Cover page
Cover page - shares | 9 Months Ended | |
Dec. 31, 2019 | Jan. 31, 2020 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-38669 | |
Entity Registrant Name | LiveRamp Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1269307 | |
Entity Address, Address Line One | 225 Bush Street, Seventeenth Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94104 | |
City Area Code | 866 | |
Local Phone Number | 352-3267 | |
Title of 12(b) Security | Common Stock, $.10 Par Value | |
Trading Symbol | RAMP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,362,204 | |
Entity Central Index Key | 0000733269 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 767,200 | $ 1,061,473 |
Restricted cash | 14,815 | 0 |
Trade accounts receivable, net | 87,709 | 78,563 |
Refundable income taxes | 17,129 | 7,890 |
Other current assets | 46,219 | 44,150 |
Total current assets | 933,072 | 1,192,076 |
Property and equipment, net of accumulated depreciation and amortization | 20,382 | 26,043 |
Software, net of accumulated amortization | 24,891 | 6,861 |
Goodwill | 297,780 | 204,656 |
Deferred income taxes | 36 | 35 |
Deferred commissions, net | 13,451 | 10,741 |
Other assets, net | 54,240 | 32,499 |
Total assets | 1,343,852 | 1,472,911 |
Current liabilities: | ||
Trade accounts payable | 34,417 | 31,203 |
Accrued payroll and related expenses | 21,211 | 18,715 |
Other accrued expenses | 74,079 | 40,916 |
Acquisition escrow payable | 14,815 | 0 |
Deferred revenue | 4,553 | 4,284 |
Total current liabilities | 149,075 | 95,118 |
Deferred income taxes | 1,505 | 39 |
Other liabilities | 50,731 | 46,922 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock | 14,343 | 14,187 |
Additional paid-in capital | 1,479,018 | 1,406,813 |
Retained earnings | 1,549,223 | 1,669,605 |
Accumulated other comprehensive income | 6,776 | 7,801 |
Treasury stock, at cost | (1,906,819) | (1,767,574) |
Total stockholders' equity | 1,142,541 | 1,330,832 |
TOTAL LIABILITIES AND EQUITY | $ 1,343,852 | $ 1,472,911 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 102,217 | $ 80,021 | $ 274,871 | $ 207,304 |
Cost of revenue | 37,966 | 34,838 | 115,852 | 82,958 |
Gross profit | 64,251 | 45,183 | 159,019 | 124,346 |
Operating expenses: | ||||
Research and development | 27,403 | 20,469 | 77,570 | 54,379 |
Sales and marketing | 51,993 | 40,054 | 140,341 | 109,317 |
General and administrative | 26,107 | 27,828 | 78,687 | 71,129 |
Gains, losses and other items, net | 233 | 5,043 | 2,554 | 5,533 |
Total operating expenses | 105,736 | 93,394 | 299,152 | 240,358 |
Loss from operations | (41,485) | (48,211) | (140,133) | (116,012) |
Total other income | 3,158 | 10,404 | 13,820 | 10,479 |
Loss from continuing operations before income taxes | (38,327) | (37,807) | (126,313) | (105,533) |
Income taxes (benefit) | (287) | (22,546) | (5,931) | (21,274) |
Net loss from continuing operations | (38,040) | (15,261) | (120,382) | (84,259) |
Earnings from discontinued operations, net of tax | 0 | 1,071,661 | 0 | 1,158,267 |
Net earnings (loss) | $ (38,040) | $ 1,056,400 | $ (120,382) | $ 1,074,008 |
Basic earnings (loss) per share: | ||||
Basic earnings (loss) per share from continuing operations (in dollars per share) | $ (0.56) | $ (0.20) | $ (1.77) | $ (1.09) |
Basic earnings (loss) per share from discontinued operations (in dollars per share) | 0 | 13.85 | 0 | 14.99 |
Basic earnings (loss) per share (in dollars per share) | (0.56) | 13.65 | (1.77) | 13.90 |
Diluted earnings (loss) per share: | ||||
Diluted earnings (loss) per share from continuing operations (in dollars per share) | (0.56) | (0.20) | (1.77) | (1.09) |
Diluted earnings (loss) per share from discontinued operations (in dollars per share) | 0 | 13.85 | 0 | 14.99 |
Diluted earnings (loss), net per share (in USD per share) | $ (0.56) | $ 13.65 | $ (1.77) | $ 13.90 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ (38,040) | $ 1,056,400 | $ (120,382) | $ 1,074,008 |
Other comprehensive income (loss): | ||||
Change in foreign currency translation adjustment | 157 | (2,301) | (1,025) | (2,876) |
Comprehensive income (loss) | $ (37,883) | $ 1,054,099 | $ (121,407) | $ 1,071,132 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in Capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury Stock |
Balance, beginning of the period (in shares) at Mar. 31, 2018 | 136,079,676 | (58,304,917) | ||||
Balance, beginning of the period at Mar. 31, 2018 | $ 749,095 | $ 13,609 | $ 1,235,679 | $ 628,331 | $ 10,767 | $ (1,139,291) |
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 1,122,879 | (953,523) | ||||
Employee stock awards, benefit plans and other issuances | (19,551) | $ 113 | 17,242 | $ (36,906) | ||
Non-cash stock-based compensation (in shares) | 334,225 | |||||
Non-cash stock-based compensation | 50,852 | $ 33 | 50,819 | |||
Non-cash stock-based compensation from discontinued operations | 62,861 | 62,861 | ||||
Restricted stock units vested (in shares) | 3,300,959 | |||||
Restricted stock units vested | 0 | $ 329 | (329) | |||
Acquisition of treasury stock (in shares) | (2,253,265) | |||||
Acquisition of treasury stock | (64,107) | $ (64,107) | ||||
Other comprehensive income (loss): | ||||||
Foreign currency translation | (2,876) | (2,876) | ||||
Net earnings (loss) | 1,074,008 | 1,074,008 | ||||
Cumulative-effect adjustment from adoption of ASU 2014-09 | 12,727 | 12,727 | ||||
Warrant exercises | 0 | (51) | $ 51 | |||
Warrant exercises (in shares) | 3,488 | |||||
Acquisition of treasury stock from tender offer (in shares) | 11,235,955 | |||||
Tender offer | (503,393) | $ (503,393) | ||||
Balance, end of the period (in shares) at Dec. 31, 2018 | 140,837,739 | (72,744,172) | ||||
Balance, end of the period at Dec. 31, 2018 | 1,359,616 | $ 14,084 | 1,366,221 | 1,715,066 | 7,891 | $ (1,743,646) |
Balance, beginning of the period (in shares) at Sep. 30, 2018 | 138,356,148 | (60,650,555) | ||||
Balance, beginning of the period at Sep. 30, 2018 | 760,678 | $ 13,836 | 1,277,614 | 658,666 | 10,192 | $ (1,199,630) |
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 683,542 | (457,468) | ||||
Employee stock awards, benefit plans and other issuances | (13,048) | $ 69 | 9,165 | $ (22,282) | ||
Non-cash stock-based compensation (in shares) | 93,641 | |||||
Non-cash stock-based compensation | 16,760 | $ 9 | 16,751 | |||
Non-cash stock-based compensation from discontinued operations | 62,861 | 62,861 | ||||
Restricted stock units vested (in shares) | 1,704,408 | |||||
Restricted stock units vested | 0 | $ 170 | (170) | |||
Acquisition of treasury stock (in shares) | (400,194) | |||||
Acquisition of treasury stock | (18,341) | $ (18,341) | ||||
Other comprehensive income (loss): | ||||||
Foreign currency translation | (2,301) | (2,301) | ||||
Net earnings (loss) | 1,056,400 | 1,056,400 | ||||
Acquisition of treasury stock from tender offer (in shares) | 11,235,955 | |||||
Tender offer | (503,393) | $ (503,393) | ||||
Balance, end of the period (in shares) at Dec. 31, 2018 | 140,837,739 | (72,744,172) | ||||
Balance, end of the period at Dec. 31, 2018 | 1,359,616 | $ 14,084 | 1,366,221 | 1,715,066 | 7,891 | $ (1,743,646) |
Balance, beginning of the period (in shares) at Mar. 31, 2019 | 141,865,888 | (73,167,892) | ||||
Balance, beginning of the period at Mar. 31, 2019 | 1,330,832 | $ 14,187 | 1,406,813 | 1,669,605 | 7,801 | $ (1,767,574) |
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 194,743 | (350,847) | ||||
Employee stock awards, benefit plans and other issuances | (14,652) | $ 19 | 3,386 | $ (18,057) | ||
Non-cash stock-based compensation (in shares) | 64,130 | |||||
Non-cash stock-based compensation | 48,952 | $ 7 | 48,945 | |||
Restricted stock units vested (in shares) | 884,235 | |||||
Restricted stock units vested | 0 | $ 88 | (88) | |||
Acquisition of treasury stock (in shares) | (2,558,883) | |||||
Acquisition of treasury stock | (121,188) | $ (121,188) | ||||
Other comprehensive income (loss): | ||||||
Foreign currency translation | (1,025) | (1,025) | ||||
Net earnings (loss) | (120,382) | (120,382) | ||||
Liability-classified restricted stock units vested (in shares) | 418,850 | |||||
Liability-classified restricted stock units vested | 17,704 | $ 42 | 17,662 | |||
Acquisition-related replacement stock options | 2,300 | 2,300 | ||||
Balance, end of the period (in shares) at Dec. 31, 2019 | 143,427,846 | (76,077,622) | ||||
Balance, end of the period at Dec. 31, 2019 | 1,142,541 | $ 14,343 | 1,479,018 | 1,549,223 | 6,776 | $ (1,906,819) |
Balance, beginning of the period (in shares) at Sep. 30, 2019 | 143,096,272 | (75,558,291) | ||||
Balance, beginning of the period at Sep. 30, 2019 | 1,186,358 | $ 14,310 | 1,460,120 | 1,587,263 | 6,619 | $ (1,881,954) |
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 75,557 | (95,378) | ||||
Employee stock awards, benefit plans and other issuances | (2,839) | $ 7 | 1,304 | $ (4,150) | ||
Non-cash stock-based compensation (in shares) | 5,935 | |||||
Non-cash stock-based compensation | 17,620 | $ 1 | 17,619 | |||
Restricted stock units vested (in shares) | 250,082 | |||||
Restricted stock units vested | 0 | $ 25 | (25) | |||
Acquisition of treasury stock (in shares) | (423,953) | |||||
Acquisition of treasury stock | (20,715) | $ (20,715) | ||||
Other comprehensive income (loss): | ||||||
Foreign currency translation | 157 | 157 | ||||
Net earnings (loss) | (38,040) | (38,040) | ||||
Balance, end of the period (in shares) at Dec. 31, 2019 | 143,427,846 | (76,077,622) | ||||
Balance, end of the period at Dec. 31, 2019 | $ 1,142,541 | $ 14,343 | $ 1,479,018 | $ 1,549,223 | $ 6,776 | $ (1,906,819) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ (120,382) | $ 1,074,008 |
Earnings from discontinued operations | 0 | (1,158,267) |
Non-cash operating activities: | ||
Depreciation and amortization | 27,958 | 25,274 |
Loss (gain) on disposal or impairment of assets | (140) | 3,345 |
Provision for doubtful accounts | 3,683 | 1,259 |
Deferred income taxes | 1,465 | 28,533 |
Non-cash stock compensation expense | 72,279 | 61,547 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (11,851) | (35,011) |
Deferred commissions | (2,710) | (3,035) |
Other assets | 2,404 | (4,887) |
Accounts payable and other liabilities | 12,597 | 18,504 |
Income taxes | (13,423) | (50,047) |
Deferred revenue | (235) | (1,555) |
Net cash used in operating activities | (28,355) | (40,332) |
Cash flows from investing activities: | ||
Capitalized software | 0 | (1,322) |
Capital expenditures | (10,302) | (3,973) |
Proceeds from sale of assets | 517 | 0 |
Cash paid in acquisitions, net of cash received | (105,365) | 0 |
Payments for investments | 0 | (2,500) |
Net cash used in investing activities | (115,150) | (7,795) |
Cash flows from financing activities: | ||
Payments of debt | 0 | (233,293) |
Fees from debt refinancing | 0 | (300) |
Proceeds related to the issuance of common stock under stock and employee benefit plans | 3,405 | 17,355 |
Shares repurchased for tax withholdings upon vesting of stock-based awards | (18,057) | (36,906) |
Acquisition of treasury stock from tender offer | 0 | (503,393) |
Acquisition of treasury stock | (121,188) | (64,107) |
Net cash used in financing activities | (135,840) | (820,644) |
Cash flows from discontinued operations: | ||
From operating activities | 0 | 40,980 |
From investing activities | 0 | 2,236,530 |
Effect of exchange rate changes on cash | 0 | (172) |
Net cash provided by discontinued operations | 0 | 2,277,338 |
Effect of exchange rate changes on cash | (113) | (1,811) |
Net change in cash, cash equivalents and restricted cash | (279,458) | 1,406,756 |
Cash, cash equivalents and restricted cash at beginning of period | 1,061,473 | 140,018 |
