LiveRamp Holdings, Inc. - FORM 8-K - EX-99.1 - 4TH QTR FY13 EARNINGS RELEASE & FINANCIALS

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8-K - FORM 8-K (4TH QTR FY13 EARNINGS) - 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

Announces New Products, Customers and Partnerships

LITTLE ROCK, Ark. – May 15, 2013— Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and software-as-a-service company today announced financial results for its fourth quarter and fiscal year ended March 31, 2013.

Fourth Quarter Fiscal 2013

Revenue from continuing operations was $277 million for the quarter, down 3.5 percent compared to $287 million for the prior-year period. Income from continuing operations decreased 9 percent to $20 million in the current quarter, compared to $22 million in the prior year. Excluding unusual items, operating income for the quarter decreased to $22 million as compared to $35 million in the prior year. Earnings per diluted share attributable to Acxiom stockholders were $0.18 in the current quarter, compared to diluted earnings per share in the prior-year quarter of $0.58. Excluding unusual items for both periods, diluted earnings per share of $0.19 decreased 14 percent as compared to $0.22.

Operating cash flow was $74 million for the quarter, compared to $56 million for the comparable period a year ago, an increase of 31 percent. Free cash flow to equity decreased to $42 million for the quarter, compared to $103 million for the comparable period. Free cash flow to equity in the prior-year period included $73 million in proceeds from the sale of the company’s background screening business. Excluding the proceeds from the sale, free cash flow to equity increased 44 percent compared to $29 million in the prior period. Free cash flow available to equity is a non-GAAP financial measure. A reconciliation to the comparable GAAP measure, operating cash flow, is attached.

Fiscal Year 2013

Revenue from continuing operations for the fiscal year ended March 31, 2013 decreased approximately 3 percent to $1,099 million, compared to $1,131 million in fiscal 2012. Earnings per diluted share attributable to Acxiom stockholders were $0.75 in fiscal 2013, compared to $0.96 in the prior year. Excluding unusual items and discontinued operations from both periods, earnings per diluted share attributable to Acxiom stockholders were $0.76 as compared to $0.72 in the prior year.

Operating cash flow decreased 35 percent to $150 million during the year, compared to $229 million in fiscal 2012. Free cash flow available to equity was $56 million, compared to $203 million in the prior year. The prior year result included $73 million in proceeds from the sale of the company’s background screening business. Both operating cash flow and free cash flow to equity were down as a result of changes in working capital and increased tax payments.

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

“Fiscal 2013 was a year of transition for the company”, said Acxiom CEO Scott Howe. “This past year we re-ignited product innovation, invested in our clients and our associates and continued to support our shareholders through our stock repurchase program. Looking ahead to 2014 we expect to continue to invest in our new product suite, add new customers and anticipate product launches in the later part of the fiscal year.”

Fourth Quarter Highlights:

Acxiom introduced AbiliTagTM to address data needs for publishers. This solution is the first in a series of technologies and products to be announced. AbiliTag enables publishers to onboard first-party advertising data and allows for measurement and attribution across multiple channels. This product revolutionizes how publishers can monetize their advertising inventory. AbiliTag follows industry guidelines and best practices to protect consumer privacy.

Acxiom announced Audience PropensitiesTM. Audience Propensities offers insight into potential spending, in-market timing, brand affinity, media consumption and shopping behaviors. This product currently serves 13 major industries and enables marketers to more scientifically select media and more efficiently reach their audiences.

The company announced the Acxiom PrivateCloudTM. The Acxiom PrivateCloud offering is for organizations that require security-enriched cloud computing. PrivateCloud provides a virtual private data center dedicated to each tenant. It incorporates managed firewall, vulnerability scanning and enterprise anti-virus protection as standard services.

Acxiom announced a partnership with Facebook. Our clients are now able to reach members of Facebook’s very large and engaged audience with advertising targeted with the help of Acxiom data. The partnership enables Acxiom’s clients to reach with confidence their customers and prospects across both mobile and desktop devices with frequency and consistency. Our partnership with Facebook represents a big step toward achieving our objective, to provide one-to-one marketing at scale.

