, security awareness training, secure development training, cloud posture management, secret management, identity and access management, and anti-malware.

External auditors also perform assessments on behalf of our customers to validate our compliance with specific customer requirements. Furthermore, on a periodic basis, an external audit is sponsored by the Board of Directors to perform an independent review of the capability maturity of LiveRamp’s security program.

External auditors also perform assessments on behalf of our customers to validate our compliance with specific customer requirements. Furthermore, on a periodic basis, an external audit is sponsored by the Board of Directors to perform an independent assessment of the capability maturity of LiveRamp’s security program.

Furthermore, following the 32 shared responsibility model with our cloud service providers, we rely on their implementation of certain security controls, such as physical security. External auditors regularly review LiveRamp’s security posture. We engage with auditors directly on an annual basis to assess controls specific to a particular scope and compliance standard (e.g. SOC 2 or ISO 27001).

Furthermore, following the shared responsibility model with our cloud service providers, we rely on their implementation of certain security controls, such as physical security. External auditors regularly examine LiveRamp’s security posture. We engage with auditors directly on an annual basis to assess controls specific to a particular scope and compliance standard (e.g. SOC 2 or ISO 27001).

Cyber security is also a responsibility of all LiveRamp employees. All employees must undergo annual security awareness training, which covers topics including, but not limited to, phishing, incident reporting, insider threat, and LiveRamp's Security and Acceptable Use policies.

Cybersecurity is also a responsibility of all LiveRamp employees. All employees must undergo annual security awareness training, which covers topics including, but not limited to, phishing, incident reporting, insider threat, and LiveRamp's Security and Acceptable Use policies.

Furthermore, a material cybersecurity incident could harm our business and reputation and diminish our competitive position. In order to mitigate cybersecurity risk, LiveRamp maintains a security program based on widely known and accepted industry standards, including NIST CSF, ISO 27001, and SOC 2.

In order to mitigate cybersecurity risk, LiveRamp maintains a security program based on widely known and accepted industry standards, including NIST CSF, ISO 27001, and SOC 2. Aligning to these standards allows our program to adjust to changing conditions such as new technology, industry best practices, or organizational risk tolerance.

The SAC includes leadership across our security, enterprise risk management, internal audit, engineering, product, data ethics, legal, and commercial teams.

The members of the security leadership team, who report directly to the CISO, each have at least a decade of experience relevant to their area of responsibility. The SAC includes leadership across our security, enterprise risk management, internal audit, engineering, product, data ethics, legal, and commercial teams.

Additionally, on a quarterly basis, the Audit Committee receives presentations by LiveRamp security, highlighting any risks, initiatives, and/or relevant industry trends. LiveRamp maintains a Security Charter which establishes the overall security program, appoints responsibility and authority to the Chief Information Security Officer (CISO), and establishes a Security Action Committee (SAC) to provide leadership and oversight.

LiveRamp maintains a Security Charter which establishes the overall security program, appoints responsibility and authority to the Chief Information Security Officer (CISO), and establishes a Security Action Committee (SAC) to provide leadership and oversight. LiveRamp’s CISO has over 20 years of experience as the Company’s security leader, and maintains several industry standard security certifications.

Removed

LiveRamp’s CISO has over 20 years of experience as the Company’s security leader, and maintains several industry standard security certifications. The members of the security leadership team, who report directly to the CISO, each have at least a decade of experience relevant to their area of responsibility.

Added

While we do not believe our strategy, operations, and financials have been materially affected by risks from cybersecurity threats, we cannot provide assurances that they will not be materially affected in the future by such risks. For additional information regarding risks from cybersecurity threats, please refer to Item 1A, “Risk Factors,” in this Annual Report on Form 10-K.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeLocation Held Use United States: San Francisco, California Lease Office space New York, New York Lease Office space Little Rock, Arkansas Lease Office space Seattle, Washington Lease Office space Europe: London, England Lease Office space Paris, France Lease Office space Asia-Pacific: Shanghai, China Lease Office space Nantong, China Lease Office space Singapore, Singapore Lease Office space Tokyo, Japan Lease Office space Sydney, Australia Lease Office space 33

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings The information required by this item is set forth under Note 13, "Commitments and Contingencies" to our Consolidated Financial Statements, which appears in the Financial Supplement at page F- 46 , and is incorporated herein by reference. Item 4. Mine Safety Disclosures Not applicable. 34 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThrough March 31, 2024, the Company had repurchased 37.7 million shares of its common stock for $942.7 million, leaving remaining capacity of $157.3 million under the stock repurchase program. Item 6. [Reserved]

Biggest changeThrough March 31, 2025, the Company had repurchased 41.5 million shares of its common stock for $1.0 billion, leaving remaining capacity of $256.2 million under the stock repurchase program. (1) Average price paid includes costs associated with the repurchases, excluding the 1% excise tax as a result of the Inflation Reduction Act of 2022.

The board of directors may consider paying dividends in the future but has no plans to pay dividends in the short term. 35 Performance Graph The graph below compares LiveRamp Holdings, Inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the Russell 2000 index and S&P 400 IT Consulting and Other Services index.

The board of directors may consider paying dividends in the future but has no plans to pay dividends in the short term. 36 Performance Graph The graph below compares LiveRamp Holdings, Inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the Russell 2000 index and S&P 400 IT Consulting and Other Services index.

