LiveRamp Holdings, Inc. - FORM 8-K - EX-99.1 - 4TH QTR FY12 EARNINGS RELEASE & FINANCIALS

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8-K - FORM 8-K (4TH QTR EARNINGS FY12) - LiveRamp Holdings, Inc.	f8k.htm

For more information, contact:

Katharine Boyce

Acxiom Investor Relations

501-342-1321

investor.relations@acxiom.com

EACXM

ACXIOM ANNOUNCES FOURTH QUARTER AND FISCAL YEAR RESULTS

Free cash flow and operating cash flow exceed $200 million for fiscal 2012;

U.S. Marketing and Data Services Q4 revenue up 7 percent

LITTLE ROCK, Ark. – May 15, 2012 — Acxiom® Corporation (Nasdaq: ACXM), a recognized leader in marketing services and technology, today announced financial results for the fourth quarter and fiscal year ended March 31, 2012.

Revenue from continuing operations of $287 million for the fourth quarter was flat year over year. Earnings per diluted share attributable to Acxiom stockholders were $0.58 in the current quarter, compared to a loss per share of $0.83 in the same period a year ago. Excluding restructuring charges, gain on the sale of discontinued operations and other unusual items from both periods, earnings per diluted share attributable to Acxiom stockholders were $0.22 for the fourth quarter, up approximately 5 percent year over year.

Operating cash flow increased 34 percent to $56 million in the fourth quarter, compared to $42 million in the same period a year ago. Free cash flow available to equity increased to $103 million in the fourth quarter including $73 million of proceeds from the sale of the company’s background screening unit. This compares to $15 million in the prior year. Free cash flow available to equity is a non-GAAP financial measure. A reconciliation to the comparable GAAP measure, operating cash flow, is attached.

“While there is still much to be done, we are pleased with our progress and enter our new fiscal year with a much stronger Acxiom,” said Acxiom CEO Scott Howe. “In the past year, we have tightened our focus, significantly strengthened our management team and begun development of our next generation of products. Looking ahead, our fiscal 2013 will be a year of continuing transition and investment. Our management team is now in place and we expect to build momentum throughout the year.”

Fiscal Year 2012:

Revenue from continuing operations in fiscal 2012 increased approximately 2 percent to $1,131 million, compared to $1,114 million in fiscal 2011. Earnings per diluted share attributable to Acxiom stockholders were $0.96 in fiscal 2012, compared to a loss per share of $0.29 in the prior year. Excluding non-cash impairment charges, restructuring charges, gain on sale of discontinued operations and other unusual items from both periods, earnings per diluted share attributable to Acxiom stockholders were $0.76, up approximately 12 percent year over year.

Operating cash flow increased 38 percent to $229 million during the year compared to $166 million in fiscal 2011. Free cash flow available to equity was $203 million including proceeds from the disposition of operations, compared to $53 million in the prior year.

A schedule is attached to this release outlining the impact of the unusual items on the current and prior-year fourth quarter and full year results.

Fourth Quarter Highlights:

·	Acxiom generated free cash flow to equity of $103 million and operating cash flow of $56 million. The free cash flow amount includes $73 million of proceeds from the sale of the company’s background screening unit.

·	Acxiom repurchased 1.6 million shares for $23 million. In the current fiscal year, the company has repurchased 5.6 million shares for $66 million. Since the first quarter of fiscal 2012, Acxiom has repurchased approximately 7 percent of its outstanding shares.

·	On February 1, 2012, Acxiom completed the sale of its background screening unit. The divestiture resulted in $73 million of proceeds and a gain on sale of $48 million. As a result of the disposal, Acxiom is reporting results from continuing operations and discontinued operations separately.

On April 19, 2012, Acxiom announced Dr. Phil Mui as its new Chief Product and Engineering Officer. Before joining Acxiom, Mui was group product manager for Google Analytics. Mui also previously served in leadership or engineering roles at the Stanford Functional Genomics Facility, Oracle, Microsoft and Lycos.

For the fourth year in a row, Advertising Age magazine, one of the most influential advertising and marketing publications in the U.S., named Acxiom among its highest ranking leaders. For 2011, Acxiom was named the No. 2 U.S. agency in all disciplines. Acxiom also ranked second in “Top Direct and CRM Agencies in the U.S.” and third in “World’s Top 10 CRM/Direct Marketing Agencies.”

Segment Results:

Marketing and Data Services: Revenue for the fourth quarter was $203 million, up 5 percent compared to $193 million for the same period a year ago. U.S. revenue of $168 million was up 7 percent, but was offset by declines in the international business. Income from operations for the fourth quarter was $30 million, compared to $29 million in the prior period. Operating margins were approximately 15 percent for both periods.

