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LiveRamp Announces Second Quarter Results

SAN FRANCISCO--(BUSINESS WIRE)--

Total Revenue Increased 39% – Subscription Revenue Up 31%

Over $100 Million of Stock Repurchased Fiscal Year To Date

Raises Full Year Revenue Guidance

LiveRamp® (RAMP), the trusted platform that makes data accessible and meaningful, today announced its financial results for the second quarter ended September 30, 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191106005973/en/

Financial Highlights

  • Total revenue was $90 million, up 39% compared to the prior year period.
  • Subscription revenue was $72 million, up 31% and contributed 80% of total revenue.
  • Marketplace & Other revenue was $18 million, up 83% compared to the prior year period.
  • GAAP operating loss was $50 million compared to a GAAP operating loss of $38 million in the prior year period. Non-GAAP operating loss was $20 million compared to a non-GAAP operating loss of $14 million in the prior year period.
  • GAAP loss per share from continuing operations was $0.59, and non-GAAP loss per share from continuing operations was $0.23.
  • Net cash used in operating activities was $29 million compared to net cash used in operating activities of $27 million during the second quarter of fiscal 2019.
  • LiveRamp has repurchased 2.1 million shares for $100.5 million under the current stock repurchase program since March 31, 2019. Since August 2011, the Company has returned over $1 billion in capital to shareholders.
  • Cash and cash equivalents totaled $777 million with no debt at quarter end.

“The quality of our quarter again demonstrates LiveRamp’s importance in the ecosystem,” said LiveRamp CEO Scott Howe. “Today, we work with 720 direct enterprise customers and serve thousands of additional companies through our partner network. We power more than 550 integrations and, with Data Plus Math, are providing a new way to buy, sell and measure advanced TV.”

“This was another outstanding quarter, fueled by record bookings and accelerating top-line growth,” said LiveRamp President and CFO Warren Jenson. “Our forward growth metrics remain strong: ARR exiting Q2 was up 40% year-over-year, and our Marketplace business grew by more than 80%. Added together, our business continues to demonstrate its strength and durability. In addition, the acquisition of Data Plus Math is already paying dividends. LiveRamp TV was up more than 70% year-over-year.”

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for its second fiscal quarter ($ in millions):

 

Q2 Fiscal 2020

Q2 Fiscal 2019

 

Results

Results

 

 

GAAP

Non-GAAP

GAAP

Non-GAAP

Subscription revenue

$72

--

$55

--

YoY change %

31%

 

30%

 

Marketplace & other revenue

$18

--

$10

--

YoY change %

83%

 

(15%)

 

Total revenue

$90

--

$65

--

YoY change %

39%

 

20%

 

 

 

 

 

 

Gross profit

$49

$56

$40

$45

% Gross margin

54%

63%

62%

69%

YoY change, pts

(8 pts)

(6 pts)

7 pts

1 pt

 

 

 

 

 

Operating loss

($50)

($20)

($38)

($14)

% Operating margin

(56%)

(22%)

(59%)

(22%)

YoY change, pts

3 pts

- pt

12 pts

(2) pts

 

 

 

 

 

Net loss1

($40)

($15)

($41)

($11)

YoY change %

nm

nm

nm

nm

Loss per share1

($0.59)

($0.23)

($0.53)

($0.14)

YoY change %

nm

nm

nm

nm

Shares to Calculate EPS

67.7

67.7

77.4

77.4

YoY change %

(13%)

 

 

 

Net operating cash flow

($29)

--

($27)

--

YoY change %

nm

--

nm

--

Free cash flow to equity

--

($31)

--

($32)

YoY change %

--

nm

--

nm

1 From continuing operations, does not include AMS results.

Totals may not sum due to rounding.