Cash, cash equivalents and restricted cash at end of period | 782,015 | 1,546,774 |
Cash paid during the period for: | ||
Income taxes | $ 6,171 | $ 666 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: These condensed consolidated financial statements have been prepared by LiveRamp Holdings, Inc. ("Registrant", "LiveRamp", "we", "us" or the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of the Registrant’s management, all adjustments necessary for a fair presentation of the results for the periods included have been made, and the disclosures are adequate to make the information presented not misleading. All such adjustments are of a normal recurring nature. Certain note information has been omitted because it has not changed significantly from that reflected in Notes 1 through 18 of the Notes to Consolidated Financial Statements filed as part of Item 8 of the Registrant’s annual report on Form 10-K for the fiscal year ended March 31, 2019 (“2019 Annual Report”), as filed with the SEC on May 28, 2019. This quarterly report and the accompanying condensed consolidated financial statements should be read in connection with the 2019 Annual Report. The financial information contained in this quarterly report is not necessarily indicative of the results to be expected for any other period or for the full fiscal year ending March 31, 2020. Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Actual results could differ from those estimates. Certain of the accounting policies used in the preparation of these condensed consolidated financial statements are complex and require management to make judgments and/or significant estimates regarding amounts reported or disclosed in these financial statements. Additionally, the application of certain of these accounting policies is governed by complex accounting principles and their interpretation. A discussion of the Company’s significant accounting principles and their application is included in Note 1 of the Notes to Consolidated Financial Statements and in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the Company’s 2019 Annual Report. Accounting Pronouncements Adopted During the Current Year In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"), which eliminates step two from the goodwill impairment test. Under ASU 2017-04, goodwill impairment is recognized based on step one of the preceding guidance, which calculates the carrying value in excess of the reporting unit's fair value. ASU 2017-04 is effective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods within those fiscal years; earlier adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. In the first quarter of fiscal 2020, we early adopted ASU 2017-04. The standard did not have an impact to our qualitative assessment for goodwill impairment that we performed in the first quarter of fiscal 2020. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), as a comprehensive new standard that amended various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. The new standard requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases except short-term leases. For lessees, leases will continue to be classified as either operating or financing in the income statement. The Company adopted the updated guidance as of April 1, 2019 using a modified retrospective transition method. See Note 2 of these Notes to condensed consolidated financial statements for further details. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which simplifies the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company is currently assessing the impact of this new standard on our condensed consolidated financial statements and does not expect the adoption will have a material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework”, which eliminates, modifies and adds disclosure requirements for fair value measurements. The update is effective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this new standard on our condensed consolidated financial statements and does not expect the adoption will have a material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, "Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Previously, all implementation costs for a hosting arrangement that was a service contract were expensed when incurred. CCAs, such as software as a service and other hosting arrangements, are evaluated for capitalized implementation costs in a similar manner as capitalized software development costs. If a CCA includes a software license, the software license element of the arrangement is accounted for in a manner consistent with the acquisition of other software licenses. If a CCA does not include a software license, the service element of the arrangement is accounted for as a service contract. ASU 2018-15 is effective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this new standard on our condensed consolidated financial statements and does not expect the adoption will have a material impact on our condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)" ("ASU 2016-13"). ASU 2016-13 introduces new methodology for accounting for credit losses on financial instruments. The guidance establishes a new forward-looking "expected loss model" that requires entities to estimate current expected credit losses on accounts receivable and other financial instruments by using all practical and relevant information. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company) , including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this new standard on our condensed consolidated financial statements and does not expect the adoption will have a material impact on our condensed consolidated financial statements. |
TOPIC 842 ADOPTION IMPACT AND L
TOPIC 842 ADOPTION IMPACT AND LEASES: | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Topic 842 Adoption Impact and Leases | TOPIC 842 ADOPTION IMPACT AND LEASES On April 1, 2019, the Company adopted the new lease guidance using a modified retrospective transition method applied to existing leases as of April 1, 2019. Results for reporting periods beginning after March 31, 2019 are presented under the new guidance, while prior period comparative amounts are not adjusted and continue to be reported in accordance with historical guidance. The Company applied the new standard using the practical expedients permitted under the transition guidance where the Company: • did not reassess whether any expired or existing contracts contain a lease; • did not reassess the classification of existing leases; and • did not reassess initial direct costs for any existing leases. The Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. The Company uses judgment in determining its incremental borrowing rate, which includes selecting a yield curve based on a hypothetical credit rating. The resulting impact, as of the adoption date, to the condensed consolidated balance sheet of applying the new guidance in fiscal 2020 was an increase to right-of-use assets included in other assets, net of $22.9 million, an increase to short-term lease liabilities included in other accrued expenses of $8.4 million, an increase to long-term lease liabilities included in other liabilities of $17.9 million, and a decrease to deferred rent included in other liabilities of $3.4 million. There was no impact to stockholders' equity or the condensed consolidated statements of operations as a result of adopting the new guidance. The Company determines if an arrangement contains a lease or is a lease at inception, and whether lease and non-lease components are combined or not. Operating leases with a duration of one year or less are excluded from right-of-use assets and lease liabilities and related expense is recorded as incurred. As of December 31, 2019, right-of-use assets included in other assets, net were $17.9 million, short-term lease liabilities included in other accrued expenses were $8.6 million, and long-term lease liabilities included in other liabilities were $12.6 million. The Company leases its office facilities under non-cancellable operating leases that expire at various dates through fiscal 2025. Operating lease costs were $7.2 million for the nine months ended December 31, 2019. Future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of December 31, 2019 are as follows (dollars in thousands): Year Amount Fiscal 2020 $ 2,725 Fiscal 2021 10,187 Fiscal 2022 9,147 Fiscal 2023 2,670 Fiscal 2024 725 Thereafter 33 Total undiscounted lease commitments 25,487 Less: Interest 4,370 Total discounted operating lease liabilities $ 21,117 Future minimum payments as of December 31, 2019 related to restructuring plans as a result of the Company's exit from certain leased office facilities (see Note 14) are: Fiscal 2020: $636; Fiscal 2021: $2,560; Fiscal 2022: $2,610; Fiscal 2023: $2,663; Fiscal 2024: $2,699; and Thereafter: $4,497. Supplemental information related to operating leases is as follows (dollars in thousands): Nine Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 6,483 Weighted average remaining lease term 3.61 years Weighted average discount rate 5.0 % As previously disclosed in our Fiscal 2019 Annual Report on Form 10-K and under the previous lease accounting standard, the future minimum payments under all operating leases as of March 31, 2019 was as follows (dollars in thousands): For the years ending March 31, 2020 2021 2022 2023 2024 Thereafter Total Operating leases $ 12,057 $ 11,253 $ 10,865 $ 5,160 $ 3,270 $ 4,497 $ 47,102 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS: | 9 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS: Disaggregation of Revenue In the following table, revenue is disaggregated by primary geographical market and major service offerings (dollars in thousands). For the nine months ended December 31, Primary Geographical Markets 2019 2018 United States $ 255,895 $ 189,997 Europe 15,103 13,858 APAC 3,873 3,449 $ 274,871 $ 207,304 Major Offerings/Services Subscription $ 221,847 $ 171,184 Marketplace and Other 53,024 36,120 $ 274,871 $ 207,304 Transaction Price Allocated to the Remaining Performance Obligations We have performance obligations associated with fixed commitments in customer contracts for future services that have not yet been recognized in our condensed consolidated financial statements. The amount of fixed revenue not yet recognized was $344.4 million as of December 31, 2019. Additionally, the amount to be recognized over the next twelve months was $200.4 million. The Company expects to recognize revenue on substantially all of these remaining performance obligations by March 31, 2024. |
EARNINGS (LOSS) PER SHARE AND S
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY: | 9 Months Ended |
Dec. 31, 2019 | |
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY: | |