·	IT Infrastructure Management: Revenue for the fourth quarter decreased 10 percent to $68 million, compared with $75 million for the same period a year ago. Income from operations for the fourth quarter was $6 million, compared to $5 million in the prior period.

·	Other Services: Revenue for the fourth quarter was $17 million, down from $20 million in the fourth quarter last year. Loss from operations was approximately $1 million in both periods.

Financial Guidance

These projections are forward looking and are subject to certain risks and uncertainties that could cause actual results to differ materially as detailed in the Forward Looking Statements section of this press release. Estimates for fiscal 2013 are as follows:

·	Revenue from continuing operations is expected to be flat to slightly down.

·	Earnings per diluted share attributable to Acxiom shareholders are expected to be in the range of $0.55 to $0.65, given the company’s investment in new products.

Conference Call

Acxiom will hold a conference call at 9:00 a.m. CDT today to further discuss this information. Interested parties are invited to listen to the call, which will be broadcast via the Internet at www.acxiom.com.

Web Link to Financials

You may link to http://www.acxiom.com/FY12_Q4_Financials for the detailed financial information we typically attach to our earnings releases.

About Acxiom

Acxiom is a recognized leader in marketing services and technology that enable marketers to successfully manage audiences, personalize consumer experiences and create profitable customer relationships. Our superior industry-focused, consultative approach combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies. Acxiom leverages over 40 years of experience in data management to deliver high-performance, highly secure, reliable information management services. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves clients around the world from locations in the United States, Europe, Asia-Pacific, and South America. For more information about Acxiom, visit Acxiom.com.

Forward Looking Statements

This release and today’s conference call may contain forward-looking statements including, without limitation, statements regarding expected levels of revenue from continuing operations and earnings per share for fiscal 2013 as well as statements regarding building momentum, our plans to invest in new data analytics and product capabilities, increasing the top line in Marketing and Data Services, focusing on improving the financial performance of our non-US operations and transitioning and transforming our business. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The following are factors, among others, that could cause actual results to differ materially from these forward-looking statements: the possibility that certain contracts may not generate the anticipated revenue or profitability or may not be closed within the anticipated time frames; the possibility that significant customers may experience extreme, severe economic difficulty or otherwise reduce the amount of business they do with us; the possibility that we will not successfully complete customer contract requirements on time or meet the service levels specified in the contracts, which may result in contract penalties or lost revenue; the possibility that data suppliers might withdraw data from us, leading to our inability

to provide certain products and services to our clients, which could lead to decreases in our operating results; the possibility that we may not be able to attract, retain or motivate qualified technical, sales and leadership associates, or that we may lose key associates; the possibility that we may not be able to adequately adapt to rapidly changing computing environments, technologies and marketing practices ;the possibility that we may be unable to quickly and seamlessly integrate our new executive officers; the possibility that we will not be able to continue to receive credit upon satisfactory terms and conditions; the possibility that negative changes in economic conditions in general or other conditions might lead to a reduction in demand for our products and services; the possibility that there will be changes in consumer or business information industries and markets that negatively impact the company; the possibility that the historical seasonality of our business may change; the possibility that we will not be able to achieve cost reductions and avoid unanticipated costs; the possibility that the fair value of certain of our assets may not be equal to the carrying value of those assets now or in future time periods; the possibility that changes in accounting pronouncements may occur and may impact these forward-looking statements; the possibility that we may encounter difficulties when entering new markets or industries; the possibility that we could experience loss of data center capacity or interruption of telecommunication links; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, particularly the discussion under the caption “Item 1A, RISK FACTORS” in our Annual Report on Form 10-K for the year ended March 31, 2011, which was filed with the Securities and Exchange Commission on May 27, 2011.

With respect to the provision of products or services outside our primary base of operations in the United States, all of the above factors apply, along with the difficulty of doing business in numerous sovereign jurisdictions due to differences in scale, competition, culture, laws and regulations.

We undertake no obligation to update the information contained in this press release or any other forward-looking statement.

Acxiom is a registered trademark of Acxiom Corporation.


ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)


	For the Three Months Ended
	March 31,
							$				%
	2012			2011			Variance			Variance

Revenue:
Marketing and data services		202,897			192,905			9,992			5.2	%
IT Infrastructure management services		67,590			74,749			(7,159	)		(9.6	%)
Other services		16,768			19,572			(2,804	)		(14.3	%)
Total revenue		287,255			287,226			29			0.0	%

Operating costs and expenses:
Cost of revenue		215,410			215,618			208			0.1	%
Selling, general and administrative		36,955			38,016			1,061			2.8	%
Impairment of goodwill and other intangibles		-			79,674			79,674			100.0	%
Gains, losses and other items, net		12,600			8,219			(4,381	)		(53.3	%)

Total operating costs and expenses		264,965			341,527			76,562			22.4	%

Income (loss) from operations		22,290			(54,301	)		76,591			141.0	%
% Margin		7.8	%		-18.9	%
Other income (expense):
Interest expense		(3,391	)		(5,659	)		2,268			40.1	%
Other, net		(219	)		(827	)		608			73.5	%

Total other income (expense)		(3,610	)		(6,486	)		2,876			44.3	%

Earnings (loss) from continuing operations before income taxes		18,680			(60,787	)		79,467			130.7	%

Income taxes		3,838			10,907			7,069			64.8	%

Net earnings (loss) from continuing operations		14,842			(71,694	)		86,536			120.7	%

Earnings from discontinued operations, net of tax		31,031			705			30,326			4301.6	%

Net earnings (loss)		45,873			(70,989	)		116,862			164.6	%

Less: Net loss attributable to noncontrolling interest		(193	)		(3,933	)		3,740			95.1	%

Net earnings (loss) attributable to Acxiom		46,066			(67,056	)		113,122			168.7	%

Basic earnings (loss) per share:
Net earnings (loss) from continuing operations		0.19			(0.89	)		1.08			121.3	%
Earnings from discontinued operations		0.40			0.01			0.39			3900.0	%
Net earnings (loss)		0.59			(0.88	)		1.47			167.0	%

Net earnings (loss) attributable to Acxiom stockholders		0.59			(0.83	)		1.42			171.1	%


Diluted earnings (loss) per share:
Net earnings (loss) from continuing operations		0.19			(0.89	)		1.08			121.3	%
Earnings from discontinued operations		0.39			0.01			0.38			3800.0	%
Net earnings (loss)		0.58			(0.88	)		1.46			165.9	%

Net earnings (loss) attributable to Acxiom stockholders		0.58			(0.83	)		1.41			169.9	%


ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)


	For the Twelve Months Ended
	March 31,
							$				%
	2012			2011			Variance			Variance

Revenue:
Marketing and data services		771,721			736,105			35,616			4.8	%
IT Infrastructure management services		291,525			302,630			(11,105	)		(3.7	%)
Other services		67,378			75,020			(7,642	)		(10.2	%)
Total revenue		1,130,624			1,113,755			16,869			1.5	%

Operating costs and expenses:
Cost of revenue		869,794			853,163			(16,631	)		(1.9	%)
Selling, general and administrative		144,826			151,141			6,315			4.2	%
Impairment of goodwill and other intangibles		17,803			79,674			61,871			77.7	%
Gains, losses and other items, net		12,638			4,600			(8,038	)		(174.7	%)

Total operating costs and expenses		1,045,061			1,088,578			43,517			4.0	%

Income from operations		85,563			25,177			60,386			239.8	%
% Margin		7.6	%		2.3	%
Other income (expense):
Interest expense		(17,448	)		(23,823	)		6,375			26.8	%
Other, net		(1,369	)		(1,466	)		97			6.6	%

Total other income (expense)		(18,817	)		(25,289	)		6,472			25.6	%

Earnings (loss) from continuing operations before income taxes		66,746			(112	)		66,858			59694.6	%

Income taxes		29,129			31,726			2,597			8.2	%

Net earnings (loss) from continuing operations		37,617			(31,838	)		69,455			218.2	%

Earnings from discontinued operations, net of tax		33,899			3,396			30,503			898.2	%

Net earnings (loss)		71,516			(28,442	)		99,958			351.4	%

Less: Net loss attributable to noncontrolling interest		(5,747	)		(5,295	)		(452	)		(8.5	%)

Net earnings (loss) attributable to Acxiom		77,263			(23,147	)		100,410			433.8	%

Basic earnings (loss) per share:
Net earnings (loss) from continuing operations		0.47			(0.40	)		0.87			217.5	%
Earnings from discontinued operations		0.43			0.04			0.39			975.0	%
Net earnings (loss)		0.90			(0.36	)		1.26			350.0	%

Net earnings (loss) attributable to Acxiom stockholders		0.97			(0.29	)		1.26			434.5	%


Diluted earnings (loss) per share:
Net earnings (loss) from continuing operations		0.47			(0.40	)		0.87			217.5	%
Earnings from discontinued operations		0.42			0.04			0.38			950.0	%
Net earnings (loss)		0.89			(0.36	)		1.25			347.2	%

