<SEC-DOCUMENT>0001104659-23-027710.txt : 20230406
<SEC-HEADER>0001104659-23-027710.hdr.sgml : 20230406
<ACCEPTANCE-DATETIME>20230302091735
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-027710
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LiveRamp Holdings, Inc.
		CENTRAL INDEX KEY:			0000733269
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				710581897
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		225 BUSH STREET
		STREET 2:		17TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		866-352-3267

	MAIL ADDRESS:	
		STREET 1:		225 BUSH STREET
		STREET 2:		17TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Acxiom Holdings, Inc.
		DATE OF NAME CHANGE:	20180920

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACXIOM CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CCX NETWORK INC
		DATE OF NAME CHANGE:	19880816
</SEC-HEADER>
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  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><IMG SRC="tm238275d1_corresp-img001.jpg" ALT=""></TD>
  <TD STYLE="vertical-align: middle; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: right">225 Bush St. Floor 17, San Francisco, CA 94104</TD></TR>
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  <TD STYLE="border-bottom: Black 1pt solid; font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March&nbsp;2, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><B><I><U>VIA EDGAR</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Division of Corporation Finance, Office of Energy&nbsp;&amp;
Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Attn:</TD><TD STYLE="text-align: justify">Yolanda Guobadia</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gus Rodriquez</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>LiveRamp Holdings,&nbsp;Inc.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Form&nbsp;10-K for the Fiscal Year ended March&nbsp;31,
2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Filed May&nbsp;24, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>File No.&nbsp;001-38669</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We submit this letter in response to the comments
from the staff (the &ldquo;<B>Staff</B>&rdquo;) of the U.S. Securities and Exchange Commission to LiveRamp Holdings,&nbsp;Inc. (the &ldquo;Company&rdquo;
or &ldquo;LiveRamp&rdquo;) received by email dated February&nbsp;15, 2023, relating to the Company&rsquo;s Form&nbsp;10-K for the fiscal
year ended March&nbsp;31, 2022 (File No.&nbsp;001-38669) filed on May&nbsp;24, 2022 (the &ldquo;<B>10-K</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In this letter, we have recited the comments from
the Staff in bold and italicized type and have followed the comment with the Company&rsquo;s response. Page&nbsp;references herein correspond
to the page&nbsp;of the 10-K. References to &ldquo;we&rdquo;, &ldquo;our&rdquo;, or &ldquo;us&rdquo; mean the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><B><I><U>Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations, page&nbsp;F-11</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><I>We note that your discussions and analyses of various operating expenses in your annual and subsequent interim reports include
references to research and development expenses, sales and marketing expenses, and general and administrative expenses, each excluding
stock-based compensation expense and, in the case of general and administrative expenses, also excluding certain third-party transformation
costs.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>You quantify the differences in these partial measures,
indicate the percentages of change compared to the preceding period, and the percentages that such partial measures represent of revenues,
comparing the most recent period to the preceding period.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>We believe that you should identify these partial metrics
as non-GAAP measures and provide the disclosures required by Item 10(e)(1)(i)&nbsp;of Regulation S-K. Please submit the revisions that
you propose to comply with this guidance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges the Staff&rsquo;s comment
and advises the Staff that the Company will exclude these partial measures, including percentages that such partial measures represent
of revenue, in our discussion of various operating expenses in future filings. By way of example, the following modified explanation of
Sales and Marketing (&ldquo;S&amp;M&rdquo;) expense from page&nbsp;F-12 of the 10-K reflects the format we intend to employ in future
filings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">S&amp;M expenses were $182.8 million
for fiscal 2022, an increase of $5.2 million, or 2.9%, compared to fiscal 2021, and are 34.6% of total revenues compared to 40.1% in the
prior year. The increase is primarily due to headcount investments (employee-related expenses increased $5.1 million) and increased professional
services ($8.6 million). These increases were offset by an $11.8 million decrease in stock-based compensation expense. Current year expenses
included $28.6 million of stock-based compensation expense compared to $40.4 million in the prior year. The decrease in stock-based compensation
expense is primarily due to the accelerated vesting of certain awards in the prior year fourth quarter that would have otherwise vested
over the subsequent six months to take advantage of significant cash tax savings opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 86%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reach us at info@LiveRamp.com</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LiveRamp.com</B></FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B><I>We note that concerns over bookings have been a topic for discussion during your quarterly earnings calls for the current fiscal