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY: | EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY: Earnings (Loss) Per Share A reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share is shown below (in thousands, except per share amounts): For the three months ended For the nine months ended December 31, December 31, 2019 2018 2019 2018 Basic earnings (loss) per share: Net loss from continuing operations $ (38,040) $ (15,261) $ (120,382) $ (84,259) Earnings from discontinued operations, net of tax — 1,071,661 — 1,158,267 Net earnings (loss) $ (38,040) $ 1,056,400 $ (120,382) $ 1,074,008 Basic weighted-average shares outstanding 67,473 77,398 68,021 77,260 Continuing operations $ (0.56) $ (0.20) $ (1.77) $ (1.09) Discontinued operations — 13.85 — 14.99 Basic earnings (loss) per share $ (0.56) $ 13.65 $ (1.77) $ 13.90 Diluted earnings (loss) per share: Basic weighted-average shares outstanding 67,473 77,398 68,021 77,260 Dilutive effect of common stock options, warrants, and restricted stock as computed under the treasury stock method — — — — Diluted weighted-average shares outstanding 67,473 77,398 68,021 77,260 Continuing operations $ (0.56) $ (0.20) $ (1.77) $ (1.09) Discontinued operations — 13.85 — 14.99 Diluted earnings (loss) per share $ (0.56) $ 13.65 $ (1.77) $ 13.90 Due to the net loss from continuing operations during the three and nine months ended December 31, 2019 and 2018, the dilutive effect of options, warrants, and restricted stock units was excluded from the diluted loss per share calculation since the impact on the calculation was anti-dilutive. These anti-dilutive units are shown below (shares in thousands): For the three months ended For the nine months ended December 31, December 31, 2019 2018 2019 2018 Number of shares outstanding under options, warrants and restricted stock units plans 2,483 3,276 2,551 3,458 Restricted stock units that were outstanding during the periods presented but were not included in the computation of diluted loss per share because the effect was anti-dilutive are shown below (shares in thousands): For the three months ended For the nine months ended December 31, December 31, 2019 2018 2019 2018 Number of shares outstanding under restricted stock units plans 961 22 732 235 Stockholders’ Equity Under the modified common stock repurchase program, the Company may purchase up to $1.0 billion of its common stock through the period ending December 31, 2020. During the nine months ended December 31, 2019, the Company repurchased 2.6 million shares of its common stock for $121.2 million under the stock repurchase program. Through December 31, 2019, the Company had repurchased a total of 25.1 million shares of its stock for $570.2 million under the stock repurchase program, leaving remaining capacity of $429.8 million. Accumulated other comprehensive income balances of $6.8 million and $7.8 million at December 31, 2019 and March 31, 2019, respectively, reflect accumulated foreign currency translation adjustments. |
ACQUISITIONS_
ACQUISITIONS: | 9 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS: | ACQUISITIONS: Data Plus Math On July 2, 2019, the Company closed its merger with Data Plus Math Corporation ("DPM"), a media measurement company that works with brands, agencies, cable operators, streaming TV services and networks to tie cross-screen ad exposure with real-world outcomes. The Company has included the financial results of DPM in the condensed consolidated financial statements from the acquisition date. The acquisition date fair value of the consideration transferred for DPM was approximately $118.0 million, which consisted of the following (dollars in thousands): Cash, net of $0.4 million cash acquired $ 100,886 Restricted cash held in escrow 14,815 Fair value of replacement stock options considered a component of purchase price 2,300 Total fair value of consideration transferred $ 118,001 On the acquisition date, the Company delivered $14.8 million of cash to an escrow agent according to the terms of the purchase agreement. The principal escrow amount is owned by the Company until funds are delivered to the DPM sellers one year from the acquisition date. All interest and earnings on the principal escrow amount remain the property of the Company. The total fair value of the replacement stock options issued was $7.4 million of which $2.3 million was allocated to the purchase consideration and $5.1 million was allocated to future services and will be expensed over the future requisite service periods (see Note 7). In connection with the DPM acquisition, the Company agreed to pay $24.7 million to certain key employees (see "Consideration Holdback" in Note 7). The consideration holdback is payable in 3 equal, annual increments, based on the anniversary dates of the acquisition, and is payable in shares of Company common stock. The number of shares to be issued annually will vary depending on the market price of the shares on the date of issuance. The consideration holdback is not part of the purchase price, as vesting is dependent on continued employment of the key employees. It will be recorded as non-cash stock-based compensation expense over the three The following table summarizes the preliminary estimated fair values of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): July 2, 2019 Assets acquired: Cash $ 438 Trade accounts receivable 957 Goodwill 89,942 Intangible assets (Other assets) 35,000 Other current and noncurrent assets 1,186 Total assets acquired 127,523 Deferred income taxes (6,357) Accounts payable and accrued expenses (2,727) Net assets acquired 118,439 Less: Cash acquired (438) Net purchase price allocated 118,001 Less: Fair value of replacement stock options considered a component of purchase price (2,300) Net cash paid in acquisition $ 115,701 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The goodwill balance is not deductible for U.S. income tax purposes. The Company initially recognized the assets and liabilities acquired based on its preliminary estimates of their fair values as of the acquisition date. As additional information becomes known concerning the acquired assets and assumed liabilities, management may make adjustments to the opening balance sheet of the acquired company up to the end of the measurement period, which is not longer than a one-year period following the acquisition date. The determination of the fair values of the acquired assets and liabilities assumed (and the related determination of the estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. As of December 31, 2019, the Company has not completed its fair value analysis and calculation in sufficient detail necessary to arrive at the final estimate of the fair value. The fair values currently assigned to tangible and identifiable intangible assets acquired and liabilities assumed were based on the information that was available as of the date of the acquisition. The Company expects to finalize the valuation as soon as practical. The amounts allocated to intangible assets in the table above included developed technology, data supply relationships, customer relationships, and trademarks. Intangible assets will be amortized on a straight-line basis over the estimated useful lives. The following table presents the components of intangible assets acquired and their estimated useful lives as of the acquisition date (dollars in thousands): Useful life Fair value (in years) Developed technology $ 23,000 4 Data supply relationships 7,000 4 Customer relationships 4,000 4 Trademarks 1,000 2 Total intangible assets $ 35,000 The Company has omitted disclosures of revenue and net loss of the acquired company from the acquisition date to December 31, 2019 as the amounts are not material. The pro forma financial information in the table below summarizes the combined results of operations for LiveRamp and DPM for the purposes of pro forma financial information disclosures as if the companies were combined as of the beginning of fiscal 2019. The pro forma financial information for all periods presented included the business combination accounting effects resulting from these acquisitions, including amortization charges from acquired intangible assets (certain of which are preliminary), stock-based compensation charges for unvested restricted stock-based awards and stock options assumed, if any, and the related tax effects as though the aforementioned companies were combined as of the beginning of fiscal 2019. The pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal 2019. The pro forma financial information for the three months ended December 31, 2018 combined the historical results of LiveRamp for the three months ended December 31, 2018 and the historical results of DPM for the three months ended September 30, 2018 (adjusted due to differences in reporting periods) and the effects of the pro forma adjustments listed above. The pro forma financial information for the nine months ended December 31, 2019 and 2018, respectively, combined the historical results of LiveRamp for the nine months ended December 31, 2019 and 2018, and the historical results of DPM for the six months ended June 30, 2019 and the nine months ended September 30, 2018 (adjusted due to differences in reporting periods) and the effects of the pro forma adjustments listed above. The pro forma financial information was as follows (dollars in thousands, except per share data): For the three months ended For the nine months ended December 31, December 31, 2018 2019 2018 Revenues $ 80,458 $ 277,063 $ 207,813 Net earnings (loss) $ 1,053,849 $ (132,279) $ 1,064,413 Basic earnings (loss) per share $ 13.62 $ (1.94) $ 13.78 Diluted earnings (loss) per share $ 13.62 $ (1.94) $ 13.78 Faktor On April 2, 2019, the Company acquired all of the outstanding shares of Faktor B. V. ("Faktor"). Faktor is a global consent management platform that allows consumers to control how their data is collected, used, and transferred for usage to another party. Faktor's platform provides individuals with notice and choice on websites and mobile apps and allows them to opt-in or opt-out via a visible banner on the page. The Company paid approximately $4.5 million in cash for the acquired shares. The Company has omitted pro forma disclosures related to this acquisition as the pro forma effect of this acquisition is not material. The results of operations for the acquisition are included in the Company's condensed consolidated results beginning April 2, 2019. The following table presents the purchase price allocation related to assets acquired and liabilities assumed (dollars in thousands): April 2, 2019 Assets acquired: Cash $ 35 Trade accounts receivable 63 Goodwill 3,110 Intangible assets (Other assets) 1,700 Other current and noncurrent assets 126 Total assets acquired 5,034 Deferred income taxes (194) Accounts payable and accrued expenses (326) Net assets acquired 4,514 Less: Cash acquired (35) Net cash paid $ 4,479 |
DISCONTINUED OPERATIONS_
DISCONTINUED OPERATIONS: | 9 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS: | DISCONTINUED OPERATIONS: Acxiom Marketing Solutions ("AMS") business During fiscal 2019, the Company completed the sale of its AMS business to The Interpublic Group of Companies, Inc. (“IPG”) for $2.3 billion in cash. The business qualified for treatment as discontinued operations during fiscal 2019. Accordingly, the results of operations, cash flows and the balance sheet amounts pertaining to AMS, for all periods reported, have been classified as discontinued operations in the condensed consolidated financial statements. Results of operations of AMS for the three and nine months ended December 31, 2018 are segregated and included in earnings from discontinued operations, net of tax, in the condensed consolidated statements of operations. The following is a reconciliation of the major classes of line items constituting earnings from discontinued operations, net of tax (dollars in thousands): For the three months ended For the nine months ended December 31, 2018 Revenues $ — $ 332,185 Cost of revenue 24,677 213,512 Gross profit (24,677) 118,673 Operating expenses: Research and development 6,703 21,621 Sales and marketing 18,110 60,743 General and administrative 27,767 72,150 Gains, losses and other items, net (1,658,667) (1,656,014) Total operating expenses (1,606,087) (1,501,500) Income from discontinued operations 1,581,410 1,620,173 Interest expense — (5,702) Other, net 74 97 Earnings from discontinued operations before income taxes 1,581,484 1,614,568 Income taxes 509,823 456,301 Earnings from discontinued operations, net of tax $ 1,071,661 $ 1,158,267 Substantially all interest expense was allocated to discontinued operations. The Company entered into certain agreements with AMS in which services will be provided from the Company to AMS, and from AMS to the Company. The terms of these agreements are primarily 60 months from the date of sale. Cash inflows and outflows related to the agreements are included in cash flows from operating activities in the condensed consolidated statements of cash flows. Revenues and expenses related to the agreements are included in loss from operations in the condensed consolidated statement of operations. The related cash inflows and outflows and revenues and costs for the nine months ended December 31, 2019 was (dollars in thousands): For the nine months ended December 31, 2019 Cash inflows $ 37,150 Cash outflows $ 8,381 Revenues $ 39,494 Costs $ 5,216 The revenues amount includes approximately $15.5 million of revenue from AMS's resale of LiveRamp services to its customers. These amounts were also reported in the prior year as revenues in the condensed consolidated statement of operations. |