Net earnings (loss) attributable to Acxiom stockholders		0.96			(0.29	)		1.25			431.0	%


ACXIOM CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited)
(Dollars in thousands, except earnings per share)

	For the Three Months Ended						For the Twelve Months Ended
	March 31,						March 31,
	2012			2011			2012			2011


Earnings (loss) from continuing operations before income taxes		18,680			(60,787	)		66,746			(112	)

Income taxes		3,838			10,907			29,129			31,726

Net earnings (loss) from continuing operations		14,842			(71,694	)		37,617			(31,838	)

Earnings from discontinued operations, net of tax		31,031			705			33,899			3,396

Net earnings (loss)		45,873			(70,989	)		71,516			(28,442	)

Less: Net loss attributable to noncontrolling interest		(193	)		(3,933	)		(5,747	)		(5,295	)

Net earnings (loss) attributable to Acxiom		46,066			(67,056	)		77,263			(23,147	)

Earnings (loss) per share attributable to Acxiom stockholders:

Basic		0.59			(0.83	)		0.97			(0.29	)

Diluted		0.58			(0.83	)		0.96			(0.29	)

Unusual items:

MENA disposal		-			-			2,512			-
Disposal of Netherlands and Portugal operations		-			3,340			-			3,340
Impairment of goodwill and other intangibles		-			79,674			17,803			79,674
Adjustment of earnout liability		-			(624	)		(2,598	)		(1,058	)
Restructuring charges and other adjustments		12,600			5,503			12,724			2,318
Investment impairment (in other, net)		-			1,556			-			1,556

Total unusual items, continuing operations		12,600			89,449			30,441			85,830

Gain on disposal of discontinued operations, net of tax		(30,864	)		-			(30,864	)		-

Earnings from continuing operations before income taxes
and excluding unusual items		31,280			28,662			97,187			85,718

Income taxes		14,082			12,701			40,423			35,497

Non-GAAP earnings from continuing operations		17,198			15,961			56,764			50,221

Earnings from discontinued operations, net of tax		167			705			3,035			3,396

Non-GAAP net earnings		17,365			16,666			59,799			53,617

Less: Net loss attributable to noncontrolling interest		-			(827	)		(1,370	)		(2,189	)

Non-GAAP Net earnings attributable to Acxiom		17,365			17,493			61,169			55,806

Non-GAAP earnings per share attributable to Acxiom stockholders:

Basic		0.22			0.22			0.77			0.70

Diluted		0.22			0.21			0.76			0.68

Diluted weighted average shares		78,947			82,224			80,394			81,765


ACXIOM CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)

	For the Three Months Ended					For the Twelve Months Ended
	March 31,					March 31,
	2012		2011			2012		2011

Income (loss) from operations		22,290		(54,301	)		85,563		25,177

Unusual items		12,600		87,893			30,441		84,274

Income from operations before unusual items		34,890		33,592			116,004		109,451


ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF EARNINGS PER SHARE
(Unaudited)
(In thousands, except earnings per share)


	For the Three Months Ended

	March 31,		March 31,
	2012		2011

Basic earnings (loss) per share from continuing operations:
Numerator - net earnings (loss)		14,842		(71,694	)
Denominator - weighted-average shares outstanding		77,818		80,423
Basic earnings (loss) per share		0.19		(0.89	)

Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders:
Numerator - net earnings (loss) attributable to Acxiom		46,066		(67,056	)
Denominator - weighted-average shares outstanding		77,818		80,423
Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders		0.59		(0.83	)

Diluted earnings (loss) per share from continuing operations:
Numerator - net earnings (loss)		14,842		(71,694	)

Denominator - weighted-average shares outstanding		77,818		80,423
Dilutive effect of common stock options, warrants and restricted stock		1,129		-
		78,947		80,423

Diluted earnings (loss) per share from continuing operations		0.19		(0.89	)

Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders:
Numerator - net earnings (loss) attributable to Acxiom		46,066		(67,056	)

Denominator - weighted-average shares outstanding		77,818		80,423
Dilutive effect of common stock options, warrants, and restricted stock		1,129		-
		78,947		80,423

Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders		0.58		(0.83	)


ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF EARNINGS PER SHARE
(Unaudited)
(In thousands, except earnings per share)


	For the Twelve Months Ended

	March 31,		March 31,
	2012		2011

Basic earnings (loss) per share from continuing operations:
Numerator - net earnings (loss)		37,617		(31,838	)
Denominator - weighted-average shares outstanding		79,483		80,111
Basic earnings (loss) per share		0.47		(0.40	)

Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders:
Numerator - net earnings (loss) attributable to Acxiom		77,263		(23,147	)
Denominator - weighted-average shares outstanding		79,483		80,111
Basic earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders		0.97		(0.29	)

Diluted earnings (loss) per share from continuing operations:
Numerator - net earnings (loss)		37,617		(31,838	)

Denominator - weighted-average shares outstanding		79,483		80,111
Dilutive effect of common stock options, warrants and restricted stock		911		-
		80,394		80,111

Diluted earnings (loss) per share from continuing operations		0.47		(0.40	)

Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders:
Numerator - net earnings (loss) attributable to Acxiom		77,263		(23,147	)

Denominator - weighted-average shares outstanding		79,483		80,111
Dilutive effect of common stock options, warrants, and restricted stock		911		-
		80,394		80,111

Diluted earnings (loss) per share - net earnings (loss) attributable to Acxiom stockholders		0.96		(0.29	)


ACXIOM CORPORATION AND SUBSIDIARIES
RESULTS BY SEGMENT
(Unaudited)
(Dollars in thousands)


	For the Three Months Ended

	March 31,			March 31,
Revenue:	2012			2011

Marketing and data services		202,897			192,905
IT Infrastructure management services		67,590			74,749
Other services		16,768			19,572

Total revenue		287,255			287,226


Income from continuing operations:

Marketing and data services		29,677			29,169
IT Infrastructure management services		5,855			5,494
Other services		(642	)		(1,071	)
Corporate		(12,600	)		(87,893	)

Total income (loss) from continuing operations		22,290			(54,301	)

Margin:

Marketing and data services		14.6	%		15.1	%
IT Infrastructure management services		8.7	%		7.3	%
Other services		-3.8	%		-5.5	%

Total margin		7.8	%		-18.9	%


ACXIOM CORPORATION AND SUBSIDIARIES
RESULTS BY SEGMENT
(Unaudited)
(Dollars in thousands)


	For the Twelve Months Ended

	March 31,			March 31,
Revenue:	2012			2011

Marketing and data services		771,721			736,105
IT Infrastructure management services		291,525			302,630
Other services		67,378			75,020

Total revenue		1,130,624			1,113,755


Income from continuing operations:

Marketing and data services		96,095			87,254
IT Infrastructure management services		24,988			24,467
Other services		(5,079	)		(2,270	)
Corporate		(30,441	)		(84,274	)

Total income from continuing operations		85,563			25,177

Margin:

Marketing and data services		12.5	%		11.9	%
IT Infrastructure management services		8.6	%		8.1	%
Other services		-7.5	%		-3.0	%

Total margin		7.6	%		2.3	%


ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)

	March 31,			March 31,			$				%
	2012			2011			Variance			Variance
Assets
Current assets:
Cash and cash equivalents		229,648			206,973			22,675			11.0	%
Trade accounts receivable, net		169,446			171,252			(1,806	)		(1.1	%)
Deferred income taxes		15,107			12,480			2,627			21.0	%
Refundable income taxes		-			7,402			(7,402	)		100.0	%
Other current assets		57,804			55,668			2,136			100.0	%
Assets of discontinued operations		-			26,501			(26,501	)		(100.0	%)

Total current assets		472,005			480,276			(8,271	)		(1.7	%)

Property and equipment		913,073			886,967			26,106			2.9	%
Less - accumulated depreciation and amortization		659,700			632,297			27,403			4.3	%

Property and equipment, net		253,373			254,670			(1,297	)		(0.5	%)

Software, net of accumulated amortization		13,211			26,030			(12,819	)		(49.2	%)
Goodwill		382,285			397,989			(15,704	)		(3.9	%)
Purchased software licenses, net of accumulated amortization		25,294			38,472			(13,178	)		(34.3	%)
Deferred costs, net		61,977			81,837			(19,860	)		(24.3	%)
Data acquisition costs		15,009			17,627			(2,618	)		(14.9	%)
Other assets, net		3,697			9,724			(6,027	)		(62.0	%)

		1,226,851			1,306,625			(79,774	)		(6.1	%)

Liabilities and Stockholders' Equity
Current liabilities:
Current installments of long-term debt		26,336			27,978			1,642			5.9	%
Trade accounts payable		31,030			27,530			(3,500	)		(12.7	%)
Accrued payroll and related expenses		54,839			41,784			(13,055	)		(31.2	%)
Other accrued expenses		77,062			73,840			(3,222	)		(4.4	%)
Deferred revenue		59,949			55,921			(4,028	)		(7.2	%)
Income taxes		16,400			-			(16,400	)
Liabilities of discontinued operations		-			2,441			2,441			100.0	%