·	The company signed agreements with several new customers including: Foot Locker and Total Wine & More. Also, we have expanded our relationship with Macy’s and extended our relationship with two of the largest U.S. financial institutions.

The company repurchased approximately 500,000 shares for $9 million during the quarter. Since inception of the share repurchase program in August 2011, the company has repurchased 10.4 million shares, or approximately 13 percent of the outstanding common stock, for $140 million. The company’s total share repurchase authorization is $200 million.

Segment Results:

Marketing and Data Services: Revenue for the fourth quarter decreased 3 percent to $197 million, as compared to $203 million for the same period a year ago. U.S. revenue of $168 million was relatively flat. Income from operations for the fourth quarter was $21 million, compared to $30 million in the prior year. Operating margin was 11 percent, compared to 15 percent in the previous year. The decrease in margin is primarily attributable to investments in data and our Audience Operating System.

IT Infrastructure Management: Revenue for the fourth quarter decreased 4 percent to $65 million, compared to $68 million for the same period a year ago. Income from operations for the quarter was $2 million, compared to $6 million in the prior year. Operating margin was approximately 4 percent, compared to 9 percent a year ago. The decline in operating income and margin was primarily associated with a one-time contract adjustment for an existing customer.

·	Other Services: Revenue was $14 million as compared to $16 million in the prior year. Loss from operations was roughly $1 million in each year.

Financial Guidance

The following 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. Our guidance does not take into account any unusual items. Acxiom’s estimates for fiscal 2014 are as follows:

·	We expect revenue for the fiscal year to be roughly flat as compared to $1.099 billion in Fiscal 2013. Revenue growth in Marketing and Data Services is expected to be offset by a decline in revenue in IT Infrastructure Management.

·	Earnings per diluted share attributable to Acxiom shareholders are also expected to be roughly flat.

Conference Call

Acxiom will hold a conference call at 4:00 p.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. A slide presentation will be referenced during the call and can be accessed here.

Web Link to Financials

You may link to http://www.acxiom.com/FY13_Q4_Financials for the detailed financial information we typically attach to our earnings releases.

About Acxiom

Acxiom is an enterprise data, analytics and software-as-a-service company that uniquely fuses trust, experience and scale to fuel data-driven results. For over 40 years, Acxiom has been an innovator in harnessing the most

important sources and uses of data to strengthen connections between people, businesses and their partners. Utilizing a channel and media neutral approach, we leverage cutting-edge, data-oriented products and services to maximize customer value. Every week, Acxiom powers more than a trillion transactions that enable better living for people and better results for our 7,000+ global clients. 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 and earnings per share as well as statements regarding future investments, new customers and new product launches. 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 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 unusual charges may be incurred; 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; the possibility that new laws may be enacted which limit our ability to provide services to our clients and/or which limit the use of data; 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, 2012, which was filed with the Securities and Exchange Commission on May 25, 2012.

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.

To automatically receive Acxiom Corporation financial news by email, please visit www.acxiom.com and subscribe to email alerts.


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


	For the Three Months Ended
	March 31,
							$				%
	2013			2012			Variance			Variance

Revenue:
Marketing and data services		197,452			203,400			(5,948	)		(2.9	%)
IT Infrastructure management services		65,202			67,590			(2,388	)		(3.5	%)
Other services		14,477			16,265			(1,788	)		(11.0	%)
Total revenue		277,131			287,255			(10,124	)		(3.5	%)

Operating costs and expenses:
Cost of revenue		213,587			213,788			201			0.1	%
Selling, general and administrative		41,411			38,577			(2,834	)		(7.3	%)
Gains, losses and other items, net		1,944			12,600			10,656			84.6	%

Total operating costs and expenses		256,942			264,965			8,023			3.0	%

Income from operations		20,189			22,290			(2,101	)		(9.4	%)
% Margin		7.3	%		7.8	%
Other income (expense):
Interest expense		(2,959	)		(3,391	)		432			12.7	%
Other, net		188			(219	)		407			185.8	%

Total other income (expense)		(2,771	)		(3,610	)		839			23.2	%

Earnings from continuing operations before income taxes		17,418			18,680			(1,262	)		(6.8	%)