STOCK-BASED COMPENSATION_
STOCK-BASED COMPENSATION: | 9 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION: | STOCK-BASED COMPENSATION: Stock-based Compensation Plans The Company has stock option and equity compensation plans for which a total of 42.3 million shares of the Company’s common stock have been reserved for issuance since the inception of the plans. At December 31, 2019, there were a total of 10.3 million shares available for future grants under the plans. Stock-based Compensation Expense The Company's stock-based compensation activity for the nine months ended December 31, 2019, by award type, was (dollars in millions): For the nine months ended December 31, 2019 2018 Stock options $ 2.8 $ 2.6 Restricted stock units 40.5 34.6 Arbor acquisition consideration holdback 2.6 11.5 DPM acquisition consideration holdback 4.1 — PDP assumed performance plan 21.4 11.8 Other non-employee stock-based compensation 0.9 0.9 Total non-cash stock-based compensation included in the condensed consolidated statements of operations 72.3 61.6 Less expense related to liability-based equity awards (23.3) (10.8) Stock-based compensation of discontinued operations — 62.9 Total non-cash stock-based compensation included in the condensed consolidated statements of equity $ 49.0 $ 113.7 The effect of stock-based compensation expense on income, by financial statement line item, was (dollars in millions): For the nine months ended December 31, 2019 2018 Cost of revenue $ 2.8 $ 2.6 Research and development 17.3 14.0 Sales and marketing 34.4 29.2 General and administrative 17.8 15.8 Total non-cash stock-based compensation included in the condensed consolidated statements of operations $ 72.3 $ 61.6 The following table provides the expected future expense for all of the Company's outstanding equity awards at December 31, 2019, by award type. The amount for 2020 represents the remaining three months ending March 31, 2020. All other periods represent fiscal years ending March 31 (dollars in millions). During the year ended: 2020 2021 2022 2023 2024 Total Stock options $ 0.9 $ 2.3 $ 1.1 $ 0.3 $ — $ 4.6 Restricted stock units 14.4 49.9 38.5 22.8 3.7 129.3 DPM acquisition consideration holdback 2.1 8.3 8.2 2.1 — 20.7 PDP assumed performance plan 6.5 19.4 — — — 25.9 $ 23.9 $ 79.9 $ 47.8 $ 25.2 $ 3.7 $ 180.5 Stock Option Activity In connection with the acquisition of DPM, the Company replaced all outstanding stock options held by DPM associates immediately prior to the acquisition with options to acquire shares of LiveRamp common stock having substantially the same terms and conditions as were applicable under the original options. In total, the Company issued 162,481 replacement options at a weighted-average exercise price of $1.64 per share. The acquisition-date fair value of the replacement stock options was $7.4 million and was determined using a binomial lattice model with the following assumptions: dividend yield of 0.0% since LiveRamp is currently not paying dividends and there are no plans to pay dividends; risk-free interest rates from 1.86% to 1.96%, based on the rate of U.S. Treasury securities with a term equal to the remaining term of each option; remaining terms of each option from 7.33 years to 9.55 years; expected volatility of 45.00% considering the implied volatility of publicly traded LiveRamp options and historical volatility of LiveRamp stock. Of the total replacement options issued, 48,619 were fully vested and required no post-combination employee service. The remaining replacement options had components of both pre-combination and post-combination service requirements. As a result, $2.3 million of the acquisition-date fair value of the replacement options was calculated and identified as consideration transferred in the DPM acquisition. The remaining $5.1 million acquisition-date fair value is considered future compensation costs and will be recognized as stock-based compensation cost over the remaining service period. Stock option activity for the nine months ended December 31, 2019 was: Weighted-average Weighted-average remaining Aggregate Number of exercise price contractual term Intrinsic value shares per share (in years) (in thousands) Outstanding at March 31, 2019 1,374,430 $ 14.81 DPM replacement stock options issued 162,481 $ 1.64 Exercised (134,509) $ 5.73 $ 5,468 Forfeited or canceled (8,138) $ 5.13 Outstanding at December 31, 2019 1,394,264 $ 14.21 3.9 $ 47,212 Exercisable at December 31, 2019 1,281,248 $ 15.31 3.6 $ 41,973 The aggregate intrinsic value at period end represents the total pre-tax intrinsic value (the difference between LiveRamp’s closing stock price on the last trading day of the period and the exercise price for each in-the-money option) that would have been received by the option holders had they exercised their options on December 31, 2019. This amount changes based upon changes in the fair market value of LiveRamp’s common stock. A summary of stock options outstanding and exercisable as of December 31, 2019 was: Options outstanding Options exercisable Range of Weighted-average Weighted-average Weighted-average exercise price Options remaining exercise price Options exercise price per share outstanding contractual life per share exercisable per share $ 0.61 — $ 9.99 264,245 5.8 years $ 1.60 151,229 $ 1.52 $ 10.00 — $ 19.99 709,672 2.8 years $ 14.69 709,672 $ 14.69 $ 20.00 — $ 24.99 420,347 4.6 years $ 21.32 420,347 $ 21.32 1,394,264 3.9 years $ 14.21 1,281,248 $ 15.31 Performance Stock Option Unit Activity Performance stock option unit activity for the nine months ended December 31, 2019 was: Weighted-average Weighted-average remaining Aggregate Number exercise price contractual term intrinsic value of shares per share (in years) (in thousands) Outstanding at March 31, 2019 130,154 $ 21.44 Forfeited or canceled (130,154) $ 21.44 Outstanding at December 31, 2019 — $ — $ — Exercisable at December 31, 2019 — $ — — $ — The performance stock option units outstanding at March 31, 2019 reached maturity of the relevant performance period at March 31, 2019. The units attained a 0% attainment level, resulting in cancellation of the units in the current fiscal year. Restricted Stock Unit Activity During the nine months ended December 31, 2019, the Company granted time-vesting restricted stock units covering 1,388,507 shares of common stock and having a fair value at the date of grant of $72.9 million. All of the restricted stock units granted in the current period vest over four years. Grant date fair value of these units is equal to the quoted market price for the shares on the date of grant. Included in the restricted stock units granted in the current fiscal year were units related to the DPM acquisition. Following the closing of the DPM acquisition, the Company granted new awards of restricted stock units covering 155,346 shares of common stock to select employees to induce them to accept employment with the Company (the "DPM inducement awards"). The DPM inducement awards had a grant date fair value of $7.3 million. Time-vesting restricted stock unit activity for the nine months ended December 31, 2019 was: Weighted-average fair value per Weighted-average Number share at grant remaining contractual of shares date term (in years) Outstanding at March 31, 2019 3,054,750 $ 30.91 2.47 Granted 1,388,507 $ 52.51 Vested (506,732) $ 28.73 Forfeited or canceled (330,752) $ 37.34 Outstanding at December 31, 2019 3,605,773 $ 38.94 2.37 The total fair value of time-vesting restricted stock units vested for the nine months ended December 31, 2019 was $24.2 million and is measured as the quoted market price of the Company's common stock on the vesting date for the number of shares vested. During the nine months ended December 31, 2019, the Company granted performance-based restricted stock units covering 202,818 shares of common stock having a fair value at the date of grant of $12.3 million. The grants were made under two separate performance plans. Under the first performance plan, units covering 60,844 shares of common stock were granted having a fair value at the date of grant of $4.4 million, determined using a Monte Carlo simulation model. The units vest subject to attainment of market conditions established by the compensation committee of the board of directors (“compensation committee”) and continuous employment through the vesting date. The 60,844 units may vest in a number of shares from 0% to 200% of the award, based on the total shareholder return of LiveRamp common stock compared to total shareholder return of the Russell 2000 market index for the period from April 1, 2019 to March 31, 2022. Under the second performance plan, units covering 141,974 shares of common stock were granted having a fair value at the date of grant of $7.9 million equal to the quoted market price for the shares on the date of grant. The units vest subject to attainment of performance criteria established by the compensation committee of the board of directors. 59,480 units may vest in three Non-vested performance-based restricted stock unit activity for the nine months ended December 31, 2019 was: Weighted-average fair value per Weighted-average Number share at grant remaining contractual of shares date term (in years) Outstanding at March 31, 2019 394,188 $ 43.88 3.23 Granted 202,818 $ 60.65 Forfeited or canceled (49,443) $ 33.91 Outstanding at December 31, 2019 547,563 $ 50.99 2.49 Consideration Holdback As part of the Company's acquisition of DPM in the current fiscal year, $24.7 million of the acquisition consideration otherwise payable with respect to shares of DPM common stock held by certain key employees was subject to holdback by the Company pursuant to agreements with those employees (each, a "Holdback Agreement"). The Holdback Agreement specifies that the consideration holdback will vest in three equal annual increments on the anniversary of the closing date. Vesting is subject to the DPM key employees' continued employment through each annual vesting date and will be settled in shares of Company common stock. Through December 31, 2019, the Company has recognized a total of $4.1 million related to the DPM consideration holdback. At December 31, 2019, the recognized, but unpaid, balance related to the DPM consideration holdback in other accrued expenses in the condensed consolidated balance sheet was $4.1 million. As part of the Company’s acquisition of Arbor in fiscal 2017, $38.3 million of the acquisition consideration otherwise payable with respect to shares of restricted Arbor common stock held by certain key employees was subject to holdback by the Company pursuant to agreements with those employees (each, a “Holdback Agreement”). The Holdback Agreement specifies the payment of the consideration in monthly installments using LiveRamp shares over a thirty-month period, ending in the quarter ended June 30, 2019. As of June 30, 2019, the Company had met its full obligation for the consideration holdback due to the Arbor key employees. Through December 31, 2019, the Company had recognized a total of $38.3 million expense related to the Holdback Agreements. PDP Assumed Performance Plan In connection with the fiscal 2018 acquisition of PDP, the Company assumed the outstanding performance compensation plan under the PDP 2018 Equity Compensation Plan ("PDP PSU plan"). During the current fiscal year, the year-one performance payout under the plan was finalized resulting in a $19.7 million payout to the plan participants. On the settlement date, a total of 465,389 shares of Company common stock was delivered to the PDP PSU plan participants to settle the year-one performance payout obligation, of which 418,850 shares represented the liability-classified portion of the award. Through December 31, 2019, the Company has recognized a total of $39.1 million related to the PDP PSU plan. At December 31, 2019, the recognized, but unpaid, balance related to the PDP PSU plan in other accrued expenses in the condensed consolidated balance sheet was $17.5 million. |