A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

Additional Metrics & Highlights

  • LiveRamp added 30 new direct subscription customers during the quarter, bringing its total direct customer count to 720, an increase of 18% year-over-year. We now serve 21% of the Fortune 500 compared to 18% in the prior year period.
  • LiveRamp has 44 clients whose subscription contracts exceed $1 million in annual revenue, up from 40 in the prior year period.
  • Subscription net retention1 was approximately 109% in the quarter. Platform net retention was 119% in Q2.
  • LiveRamp announced new partnerships with MediaMath and Rubicon Project to enable marketers to buy publisher inventory with LiveRamp's IdentityLink™ graph as part of its Authenticated Traffic Solution (ATS) and IdentityLink in the bidstream efforts. These integrations allow people-based identity to be efficiently passed in real-time and enable marketers to connect with their customers using a consistent, omnichannel view of the consumer that is not reliant on third-party cookies.

Financial Outlook

LiveRamp’s non-GAAP guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring charges.

For fiscal 2020, LiveRamp now expects to report:

  • Revenue of between $376 million and $381 million, an increase of 32% to 33% year-over-year as compared to the Company’s previous revenue growth guidance of 27% to 32%.
  • GAAP operating loss from continuing operations of between $180 million and $175 million as compared to previous GAAP operating loss guidance of $189 million to $169 million.
  • Non-GAAP operating loss of between $68 million and $63 million as compared to previous operating loss guidance of $76 million to $56 million.

The Company’s guidance includes the Data Plus Math acquisition. GAAP and non-GAAP operating loss guidance also includes $11 million of transition-related spend in the first half of the fiscal year associated with establishing standalone operations at LiveRamp.

Conference Call

LiveRamp will hold a conference call at 1:30 p.m. PT today to further discuss this information. Interested parties are invited to listen to the call which will be broadcast via the Internet and can be found on LiveRamp’s investor site. A slide presentation will be referenced during the call and can be accessed here.

About LiveRamp

LiveRamp provides the identity platform leveraged by brands and their partners to deliver innovative products and exceptional experiences. LiveRamp’s IdentityLink™ connects people, data, and devices across the digital and physical world, powering the people-based marketing revolution and allowing consumers to safely connect with the brands and products they love. For more information, visit www.LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). These statements, which are not statements of historical fact, may contain estimates, assumptions, projections and/or expectations regarding the Company’s financial position, results of operations, market position, product development, growth opportunities, economic conditions, and other similar forecasts and statements of expectation. Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof.

These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements relate to the Company’s dependence upon customer renewals; new customer additions and upsell within our subscription business; our reliance upon partners including data suppliers; competition; and attracting and retaining talent. Additional risks relate to maintaining our culture and our ability to innovate and evolve within a rapidly changing industry including digital advertising, while also avoiding disruption from acquisition and divestiture activities. Our international operations are also subject to risks that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ computer systems could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Changes in regulations relating to information collection represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties, please refer to LiveRamp’s Annual Report on Form 10-K for our fiscal year 2019 ended March 31, 2019.

The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in LiveRamp’s Quarterly Report on Form 10-Q for the period ended September 30, 2019, which LiveRamp expects to file on November 6, 2019.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

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

LiveRamp, IdentityLinkTM, Abilitec, Safe Haven and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

 

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

For the Three Months Ended

September 30,

 

 

 

 

$

 

%

2019

 

2018

 

Variance

 

Variance

 
Revenues

90,143

 

64,812

 

 

25,331

 

39.1

%

 
Cost of revenue

41,460

 

24,466

 

 

16,994

 

69.5

%

Gross profit

48,683

 

40,346

 

 

8,337

 

20.7

%

% Gross margin

54.0

%

62.3

%

 
Operating expenses:
Research and development

26,445

 

16,940

 

 

9,505

 

56.1

%

Sales and marketing

45,204

 

35,940

 

 

9,264

 

25.8

%

General and administrative

27,262

 

25,176

 

 

2,086

 

8.3

%

Gains, losses and other items, net

45

 

489

 

 

(444

)

(90.8

%)

Total operating expenses

98,956

 

78,545

 

 

20,411

 

26.0

%

 
Loss from operations

(50,273

)

(38,199

)

 

(12,074

)

(31.6

%)

% Margin

-55.8

%

-58.9

%

 
Total other income (expense)

4,780

 

(281

)

 