Total current liabilities		265,616			229,494			(36,122	)		(15.7	%)

Long-term debt		251,886			394,260			142,374			36.1	%

Deferred income taxes		93,039			84,360			(8,679	)		(10.3	%)

Other liabilities		4,455			7,478			3,023			40.4	%

Stockholders' equity:
Common stock		12,003			11,777			226			1.9	%
Additional paid-in capital		860,165			837,439			22,726			2.7	%
Retained earnings		536,359			459,096			77,263			16.8	%
Accumulated other comprehensive income		13,601			15,991			(2,390	)		(14.9	%)
Treasury stock, at cost		(810,381	)		(739,125	)		(71,256	)		(9.6	%)
Total Acxiom stockholders' equity		611,747			585,178			26,569			4.5	%
Noncontrolling interest		108			5,855			(5,747	)		(98.2	%)

Total equity		611,855			591,033			20,822			3.5	%

		1,226,851			1,306,625			(79,774	)		(6.1	%)


ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)

	For the Three Months Ended

	March 31,

	2012			2011

Cash flows from operating activities:
Net earnings (loss)		45,873			(70,989	)
Non-cash operating activities:
Depreciation and amortization		31,422			37,769
Loss (Gain) on disposal or impairment of assets		(48,380	)		4,155
Impairment of goodwill and other intangibles		-			79,674
Deferred income taxes		3,006			15,102
Non-cash stock compensation expense		2,060			3,200
Changes in operating assets and liabilities:
Accounts receivable		1,816			(5,111	)
Other assets		(4,705	)		2,197
Deferred costs		(422	)		(978	)
Accounts payable and other liabilities		35,916			(12,015	)
Deferred revenue		(10,143	)		(10,969	)
Net cash provided by operating activities		56,443			42,035
Cash flows from investing activities:
Disposal of operations		73,468			(1,079	)
Capitalized software		(2,095	)		(963	)
Capital expenditures		(12,444	)		(12,213	)
Data acquisition costs		(3,763	)		(2,650	)
Net cash provided (used) by investing activities		55,166			(16,905	)
Cash flows from financing activities:
Payments of debt		(9,108	)		(24,012	)
Sale of common stock		4,887			1,997
Tax impact of stock options, warrants, and restricted stock		(1,310	)		(316	)
Acquisition of treasury stock		(22,708	)		-
Net cash used by financing activities		(28,239	)		(22,331	)
Effect of exchange rate changes on cash		415			288

Net change in cash and cash equivalents		83,785			3,087
Cash and cash equivalents at beginning of period		145,863			203,886
Cash and cash equivalents at end of period		229,648			206,973

Supplemental cash flow information:
Cash paid during the period for:
Interest		3,568			6,158
Income taxes		5,594			2,345
Payments on capital leases and installment payment arrangements		4,644			5,252
Payments on software and data license liabilities		2,300			4,139
Other debt payments, excluding line of credit		2,164			2,154
Prepayment of debt		-			12,467
Noncash investing and financing activities:
Acquisition of property and equipment under capital lease
and installment payment arrangements		2,509			1,324


ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)

	For the Twelve Months Ended

	March 31,

	2012			2011

Cash flows from operating activities:
Net earnings (loss)		71,516			(28,442	)
Non-cash operating activities:
Depreciation and amortization		134,662			146,355
Loss (gain) on disposal or impairment of assets		(48,197	)		3,883
Impairment of goodwill and other intangibles		17,803			79,674
Deferred income taxes		5,545			18,579
Non-cash stock compensation expense		8,970			13,097
Changes in operating assets and liabilities:
Accounts receivable		(947	)		(13,024	)
Other assets		(4,907	)		(2,394	)
Deferred costs		(2,301	)		(29,385	)
Accounts payable and other liabilities		43,307			(22,899	)
Deferred revenue		4,000			775
Net cash provided by operating activities		229,451			166,219
Cash flows from investing activities:
Disposition of operations		72,425			(1,079	)
Capitalized software		(5,262	)		(4,555	)
Capital expenditures		(51,591	)		(59,021	)
Data acquisition costs		(12,312	)		(13,366	)
Payments from investments		370			175
Net cash paid in acquisitions		(255	)		(12,927	)
Net cash provided (used) by investing activities		3,375			(90,773	)
Cash flows from financing activities:
Payments of debt		(154,876	)		(102,101	)
Sale of common stock		12,205			9,320
Tax impact of stock options, warrants, and restricted stock		(1,310	)		(316	)
Acquisition of treasury stock		(65,535	)		-
Proceeds from partner's contributions		-			480
Contingent consideration paid for prior acquisitions		(326	)		-
Net cash used by financing activities		(209,842	)		(92,617	)
Effect of exchange rate changes on cash		(309	)		90