OTHER CURRENT AND NONCURRENT AS
OTHER CURRENT AND NONCURRENT ASSETS: | 9 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT AND NONCURRENT ASSETS: | OTHER CURRENT AND NONCURRENT ASSETS: Other current assets consist of the following (dollars in thousands): December 31, 2019 March 31, 2019 Prepaid expenses and other $ 12,628 $ 9,058 Post-closing receivable from IPG 17,625 17,625 Interest receivable 1,080 2,497 Assets of non-qualified retirement plan 14,886 14,970 Other current assets $ 46,219 $ 44,150 Other noncurrent assets consist of the following (dollars in thousands): December 31, 2019 March 31, 2019 Acquired intangible assets, net $ 27,702 $ 24,217 Right of use asset 17,947 — Other miscellaneous noncurrent assets 8,591 8,282 Other assets, net $ 54,240 $ 32,499 |
OTHER ACCRUED EXPENSES_
OTHER ACCRUED EXPENSES: | 9 Months Ended |
Dec. 31, 2019 | |
Other Accrued Expenses [Abstract]. | |
OTHER ACCRUED EXPENSES | OTHER ACCRUED EXPENSES: Other accrued expenses consist of the following (dollars in thousands): December 31, 2019 March 31, 2019 Liabilities of non-qualified retirement plan $ 14,886 $ 14,970 Short-term lease liabilities 8,550 — PDP performance plan liability (see Note 7) 17,481 — DPM consideration holdback (see Note 7) 4,123 — Other miscellaneous accrued expenses 29,039 25,946 Other accrued expenses $ 74,079 $ 40,916 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT: | PROPERTY AND EQUIPMENT: Property and equipment is summarized as follows (dollars in thousands): December 31, 2019 March 31, 2019 Leasehold improvements $ 24,964 $ 20,097 Data processing equipment 9,552 37,678 Office furniture and other equipment 9,003 7,077 43,519 64,852 Less accumulated depreciation and amortization 23,137 38,809 $ 20,382 $ 26,043 Depreciation expense on property and equipment was $12.8 million and $10.7 million for the nine months ended December 31, 2019 and 2018, respectively. Depreciation expense for the nine months ended December 31, 2019 and 2018 included $3.6 million and $2.0 million, respectively, of accelerated depreciation expense associated with the reduced useful life of certain IT equipment in connection with the Company's migration to a cloud-based data center solution. |
GOODWILL AND INTANGIBLE ASSETS_
GOODWILL AND INTANGIBLE ASSETS: | 9 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS: | GOODWILL AND INTANGIBLE ASSETS: Goodwill for the nine months ended December 31, 2019 (dollars in thousands) was as follows: Total Balance at March 31, 2019 $ 204,656 Acquisition of Faktor 3,110 Acquisition of DPM 89,942 Change in foreign currency translation adjustment 72 Balance at December 31, 2019 $ 297,780 Goodwill by geography as of December 31, 2019 was: Total U.S. $ 294,563 APAC 3,217 Balance at December 31, 2019 $ 297,780 The amounts allocated to intangible assets from acquisitions include developed technology, customer relationships, trade names, and publisher relationships. Amortization lives for those intangibles range from two years to six years. The following table shows the amortization activity of intangible assets (dollars in thousands): December 31, 2019 March 31, 2019 Developed technology, gross (Software) $ 78,500 $ 54,000 Accumulated amortization (54,796) (49,625) Net developed technology $ 23,704 $ 4,375 Customer relationship/Trade name, gross (Other assets, net) $ 41,000 $ 35,800 Accumulated amortization (30,992) (26,128) Net customer/trade name $ 10,008 $ 9,672 Publisher relationship, gross (Other assets, net) $ 30,800 $ 23,800 Accumulated amortization (13,106) (9,255) Net publisher relationship $ 17,694 $ 14,545 Total intangible assets, gross $ 150,300 $ 113,600 Total accumulated amortization (98,894) (85,008) Total intangible assets, net $ 51,406 $ 28,592 Total amortization expense related to intangible assets for the nine months ended December 31, 2019 and 2018 was $13.9 million and $13.0 million, respectively. The following table presents the estimated future amortization expenses related to purchased intangible assets. The amount for 2020 represents the remaining three months ending March 31, 2020. All other periods represent fiscal years ending March 31 (dollars in thousands): Fiscal Year: 2020 $ 5,356 2021 17,650 2022 14,342 2023 11,933 2024 2,125 $ 51,406 |
SOFTWARE_
SOFTWARE: | 9 Months Ended |
Dec. 31, 2019 | |
Research and Development [Abstract] | |
SOFTWARE | SOFTWARE: Software is summarized as follows (dollars in thousands): December 31, 2019 March 31, 2019 Internally developed computer software $ 51,525 $ 51,525 Acquired developed technology 78,500 54,000 130,025 105,525 Less accumulated amortization 105,134 98,664 $ 24,891 $ 6,861 |
ALLOWANCE FOR DOUBTFUL ACCOUNTS
ALLOWANCE FOR DOUBTFUL ACCOUNTS: | 9 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
ALLOWANCE FOR DOUBTFUL ACCOUNTS: | ALLOWANCE FOR DOUBTFUL ACCOUNTS: Trade accounts receivable are presented net of allowances for doubtful accounts, returns and credits of $4.2 million at December 31, 2019 and $3.0 million at March 31, 2019. |
RESTRUCTURING, IMPAIRMENT AND O
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: | 9 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: | RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: The following table summarizes the restructuring activity for the nine months ended December 31, 2019 (dollars in thousands): Associate-related Lease Total March 31, 2019 $ 4,595 $ 5,688 $ 10,283 Restructuring charges and adjustments 1,970 (80) 1,890 Payments (6,039) (614) (6,653) December 31, 2019 $ 526 $ 4,994 $ 5,520 The above balances are included in other accrued expenses and other liabilities on the condensed consolidated balance sheets. Restructuring Plans In the nine months ended December 31, 2019, the Company recorded a total of $1.9 million in restructuring charges and adjustments included in gains, losses and other items, net in the condensed consolidated statement of operations. The current year expense included severance and other associate-related charges in APAC of $0.2 million, adjustments to fiscal 2019 restructuring plans for associates in the United States of $1.8 million, and lease accruals and adjustments of -$0.1 million. In fiscal 2019, the Company recorded a total of $7.7 million in restructuring charges and adjustments included in gains, losses and other items, net in the consolidated statement of operations. The fiscal 2019 expense included restructuring plans primarily for associates in the United States and APAC of $6.1 million, lease accruals and adjustments of $0.8 million, and leasehold improvement write-offs of $0.8 million. Of the total fiscal 2019 plans associate-related accruals, $0.3 million remained accrued at December 31, 2019. The associate-related costs are expected to be paid out in fiscal 2020. In fiscal 2018, the Company recorded a total of $2.7 million in restructuring charges and adjustments included in gains, losses and other items, net in the condensed consolidated statement of operations. The expense included severance and other associate-related charges of $0.2 million, and lease accruals and adjustments of $2.5 million. The associate-related accruals of $0.2 million were paid out in fiscal 2019. The lease accruals and adjustments of $2.5 million result from the Company's exit from certain leased office facilities. In fiscal 2017, the Company recorded a total of $3.0 million in restructuring charges and adjustments included in gains, losses and other items, net in the condensed consolidated statement of operations. The expense included lease accruals and adjustments of $3.0 million resulting from the Company's exit from certain leased office facilities ($1.5 million) and adjustments to estimates related to the fiscal 2015 lease accruals ($1.5 million). In fiscal 2015, the Company recorded a total of $9.3 million in restructuring charges and adjustments included in gains, losses and other items, net in the condensed consolidated statement of operations. The expense included severance and other associate-related charges of $2.6 million, lease accruals of $4.7 million, and the write-off of leasehold improvements of $2.0 million. Of the associate-related accruals of $2.6 million, $0.2 million remained accrued as of December 31, 2019. These amounts are expected to be paid out in fiscal 2021. With respect to fiscal 2015, 2017, 2018, 2019, and 2020 lease accruals and adjustments described above, the Company intends to continue subleasing the facilities to the extent possible. The liabilities will be satisfied over the remainder of the leased properties' terms, which continue through November 2025. Of the total amount accrued, $5.0 million remained accrued as of December 31, 2019. Actual sublease receipts may differ from the estimates originally made by the Company. Any future changes in the estimates or in the actual sublease income could require future adjustments to the liabilities, which would impact net earnings (loss) in the period the adjustment is recorded. Gains, Losses and Other Items Gains, losses and other items for each of the periods presented are as follows (dollars in thousands): For the three months ended For the nine months ended December 31, December 31, 2019 2018 2019 2018 Restructuring plan charges and adjustments $ 233 $ 5,043 $ 1,890 $ 5,533 Other — — 664 — $ 233 $ 5,043 $ 2,554 $ 5,533 |
COMMITMENTS AND CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES: | 9 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES: | COMMITMENTS AND CONTINGENCIES: Legal Matters |
INCOME TAXES_
