LiveRamp (RAMP) 8-K Acxiom Announces Fourth Quarter and Fiscal Year Results

For more information, contact:

Lauren DillardAcxiom Investor Relations(650) 372-2242investor.relations@acxiom.com

EACXM

ACXIOM ANNOUNCES FOURTH QUARTER AND FISCAL YEAR RESULTS

Fourth Quarter Revenue Grows 9% Year-over-Year

Revenue Increases in Each Segment

Full Year Connectivity Revenue Exceeds $100 Million

LITTLE ROCK, Ark. – May 17, 2016 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, 2016.

Fourth Quarter Financial Highlights

· Revenue: Total revenue was $225 million, up 9% compared to the fourth quarter of last year driven by growth in each segment. Excluding an unfavorable currency impact of approximately $1 million, revenue was up 10%. US revenue of $205 million was up 11% year-over-year. International revenue of $20 million increased 2% on a constant currency basis.

· Operating Income (Loss): GAAP operating loss from continuing operations improved to $8 million compared to a loss of $11 million in the prior year. Non-GAAP operating income from continuing operations declined 7% to approximately $20 million.

· Earnings (Loss) per Share: GAAP loss per share from continuing operations was $0.02 compared to a loss per share of $0.12 in the prior year. Non-GAAP diluted earnings per share from continuing operations were $0.18, up from $0.17 a year ago.

· Operating Cash Flow: Operating cash flow from continuing operations was $43 million, up 47% from $29 million last year.

· Free Cash Flow to Equity: Free cash flow to equity was $17 million, up from $2 million in the prior year.

Fiscal Year Financial Highlights

· Revenue: Total revenue was $850 million, up 6% compared to fiscal 2015. Excluding an unfavorable currency impact of approximately $8 million, revenue was up 7%. US revenue of $770 million increased 9% year-over-year. International revenue of $80 million was down 8% on a constant currency basis. Connectivity revenue of $102 million increased 86% year-over-year.

· Operating Income (Loss): GAAP operating loss from continuing operations improved to $13 million compared to a loss of $33 million in the prior year. Non-GAAP operating income from continuing operations improved 16% to approximately $76 million.

· Earnings (Loss) per Share: GAAP loss per share from continuing operations was $0.11 compared to a loss per share of $0.34 in the prior year. Non-GAAP diluted earnings per share from continuing operations were $0.59, up from $0.49 a year ago.

Fourth Quarter Segment Results

Marketing Services

1

· Revenue was $113 million, up 3% compared to the fourth quarter of last year. US revenue of $104 million was up 4% year-over-year.

· Gross margin improved from 33% to 35%.

· Operating income was $19 million, up 7% compared to the prior year.

Audience Solutions

· Revenue was $80 million, up 4% compared to the prior year period. US revenue of $71 million was up 6% year-over-year.

· Gross margin improved from 55% to 58%.

· Operating income was $30 million, down 3% compared to the prior year.

Connectivity

· Revenue was $31 million, up 62% compared to the fourth quarter of last year. Connectivity exited the quarter with an $110 million annualized revenue run-rate.

· Gross margin improved from 43% to 63%.

· Operating loss improved by $6 million to nearly break-even.

A detailed discussion of our non-GAAP financial measures is included at the bottom of this release, and a reconciliation between GAAP and non-GAAP results is attached.

"Our strong fourth quarter performance capped off a year of solid execution across each of our businesses," said Acxiom CEO Scott Howe. "In fiscal 2016, we extended our leadership in data connectivity with the launch of LiveRamp Customer Link™ and expansion of data onboarding to the UK and France. At the same time, Marketing Services and Audience Solutions had a number of key customer and partner wins. We enter fiscal 2017 from a position of strength, propelled by our recent progress and momentum."

Recent Business Highlights

· LiveRamp™ launched its data onboarding service in the United Kingdom and France to meet rapidly growing demand from clients and partners. Global and local brands can now use LiveRamp to activate offline first and third-party data across their marketing stack.

· Connectivity added more than 15 new customers during the quarter and added over 40 new partner integrations. Marketers can now onboard and activate their data across a growing network of more than 300 marketing platforms and data providers.

· Marketing Services announced the Acxiom Marketing Analytics Environment™, a privacy-safe, closed-loop marketing analytics solution that allows clients to quickly leverage the power of data science and analytics to drive improved customer experiences and higher return on investment.

· Acxiom was awarded the prestigious Innovation Partner Award by Citigroup Inc. in recognition of its high level of service and performance. Acxiom was among five companies recognized at this year's Citi Supplier Awards event.

· Debora Beachner Tomlin was named to the Acxiom Board of Directors. Ms. Tomlin is a proven and respected marketing executive with a deep understanding of the value of data-driven marketing. She currently serves as chief marketing and distribution officer for CSAA Insurance Group. Prior to CSAA, Ms. Tomlin held several senior leadership positions at Capital One Bank.

2

· Acxiom repurchased 731,000 shares for approximately $15 million during the quarter. Since inception of the share repurchase program in August 2011, Acxiom has repurchased 15.5 million shares for $255 million.

Financial Outlook

Acxiom's guidance excludes the impact of non-cash compensation, purchased intangible asset amortization, restructuring charges and separation and transformation costs.

For fiscal 2017, Acxiom expects to report:

· Revenue in the range of $870 million to $890 million

· Non-GAAP diluted earnings per share in the range of $0.55 to slightly higher

Conference Call

Acxiom will hold a conference call at 4:00 p.m. CT today to further discuss this information. Interested parties are invited to listen to the call which will be broadcast via the Internet at investors.acxiom.com. A slide presentation will be referenced during the call and can be accessed here.

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 45 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.