Income taxes		4,319			3,838			(481	)		(12.5	%)

Net earnings from continuing operations		13,099			14,842			(1,743	)		(11.7	%)

Earnings from discontinued operations, net of tax		-			31,031			(31,031	)		(100.0	%)

Net earnings		13,099			45,873			(32,774	)		(71.4	%)

Less: Net loss attributable to noncontrolling interest		(139	)		(193	)		54			28.0	%

Net earnings attributable to Acxiom		13,238			46,066			(32,828	)		(71.3	%)

Basic earnings per share:
Net earnings from continuing operations		0.18			0.19			(0.01	)		(5.3	%)
Earnings from discontinued operations		-			0.40			(0.40	)		(100.0	%)
Net earnings		0.18			0.59			(0.41	)		(69.5	%)

Net earnings attributable to Acxiom stockholders		0.18			0.59			(0.41	)		(69.5	%)


Diluted earnings per share:
Net earnings from continuing operations		0.17			0.19			(0.02	)		(10.5	%)
Earnings from discontinued operations		-			0.39			(0.39	)		(100.0	%)
Net earnings		0.17			0.58			(0.41	)		(70.7	%)

Net earnings attributable to Acxiom stockholders		0.18			0.58			(0.40	)		(69.0	%)


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


	For the Twelve Months Ended
	March 31,
							$				%
	2013			2012			Variance			Variance

Revenue:
Marketing and data services		767,738			771,714			(3,976	)		(0.5	%)
IT Infrastructure management services		275,469			291,525			(16,056	)		(5.5	%)
Other services		56,152			67,385			(11,233	)		(16.7	%)
Total revenue		1,099,359			1,130,624			(31,265	)		(2.8	%)

Operating costs and expenses:
Cost of revenue		841,826			863,489			21,663			2.5	%
Selling, general and administrative		152,804			151,131			(1,673	)		(1.1	%)
Impairment of goodwill and other intangibles		-			17,803			17,803			100.0	%
Gains, losses and other items, net		2,010			12,638			10,628			84.1	%

Total operating costs and expenses		996,640			1,045,061			48,421			4.6	%

Income from operations		102,719			85,563			17,156			20.1	%
% Margin		9.3	%		7.6	%
Other income (expense):
Interest expense		(12,694	)		(17,448	)		4,754			27.2	%
Other, net		152			(1,369	)		1,521			111.1	%

Total other income (expense)		(12,542	)		(18,817	)		6,275			33.3	%

Earnings from continuing operations before income taxes		90,177			66,746			23,431			35.1	%

Income taxes		33,058			29,129			(3,929	)		(13.5	%)

Net earnings from continuing operations		57,119			37,617			19,502			51.8	%

Earnings from discontinued operations, net of tax		-			33,899			(33,899	)		(100.0	%)

Net earnings		57,119			71,516			(14,397	)		(20.1	%)

Less: Net loss attributable to noncontrolling interest		(488	)		(5,747	)		5,259			91.5	%

Net earnings attributable to Acxiom		57,607			77,263			(19,656	)		(25.4	%)

Basic earnings per share:
Net earnings (loss) from continuing operations		0.76			0.47			0.29			61.7	%
Earnings from discontinued operations		-			0.43			(0.43	)		(100.0	%)
Net earnings		0.76			0.90			(0.14	)		15.6	%

Net earnings (loss) attributable to Acxiom stockholders		0.77			0.97			(0.20	)		20.6	%


Diluted earnings per share:
Net earnings from continuing operations		0.75			0.47			0.28			59.6	%
Earnings from discontinued operations		-			0.42			(0.42	)		(100.0	%)
Net earnings		0.75			0.89			(0.14	)		(15.7	%)

Net earnings attributable to Acxiom stockholders		0.75			0.96			(0.21	)		(21.9	%)


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,
	2013			2012			2013			2012


Earnings from continuing operations before income taxes		17,418			18,680			90,177			66,746