INCOME TAXES: | 9 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES: | INCOME TAX:In determining the quarterly provision for income taxes, the Company applies its estimated annual effective income tax rate to its year-to-date pretax income or loss and adjusts for discrete tax items in the period. The estimated annual effective income tax rate for the current fiscal year is primarily driven by the valuation allowance, with a lesser impact attributable to federal research tax credits and the benefit of certain state tax losses, offset by income tax expenses in profitable foreign jurisdictions. Realization of the Company's net deferred tax assets is dependent upon its generation of sufficient taxable income of the proper character in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences and net operating loss carryforwards. During the nine months ended December 31, 2019, the Company released a portion of its valuation allowance in connection with deferred tax liabilities associated with DPM acquired intangibles (see Note 5). As of December 31, 2019, the Company continues to maintain a full valuation allowance on its net deferred tax assets except in certain foreign jurisdictions. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS: | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS: | FAIR VALUE OF FINANCIAL INSTRUMENTS: The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. Cash and cash equivalents, trade receivables, unbilled and notes receivable, and trade payables - The carrying amount approximates fair value because of the short maturity of these instruments. Under applicable accounting standards financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company assigned assets and liabilities to the hierarchy in the accounting standards, which is Level 1 - quoted prices in active markets for identical assets or liabilities, Level 2 - significant other observable inputs and Level 3 - significant unobservable inputs. The following table presents the balances of assets measured at fair value as of December 31, 2019 (dollars in thousands): Level 1 Level 2 Level 3 Total Assets: Other current assets $ 14,886 $ — $ — $ 14,886 Total assets $ 14,886 $ — $ — $ 14,886 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which simplifies the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company is currently assessing the impact of this new standard on our condensed consolidated financial statements and does not expect the adoption will have a material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework”, which eliminates, modifies and adds disclosure requirements for fair value measurements. The update is effective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this new standard on our condensed consolidated financial statements and does not expect the adoption will have a material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, "Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Previously, all implementation costs for a hosting arrangement that was a service contract were expensed when incurred. CCAs, such as software as a service and other hosting arrangements, are evaluated for capitalized implementation costs in a similar manner as capitalized software development costs. If a CCA includes a software license, the software license element of the arrangement is accounted for in a manner consistent with the acquisition of other software licenses. If a CCA does not include a software license, the service element of the arrangement is accounted for as a service contract. ASU 2018-15 is effective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this new standard on our condensed consolidated financial statements and does not expect the adoption will have a material impact on our condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)" ("ASU 2016-13"). ASU 2016-13 introduces new methodology for accounting for credit losses on financial instruments. The guidance establishes a new forward-looking "expected loss model" that requires entities to estimate current expected credit losses on accounts receivable and other financial instruments by using all practical and relevant information. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company) , including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this new standard on our condensed consolidated financial statements and does not expect the adoption will have a material impact on our condensed consolidated financial statements. The Company does not anticipate that the adoption of any other recent accounting pronouncements will have a material impact on the Company's consolidated financial position, results of operations or cash flows. |
TOPIC 842 ADOPTION IMPACT AND_2
TOPIC 842 ADOPTION IMPACT AND LEASES: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | Future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of December 31, 2019 are as follows (dollars in thousands): Year Amount Fiscal 2020 $ 2,725 Fiscal 2021 10,187 Fiscal 2022 9,147 Fiscal 2023 2,670 Fiscal 2024 725 Thereafter 33 Total undiscounted lease commitments 25,487 Less: Interest 4,370 Total discounted operating lease liabilities $ 21,117 |
Lessee, Operating Lease, Supplemental Information | Supplemental information related to operating leases is as follows (dollars in thousands): Nine Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 6,483 Weighted average remaining lease term 3.61 years Weighted average discount rate 5.0 % |
Schedule of Future Minimum Rental Payments for Operating Leases | As previously disclosed in our Fiscal 2019 Annual Report on Form 10-K and under the previous lease accounting standard, the future minimum payments under all operating leases as of March 31, 2019 was as follows (dollars in thousands): For the years ending March 31, 2020 2021 2022 2023 2024 Thereafter Total Operating leases $ 12,057 $ 11,253 $ 10,865 $ 5,160 $ 3,270 $ 4,497 $ 47,102 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | In the following table, revenue is disaggregated by primary geographical market and major service offerings (dollars in thousands). For the nine months ended December 31, Primary Geographical Markets 2019 2018 United States $ 255,895 $ 189,997 Europe 15,103 13,858 APAC 3,873 3,449 $ 274,871 $ 207,304 Major Offerings/Services Subscription $ 221,847 $ 171,184 Marketplace and Other 53,024 36,120 $ 274,871 $ 207,304 |
EARNINGS (LOSS) PER SHARE AND_2
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Reconciliation of numerator and denominator of basic and diluted earnings (loss) per share | A reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share is shown below (in thousands, except per share amounts): For the three months ended For the nine months ended December 31, December 31, 2019 2018 2019 2018 Basic earnings (loss) per share: Net loss from continuing operations $ (38,040) $ (15,261) $ (120,382) $ (84,259) Earnings from discontinued operations, net of tax — 1,071,661 — 1,158,267 Net earnings (loss) $ (38,040) $ 1,056,400 $ (120,382) $ 1,074,008 Basic weighted-average shares outstanding 67,473 77,398 68,021 77,260 Continuing operations $ (0.56) $ (0.20) $ (1.77) $ (1.09) Discontinued operations — 13.85 — 14.99 Basic earnings (loss) per share $ (0.56) $ 13.65 $ (1.77) $ 13.90 Diluted earnings (loss) per share: Basic weighted-average shares outstanding 67,473 77,398 68,021 77,260 Dilutive effect of common stock options, warrants, and restricted stock as computed under the treasury stock method — — — — Diluted weighted-average shares outstanding 67,473 77,398 68,021 77,260 Continuing operations $ (0.56) $ (0.20) $ (1.77) $ (1.09) Discontinued operations — 13.85 — 14.99 Diluted earnings (loss) per share $ (0.56) $ 13.65 $ (1.77) $ 13.90 |
Schedule of anti-dilutive options, warrants and restricted stock units excluded from computation of earnings (loss) per share | Restricted stock units that were outstanding during the periods presented but were not included in the computation of diluted loss per share because the effect was anti-dilutive are shown below (shares in thousands): For the three months ended For the nine months ended December 31, December 31, 2019 2018 2019 2018 Number of shares outstanding under restricted stock units plans 961 22 732 235 |
Continuing operations | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of anti-dilutive options, warrants and restricted stock units excluded from computation of earnings (loss) per share | These anti-dilutive units are shown below (shares in thousands): For the three months ended For the nine months ended December 31, December 31, 2019 2018 2019 2018 Number of shares outstanding under options, warrants and restricted stock units plans 2,483 3,276 2,551 3,458 |
ACQUISITIONS_ (Tables)
ACQUISITIONS: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the consideration transferred for DPM was approximately $118.0 million, which consisted of the following (dollars in thousands): Cash, net of $0.4 million cash acquired $ 100,886 Restricted cash held in escrow 14,815 Fair value of replacement stock options considered a component of purchase price 2,300 Total fair value of consideration transferred $ 118,001 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the purchase price allocation related to assets acquired and liabilities assumed (dollars in thousands): April 2, 2019 Assets acquired: Cash $ 35 Trade accounts receivable 63 Goodwill 3,110 Intangible assets (Other assets) 1,700 Other current and noncurrent assets 126 Total assets acquired 5,034 Deferred income taxes (194) Accounts payable and accrued expenses (326) Net assets acquired 4,514 Less: Cash acquired (35) Net cash paid $ 4,479 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table presents the components of intangible assets acquired and their estimated useful lives as of the acquisition date (dollars in thousands): Useful life Fair value (in years) Developed technology $ 23,000 4 Data supply relationships 7,000 4 Customer relationships 4,000 4 Trademarks 1,000 2 Total intangible assets $ 35,000 |
Schedule of Business Acquisition, Pro Forma Information | The pro forma financial information for the three months ended December 31, 2018 combined the historical results of LiveRamp for the three months ended December 31, 2018 and the historical results of DPM for the three months ended September 30, 2018 (adjusted due to differences in reporting periods) and the effects of the pro forma adjustments listed above. The pro forma financial information for the nine months ended December 31, 2019 and 2018, respectively, combined the historical results of LiveRamp for the nine months ended December 31, 2019 and 2018, and the historical results of DPM for the six months ended June 30, 2019 and the nine months ended September 30, 2018 (adjusted due to differences in reporting periods) and the effects of the pro forma adjustments listed above. The pro forma financial information was as follows (dollars in thousands, except per share data): For the three months ended For the nine months ended December 31, December 31, 2018 2019 2018 Revenues $ 80,458 $ 277,063 $ 207,813 Net earnings (loss) $ 1,053,849 $ (132,279) $ 1,064,413 Basic earnings (loss) per share $ 13.62 $ (1.94) $ 13.78 Diluted earnings (loss) per share $ 13.62 $ (1.94) $ 13.78 |
Data Plus Math Corporation | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimated fair values of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): July 2, 2019 Assets acquired: Cash $ 438 Trade accounts receivable 957 Goodwill 89,942 Intangible assets (Other assets) 35,000 Other current and noncurrent assets 1,186 Total assets acquired 127,523 Deferred income taxes (6,357) Accounts payable and accrued expenses (2,727) Net assets acquired 118,439 Less: Cash acquired (438) Net purchase price allocated 118,001 Less: Fair value of replacement stock options considered a component of purchase price (2,300) Net cash paid in acquisition $ 115,701 |
DISCONTINUED OPERATIONS_ (Table