year. For example, during your second quarter 2023 earnings call, these were prefaced by stating, &quot;Some investors have questioned
whether our recent bookings weakness is driven by a secular shift in the marketplace or product market misalignment rather than cyclical
factors and a temporary lull in sales productivity.&rdquo; However, this metric is not mentioned in your discussions and analyses of subscription
revenues in your periodic reports or in earnings releases.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>As bookings appear to be an important metric to investors
in assessing your performance, please expand your disclosures to clarify how this metric correlates with or relates to subscription revenues,
and to address the following points, consistent with Item 303(b)(2)(i)&nbsp;and (ii)&nbsp;of Regulation S-K:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Describe any known trends or uncertainties in bookings that have had, or that are reasonably likely to have, a material favorable
or unfavorable impact on net sales or revenues or income from continuing operations.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Describe any unusual or infrequent events or transactions or any significant economic changes that materially affected income
from continuing operations.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222; background-color: white">During
certain recent earnings calls, we have discussed bookings trends within the context of </FONT><FONT STYLE="background-color: white">recent
staffing changes within our sales organization<FONT STYLE="color: #222222">. Bookings is a measure of incremental annualized
subscription revenue from contracts signed during the period from either new customers or incremental revenue from contract renewals
with existing customers (which we refer to as &ldquo;upsell&rdquo;). We use bookings internally to monitor and compensate our
salespeople, but as a measure of our total revenue performance it is an incomplete metric because it </FONT>can vary significantly
across periods due to reasons unrelated to the underlying performance of our business and <FONT STYLE="color: #222222">does not
account for other factors that determine total revenue, such as contraction with existing customers (churn and downsell) and
variable consideration. </FONT></FONT>We believe there are other metrics that are more useful to investors in understanding our
subscription revenue performance and trends. In our earnings release materials, we report the following revenue-related metrics:
annualized recurring subscription revenue (ARR), subscription net retention (SNR), fixed revenue contract commitments not yet
recognized (RPO) and RPO to be recognized over the next twelve months (CRPO). Bookings is one input, among others, in each of these
measures. We believe these metrics provide more complete measures of subscription performance as they not only include new and
upsell revenue activity (i.e., bookings), but also include renewal, retention and utilization performance. We currently provide
disclosures of RPO and CRPO in our consolidated financial statements as required under GAAP. To enhance our discussion regarding
revenue performance in our periodic reports, the Company advises the Staff that we intend to include a discussion of ARR, SNR, RPO
and CRPO in future filings, starting with the Annual Report on Form&nbsp;10-K for the fiscal year ending March&nbsp;31, 2023. In
accordance with Item 303(b)(2)(i)&nbsp;and (ii)&nbsp;of Regulation S-K, our discussion of these measures will also include, as and
where applicable, any unusual or infrequent events or transactions or any significant economic changes that materially affected our
results of operations (including revenues) in the applicable periods, as well as any known trends or uncertainties that have had, or
that are reasonably likely to have, a material favorable or unfavorable impact on our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company respectfully acknowledges
that it is responsible for the adequacy and accuracy of our disclosures, notwithstanding any review, comments, action or absence of action
by the Staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe our response addresses
your comments. However, we would be happy to speak to you directly if you need additional information or clarification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Warren C. Jenson</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warren C. Jenson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT>, Chief Financial Officer and Executive Managing Director of International</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Contact Information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Warren C. Jenson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><U>warren.jenson@liveramp.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Lauren Dillard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Vice President of Finance and Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><U>lauren.dillard@liveramp.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Art Kellam</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Senior Vice President and Chief Accounting Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><U>art.kellam@liveramp.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Craig Harrison</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Vice President of Corporate Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><U>craig.harrison@liveramp.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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