Net change in cash and cash equivalents		22,675			(17,081	)
Cash and cash equivalents at beginning of period		206,973			224,054
Cash and cash equivalents at end of period		229,648			206,973

Supplemental cash flow information:
Cash paid during the period for:
Interest		19,059			23,886
Income taxes		20,765			25,339
Payments on capital leases and installment payment arrangements		18,331			22,357
Payments on software and data license liabilities		2,916			5,316
Other debt payments, excluding line of credit		8,629			8,428
Prepayment of debt		125,000			66,000
Noncash investing and financing activities:
Acquisition of property and equipment under capital lease
and installment payment arrangements		11,242			23,753


ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY
AND RECONCILIATION TO OPERATING CASH FLOW
(Unaudited)
(Dollars in thousands)


	06/30/10			09/30/10			12/31/10			03/31/11			FY2011			06/30/11			09/30/11			12/31/11			03/31/12			FY2012

Net cash provided by operating activities		16,988			42,966			64,230			42,035			166,219			32,754			57,714			82,540			56,443			229,451

Less:
Disposition of operations		-			-			-			-			-			-			(1,043	)		-			73,468			72,425
Capitalized software		(1,226	)		(1,341	)		(1,025	)		(963	)		(4,555	)		(529	)		(991	)		(1,647	)		(2,095	)		(5,262	)
Capital expenditures		(8,752	)		(21,734	)		(16,322	)		(12,213	)		(59,021	)		(12,577	)		(12,134	)		(14,436	)		(12,444	)		(51,591	)
Data acquisition costs		(4,326	)		(2,625	)		(3,765	)		(2,650	)		(13,366	)		(2,776	)		(1,774	)		(3,999	)		(3,763	)		(12,312	)
Payments on capital leases and installment payment arrangements		(5,968	)		(5,411	)		(5,726	)		(5,252	)		(22,357	)		(4,794	)		(4,184	)		(4,709	)		(4,644	)		(18,331	)
Payments on software and data license liabilities		(893	)		(164	)		(120	)		(4,139	)		(5,316	)		(367	)		(124	)		(125	)		(2,300	)		(2,916	)
Other required debt payments		(2,103	)		(2,028	)		(2,143	)		(2,154	)		(8,428	)		(2,151	)		(2,155	)		(2,159	)		(2,164	)		(8,629	)

Total		(6,280	)		9,663			35,129			14,664			53,176			9,560			35,309			55,465			102,501			202,835


CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)

																															Q4 FY11 to Q4 FY12
	06/30/10			09/30/10			12/31/10			03/31/11			FY2011			06/30/11			09/30/11			12/31/11			03/31/12			FY2012			%			$
Revenue:
Marketing and data services		168,622			185,915			188,663			192,905			736,105			185,058			195,944			187,822			202,897			771,721			5.2	%		9,992
IT Infrastructure management services		73,138			75,749			78,994			74,749			302,630			73,050			73,712			77,173			67,590			291,525			-9.6	%		(7,159	)
Other services		17,419			17,781			20,248			19,572			75,020			17,936			16,776			15,898			16,768			67,378			-14.3	%		(2,804	)
Total revenue		259,179			279,445			287,905			287,226			1,113,755			276,044			286,432			280,893			287,255			1,130,624			0.0	%		29

Operating costs and expenses:
Cost of revenue		202,800			216,271			218,474			215,618			853,163			219,804			219,112			215,468			215,410			869,794			0.1	%		208
Selling, general and administrative		35,798			38,098			39,229			38,016			151,141			35,292			37,804			34,775			36,955			144,826			2.8	%		1,061
Impairment of goodwill and other intangibles		-			-			-			79,674			79,674			-			-			17,803			-			17,803			100.0	%		79,674
Gains, losses and other items, net		(57	)		78			(3,640	)		8,219			4,600			244			2,465			(2,671	)		12,600			12,638			-53.3	%		(4,381	)

Total operating costs and expenses		238,541			254,447			254,063			341,527			1,088,578			255,340			259,381			265,375			264,965			1,045,061			22.4	%		76,562