DISCONTINUED OPERATIONS: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following is a reconciliation of the major classes of line items constituting earnings from discontinued operations, net of tax (dollars in thousands): For the three months ended For the nine months ended December 31, 2018 Revenues $ — $ 332,185 Cost of revenue 24,677 213,512 Gross profit (24,677) 118,673 Operating expenses: Research and development 6,703 21,621 Sales and marketing 18,110 60,743 General and administrative 27,767 72,150 Gains, losses and other items, net (1,658,667) (1,656,014) Total operating expenses (1,606,087) (1,501,500) Income from discontinued operations 1,581,410 1,620,173 Interest expense — (5,702) Other, net 74 97 Earnings from discontinued operations before income taxes 1,581,484 1,614,568 Income taxes 509,823 456,301 Earnings from discontinued operations, net of tax $ 1,071,661 $ 1,158,267 |
Disposal Groups, Including Discontinued Operations, Related Cash Inflows, Cash Outflows, Revenues, And Expenses | The related cash inflows and outflows and revenues and costs for the nine months ended December 31, 2019 was (dollars in thousands): For the nine months ended December 31, 2019 Cash inflows $ 37,150 Cash outflows $ 8,381 Revenues $ 39,494 Costs $ 5,216 |
STOCK-BASED COMPENSATION_ (Tabl
STOCK-BASED COMPENSATION: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation activity, by award type | The Company's stock-based compensation activity for the nine months ended December 31, 2019, by award type, was (dollars in millions): For the nine months ended December 31, 2019 2018 Stock options $ 2.8 $ 2.6 Restricted stock units 40.5 34.6 Arbor acquisition consideration holdback 2.6 11.5 DPM acquisition consideration holdback 4.1 — PDP assumed performance plan 21.4 11.8 Other non-employee stock-based compensation 0.9 0.9 Total non-cash stock-based compensation included in the condensed consolidated statements of operations 72.3 61.6 Less expense related to liability-based equity awards (23.3) (10.8) Stock-based compensation of discontinued operations — 62.9 Total non-cash stock-based compensation included in the condensed consolidated statements of equity $ 49.0 $ 113.7 |
Schedule of effect of stock-based compensation expense on income, by financial statement line item | The effect of stock-based compensation expense on income, by financial statement line item, was (dollars in millions): For the nine months ended December 31, 2019 2018 Cost of revenue $ 2.8 $ 2.6 Research and development 17.3 14.0 Sales and marketing 34.4 29.2 General and administrative 17.8 15.8 Total non-cash stock-based compensation included in the condensed consolidated statements of operations $ 72.3 $ 61.6 |
Schedule of share based compensation arrangement by share based payment award, future expense | The following table provides the expected future expense for all of the Company's outstanding equity awards at December 31, 2019, by award type. The amount for 2020 represents the remaining three months ending March 31, 2020. All other periods represent fiscal years ending March 31 (dollars in millions). During the year ended: 2020 2021 2022 2023 2024 Total Stock options $ 0.9 $ 2.3 $ 1.1 $ 0.3 $ — $ 4.6 Restricted stock units 14.4 49.9 38.5 22.8 3.7 129.3 DPM acquisition consideration holdback 2.1 8.3 8.2 2.1 — 20.7 PDP assumed performance plan 6.5 19.4 — — — 25.9 $ 23.9 $ 79.9 $ 47.8 $ 25.2 $ 3.7 $ 180.5 |
Schedule of option activity | Stock option activity for the nine months ended December 31, 2019 was: Weighted-average Weighted-average remaining Aggregate Number of exercise price contractual term Intrinsic value shares per share (in years) (in thousands) Outstanding at March 31, 2019 1,374,430 $ 14.81 DPM replacement stock options issued 162,481 $ 1.64 Exercised (134,509) $ 5.73 $ 5,468 Forfeited or canceled (8,138) $ 5.13 Outstanding at December 31, 2019 1,394,264 $ 14.21 3.9 $ 47,212 Exercisable at December 31, 2019 1,281,248 $ 15.31 3.6 $ 41,973 |
Summary of stock options outstanding and exercisable | A summary of stock options outstanding and exercisable as of December 31, 2019 was: Options outstanding Options exercisable Range of Weighted-average Weighted-average Weighted-average exercise price Options remaining exercise price Options exercise price per share outstanding contractual life per share exercisable per share $ 0.61 — $ 9.99 264,245 5.8 years $ 1.60 151,229 $ 1.52 $ 10.00 — $ 19.99 709,672 2.8 years $ 14.69 709,672 $ 14.69 $ 20.00 — $ 24.99 420,347 4.6 years $ 21.32 420,347 $ 21.32 1,394,264 3.9 years $ 14.21 1,281,248 $ 15.31 |
Schedule of performance stock option unit activity | Performance stock option unit activity for the nine months ended December 31, 2019 was: Weighted-average Weighted-average remaining Aggregate Number exercise price contractual term intrinsic value of shares per share (in years) (in thousands) Outstanding at March 31, 2019 130,154 $ 21.44 Forfeited or canceled (130,154) $ 21.44 Outstanding at December 31, 2019 — $ — $ — Exercisable at December 31, 2019 — $ — — $ — |
Schedule of time-vesting restricted stock unit activity | Time-vesting restricted stock unit activity for the nine months ended December 31, 2019 was: Weighted-average fair value per Weighted-average Number share at grant remaining contractual of shares date term (in years) Outstanding at March 31, 2019 3,054,750 $ 30.91 2.47 Granted 1,388,507 $ 52.51 Vested (506,732) $ 28.73 Forfeited or canceled (330,752) $ 37.34 Outstanding at December 31, 2019 3,605,773 $ 38.94 2.37 |
Schedule of non-vested performance-based restricted stock units activity | Non-vested performance-based restricted stock unit activity for the nine months ended December 31, 2019 was: Weighted-average fair value per Weighted-average Number share at grant remaining contractual of shares date term (in years) Outstanding at March 31, 2019 394,188 $ 43.88 3.23 Granted 202,818 $ 60.65 Forfeited or canceled (49,443) $ 33.91 Outstanding at December 31, 2019 547,563 $ 50.99 2.49 |
OTHER CURRENT AND NONCURRENT _2
OTHER CURRENT AND NONCURRENT ASSETS: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of components of other current assets | Other current assets consist of the following (dollars in thousands): December 31, 2019 March 31, 2019 Prepaid expenses and other $ 12,628 $ 9,058 Post-closing receivable from IPG 17,625 17,625 Interest receivable 1,080 2,497 Assets of non-qualified retirement plan 14,886 14,970 Other current assets $ 46,219 $ 44,150 |
Schedule of components of other noncurrent assets | Other noncurrent assets consist of the following (dollars in thousands): December 31, 2019 March 31, 2019 Acquired intangible assets, net $ 27,702 $ 24,217 Right of use asset 17,947 — Other miscellaneous noncurrent assets 8,591 8,282 Other assets, net $ 54,240 $ 32,499 |
OTHER ACCRUED EXPENSES_ (Tables
OTHER ACCRUED EXPENSES: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Other Accrued Expenses [Abstract]. | |
Schedule of other accrued expenses | Other accrued expenses consist of the following (dollars in thousands): December 31, 2019 March 31, 2019 Liabilities of non-qualified retirement plan $ 14,886 $ 14,970 Short-term lease liabilities 8,550 — PDP performance plan liability (see Note 7) 17,481 — DPM consideration holdback (see Note 7) 4,123 — Other miscellaneous accrued expenses 29,039 25,946 Other accrued expenses $ 74,079 $ 40,916 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment is summarized as follows (dollars in thousands): December 31, 2019 March 31, 2019 Leasehold improvements $ 24,964 $ 20,097 Data processing equipment 9,552 37,678 Office furniture and other equipment 9,003 7,077 43,519 64,852 Less accumulated depreciation and amortization 23,137 38,809 $ 20,382 $ 26,043 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill by operating segment and activity and by component included in each segment | Goodwill for the nine months ended December 31, 2019 (dollars in thousands) was as follows: Total Balance at March 31, 2019 $ 204,656 Acquisition of Faktor 3,110 Acquisition of DPM 89,942 Change in foreign currency translation adjustment 72 Balance at December 31, 2019 $ 297,780 Goodwill by geography as of December 31, 2019 was: Total U.S. $ 294,563 APAC 3,217 Balance at December 31, 2019 $ 297,780 |
Schedule of amortization activity of intangible assets | The following table shows the amortization activity of intangible assets (dollars in thousands): December 31, 2019 March 31, 2019 Developed technology, gross (Software) $ 78,500 $ 54,000 Accumulated amortization (54,796) (49,625) Net developed technology $ 23,704 $ 4,375 Customer relationship/Trade name, gross (Other assets, net) $ 41,000 $ 35,800 Accumulated amortization (30,992) (26,128) Net customer/trade name $ 10,008 $ 9,672 Publisher relationship, gross (Other assets, net) $ 30,800 $ 23,800 Accumulated amortization (13,106) (9,255) Net publisher relationship $ 17,694 $ 14,545 Total intangible assets, gross $ 150,300 $ 113,600 Total accumulated amortization (98,894) (85,008) Total intangible assets, net $ 51,406 $ 28,592 |
Schedule of estimated future amortization expenses related to purchases and other intangible assets | All other periods represent fiscal years ending March 31 (dollars in thousands): Fiscal Year: 2020 $ 5,356 2021 17,650 2022 14,342 2023 11,933 2024 2,125 $ 51,406 |
SOFTWARE_ (Tables)
SOFTWARE: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Research and Development [Abstract] | |
Schedule of Software | Software is summarized as follows (dollars in thousands): December 31, 2019 March 31, 2019 Internally developed computer software $ 51,525 $ 51,525 Acquired developed technology 78,500 54,000 130,025 105,525 Less accumulated amortization 105,134 98,664 $ 24,891 $ 6,861 |
RESTRUCTURING, IMPAIRMENT AND_2
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of restructuring activity | The following table summarizes the restructuring activity for the nine months ended December 31, 2019 (dollars in thousands): Associate-related Lease Total March 31, 2019 $ 4,595 $ 5,688 $ 10,283 Restructuring charges and adjustments 1,970 (80) 1,890 Payments (6,039) (614) (6,653) December 31, 2019 $ 526 $ 4,994 $ 5,520 |
Schedule of gains, losses and other items | Gains, losses and other items for each of the periods presented are as follows (dollars in thousands): For the three months ended For the nine months ended December 31, December 31, 2019 2018 2019 2018 Restructuring plan charges and adjustments $ 233 $ 5,043 $ 1,890 $ 5,533 Other — — 664 — $ 233 $ 5,043 $ 2,554 $ 5,533 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS: (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value | The following table presents the balances of assets measured at fair value as of December 31, 2019 (dollars in thousands): Level 1 Level 2 Level 3 Total Assets: Other current assets $ 14,886 $ — $ — $ 14,886 Total assets $ 14,886 $ — $ — $ 14,886 |
TOPIC 842 ADOPTION IMPACT AND_3
TOPIC 842 ADOPTION IMPACT AND LEASES: Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2019 | Apr. 01, 2019 | Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use asset | $ 17,947 | $ 0 | |
Short-term lease liabilities | 8,550 | $ 0 | |
Long-term lease liabilities | 12,600 | ||
Operating lease costs | 7,200 | ||
2020 | 2,725 | ||
2021 | 10,187 | ||
2022 | 9,147 | ||
2023 | 2,670 | ||
2024 | 725 | ||
Thereafter | 33 | ||
Leased office facilities | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
2020 | 636 | ||
2021 | 2,560 | ||
2022 | 2,610 | ||
2023 | 2,663 | ||
2024 | 2,699 | ||
Thereafter | $ 4,497 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use asset | $ 22,900 | ||
Short-term lease liabilities | 8,400 | ||
Long-term lease liabilities | 17,900 | ||
Deferred rent | $ (3,400) |
TOPIC 842 ADOPTION IMPACT AND_4
TOPIC 842 ADOPTION IMPACT AND LEASES: Operating Lease, Liability Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 2,725 |
2021 | 10,187 |
2022 | 9,147 |
2023 | 2,670 |