Income taxes		4,319			3,838			33,058			29,129

Net earnings from continuing operations		13,099			14,842			57,119			37,617

Earnings from discontinued operations, net of tax		-			31,031			-			33,899

Net earnings		13,099			45,873			57,119			71,516

Less: Net loss attributable to noncontrolling interest		(139	)		(193	)		(488	)		(5,747	)

Net earnings attributable to Acxiom		13,238			46,066			57,607			77,263

Earnings per share attributable to Acxiom stockholders:

Basic		0.18			0.59			0.77			0.97

Diluted		0.18			0.58			0.75			0.96

Unusual items:

MENA disposal		-			-			-			2,512
Disposal of operations		(878	)		-			(878	)		-
Impairment of goodwill and other intangibles		-			-			-			17,803
Adjustment of earnout liability		-			-			-			(2,598	)
Restructuring charges and other adjustments		2,822			12,600			2,888			12,724

Total unusual items, continuing operations		1,944			12,600			2,010			30,441

Earnings from continuing operations before income taxes
and excluding unusual items		19,362			31,280			92,187			97,187

Income taxes		5,398			14,082			34,163			40,423

Non-GAAP net earnings		13,964			17,198			58,024			56,764

Less: Net loss attributable to noncontrolling interest		(139	)		-			(488	)		(1,370	)

Non-GAAP Net earnings attributable to Acxiom		14,103			17,198			58,512			58,134

Non-GAAP earnings per share attributable to Acxiom stockholders:

Basic		0.19			0.22			0.78			0.73

Diluted		0.19			0.22			0.76			0.72

Diluted weighted average shares		75,027			78,947			76,497			80,394


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,
	2013		2012		2013		2012

Income from operations		20,189		22,290		102,719		85,563

Unusual items		1,944		12,600		2,010		30,441

Income from operations before unusual items		22,133		34,890		104,729		116,004


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,
	2013		2012

Basic earnings per share from continuing operations:
Numerator - net earnings		13,099		14,842
Denominator - weighted-average shares outstanding		73,670		77,818
Basic earnings per share		0.18		0.19

Basic earnings per share - net earnings attributable to Acxiom stockholders:
Numerator - net earnings attributable to Acxiom		13,238		46,066
Denominator - weighted-average shares outstanding		73,670		77,818
Basic earnings per share - net earnings attributable to Acxiom stockholders		0.18		0.59

Diluted earnings per share from continuing operations:
Numerator - net earnings		13,099		14,842

Denominator - weighted-average shares outstanding		73,670		77,818
Dilutive effect of common stock options, warrants and restricted stock		1,357		1,129
		75,027		78,947

Diluted earnings per share from continuing operations		0.17		0.19

Diluted earnings per share - net earnings attributable to Acxiom stockholders:
Numerator - net earnings attributable to Acxiom		13,238		46,066

Denominator - weighted-average shares outstanding		73,670		77,818
Dilutive effect of common stock options, warrants, and restricted stock		1,357		1,129
		75,027		78,947

Diluted earnings per share - net earnings attributable to Acxiom stockholders		0.18		0.58


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,
	2013		2012

Basic earnings per share from continuing operations:
Numerator - net earnings		57,119		37,617
Denominator - weighted-average shares outstanding		74,814		79,483
Basic earnings per share		0.76		0.47

Basic earnings per share - net earnings attributable to Acxiom stockholders:
Numerator - net earnings attributable to Acxiom		57,607		77,263
Denominator - weighted-average shares outstanding		74,814		79,483
Basic earnings per share - net earnings attributable to Acxiom stockholders		0.77		0.97

Diluted earnings per share from continuing operations:
Numerator - net earnings		57,119		37,617

Denominator - weighted-average shares outstanding		74,814		79,483
Dilutive effect of common stock options, warrants and restricted stock		1,683		911
		76,497		80,394

Diluted earnings per share from continuing operations		0.75		0.47

Diluted earnings per share - net earnings attributable to Acxiom stockholders:
Numerator - net earnings attributable to Acxiom		57,607		77,263

Denominator - weighted-average shares outstanding		74,814		79,483
Dilutive effect of common stock options, warrants, and restricted stock		1,683		911
		76,497		80,394

