There are multiple reasons to assume that LiveRamp will thrive in a post-third-party cookie world, as it works with all competing identifiers and platforms.
Its own identifier is well placed to succeed as it generates strong ROI and has gotten significant traction already.
The company has a large amount of growth drivers; results have been hidden by a one-off headwind.
The huge amount of cash on the balance sheet enables the company to prioritize growth, but we think there is plenty of leverage in the business model.