Non-GAAP Financial Measures

The Company's press release includes (i) non-GAAP earnings from operations and non-GAAP earnings per share, both excluding items, and (ii) free cash flow available to equity, which is also a non-GAAP measure. Non-GAAP earnings from operations and non-GAAP earnings per share excluding items represent loss from the Company's continuing operations less expenses related to gains, losses and other items, impairment of goodwill and other assets, separation and transformation expenses recorded in general and administrative expense, purchased intangible asset and accelerated software amortization recorded in cost of revenue, non-cash stock compensation recorded in both cost of revenue and operating expenses, and accelerated amortization recorded in cost of revenue.  The Company's management believes that these non-GAAP measures are meaningful since they represent the recurring income from the Company's continuing operations before excluded unusual items, which are not indicative of the Company's ordinary course of operations, and before purchased intangible asset amortization and non-cash stock compensation, which are recurring non-cash expenses.  Management also believes these measures are useful in comparison to other companies who report similar measures.  The non-GAAP measures are reconciled to the corresponding GAAP measures of income (loss) from operations and earnings (loss) per share in schedules to the press release.

Free cash flow available to equity is defined as operating cash flow less cash used by investing activities (excluding the impact of cash paid in acquisitions), less required payments of debt, and excluding the impact of discontinued operations. The Company's management believes that this measure of free cash flow available to equity is meaningful since it represents the amount of money available from continuing operations for the Company's discretionary spending after funding all required obligations including scheduled debt payments, and it therefore provides a useful measure of liquidity for assessing the amount of cash available for general corporate and strategic purposes. Free cash flow available to equity is reconciled to operating cash flow, the nearest comparable GAAP measure, in a schedule to the press release.

3

Adjusted EBITDA is defined as net income or loss from continuing operations before other expense, income taxes, depreciation and amortization, equity in net income of affiliates, restructuring charges, goodwill and intangible asset impairment charges, stock-based compensation expense, gains, losses and other items, impairment of goodwill and other assets, separation and transformation expenses recorded in general and administrative expense, purchased intangible asset and accelerated software amortization recorded in cost of revenue, non-cash stock compensation recorded in both cost of revenue and operating expenses, and accelerated amortization recorded in cost of revenue. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. The Company believes that its inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company's performance and trends. Adjusted EBITDA is reconciled to Net loss from continuing operations, the nearest comparable GAAP measure, in a schedule attached to the press release.

The non-GAAP financial measures used by the Company may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as substitutes for measures of financial performance or liquidity prepared in accordance with GAAP.

Forward-Looking Statements

This release and today's conference call contains forward-looking statements including, without limitation, statements regarding expected levels of revenue and earnings per share. 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 the expected revenue from the divisions may not be realized within the expected timeframe; 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 or cancel 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; 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 anticipated 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 current and 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, 2015, which was filed with the Securities and Exchange Commission on May 27, 2015.

4

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.

5

ACXIOM CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except earnings (loss) per share)

	For the Three Months Ended March 31,
							$				%
	2016			2015			Variance			Variance
Revenues		224,655			205,734			18,921			9.2	%
Cost of revenue		123,626			127,708			(4,082	)		(3.2	%)
Gross profit		101,029			78,026			23,003			29.5	%
% Gross margin		45.0	%		37.9	%
Operating expenses:
Research and development		16,758			19,080			(2,322	)		(12.2	%)
Sales and marketing		45,842			31,084			14,758			47.5	%
General and administrative		35,330			27,469			7,861			28.6	%
Impairment of goodwill and other		6,100			-			6,100			-
Gains, losses and other items, net		4,763			11,258			(6,495	)		(57.7	%)
Total operating expenses		108,793			88,891			19,902			22.4	%
Loss from operations		(7,764	)		(10,865	)		3,101			28.5	%
% Margin		-3.5	%		-5.3	%
Other expense:
Interest expense		(1,880	)		(1,898	)		18			0.9	%
Other, net		(214	)		(757	)		543			71.7	%
Total other expense		(2,094	)		(2,655	)		561			21.1	%
Loss from continuing operations before income taxes		(9,858	)		(13,520	)		3,662			27.1	%
Income taxes		(8,176	)		(4,483	)		(3,693	)		(82.4	%)
Net loss from continuing operations		(1,682	)		(9,037	)		7,355			81.4	%
Earnings from discontinued operations, net of tax		111			2,998			(2,887	)		(96.3	%)
Net loss		(1,571	)		(6,039	)		4,468			74.0	%
Basic earnings (loss) per share:
Continuing operations		(0.02	)		(0.12	)		0.09			81.2	%
Discontinued operations		0.00			0.04			(0.04	)		(96.3	%)
Net loss		(0.02	)		(0.08	)		0.06			73.8	%
Diluted earnings (loss) per share:
Continuing operations		(0.02	)		(0.12	)		0.09			81.2	%
Discontinued operations		0.00			0.04			(0.04	)		(96.3	%)
Net loss		(0.02	)		(0.08	)		0.06			73.8	%
Basic shares		76,753			77,427
FDWA shares		78,386			79,027

6

ACXIOM CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except earnings (loss) per share)