Diluted earnings per share - net earnings attributable to Acxiom stockholders		0.75		0.96


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


	For the Three Months Ended

	March 31,			March 31,
Revenue:	2013			2012

Marketing and data services		197,452			203,400
IT Infrastructure management services		65,202			67,590
Other services		14,477			16,265

Total revenue		277,131			287,255


Income from continuing operations:

Marketing and data services		21,236			30,094
IT Infrastructure management services		2,357			5,855
Other services		(1,460	)		(1,059	)
Corporate		(1,944	)		(12,600	)

Total income from continuing operations		20,189			22,290

Margin:

Marketing and data services		10.8	%		14.8	%
IT Infrastructure management services		3.6	%		8.7	%
Other services		-10.1	%		-6.5	%

Total margin		7.3	%		7.8	%


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


	For the Twelve Months Ended

	March 31,			March 31,
Revenue:	2013			2012

Marketing and data services		767,738			771,714
IT Infrastructure management services		275,469			291,525
Other services		56,152			67,385

Total revenue		1,099,359			1,130,624


Income from continuing operations:

Marketing and data services		80,513			95,820
IT Infrastructure management services		29,330			24,988
Other services		(5,114	)		(4,804	)
Corporate		(2,010	)		(30,441	)

Total income from continuing operations		102,719			85,563

Margin:

Marketing and data services		10.5	%		12.4	%
IT Infrastructure management services		10.6	%		8.6	%
Other services		-9.1	%		-7.1	%

Total margin		9.3	%		7.6	%


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

	March 31,			March 31,			$				%
	2013			2012			Variance			Variance
Assets
Current assets:
Cash and cash equivalents		222,974			229,648			(6,674	)		(2.9	%)
Trade accounts receivable, net		159,882			169,446			(9,564	)		(5.6	%)
Deferred income taxes		13,496			15,107			(1,611	)		(10.7	%)
Refundable income taxes		5,809			-			5,809			100.0	%
Other current assets		58,935			57,804			1,131			2.0	%

Total current assets		461,096			472,005			(10,909	)		(2.3	%)

Property and equipment		822,439			913,073			(90,634	)		(9.9	%)
Less - accumulated depreciation and amortization		591,687			659,700			(68,013	)		(10.3	%)

Property and equipment, net		230,752			253,373			(22,621	)		(8.9	%)

Software, net of accumulated amortization		24,471			13,211			11,260			85.2	%
Goodwill		381,129			382,285			(1,156	)		(0.3	%)
Purchased software licenses, net of accumulated amortization		23,604			25,294			(1,690	)		(6.7	%)
Deferred costs, net		42,971			61,977			(19,006	)		(30.7	%)
Data acquisition costs		10,631			15,009			(4,378	)		(29.2	%)
Other assets, net		13,052			9,623			3,429			35.6	%

		1,187,706			1,232,777			(45,071	)		(3.7	%)

Liabilities and Stockholders' Equity
Current liabilities:
Current installments of long-term debt		16,105			26,336			10,231			38.8	%
Trade accounts payable		35,786			31,030			(4,756	)		(15.3	%)
Accrued payroll and related expenses		62,390			54,839			(7,551	)		(13.8	%)
Other accrued expenses		68,270			67,847			(423	)		(0.6	%)
Deferred revenue		41,388			59,949			18,561			31.0	%
Income taxes		637			16,400			15,763			96.1	%

Total current liabilities		224,576			256,401			31,825			12.4	%

Long-term debt		237,400			251,886			14,486			5.8	%

Deferred income taxes		94,918			98,965			4,047			4.1	%

Other liabilities		11,444			13,670			2,226			16.3	%

Stockholders' equity:
Common stock		12,134			12,003			131			1.1	%
Additional paid-in capital		885,184			860,165			25,019			2.9	%
Retained earnings		593,966			536,359			57,607			10.7	%
Accumulated other comprehensive income		11,423			13,601			(2,178	)		(16.0	%)
Treasury stock, at cost		(882,959	)		(810,381	)		(72,578	)		(9.0	%)
Total Acxiom stockholders' equity		619,748			611,747			8,001			1.3	%
Noncontrolling interest		(380	)		108			(488	)		(451.9	%)