All rights reserved. 36 Purchases of Equity Securities by the Issuer and Affiliated Purchasers The table below provides information regarding purchases by LiveRamp of its common stock during the periods indicated.

All rights reserved. 37 Purchases of Equity Securities by the Issuer and Affiliated Purchasers The table below provides information regarding purchases by LiveRamp of its common stock during the periods indicated.

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information The outstanding shares of LiveRamp's common stock are listed and traded on the New York Stock Exchange under the symbol "RAMP". Stockholders As of May 17, 2024, the approximate number of record holders of the Company’s common stock was 945.

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information The outstanding shares of LiveRamp's common stock are listed and traded on the New York Stock Exchange under the symbol "RAMP." Stockholders As of May 16, 2025, the approximate number of record holders of the Company’s common stock was 893.

The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from March 31, 2019 to March 31, 2024.

The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from March 31, 2020 to March 31, 2025.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among LiveRamp Holdings, Inc., the Russell 2000 Index and the S&P 400 IT Consulting & Other Services *$100 invested on 3/31/19 in stock or index, including reinvestment of dividends. Fiscal year ending March 31.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among LiveRamp Holdings, Inc., the Russell 2000 Index and the S&P 400 IT Consulting & Other Services *$100 invested on 3/31/20 in stock or index, including reinvestment of dividends. Twelve months ended March 31.

That program was subsequently modified and expanded, most recently on December 20, 2022. Under the modified common stock repurchase program, the Company may purchase up to $1.1 billion of its common stock through the period ending December 31, 2024.

That program was subsequently modified and expanded, most recently on August 14, 2024. Under the modified common stock repurchase program, the Company may purchase up to $1.3 billion of its common stock through the period ending December 31, 2026.

Period (a) Total Number of Shares Purchased (b) Average Price Paid Per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs January 1, 2024 - January 31, 2024 — — — $ 172,502,429 February 1, 2024 - February 29, 2024 405,000 37.48 405,000 $ 157,324,984 March 1, 2024 - March 31, 2024 — — — $ 157,324,984 Total 405,000 37.48 405,000 N/A On August 29, 2011, the board of directors adopted a common stock repurchase program.

Period (a) Total Number of Shares Purchased (b) Average Price Paid Per Share (1) (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) January 1, 2025 - January 31, 2025 40,362 29.44 40,362 $ 280,443,661 February 1, 2025 - February 28, 2025 — — — $ 280,443,661 March 1, 2025 - March 31, 2025 910,000 26.66 910,000 $ 256,185,040 Total 950,362 26.78 950,362 N/A On August 29, 2011, the board of directors adopted a common stock repurchase program.

March 2019 March 2020 March 2021 March 2022 March 2023 March 2024 LiveRamp Holdings, Inc. 100.00 60.33 95.07 68.52 40.19 63.22 Russell 2000 100.00 76.01 148.10 139.53 123.34 147.65 S&P 400 IT Consulting and Other Services 100.00 100.76 123.98 80.64 77.89 114.83 The performance graph and the related chart and text, are being furnished solely to accompany this Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of ours, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

March 2020 March 2021 March 2022 March 2023 March 2024 March 2025 LiveRamp Holdings, Inc. 100.00 157.59 113.58 66.62 104.80 79.40 Russell 2000 100.00 194.85 183.57 162.27 194.25 186.46 S&P 400 IT Consulting and Other Services 100.00 123.04 80.03 77.30 113.96 116.70 The performance graph and the related chart and text, are being furnished solely to accompany this Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of ours, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Dividends The Company has not paid dividends on its common stock in the past two fiscal years.

Dividends The Company has not paid dividends on its common stock in the twelve months ended March 31, 2025 or 2024.

Added

(2) Amounts presented exclude the 1% excise tax as a result of the Inflation Reduction Act of 2022. Item 6. [Reserved]

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeItem 7A. Quantitative and Qualitative Disclosures About Market Risk Market Risk Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our primary market risks are foreign currency exchange rate risk and inflation. Foreign Currency Exchange Rate Risk .

Biggest changeItem 7A. Quantitative and Qualitative Disclosures About Market Risk Market Risk We have operations in the United States and internationally, and we are exposed to market risks in the ordinary course of business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.

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. Inflation .

Our inability or failure to do so could harm our business, operating results and financial condition. There have been no changes since the end of the last fiscal year in our primary market risk exposures or the management of those exposures, and we do not expect any changes going forward. 37

Removed

LiveRamp has a presence in the United Kingdom, France, Italy, Spain, Brazil, India, Australia, China, Singapore and Japan. Most of the Company's exposure to exchange rate fluctuation is due to translation gains and losses.

Added

Our primary market risks are foreign currency exchange rate risk and inflation. Foreign Currency Exchange Rate Risk . Most of the Company's exposure to exchange rate fluctuation is due to translation gains and losses from its international operations.

Top changes in LiveRamp Holdings, Inc.'s 2025 10-K

Item 1. Business

Item 1A. Risk Factors

Item 1C. Cybersecurity

Item 2. Properties

Item 3. Legal Proceedings

Item 5. Market for Registrant's Common Equity

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Other RAMP 10-K year-over-year comparisons