	For the Twelve Months Ended March 31,
							$				%
	2016			2015			Variance			Variance
Revenues		850,088			804,911			45,177			5.6	%
Cost of revenue		488,382			494,037			(5,655	)		(1.1	%)
Gross profit		361,706			310,874			50,832			16.4	%
% Gross margin		42.5	%		38.6	%
Operating expenses:
Research and development		74,247			74,201			46			0.1	%
Sales and marketing		146,176			116,494			29,682			25.5	%
General and administrative		135,385			130,263			5,122			3.9	%
Impairment of goodwill and other		6,829			-			6,829			-
Gains, losses and other items, net		12,132			22,600			(10,468	)		(46.3	%)
Total operating expenses		374,769			343,558			31,211			9.1	%
Loss from operations		(13,063	)		(32,684	)		19,621			60.0	%
% Margin		-1.5	%		-4.1	%
Other income (expense):
Interest expense		(7,669	)		(7,672	)		3			0.0	%
Other, net		452			(991	)		1,443			145.6	%
Total other expense		(7,217	)		(8,663	)		1,446			16.7	%
Loss from continuing operations before income taxes		(20,280	)		(41,347	)		21,067			51.0	%
Income taxes		(11,632	)		(14,805	)		3,173			21.4	%
Net loss from continuing operations		(8,648	)		(26,542	)		17,894			67.4	%
Earnings from discontinued operations, net of tax		15,351			15,511			(160	)		(1.0	%)
Net earnings (loss)		6,703			(11,031	)		17,734			160.8	%
Basic earnings (loss) per share:
Continuing operations		(0.11	)		(0.34	)		0.23			67.6	%
Discontinued operations		0.20			0.20			(0.00	)		(1.7	%)
Net earnings (loss)		0.09			(0.14	)		0.23			160.4	%
Diluted earnings (loss) per share:
Continuing operations		(0.11	)		(0.34	)		0.23			67.6	%
Discontinued operations		0.20			0.20			(0.00	)		(1.7	%)
Net earnings (loss)		0.09			(0.14	)		0.23			160.4	%
Basic shares		77,616			77,106
FDWA shares		79,099			78,494

7

ACXIOM CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP EPS

(Unaudited)

(Dollars in thousands, except earnings (loss) per share)

	For the Three Months Ended						For the Twelve Months Ended
	March 31,						March 31,
	2016			2015			2016			2015
Loss from continuing operations before income taxes		(9,858	)		(13,520	)		(20,280	)		(41,347	)
Income taxes		(8,176	)		(4,483	)		(11,632	)		(14,805	)
Net loss from continuing operations		(1,682	)		(9,037	)		(8,648	)		(26,542	)
Earnings from discontinued operations, net of tax		111			2,998			15,351			15,511
Net earnings (loss)		(1,571	)		(6,039	)		6,703			(11,031	)
Earnings (loss) per share:
Basic		(0.02	)		(0.08	)		0.09			(0.14	)
Diluted		(0.02	)		(0.08	)		0.09			(0.14	)
Excluded items:
Purchased intangible asset amortization  (cost of revenue)		4,204			3,781			15,466			11,454
Non-cash stock compensation (cost of revenue and operating expenses)		7,934			8,216			31,463			28,316
Impairment of goodwill and other		6,100			-			6,829			-
Restructuring charges and other adjustments (gains, losses, and other)		4,763			11,258			12,132			22,600
Separation and transformation costs (general and administrative)		4,686			5,023			20,826			31,269
Accelerated amortization (cost of revenue)		252			4,316			1,850			4,316
Total excluded items, continuing operations		27,939			32,594			88,566			97,955
Earnings from continuing operations before income taxes
and excluding items		18,081			19,074			68,286			56,608
Income taxes		4,262			5,324			21,456			18,353
Non-GAAP net earnings		13,819			13,750			46,830			38,255
Non-GAAP earnings per share:
Basic		0.18			0.18			0.60			0.50
Diluted		0.18			0.17			0.59			0.49
Basic weighted average shares		76,753			77,427			77,616			77,106
Diluted weighted average shares		78,386			79,027			79,099			78,494

8

ACXIOM CORPORATION AND SUBSIDIARIES

CALCULATION OF EARNINGS (LOSS) PER SHARE

(Unaudited)

(In thousands, except earnings (loss) per share)

	For the Three Months Ended
	March 31,			March 31,
	2016			2015
Basic loss per share from continuing operations:
Numerator - net loss		(1,682	)		(9,037	)
Denominator - weighted-average shares outstanding		76,753			77,427
Basic loss per share		(0.02	)		(0.12	)
Diluted loss per share from continuing operations:
Numerator - net loss		(1,682	)		(9,037	)
Denominator - weighted-average shares outstanding		76,753			77,427
Diluted loss per share		(0.02	)		(0.12	)
Basic earnings per share from discontinued operations:
Numerator - net earnings		111			2,998
Denominator - weighted-average shares outstanding		76,753			77,427
Basic earnings per share		0.00			0.04
Diluted earnings per share from discontinued operations:
Numerator - net earnings		111			2,998
Denominator - weighted-average shares outstanding		76,753			77,427
Diluted earnings per share		0.00			0.04
Basic loss per share:
Numerator - net loss		(1,571	)		(6,039	)
Denominator - weighted-average shares outstanding		76,753			77,427
Basic loss per share		(0.02	)		(0.08	)
Diluted loss per share:
Numerator - net loss		(1,571	)		(6,039	)
Denominator - weighted-average shares outstanding		76,753			77,427
Diluted loss per share		(0.02	)		(0.08	)

9

ACXIOM CORPORATION AND SUBSIDIARIES

CALCULATION OF EARNINGS (LOSS) PER SHARE

(Unaudited)

(In thousands, except earnings (loss) per share)

	For the Twelve Months Ended
	March 31,			March 31,
	2016			2015
Basic loss per share from continuing operations:
Numerator - net loss		(8,648	)		(26,542	)
Denominator - weighted-average shares outstanding		77,616			77,106
Basic loss per share		(0.11	)		(0.34	)
Diluted loss per share from continuing operations:
Numerator - net loss		(8,648	)		(26,542	)
Denominator - weighted-average shares outstanding		77,616			77,106
Diluted loss per share		(0.11	)		(0.34	)
Basic earnings per share from discontinued operations:
Numerator - net earnings		15,351			15,511
Denominator - weighted-average shares outstanding		77,616			77,106
Basic earnings per share		0.20			0.20
Diluted earnings per share from discontinued operations:
Numerator - net earnings		15,351			15,511
Denominator - weighted-average shares outstanding		77,616			77,106
Diluted earnings per share		0.20			0.20
Basic loss per share:
Numerator - net earnings (loss)		6,703			(11,031	)
Denominator - weighted-average shares outstanding		77,616			77,106
Diluted earnings (loss) per share		0.09			(0.14	)
Diluted loss per share:
Numerator - net earnings (loss)		6,703			(11,031	)
Denominator - weighted-average shares outstanding		77,616			77,106
Diluted earnings (loss) per share		0.09			(0.14	)