Total equity		619,368			611,855			7,513			1.2	%

		1,187,706			1,232,777			(45,071	)		(3.7	%)


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

	For the Three Months Ended

	March 31,

	2013			2012

Cash flows from operating activities:
Net earnings		13,099			45,873
Non-cash operating activities:
Depreciation and amortization		26,614			31,422
Loss (Gain) on disposal or impairment of assets		-			(48,380	)
Impairment of goodwill and other intangibles		-			-
Deferred income taxes		2,850			3,006
Non-cash stock compensation expense		3,096			2,060
Changes in operating assets and liabilities:
Accounts receivable		20,603			1,816
Other assets		(9,941	)		(4,705	)
Deferred costs		36			(422	)
Accounts payable and other liabilities		23,719			35,916
Deferred revenue		(5,855	)		(10,143	)
Net cash provided by operating activities		74,221			56,443
Cash flows from investing activities:
Disposal of operations		-			73,468
Capitalized software		(6,689	)		(2,095	)
Capital expenditures		(16,515	)		(12,444	)
Data acquisition costs		(2,106	)		(3,763	)
Net cash provided (used) by investing activities		(25,310	)		55,166
Cash flows from financing activities:
Payments of debt		(7,081	)		(9,108	)
Sale of common stock		4,094			4,887
Tax impact of stock options, warrants, and restricted stock		357			(1,310	)
Acquisition of treasury stock		(9,023	)		(22,708	)
Net cash used by financing activities		(11,653	)		(28,239	)
Effect of exchange rate changes on cash		(504	)		415

Net change in cash and cash equivalents		36,754			83,785
Cash and cash equivalents at beginning of period		186,220			145,863
Cash and cash equivalents at end of period		222,974			229,648

Supplemental cash flow information:
Cash paid during the period for:
Interest		3,031			3,568
Income taxes		9,196			5,594
Payments on capital leases and installment payment arrangements		3,566			4,644
Payments on software and data license liabilities		1,432			2,300
Other debt payments, excluding line of credit		2,083			2,164
Noncash investing and financing activities:
Acquisition of property and equipment under capital lease
and installment payment arrangements		-			2,509


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

	For the Twelve Months Ended

	March 31,

	2013			2012

Cash flows from operating activities:
Net earnings		57,119			71,516
Non-cash operating activities:
Depreciation and amortization		116,208			134,662
Loss (gain) on disposal or impairment of assets		25			(48,197	)
Impairment of goodwill and other intangibles		-			17,803
Deferred income taxes		(3,578	)		2,228
Non-cash stock compensation expense		12,002			8,970
Changes in operating assets and liabilities:
Accounts receivable		6,678			(947	)
Other assets		(9,185	)		(4,907	)
Deferred costs		(1,564	)		(2,301	)
Accounts payable and other liabilities		(8,888	)		46,624
Deferred revenue		(18,685	)		4,000
Net cash provided by operating activities		150,132			229,451
Cash flows from investing activities:
Disposition of operations		-			72,425
Capitalized software		(19,879	)		(5,262	)
Capital expenditures		(38,491	)		(51,591	)
Data acquisition costs		(8,570	)		(12,312	)
Payments from investments		-			370
Net cash paid in acquisitions		-			(255	)
Net cash provided (used) by investing activities		(66,940	)		3,375
Cash flows from financing activities:
Payments of debt		(26,871	)		(154,876	)
Sale of common stock		11,957			12,205
Tax impact of stock options, warrants, and restricted stock		357			(1,310	)
Acquisition of treasury stock		(74,378	)		(65,535	)
Contingent consideration paid for prior acquisitions		(288	)		(326	)
Net cash used by financing activities		(89,223	)		(209,842	)
Effect of exchange rate changes on cash		(643	)		(309	)

Net change in cash and cash equivalents		(6,674	)		22,675
Cash and cash equivalents at beginning of period		229,648			206,973
Cash and cash equivalents at end of period		222,974			229,648