5,061

 

1801.1

%

 
Loss from continuing operations before income taxes

(45,493

)

(38,480

)

 

(7,013

)

(18.2

%)

 
Income taxes (benefit)

(5,291

)

2,700

 

 

(7,991

)

(296.0

%)

 
Net loss from continuing operations

(40,202

)

(41,180

)

 

978

 

2.4

%

 
Earnings from discontinued operations, net of tax

-

 

61,803

 

 

(61,803

)

(100.0

%)

 
Net earnings (loss)

(40,202

)

20,623

 

 

(60,825

)

(294.9

%)

 
Basic earnings (loss) per share:
Continuing operations

(0.59

)

(0.53

)

 

(0.06

)

(11.7

%)

Discontinued operations

-

 

0.80

 

 

(0.80

)

(100.0

%)

Net earnings (loss)

(0.59

)

0.27

 

 

(0.86

)

(323.1

%)

 
Diluted earnings (loss) per share:
Continuing operations

(0.59

)

(0.53

)

 

(0.06

)

(11.7

%)

Discontinued operations

-

 

0.80

 

 

(0.80

)

(100.0

%)

Net earnings (loss)

(0.59

)

0.27

 

 

(0.86

)

(323.1

%)

 
Basic weighted average shares

67,684

 

77,448

 

Diluted weighted average shares

67,684

 

77,448

 

 

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended

 

 

 

 

 

September 30,

 

 

 

 

 

 

 

 

 

$

 

%

 

 

 

 

 

2019

 

2018

 

Variance

 

Variance

 
Revenues

172,654

 

127,283

 

 

45,371

 

35.6

%

 
Cost of revenue

77,886

 

48,120

 

 

29,766

 

61.9

%

Gross profit

94,768

 

79,163

 

 

15,605

 

19.7

%

% Gross margin

54.9

%

62.2

%

 
Operating expenses:
Research and development

50,167

 

33,910

 

 

16,257

 

47.9

%

Sales and marketing

88,348

 

69,263

 

 

19,085

 

27.6

%

General and administrative

52,580

 

43,301

 

 

9,279

 

21.4

%

Gains, losses and other items, net

2,321

 

490

 

 

1,831

 

373.7

%

Total operating expenses

193,416

 

146,964

 

 

46,452

 

31.6

%

 
Loss from operations

(98,648

)

(67,801

)

 

(30,847

)

(45.5

%)

% Margin

-57.1

%

-53.3

%

 
Total other income

10,662

 

75

 

 

10,587

 

14116.0

%

 
Loss from continuing operations before income taxes

(87,986

)

(67,726

)

 

(20,260

)

(29.9

%)

 
Income taxes (benefit)

(5,644

)

1,272

 

 

(6,916

)

(543.7

%)

 
Net loss from continuing operations

(82,342

)

(68,998

)

 

(13,344

)

(19.3

%)

 
Earnings from discontinued operations, net of tax

-

 

86,606

 

 

(86,606

)

(100.0

%)

 
Net earnings (loss)

(82,342

)

17,608

 

 

(99,950

)

(567.6

%)

 
Basic earnings (loss) per share:
Continuing operations

(1.21

)

(0.89

)

 

(0.31

)

(34.9

%)

Discontinued operations

-

 

1.12

 

 

(1.12

)

(100.0

%)

Net earnings (loss)

(1.21

)

0.23

 

 

(1.43

)

(628.6

%)

 
Diluted earnings (loss) per share:
Continuing operations

(1.21

)

(0.89

)

 

(0.31

)

(34.9

%)

Discontinued operations

-

 

1.12

 

 

(1.12

)

(100.0

%)

Net earnings (loss)

(1.21

)

0.23

 

 

(1.43

)

(628.6

%)

 
Basic weighted average shares

68,295

 

77,192

 

Diluted weighted average shares

68,295

 

77,192

 

 

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP EPS (1)

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 
 
Loss from continuing operations before income taxes

(45,493

)

(38,480

)

(87,986

)

(67,726

)

 
Income taxes (benefit)

(5,291

)