10

ACXIOM CORPORATION AND SUBSIDIARIES

RESULTS BY SEGMENT

(Unaudited)

(Dollars in thousands)

	For the Three Months Ended March 31,
							$				%
	2016			2015			Variance			Variance
Revenues
Marketing Services		113,342			109,662			3,680			3.4	%
Audience Solutions		80,128			76,816			3,312			4.3	%
Connectivity		31,185			19,256			11,929			61.9	%
Total operating segment revenues		224,655			205,734			18,921			9.2	%
Gross profit
Marketing Services		40,117			36,120			3,997			11.1	%
Audience Solutions		46,457			42,141			4,316			10.2	%
Connectivity		19,617			8,234			11,383			138.2	%
Total operating segment gross profit		106,191			86,495			19,696			22.8	%
Gross profit margin %
Marketing Services		35.4	%		32.9	%
Audience Solutions		58.0	%		54.9	%
Connectivity		62.9	%		42.8	%
Total operating segment gross margin		47.3	%		42.0	%
Income (loss) from operations
Marketing Services		19,301			17,984			1,317			7.3	%
Audience Solutions		29,598			30,594			(996	)		(3.3	%)
Connectivity		(424	)		(6,026	)		5,602			93.0	%
Total operating segment income from operations		48,475			42,552			5,923			13.9	%
Operating income (loss) margin %
Marketing Services		17.0	%		16.4	%
Audience Solutions		36.9	%		39.8	%
Connectivity		(1.4	%)		(31.3	%)
Total operating segment operating margin		21.6	%		20.7	%

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ACXIOM CORPORATION AND SUBSIDIARIES

RESULTS BY SEGMENT

(Unaudited)

(Dollars in thousands)

	For the Twelve Months Ended March 31,
							$				%
	2016			2015			Variance			Variance
Revenues
Marketing Services		449,772			446,103			3,669			0.8	%
Audience Solutions		297,846			303,836			(5,990	)		(2.0	%)
Connectivity		102,470			54,972			47,498			86.4	%
Total operating segment revenues		850,088			804,911			45,177			5.6	%
Gross profit
Marketing Services		152,258			156,395			(4,137	)		(2.6	%)
Audience Solutions		167,715			158,386			9,329			5.9	%
Connectivity		61,199			13,322			47,877			359.4	%
Total operating segment gross profit		381,172			328,103			53,069			16.2	%
Gross profit margin %
Marketing Services		33.9	%		35.1	%
Audience Solutions		56.3	%		52.1	%
Connectivity		59.7	%		24.2	%
Total operating segment gross margin		44.8	%		40.8	%
Income (loss) from operations
Marketing Services		74,371			81,247			(6,876	)		(8.5	%)
Audience Solutions		109,598			115,078			(5,480	)		(4.8	%)
Connectivity		(3,298	)		(40,069	)		36,771			91.8	%
Total operating segment income from operations		180,671			156,256			24,415			15.6	%
Operating income (loss) margin %
Marketing Services		16.5	%		18.2	%
Audience Solutions		36.8	%		37.9	%
Connectivity		(3.2	%)		(72.9	%)
Total operating segment operating margin		21.3	%		19.4	%

12

ACXIOM CORPORATION AND SUBSIDIARIES

RECONCILIATION OF SEGMENT RESULTS

(Unaudited)

(Dollars in thousands)

	For the Three Months Ended						For the Twelve Months Ended
	March 31,						March 31,
	2016			2015			2016			2015
Total operating segment gross profit		106,191			86,495			381,172			328,103
Less:
Purchased intangible asset amortization		4,204			3,781			15,466			11,454
Non-cash stock compensation		706			372			2,150			1,459
Accelerated amortization		252			4,316			1,850			4,316
Gross profit		101,029			78,026			361,706			310,874
Total operating segment income from operations		48,475			42,552			180,671			156,256
Less:
Corporate expenses		28,300			20,823			105,168			90,985
Purchased intangible asset amortization		4,204			3,781			15,466			11,454
Non-cash stock compensation		7,934			8,216			31,463			28,316
Impairment of goodwill and other		6,100			-			6,829			-
Restructuring charges and other adjustments		4,763			11,258			12,132			22,600
Separation and transformation costs		4,686			5,023			20,826			31,269
Accelerated amortization		252			4,316			1,850			4,316
Loss from operations		(7,764	)		(10,865	)		(13,063	)		(32,684	)