Supplemental cash flow information:
Cash paid during the period for:
Interest		12,709			19,059
Income taxes		57,464			20,765
Payments on capital leases and installment payment arrangements		16,514			18,331
Payments on software and data license liabilities		1,769			2,916
Other debt payments, excluding line of credit		8,588			8,629
Prepayment of debt		-			125,000
Noncash investing and financing activities:
Acquisition of property and equipment under capital lease
and installment payment arrangements		2,157			11,242


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


		06/30/11	09/30/11	12/31/11	03/31/12	FY2012	06/30/12	09/30/12	12/31/12	03/31/13	YTD FY2013

Net cash provided (used) by operating activities		32,754	57,714	82,540	56,443	229,451	(1,867)	39,235	38,543	74,221	150,132

Less:
	Disposition of operations	-	(1,043)	-	73,468	72,425	-	-	-	-	-
	Capitalized software	(529)	(991)	(1,647)	(2,095)	(5,262)	(3,673)	(4,074)	(5,443)	(6,689)	(19,879)
	Capital expenditures	(12,577)	(12,134)	(14,436)	(12,444)	(51,591)	(3,538)	(8,178)	(10,260)	(16,515)	(38,491)
	Data acquisition costs	(2,776)	(1,774)	(3,999)	(3,763)	(12,312)	(2,302)	(1,396)	(2,766)	(2,106)	(8,570)
	Payments on capital leases and installment payment arrangements	(4,794)	(4,184)	(4,709)	(4,644)	(18,331)	(4,562)	(4,384)	(4,002)	(3,566)	(16,514)
	Payments on software and data license liabilities	(367)	(124)	(125)	(2,300)	(2,916)	(129)	(130)	(78)	(1,432)	(1,769)
	Other required debt payments	(2,151)	(2,155)	(2,159)	(2,164)	(8,629)	(2,165)	(2,168)	(2,172)	(2,083)	(8,588)

Total		9,560	35,309	55,465	102,501	202,835	(18,236)	18,905	13,822	41,830	56,321


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

												Q4 FY13 to Q4 FY12
		06/30/11	09/30/11	12/31/11	03/31/12	FY2012	06/30/12	09/30/12	12/31/12	03/31/13	YTD FY2013	%	$
Revenue:
	Marketing and data services	184,996	195,857	187,461	203,400	771,714	185,739	194,409	190,138	197,452	767,738	-2.9%	(5,948)
	IT Infrastructure management services	73,050	73,712	77,173	67,590	291,525	70,290	70,061	69,916	65,202	275,469	-3.5%	(2,388)
	Other services	17,998	16,863	16,259	16,265	67,385	15,630	12,997	13,048	14,477	56,152	-11.0%	(1,788)
	Total revenue	276,044	286,432	280,893	287,255	1,130,624	271,659	277,467	273,102	277,131	1,099,359	-3.5%	(10,124)

Operating costs and expenses:
	Cost of revenue	218,289	217,487	213,925	213,788	863,489	209,326	209,886	209,027	213,587	841,826	-0.1%	(201)
	Selling, general and administrative	36,807	39,429	36,318	38,577	151,131	36,749	37,341	37,303	41,411	152,804	7.3%	2,834
	Impairment of goodwill and other intangibles	-	-	17,803	-	17,803	-	-	-	-	-	-	-
	Gains, losses and other items, net	244	2,465	(2,671)	12,600	12,638	160	32	(126)	1,944	2,010	-84.6%	(10,656)

	Total operating costs and expenses	255,340	259,381	265,375	264,965	1,045,061	246,235	247,259	246,204	256,942	996,640	-3.0%	(8,023)

	Income from operations	20,704	27,051	15,518	22,290	85,563	25,424	30,208	26,898	20,189	102,719	-9.4%	(2,101)
	% Margin	7.5%	9.4%	5.5%	7.8%	7.6%	9.4%	10.9%	9.8%	7.3%	9.3%
	Other expense
	Interest expense	(5,455)	(4,719)	(3,883)	(3,391)	(17,448)	(3,240)	(3,317)	(3,178)	(2,959)	(12,694)	12.7%	432
	Other, net	(87)	(965)	(98)	(219)	(1,369)	(547)	(54)	565	188	152	185.8%	407
	Total other expense	(5,542)	(5,684)	(3,981)	(3,610)	(18,817)	(3,787)	(3,371)	(2,613)	(2,771)	(12,542)	23.2%	839