Income (loss) from operations		20,638			24,998			33,842			(54,301	)		25,177			20,704			27,051			15,518			22,290			85,563			141.0	%		76,591
% Margin		8.0	%		8.9	%		11.8	%		-18.9	%		2.3	%		7.5	%		9.4	%		5.5	%		7.8	%		7.6	%
Other income (expense)
Interest expense		(5,898	)		(6,260	)		(6,006	)		(5,659	)		(23,823	)		(5,455	)		(4,719	)		(3,883	)		(3,391	)		(17,448	)		40.1	%		2,268
Other, net		(451	)		111			(299	)		(827	)		(1,466	)		(87	)		(965	)		(98	)		(219	)		(1,369	)		73.5	%		608
Total other income (expense)		(6,349	)		(6,149	)		(6,305	)		(6,486	)		(25,289	)		(5,542	)		(5,684	)		(3,981	)		(3,610	)		(18,817	)		44.3	%		2,876

Earnings (loss) from continuing operations before income taxes		14,289			18,849			27,537			(60,787	)		(112	)		15,162			21,367			11,537			18,680			66,746			130.7	%		79,467
Income taxes		5,716			7,539			7,564			10,907			31,726			6,063			9,528			9,700			3,838			29,129			64.8	%		7,069

Net earnings (loss) from continuing operations		8,573			11,310			19,973			(71,694	)		(31,838	)		9,099			11,839			1,837			14,842			37,617			120.7	%		86,536

Earnings from discontinued operations, net of tax		863			1,387			441			705			3,396			916			1,138			814			31,031			33,899			4301.6	%		30,326

Net earnings (loss)		9,436			12,697			20,414			(70,989	)		(28,442	)		10,015			12,977			2,651			45,873			71,516			164.6	%		116,862

Less: Net earnings (loss) attributable
to noncontrolling interest		(369	)		(584	)		(409	)		(3,933	)		(5,295	)		(960	)		685			(5,279	)		(193	)		(5,747	)		95.1	%		3,740

Net earnings (loss) attributable to Acxiom		9,805			13,281			20,823			(67,056	)		(23,147	)		10,975			12,292			7,930			46,066			77,263			100.0	%		67,056

Diluted earnings (loss) per share - net earnings (loss) attributable
to Acxiom stockholders		0.12			0.16			0.25			(0.83	)		0.29			0.13			0.15			0.10			0.58			0.96			169.9	%		1.41

ACXIOM CORPORATION AND SUBSIDIARIES
RESULTS BY SEGMENT
(Unaudited)
(Dollars in thousands)

	06/30/10			09/30/10			12/31/10			03/31/11			FY2011			06/30/11			09/30/11			12/31/11			03/31/12			FY2012

Revenue:

Marketing and data services		168,622			185,915			188,663			192,905			736,105			185,058			195,944			187,822			202,897			771,721
IT Infrastructure management services		73,138			75,749			78,994			74,749			302,630			73,050			73,712			77,173			67,590			291,525
Other services		17,419			17,781			20,248			19,572			75,020			17,936			16,776			15,898			16,768			67,378

Total revenue		259,179			279,445			287,905			287,226			1,113,755			276,044			286,432			280,893			287,255			1,130,624

Income from operations:

Marketing and data services		15,360			21,364			21,361			29,169			87,254			17,339			27,260			21,819			29,677			96,095
IT Infrastructure management services		5,835			4,550			8,588			5,494			24,467			4,247			5,091			9,795			5,855			24,988
Other services		(614	)		(838	)		253			(1,071	)		(2,270	)		(638	)		(2,835	)		(964	)		(642	)		(5,079	)
Corporate		57			(78	)		3,640			(87,893	)		(84,274	)		(244	)		(2,465	)		(15,132	)		(12,600	)		(30,441	)

Total income (loss) from operations		20,638			24,998			33,842			(54,301	)		25,177			20,704			27,051			15,518			22,290			85,563

Margin:

Marketing and data services		9.1	%		11.5	%		11.3	%		15.1	%		11.9	%		9.4	%		13.9	%		11.6	%		14.6	%		12.5	%
IT Infrastructure management services		8.0	%		6.0	%		10.9	%		7.3	%		8.1	%		5.8	%		6.9	%		12.7	%		8.7	%		8.6	%
Other services		-3.5	%		-4.7	%		1.2	%		-5.5	%		-3.0	%		-3.6	%		-16.9	%		-6.1	%		-3.8	%		-7.5	%

Total		8.0	%		8.9	%		11.8	%		-18.9	%		2.3	%		7.5	%		9.4	%		5.5	%		7.8	%		7.6	%

LiveRamp Holdings, Inc. - FORM 8-K - EX-99.1 - 4TH QTR FY12 EARNINGS RELEASE & FINANCIALS - May 15, 2012

Attached files

LiveRamp Holdings, Inc. Reports