13

ACXIOM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

	March 31,			March 31,			$				%
	2016			2015			Variance			Variance
Assets
Current assets:
Cash and cash equivalents		189,629			141,010			48,619			34.5	%
Trade accounts receivable, net		138,650			126,896			11,754			9.3	%
Refundable income taxes		9,834			5,239			4,595			87.7	%
Restricted cash held in escrow		-			31,000			(31,000	)		(100.0	%)
Other current assets		37,897			34,975			2,922			8.4	%
Assets of discontinued operations		-			172,284			(172,284	)		(100.0	%)
Total current assets		376,010			511,404			(135,394	)		(26.5	%)
Property and equipment		528,675			505,721			22,954			4.5	%
Less - accumulated depreciation and amortization		345,632			329,467			16,165			4.9	%
Property and equipment, net		183,043			176,254			6,789			3.9	%
Software, net of accumulated amortization		55,735			68,962			(13,227	)		(19.2	%)
Goodwill		492,745			497,362			(4,617	)		(0.9	%)
Purchased software licenses, net of accumulated amortization		10,116			9,551			565			5.9	%
Deferred income taxes		6,885			381			6,504			1707.1	%
Other assets, net		25,315			30,173			(4,858	)		(16.1	%)
		1,149,849			1,294,087			(144,238	)		(11.1	%)
Liabilities and Stockholders' Equity
Current liabilities:
Current installments of long-term debt		32,243			32,232			11			0.0	%
Trade accounts payable		37,717			30,094			7,623			25.3	%
Accrued payroll and related expenses		61,309			36,659			24,650			67.2	%
Other accrued expenses		48,254			62,754			(14,500	)		(23.1	%)
Acquisition escrow payable		-			31,000			(31,000	)		(100.0	%)
Deferred revenue		44,477			33,620			10,857			32.3	%
Liabilities of discontinued operations		-			57,433			(57,433	)		(100.0	%)
Total current liabilities		224,000			283,792			(59,792	)		(21.1	%)
Long-term debt		157,897			244,753			(86,856	)		(35.5	%)
Deferred income taxes		53,964			55,440			(1,476	)		(2.7	%)
Other liabilities		15,020			6,845			8,175			119.4	%
Stockholders' equity:
Common stock		13,039			12,794			245			1.9	%
Additional paid-in capital		1,082,220			1,034,526			47,694			4.6	%
Retained earnings		598,501			591,798			6,703			1.1	%
Accumulated other comprehensive income		8,590			9,413			(823	)		(8.7	%)
Treasury stock, at cost		(1,003,382	)		(945,274	)		(58,108	)		(6.1	%)
Total stockholders' equity		698,968			703,257			(4,289	)		(0.6	%)
		1,149,849			1,294,087			(144,238	)		(11.1	%)

14

ACXIOM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

	For the Three Months Ended
	March 31,
	2016			2015
Cash flows from operating activities:
Net loss		(1,571	)		(6,039	)
Earnings from discontinued operations, net of tax		(111	)		(2,998	)
Non-cash operating activities:
Depreciation and amortization		22,242			25,760
Loss on disposal or impairment of assets		-			1,975
Impairment of goodwill and other		6,100			-
Deferred income taxes		(4,266	)		(2,945	)
Non-cash stock compensation expense		7,934			8,216
Changes in operating assets and liabilities:
Accounts receivable		2,224			(5,829	)
Other assets		(13,531	)		11,774
Accounts payable and other liabilities		22,370			(1,450	)
Deferred revenue		1,879			908
Net cash provided by operating activities		43,270			29,372
Cash flows from investing activities:
Capitalized software		(4,520	)		(3,602	)
Capital expenditures		(13,601	)		(14,600	)
Data acquisition costs		(418	)		(374	)
Net cash used in investing activities		(18,539	)		(18,576	)
Cash flows from financing activities:
Payments of debt		(8,048	)		(8,347	)
Sale of common stock, net of stock acquired for withholding taxes		4,074			5,846
Excess tax benefits from share-based compensation		1,529			4,645
Acquisition of treasury stock		(15,229	)		-
Net cash used in financing activities		(17,674	)		2,144
Cash flows from discontinued operations:
From operating activities		(3,954	)		5,080
From investing activities		-			(3,004	)
From financing activities		-			(259	)
Net cash provided by (used in) discontinued operations		(3,954	)		1,817
Effect of exchange rate changes on cash		136			(638	)
Net change in cash and cash equivalents		3,239			14,119
Cash and cash equivalents at beginning of period		186,390			126,891
Cash and cash equivalents at end of period		189,629			141,010
Supplemental cash flow information:
Cash paid (received) during the period for:
Interest		1,925			2,473
Income taxes		96			(4,383	)
Payments on capital leases and installment payment arrangements		-			574
Other debt payments, excluding line of credit		8,048			8,032

15

ACXIOM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

	For the Twelve Months Ended
	March 31,
	2016			2015
Cash flows from operating activities:
Net earnings (loss)		6,703			(11,031	)
Earnings from discontinued operations, net of tax		(15,351	)		(15,511	)
Non-cash operating activities:
Depreciation and amortization		85,463			80,447
Loss on disposal or impairment of assets		232			1,700
Impairment of goodwill and other		6,829			-
Deferred income taxes		(9,122	)		(4,965	)
Non-cash stock compensation expense		31,463			28,316
Changes in operating assets and liabilities:
Accounts receivable		(13,014	)		3,744
Other assets		(16,174	)		12,867
Accounts payable and other liabilities		25,529			(28,129	)
Deferred revenue		11,084			(6,307	)
Net cash provided by operating activities		113,642			61,131
Cash flows from investing activities:
Capitalized software		(14,880	)		(18,587	)
Capital expenditures		(47,423	)		(56,952	)
Data acquisition costs		(1,553	)		(1,871	)
Net cash paid in acquisitions		(5,386	)		(265,672	)
Net cash used in investing activities		(69,242	)		(343,082	)
Cash flows from financing activities:
Payments of debt		(87,231	)		(26,601	)
Sale of common stock, net of stock acquired for withholding taxes		10,417			5,039
Excess tax benefits from share-based compensation		3,551			4,645
Acquisition of treasury stock		(52,764	)		(9,868	)
Net cash used in financing activities		(126,027	)		(26,785	)
Cash flows from discontinued operations:
From operating activities		6,323			43,853
From investing activities		124,506			(9,254	)
From financing activities		(206	)		(1,820	)
Net cash provided by discontinued operations		130,623			32,779
Effect of exchange rate changes on cash		(377	)		(1,619	)
Net change in cash and cash equivalents		48,619			(277,576	)
Cash and cash equivalents at beginning of period		141,010			418,586
Cash and cash equivalents at end of period		189,629			141,010
Supplemental cash flow information:
Cash paid (received) during the period for:
Interest		8,145			8,673
Income taxes		6,100			(3,845	)
Payments on capital leases and installment payment arrangements		269			3,823
Other debt payments, excluding line of credit		32,168			24,598
Prepayment of debt		55,000			-