	Earnings from continuing operations before income taxes	15,162	21,367	11,537	18,680	66,746	21,637	26,837	24,285	17,418	90,177	-6.8%	(1,262)
	Income taxes	6,063	9,528	9,700	3,838	29,129	8,438	10,465	9,836	4,319	33,058	12.5%	481

	Net earnings from continuing operations	9,099	11,839	1,837	14,842	37,617	13,199	16,372	14,449	13,099	57,119	-11.7%	(1,743)

	Earnings from discontinued operations, net of tax	916	1,138	814	31,031	33,899	-	-	-	-	-	-100.0%	(31,031)

	Net earnings	10,015	12,977	2,651	45,873	71,516	13,199	16,372	14,449	13,099	57,119	-71.4%	(32,774)

	Less: Net earnings (loss) attributable
	to noncontrolling interest	(960)	685	(5,279)	(193)	(5,747)	(134)	(139)	(76)	(139)	(488)	28.0%	54

	Net earnings attributable to Acxiom	10,975	12,292	7,930	46,066	77,263	13,333	16,511	14,525	13,238	57,607	-71.3%	(32,828)

	Diluted earnings per share - net earnings attributable
	to Acxiom stockholders	0.13	0.15	0.10	0.58	0.96	0.17	0.21	0.19	0.18	0.75	-69.0%	(0.40)

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

												Q4 FY13 to Q4 FY12
		06/30/11	09/30/11	12/31/11	03/31/12	FY2012	06/30/12	09/30/12	12/31/12	03/31/13	YTD FY2013	%	$

Revenue:

	Marketing and data services	184,996	195,857	187,461	203,400	771,714	185,739	194,409	190,138	197,452	767,738	-3%	(5,948)
	IT Infrastructure management services	73,050	73,712	77,173	67,590	291,525	70,290	70,061	69,916	65,202	275,469	-4%	(2,388)
	Other services	17,998	16,863	16,259	16,265	67,385	15,630	12,997	13,048	14,477	56,152	-11%	(1,788)

	Total revenue	276,044	286,432	280,893	287,255	1,130,624	271,659	277,467	273,102	277,131	1,099,359	-4%	(10,124)

Income (loss) from operations:

	Marketing and data services	17,260	27,078	21,388	30,094	95,820	17,975	23,331	17,971	21,236	80,513	-29%	(8,858)
	IT Infrastructure management services	4,247	5,091	9,795	5,855	24,988	8,831	8,520	9,622	2,357	29,330	-60%	(3,498)
	Other services	(559)	(2,653)	(533)	(1,059)	(4,804)	(1,222)	(1,611)	(821)	(1,460)	(5,114)	-38%	(401)
	Corporate	(244)	(2,465)	(15,132)	(12,600)	(30,441)	(160)	(32)	126	(1,944)	(2,010)	85%	10,656

	Total income from operations	20,704	27,051	15,518	22,290	85,563	25,424	30,208	26,898	20,189	102,719	-9%	(2,101)

Margin:

	Marketing and data services	9.3%	13.8%	11.4%	14.8%	12.4%	9.7%	12.0%	9.5%	10.8%	10.5%
	IT Infrastructure management services	5.8%	6.9%	12.7%	8.7%	8.6%	12.6%	12.2%	13.8%	3.6%	10.6%
	Other services	-3.1%	-15.7%	-3.3%	-6.5%	-7.1%	-7.8%	-12.4%	-6.3%	-10.1%	-9.1%

	Total	7.5%	9.4%	5.5%	7.8%	7.6%	9.4%	10.9%	9.8%	7.3%	9.3%

LiveRamp Holdings, Inc. - FORM 8-K - EX-99.1 - 4TH QTR FY13 EARNINGS RELEASE & FINANCIALS - May 15, 2013

Attached files

LiveRamp Holdings, Inc. Reports