2,700

 

(5,644

)

1,272

 

 
Net loss from continuing operations

(40,202

)

(41,180

)

(82,342

)

(68,998

)

 
Earnings from discontinued operations, net of tax

-

 

61,803

 

-

 

86,606

 

 
Net earnings (loss)

(40,202

)

20,623

 

(82,342

)

17,608

 

 
Earnings (loss) per share:
Basic

(0.59

)

0.27

 

(1.21

)

0.23

 

Diluted

(0.59

)

0.27

 

(1.21

)

0.23

 

 
Excluded items:
Purchased intangible asset amortization (cost of revenue)

5,369

 

3,548

 

8,492

 

9,518

 

Non-cash stock compensation (cost of revenue and operating expenses)

23,354

 

17,667

 

41,984

 

35,465

 

Accelerated depreciation (cost of revenue and operating expenses)

1,663

 

-

 

3,569

 

-

 

Restructuring and merger charges (gains, losses, and other)

45

 

489

 

2,321

 

490

 

Separation and transformation costs (general and administrative)

-

 

2,122

 

-

 

2,122

 

 
Total excluded items, continuing operations

30,431

 

23,826

 

56,366

 

47,595

 

 
Loss from continuing operations before income taxes and excluding items

(15,062

)

(14,654

)

(31,620

)

(20,131

)

 
Income taxes (benefit) (2)

190

 

(3,790

)

(26

)

(4,868

)

 
Non-GAAP net loss from continuing operations

(15,252

)

(10,864

)

(31,594

)

(15,263

)

 
Non-GAAP loss per share from continuing operations:
Basic

(0.23

)

(0.14

)

(0.46

)

(0.20

)

Diluted

(0.23

)

(0.14

)

(0.46

)

(0.20

)

 
Basic weighted average shares

67,684

 

77,448

 

68,295

 

77,192

 

Diluted weighted average shares

67,684

 

77,448

 

68,295

 

77,192

 

 

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2) Income taxes were calculated using an effective non-GAAP tax rate of 1.2% and 25.9% in the second quarter of fiscal 2020 and 2019, respectively, and 0.0% and 24.2% for the six months ended September 30, 2019 and 2018, respectively. The difference between our GAAP and non-GAAP tax rates were primarily due to the net tax effects of the excluded items.

 

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP LOSS FROM OPERATIONS (1)

(Unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 
 
Loss from continuing operations

(50,273

)

(38,199

)

(98,648

)

(67,801

)

 
Excluded items:
Purchased intangible asset amortization (cost of revenue)

5,369

 

3,548

 

8,492

 

9,518

 

Non-cash stock compensation (cost of revenue and operating expenses)

23,354

 

17,667

 

41,984

 

35,465

 

Accelerated depreciation (cost of revenue and operating expenses)

1,663

 

-

 

3,569

 

-

 

Restructuring and merger charges (gains, losses, and other)

45

 

489

 

2,321

 

490

 

Separation and transformation costs (general and administrative)

-

 

2,122

 

-

 

2,122

 

 
Total excluded items

30,431

 

23,826

 

56,366

 

47,595

 

 
Loss from continuing operations before excluded items

(19,842

)

(14,373

)

(42,282

)

(20,206

)

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

 

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA (1)

(Unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 
 
Net loss from continuing operations

(40,202

)

(41,180

)

(82,342

)

(68,998

)

 
Income taxes (benefit)

(5,291

)

2,700

 

(5,644

)

1,272

 

 
Other income (expense)

(4,780

)

281

 

(10,662

)

(75

)

 
Loss from operations

(50,273

)

(38,199

)

(98,648

)

(67,801

)

 
Depreciation and amortization

10,977

 

7,010

 

19,854

 

16,540

 

 
EBITDA

(39,296

)

(31,189

)

(78,794

)

(51,261

)

 
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)

23,354

 

17,667

 

41,984

 

35,465

 

Restructuring and merger charges (gains, losses, and other)

45

 

489

 

2,321

 

490

 

Separation and transformation costs (general and administrative)

-

 