16

ACXIOM CORPORATION AND SUBSIDIARIES

CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY

AND RECONCILIATION TO OPERATING CASH FLOW

(Unaudited)

(Dollars in thousands)

	06/30/14			09/30/14			12/31/14			03/31/15			YTD FY2015			06/30/15			09/30/15			12/31/15			03/31/16			YTD FY2016
Net cash provided by operating activities - continuing operations		(15,456	)		14,325			32,890			29,372			61,131			11,997			21,357			37,018			43,270			113,642
Less:
Capitalized software		(4,969	)		(5,608	)		(4,408	)		(3,602	)		(18,587	)		(2,797	)		(3,936	)		(3,627	)		(4,520	)		(14,880	)
Capital expenditures		(16,778	)		(15,362	)		(10,212	)		(14,600	)		(56,952	)		(12,876	)		(10,244	)		(10,702	)		(13,601	)		(47,423	)
Data acquisition costs		(635	)		(468	)		(394	)		(374	)		(1,871	)		(430	)		(281	)		(424	)		(418	)		(1,553	)
Payments on capital leases and installment payment arrangements		(650	)		(567	)		(471	)		(315	)		(2,003	)		(63	)		-			-			-			(63	)
Other required debt payments		(4,267	)		(4,272	)		(8,027	)		(8,032	)		(24,598	)		(8,036	)		(8,039	)		(8,045	)		(8,048	)		(32,168	)
Total		(42,755	)		(11,952	)		9,378			2,449			(42,880	)		(12,205	)		(1,143	)		14,220			16,683			17,555

17

ACXIOM CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS-GAAP

(Unaudited)

(Dollars in thousands, except earnings (loss) per share)

																															Q4 FY16 to Q4 FY15
	06/30/14			09/30/14			12/31/14			03/31/15			YTD FY2015			06/30/15			09/30/15			12/31/15			03/31/16			YTD FY2016			%			$
Revenues		186,683			204,248			208,246			205,734			804,911			196,895			207,345			221,193			224,655			850,088			9.2	%	18,921
Cost of revenue		115,564			124,958			125,807			127,708			494,037			117,709			121,312			125,735			123,626			488,382			-3.2	%	(4,082	)
Gross profit		71,119			79,290			82,439			78,026			310,874			79,186			86,033			95,458			101,029			361,706			29.5	%	23,003
% Gross margin		38.1	%		38.8	%		39.6	%		37.9	%		38.6	%		40.2	%		41.5	%		43.2	%		45.0	%		42.5	%
Operating expenses
Research and development		16,350			19,798			18,973			19,080			74,201			20,011			19,078			18,400			16,758			74,247			-12.2	%	(2,322	)
Sales and marketing		26,265			28,591			30,554			31,084			116,494			29,494			34,259			36,581			45,842			146,176			47.5	%	14,758
General and administrative		34,462			36,511			31,821			27,469			130,263			31,743			31,519			36,793			35,330			135,385			28.6	%	7,861
Impairment of goodwill and other		-			-			-			-			-			-			729			-			6,100			6,829			-		6,100
Gains, losses and other items, net		7,128			833			3,381			11,258			22,600			807			2,504			4,058			4,763			12,132			-57.7	%	(6,495	)
Total operating expenses		84,205			85,733			84,729			88,891			343,558			82,055			88,089			95,832			108,793			374,769			22.4	%	19,902
Loss from operations		(13,086	)		(6,443	)		(2,290	)		(10,865	)		(32,684	)		(2,869	)		(2,056	)		(374	)		(7,764	)		(13,063	)		28.5	%	3,101
% Margin		-7.0	%		-3.2	%		-1.1	%		-5.3	%		-4.1	%		-1.5	%		-1.0	%		-0.2	%		-3.5	%		-1.5	%
Other income (expense)
Interest expense		(1,948	)		(1,821	)		(2,005	)		(1,898	)		(7,672	)		(1,885	)		(1,956	)		(1,948	)		(1,880	)		(7,669	)		0.9	%	18
Other, net		(106	)		(163	)		35			(757	)		(991	)		304			59			303			(214	)		452			71.7	%	543
Total other expense		(2,054	)		(1,984	)		(1,970	)		(2,655	)		(8,663	)		(1,581	)		(1,897	)		(1,645	)		(2,094	)		(7,217	)		21.1	%	561
Loss from continuing operations before income taxes		(15,140	)		(8,427	)		(4,260	)		(13,520	)		(41,347	)		(4,450	)		(3,953	)		(2,019	)		(9,858	)		(20,280	)		27.1	%	3,662
Income taxes		(4,399	)		(1,326	)		(4,597	)		(4,483	)		(14,805	)		732			(2,608	)		(1,580	)		(8,176	)		(11,632	)		-82.4	%	(3,693	)
Net earnings (loss) from continuing operations		(10,741	)		(7,101	)		337			(9,037	)		(26,542	)		(5,182	)		(1,345	)		(439	)		(1,682	)		(8,648	)		81.4	%	7,355
Earnings (loss) from discontinued operations, net of tax		3,137			5,557			3,819			2,998			15,511			4,143			12,068			(971	)		111			15,351			-96.3	%	(2,887	)
Net earnings (loss)		(7,604	)		(1,544	)		4,156			(6,039	)		(11,031	)		(1,039	)		10,723			(1,410	)		(1,571	)		6,703			74.0	%	4,468
Diluted earnings (loss) per share		(0.10	)		(0.02	)		0.05			(0.08	)		(0.14	)		(0.01	)		0.14			(0.02	)		(0.02	)		0.09			73.8	%	0.06
Diluted earnings (loss) per share continuing operations		(0.14	)		(0.09	)		0.00			(0.12	)		(0.34	)		(0.07	)		(0.02	)		(0.01	)		(0.02	)		(0.11	)		81.2	%	0.09

18

ACXIOM CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS-NON GAAP

(Unaudited)

(Dollars in thousands, except earnings per share)

																															Q4 FY16 to Q4 FY15
	06/30/14			09/30/14			12/31/14			03/31/15			YTD FY2015			06/30/15			09/30/15			12/31/15			03/31/16			YTD FY2016			%			$
Revenues		186,683			204,248			208,246			205,734			804,911			196,895			207,345			221,193			224,655			850,088			9.2	%	18,921
Cost of revenue		115,197			120,771			121,601			119,239			476,808			112,084			117,131			121,237			118,464			468,916			-0.7	%	(775	)
Gross profit		71,486			83,477			86,645			86,495			328,103			84,811			90,214			99,956			106,191			381,172			22.8	%	19,696
% Gross margin		38.3	%		40.9	%		41.6	%		42.0	%		40.8	%		43.1	%		43.5	%		45.2	%		47.3	%		44.8	%
Operating expenses
Research and development		15,911			16,529			15,559			15,956			63,955			16,384			15,400			15,647			14,716			62,147			-7.8	%	(1,240	)
Sales and marketing		25,619			26,789			28,498			28,915			109,821			28,170			32,945			34,664			43,792			139,571			51.4	%	14,877
General and administrative		21,388			25,926			21,847			19,895			89,056			25,586			23,402			27,455			27,508			103,951			38.3	%	7,613
Gains, losses and other items, net		-			-			-			-			-			-			-			-			-			-			-		-
Total operating expenses		62,918			69,244			65,904			64,766			262,832			70,140			71,747			77,766			86,016			305,669			32.8	%	21,250
Income from operations		8,568			14,233			20,741			21,729			65,271			14,671			18,467			22,190			20,176			75,503			-7.1	%	(1,553	)
% Margin		4.6	%		7.0	%		10.0	%		10.6	%		8.1	%		7.5	%		8.9	%		10.0	%		9.0	%		8.9	%
Other income (expense)
Interest expense		(1,948	)		(1,821	)		(2,005	)		(1,898	)		(7,672	)		(1,885	)		(1,956	)		(1,948	)		(1,880	)		(7,669	)		0.9	%	18
Other, net		(106	)		(163	)		35			(757	)		(991	)		304			59			303			(214	)		452			71.7	%	543
Total other expense		(2,054	)		(1,984	)		(1,970	)		(2,655	)		(8,663	)		(1,581	)		(1,897	)		(1,645	)		(2,094	)		(7,217	)		21.1	%	561
Earnings from continuing operations before income taxes		6,514			12,249			18,771			19,074			56,608			13,090			16,570			20,545			18,082			68,286			-5.2	%	(992	)
Income taxes		2,517			4,757			5,755			5,324			18,353			5,632			5,163			6,399			4,262			21,456			-19.9	%	(1,062	)
Net earnings from continuing operations		3,997			7,492			13,016			13,750			38,255			7,458			11,407			14,146			13,820			46,830			0.5	%	70
Earnings from discontinued operations, net of tax		-			-			-			-			-			-			-			-			-			-			-		-
Net earnings		3,997			7,492			13,016			13,750			38,255			7,458			11,407			14,146			13,820			46,830			0.5	%	70
Diluted earnings per share		0.05			0.10			0.17			0.17			0.49			0.09			0.14			0.18			0.18			0.59			5.9	%	0.01

19

ACXIOM CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP EPS

(Unaudited)

(Dollars in thousands, except earnings (loss) per share)

	06/30/14			09/30/14			12/31/14			03/31/15			FY2015			06/30/15			09/30/15			12/31/15			03/31/16			YTD FY2016
Loss from continuing operations before income taxes		(15,140	)		(8,427	)		(4,260	)		(13,520	)		(41,347	)		(4,450	)		(3,953	)		(2,019	)		(9,858	)		(20,280	)
Income taxes		(4,399	)		(1,326	)		(4,597	)		(4,483	)		(14,805	)		732			(2,608	)		(1,580	)		(8,176	)		(11,632	)
Net earnings (loss) from continuing operations		(10,741	)		(7,101	)		337			(9,037	)		(26,542	)		(5,182	)		(1,345	)		(439	)		(1,682	)		(8,648	)
Earnings (loss) from discontinued operations, net of tax		3,137			5,557			3,819			2,998			15,511			4,143			12,068			(971	)		111			15,351
Net earnings (loss)		(7,604	)		(1,544	)		4,156			(6,039	)		(11,031	)		(1,039	)		10,723			(1,410	)		(1,571	)		6,703
Earnings (loss) per share:
Basic		(0.10	)		(0.02	)		0.05			(0.08	)		(0.14	)		(0.01	)		0.14			(0.02	)		(0.02	)		0.09
Diluted		(0.10	)		(0.02	)		0.05			(0.08	)		(0.14	)		(0.01	)		0.14			(0.02	)		(0.02	)		0.09
Unusual items:
Purchased intangible asset amortization  (cost of revenue)		63			3,827			3,783			3,781			11,454			3,754			3,754			3,754			4,204			15,466
Non-cash stock compensation (cost of revenue and operating expenses)		3,925			7,725			8,450			8,216			28,316			8,123			7,360			8,046			7,934			31,463
Impairment of goodwill and other		-			-			-			-			-			-			729			-			6,100			6,829
Restructuring charges and other adjustments (gains, losses, and other)		7,128			833			3,381			11,258			22,600			807			2,504			4,058			4,763			12,132
Separation and transformation costs (general and administrative)		10,538			8,291			7,417			5,023			31,269			3,414			6,098			6,628			4,686			20,826
Accelerated amortization (cost of revenue)		-			-			-			4,316			4,316			1,442			78			78			252			1,850
Total unusual items, continuing operations		21,654			20,676			23,031			32,594			97,955			17,540			20,523			22,564			27,939			88,566
Earnings from continuing operations before income taxes
and excluding unusual items		6,514			12,249			18,771			19,074			56,608			13,090			16,570			20,545			18,081			68,286
Income taxes		2,517			4,757			5,755			5,324			18,353			5,632			5,163			6,399			4,262			21,456
Non-GAAP net earnings		3,997			7,492			13,016			13,750			38,255			7,458			11,407			14,146			13,819			46,830
Non-GAAP earnings per share:
Basic		0.05			0.10			0.17			0.18			0.50			0.10			0.15			0.18			0.18			0.60
Diluted		0.05			0.10			0.17			0.17			0.49			0.09			0.14			0.18			0.18			0.59
Basic weighted average shares		76,833			77,123			77,039			77,427			77,106			77,918			77,960			77,831			76,753			77,616
Diluted weighted average shares		78,341			78,307			78,302			79,027			78,494			79,352			79,310			79,346			78,386			79,099
Some earnings (loss) per share amounts may not add due to rounding