2,122

 

-

 

2,122

 

 
Other adjustments

23,399

 

20,278

 

44,305

 

38,077

 

 
Adjusted EBITDA

(15,897

)

(10,911

)

(34,489

)

(13,184

)

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

 

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

September 30,

 

March 31,

 

$

 

%

 

2019

 

2019

 

Variance

 

Variance

 
Assets
Current assets:
Cash and cash equivalents

777,443

 

1,061,473

 

 

(284,030

)

(26.8

%)

Restricted cash

14,815

 

-

 

 

14,815

 

n/a

 

Trade accounts receivable, net

88,150

 

78,563

 

 

9,587

 

12.2

%

Refundable income taxes

15,676

 

7,890

 

 

7,786

 

98.7

%

Other current assets

51,055

 

44,150

 

 

6,905

 

15.6

%

 
Total current assets

947,139

 

1,192,076

 

 

(244,937

)

(20.5

%)

 
Property and equipment

64,440

 

64,852

 

 

(412

)

(0.6

%)

Less - accumulated depreciation and amortization

43,278

 

38,809

 

 

4,469

 

11.5

%

 
Property and equipment, net

21,162

 

26,043

 

 

(4,881

)

(18.7

%)

 
Software, net of accumulated amortization

27,413

 

6,861

 

 

20,552

 

299.5

%

Goodwill

297,477

 

204,656

 

 

92,821

 

45.4

%

Deferred income taxes

35

 

35

 

 

-

 

0.0

%

Deferred commissions, net

11,347

 

10,741

 

 

606

 

5.6

%

Other assets, net

58,657

 

32,499

 

 

26,158

 

80.5

%

1,363,230

 

1,472,911

 

 

(109,681

)

(7.4

%)

 
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable

31,721

 

31,203

 

 

518

 

1.7

%

Accrued payroll and related expenses

16,716

 

18,715

 

 

(1,999

)

(10.7

%)

Other accrued expenses

55,724

 

40,916

 

 

14,808

 

36.2

%

Acquisition escrow payable

14,815

 

-

 

 

14,815

 

n/a

 

Deferred revenue

4,447

 

4,284

 

 

163

 

3.8

%

 
Total current liabilities

123,423

 

95,118

 

 

28,305

 

29.8

%

 
Deferred income taxes

1,500

 

39

 

 

1,461

 

3746.2

%

 
Other liabilities

51,949

 

46,922

 

 

5,027

 

10.7

%

 
Stockholders' equity:
Common stock

14,310

 

14,187

 

 

123

 

0.9

%

Additional paid-in capital

1,460,120

 

1,406,813

 

 

53,307

 

3.8

%

Retained earnings

1,587,263

 

1,669,605

 

 

(82,342

)

(4.9

%)

Accumulated other comprehensive income

6,619

 

7,801

 

 

(1,182

)

(15.2

%)

Treasury stock, at cost

(1,881,954

)

(1,767,574

)

 

(114,380

)

(6.5

%)

Total stockholders' equity

1,186,358

 

1,330,832

 

 

(144,474

)

(10.9

%)

1,363,230

 

1,472,911

 

 

(109,681

)

(7.4

%)

...
 

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

 

 

 

 

 

For the Three Months Ended

 

September 30,

 

2019

 

2018

 
Cash flows from operating activities:
Net earnings (loss)

(40,202

)

20,623

 

Earnings from discontinued operations, net of tax

-

 

(61,803

)

Non-cash operating activities:
Depreciation and amortization

10,977

 

7,010

 

Loss (gain) on disposal or impairment of assets

(225

)

490

 

Provision for doubtful accounts

1,468

 

1,095

 

Deferred income taxes

(5,090

)

14,136

 

Non-cash stock compensation expense

23,354

 

17,667

 

Changes in operating assets and liabilities:
Accounts receivable

(7,807

)

(1,797

)

Deferred commissions

(780

)

(1,049

)

Other assets

(7,497

)

1,838

 

Accounts payable and other liabilities

3,009

 

(8,880

)

Income taxes

(6,926

)