20

ACXIOM CORPORATION AND SUBSIDIARIES

RESULTS BY SEGMENT

(Unaudited)

(Dollars in thousands)

																															Q4 FY16 to Q4 FY15
	06/30/14			09/30/14			12/31/14			03/31/15			YTD FY2015			06/30/15			09/30/15			12/31/15			03/31/16			YTD FY2016			%			$
Revenues:
Marketing services		109,288			112,750			114,403			109,662			446,103			107,726			112,979			115,725			113,342			449,772			3.4	%	3,680
Audience Solutions		73,061			78,026			75,933			76,816			303,836			68,550			72,122			77,046			80,128			297,846			4.3	%	3,312
Connectivity		4,334			13,472			17,910			19,256			54,972			20,619			22,244			28,422			31,185			102,470			61.9	%	11,929
Total operating segment revenues		186,683			204,248			208,246			205,734			804,911			196,895			207,345			221,193			224,655			850,088			9.2	%	18,921
Gross profit:
Marketing services		39,408			39,295			41,572			36,120			156,395			36,034			37,545			38,561			40,117			152,257			11.1	%	3,997
Audience Solutions		35,605			41,425			39,215			42,141			158,386			36,824			39,170			45,265			46,457			167,716			10.2	%	4,316
Connectivity		(3,527	)		2,757			5,858			8,234			13,322			11,953			13,499			16,130			19,617			61,199			138.2	%	11,383
Total operating segment gross profit		71,486			83,477			86,645			86,495			328,103			84,811			90,214			99,956			106,191			381,172			22.8	%	19,696
Gross margin:
Marketing services		36.1	%		34.9	%		36.3	%		32.9	%		35.1	%		33.4	%		33.2	%		33.3	%		35.4	%		33.9	%
Audience Solutions		48.7	%		53.1	%		51.6	%		54.9	%		52.1	%		53.7	%		54.3	%		58.8	%		58.0	%		56.3	%
Connectivity		-81.4	%		20.5	%		32.7	%		42.8	%		24.2	%		58.0	%		60.7	%		56.8	%		62.9	%		59.7	%
Total operating segment gross margin		38.3	%		40.9	%		41.6	%		42.0	%		40.8	%		43.1	%		43.5	%		45.2	%		47.3	%		44.8	%
Income (loss) from continuing operations:
Marketing services		20,828			20,576			21,859			17,984			81,247			16,853			17,908			20,309			19,301			74,371			7.3	%	1,317
Audience Solutions		24,190			31,375			28,919			30,594			115,078			24,087			25,190			30,723			29,598			109,598			-3.3	%	(996	)
Connectivity		(14,089	)		(12,152	)		(7,802	)		(6,026	)		(40,069	)		(791	)		(1,068	)		(1,015	)		(424	)		(3,298	)		93.0	%	5,602
Total operating segment income from operations		30,929			39,799			42,976			42,552			156,256			40,149			42,030			50,017			48,475			180,671			13.9	%	5,923
Margin:
Marketing services		19.1	%		18.2	%		19.1	%		16.4	%		18.2	%		15.6	%		15.9	%		17.5	%		17.0	%		16.5	%
Audience Solutions		33.1	%		40.2	%		38.1	%		39.8	%		37.9	%		35.1	%		34.9	%		39.9	%		36.9	%		36.8	%
Connectivity		-325.1	%		-90.2	%		-43.6	%		-31.3	%		-72.9	%		-3.8	%		-4.8	%		-3.6	%		-1.4	%		-3.2	%
Total operating segment operating margin		16.6	%		19.5	%		20.6	%		20.7	%		19.4	%		20.4	%		20.3	%		22.6	%		21.6	%		21.3	%
Some totals may not add due to rounding.

21

ACXIOM CORPORATION AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited)

(Dollars in thousands

	For the Three Months Ended						For the Twelve Months Ended
	March 31,						March 31,
	2016			2015			2016			2015
Net loss from continuing operations		(1,682	)		(9,037	)		(8,648	)		(26,542	)
Income taxes		(8,176	)		(4,483	)		(11,632	)		(14,805	)
Other expense		(2,094	)		(2,655	)		(7,217	)		(8,663	)
Loss from operations		(7,764	)		(10,865	)		(13,063	)		(32,684	)
Depreciation and amortization		22,242			25,760			85,463			80,447
Less:
Deferred interest amortization		306			248			1,206			1,009
Adjusted depreciation and amortization		21,936			25,512			84,257			79,438
EBITDA		14,172			14,647			71,194			46,754
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)		7,934			8,216			31,463			28,316
Impairment of goodwill and other		6,100			-			6,829			-
Restructuring charges and other adjustments (gains, losses, and other)		4,763			11,258			12,132			22,600
Separation and transformation costs (general and administrative)		4,686			5,023			20,826			31,269
Other adjustments		23,483			24,497			71,250			82,185
Adjusted EBITDA		37,655			39,144			142,444			128,939

22