2024 | 725 |
Thereafter | 33 |
Total undiscounted lease commitments | 25,487 |
Less: Interest | 4,370 |
Total discounted operating lease liabilities | $ 21,117 |
TOPIC 842 ADOPTION IMPACT AND_5
TOPIC 842 ADOPTION IMPACT AND LEASES: Supplemental information related to operating leases (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows used in operating leases | $ 6,483 |
Weighted average remaining lease term | 3 years 7 months 9 days |
Weighted average discount rate | 5.00% |
TOPIC 842 ADOPTION IMPACT AND_6
TOPIC 842 ADOPTION IMPACT AND LEASES: Future minimum lease payments under all noncancellable operating leases (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 12,057 |
2021 | 11,253 |
2022 | 10,865 |
2023 | 5,160 |
2024 | 3,270 |
Thereafter | 4,497 |
Total | $ 47,102 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS: Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 102,217 | $ 80,021 | $ 274,871 | $ 207,304 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 221,847 | 171,184 | ||
Marketplace and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 53,024 | 36,120 | ||
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 255,895 | 189,997 | ||
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15,103 | 13,858 | ||
APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,873 | $ 3,449 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS: Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 344.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 200.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
EARNINGS (LOSS) PER SHARE AND_3
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY: Reconciliation of basic and diluted earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY [Abstract] | ||||
Net earnings (loss) from continuing operations | $ (38,040) | $ (15,261) | $ (120,382) | $ (84,259) |
Earnings from discontinued operations, net of tax | 0 | 1,071,661 | 0 | 1,158,267 |
Net earnings (loss) | $ (38,040) | $ 1,056,400 | $ (120,382) | $ 1,074,008 |
Basic earnings (loss) per share: | ||||
Basic weighted-average shares outstanding (in shares) | 67,473 | 77,398 | 68,021 | 77,260 |
Basic earnings (loss) per share from continuing operations (in dollars per share) | $ (0.56) | $ (0.20) | $ (1.77) | $ (1.09) |
Basic earnings (loss) per share from discontinued operations (in dollars per share) | 0 | 13.85 | 0 | 14.99 |
Basic earnings (loss) per share (in dollars per share) | $ (0.56) | $ 13.65 | $ (1.77) | $ 13.90 |
Diluted earnings (loss) per share: | ||||
Basic weighted-average shares outstanding (in shares) | 67,473 | 77,398 | 68,021 | 77,260 |
Dilutive effect of common stock options, warrants, and restricted stock as computed under the treasury stock method (in shares) | 0 | 0 | 0 | 0 |
Diluted weighted-average shares outstanding | 67,473 | 77,398 | 68,021 | 77,260 |
Diluted earnings (loss) per share from continuing operations (in dollars per share) | $ (0.56) | $ (0.20) | $ (1.77) | $ (1.09) |
Diluted earnings (loss) per share from discontinued operations (in dollars per share) | 0 | 13.85 | 0 | 14.99 |
Diluted earnings (loss), net per share (in USD per share) | $ (0.56) | $ 13.65 | $ (1.77) | $ 13.90 |
EARNINGS (LOSS) PER SHARE AND_4
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY: Narrative (Details) - USD ($) shares in Millions | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Oct. 25, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Repurchase of stock (in shares) | 2.6 | |||
Acquisition of treasury stock | $ 121,188,000 | $ 64,107,000 | ||
Treasury stock, at cost | 1,906,819,000 | $ 1,767,574,000 | ||
Accumulated other comprehensive income | $ 6,776,000 | $ 7,801,000 | ||
Common Stock Repurchase Program | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | |||
Repurchase of stock (in shares) | 25.1 | |||
Treasury stock, at cost | $ 570,200,000 | |||
Stock repurchase program, remaining amount | $ 429,800,000 |
EARNINGS (LOSS) PER SHARE AND_5
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY: Anti-dilutive shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 961 | 22 | 732 | 235 |
Continuing operations | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 2,483 | 3,276 | 2,551 | 3,458 |
ACQUISITIONS_ Narrative (Detail
ACQUISITIONS: Narrative (Details) $ in Thousands | Jul. 02, 2019USD ($) | Apr. 01, 2019USD ($) | Dec. 31, 2019USD ($)numberOfExerciseMultiple |
Consideration Holdback | |||
Business Acquisition [Line Items] | |||
Contingent consideration arrangements, number of annual increments | numberOfExerciseMultiple | 3 | ||
Data Plus Math Corporation | |||
Business Acquisition [Line Items] | |||
Business combination, consideration transferred | $ 118,001 | ||
Escrow deposit | $ 14,800 | ||
Total fair value of the replacement stock options issued | 7,400 | ||
Fair value of replacement stock options considered a component of purchase price | $ 2,300 | ||
Share-based payment arrangement, amount capitalized | 5,100 | ||
Data Plus Math Corporation | Consideration Holdback | |||
Business Acquisition [Line Items] | |||
Business combination, contingent consideration arrangements, range of outcomes, value, high | $ 24,700 | ||
Contingent consideration arrangements, number of annual increments | numberOfExerciseMultiple | 3 | ||
Contingent consideration arrangements, earning period | 3 years | ||
Faktor B. V. | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses, gross | $ 4,500 |
ACQUISITIONS_ Composition of th
ACQUISITIONS: Composition of the total fair vale of consideration transferred (Details) € in Thousands, $ in Thousands | Jul. 02, 2019USD ($) | Jul. 02, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Net cash paid | $ 105,365 | $ 0 | ||
Data Plus Math Corporation | ||||
Business Acquisition [Line Items] | ||||
Net cash paid | $ 100,886 | € 115,701 | ||
Cash | 438 | |||
Restricted cash held in escrow | 14,815 | |||
Fair value of replacement stock options considered a component of purchase price | 2,300 | |||
Total fair value of consideration transferred | $ 118,001 |
ACQUISITIONS_ Purchase price al
ACQUISITIONS: Purchase price allocation related to assets acquired and liabilities assumed (Details) € in Thousands, $ in Thousands | Jul. 02, 2019USD ($) | Jul. 02, 2019EUR (€) | Apr. 02, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 297,780 | $ 204,656 | ||||
Net cash paid | $ 105,365 | $ 0 | ||||
Data Plus Math Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 438 | |||||
Trade accounts receivable | 957 | |||||
Goodwill | 89,942 | |||||
Intangible assets (Other assets) | 35,000 | |||||
Other current and noncurrent assets | 1,186 | |||||
Total assets acquired | 127,523 | |||||
Deferred income taxes | (6,357) | |||||
Accounts payable and accrued expenses | (2,727) | |||||
Net assets acquired | 118,439 | |||||
Cash acquired | (438) | |||||
Net purchase price allocated | 118,001 | |||||
Fair value of replacement stock options considered a component of purchase price | (2,300) | |||||
Net cash paid | $ 100,886 | € 115,701 | ||||
Faktor B. V. | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 35 | |||||
Trade accounts receivable | 63 | |||||
Goodwill | 3,110 | |||||
Intangible assets (Other assets) | 1,700 | |||||
Other current and noncurrent assets | 126 | |||||
Total assets acquired | 5,034 | |||||
Deferred income taxes | (194) | |||||
Accounts payable and accrued expenses | (326) | |||||
Net assets acquired | 4,514 | |||||
Cash acquired | (35) | |||||
Net cash paid | $ 4,479 |
ACQUISITIONS_ Components of int
ACQUISITIONS: Components of intangible assets acquired and their estimated useful lives as of the acquisition date (Details) - Data Plus Math Corporation $ in Thousands | Jul. 02, 2019USD ($) |
Business Acquisition [Line Items] | |
Intangible assets (Other assets) | $ 35,000 |
Acquired developed technology | |
Business Acquisition [Line Items] | |
Intangible assets (Other assets) | $ 23,000 |
Amortization period | 4 years |
Data supply relationships | |
Business Acquisition [Line Items] | |
Intangible assets (Other assets) | $ 7,000 |
Amortization period | 4 years |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible assets (Other assets) | $ 4,000 |
Amortization period | 4 years |
Trademarks | |
Business Acquisition [Line Items] | |
Intangible assets (Other assets) | $ 1,000 |
Amortization period | 2 years |
ACQUISITIONS_ Schedule of Pro F
ACQUISITIONS: Schedule of Pro Forma Financial Information (Details) - Data Plus Math Corporation - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Revenues | $ 80,458 | $ 277,063 | $ 207,813 |
Net earnings (loss) | $ 1,053,849 | $ (132,279) | $ 1,064,413 |
Pro forma basic earnings (loss) per share, (in dollars per share) | $ 13.62 | $ (1.94) | $ 13.78 |
Pro forma diluted earnings (loss) per share, (in dollars per share) | $ 13.62 | $ (1.94) | $ 13.78 |
DISCONTINUED OPERATIONS_ Narrat
DISCONTINUED OPERATIONS: Narrative (Details) $ in Millions | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Incremental increase to previous periods | $ 15.5 |
Acxiom Marketing Solutions | Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash proceeds from disposal of operations | $ 2,300 |
DISCONTINUED OPERATIONS_ Reconc
DISCONTINUED OPERATIONS: Reconciliation of the major classes of line items constituting earnings from discontinued operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Earnings from discontinued operations, net of tax | $ 0 | $ 1,071,661 | $ 0 | $ 1,158,267 |
Acxiom Marketing Solutions | Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 0 | 332,185 | ||
Costs of revenues | 24,677 | 213,512 | ||
Gross profit | (24,677) | 118,673 | ||
Research and development | 6,703 | 21,621 | ||
Sales and marketing | 18,110 | 60,743 | ||
General and administrative | 27,767 | 72,150 | ||
Gains, losses and other items, net | (1,658,667) | (1,656,014) | ||
Total operating expense | (1,606,087) | (1,501,500) | ||
Income from discontinued operations | 1,581,410 | 1,620,173 | ||
Interest expense | 0 | (5,702) | ||
Other, net | 74 | 97 | ||
Earnings from discontinued operations before income taxes | 1,581,484 | 1,614,568 | ||
Income taxes | 509,823 | 456,301 | ||
Earnings from discontinued operations, net of tax | $ 1,071,661 | $ 1,158,267 |
DISCONTINUED OPERATIONS_ The re
DISCONTINUED OPERATIONS: The related cash inflows and outflows and revenues and expenses (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Cash inflows | $ 37,150 |
Cash outflows | 8,381 |
Revenues | 39,494 |
Costs | $ 5,216 |
STOCK-BASED COMPENSATION_ (Deta
STOCK-BASED COMPENSATION: (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 02, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 |
Share-based compensation | ||||
Exercised (in dollars per share) | $ 5.73 | |||
Stock Option Activity - Number of Shares | ||||
Outstanding at beginning of the period (in shares) | 1,374,430 | |||
Options, grants in period (in shares) | 162,481 | |||
Exercised (in shares) | (134,509) | |||
Forfeited or cancelled (in shares) | (8,138) | |||
Outstanding at end of the period (in shares) | 1,394,264 | |||
Exercisable at the end of the period (in shares) | 1,281,248 | |||
Weighted-average exercise price per share | ||||
Outstanding at the beginning of the period (in dollars per share) | $ 14.81 | |||
Grants in period (in dollars per share) | 1.64 | |||
Exercised (in dollars per share) | 5.73 | |||
Forfeited or cancelled (in dollars per share) | 5.13 | |||
Outstanding at the end of the period (in dollars per share) | 14.21 | |||
Exercisable at the end of the period (in dollars per share) | $ 15.31 | |||
Weighted-average remaining contractual term | ||||
Weighted average remaining contractual term | 3 years 10 months 24 days | |||
Exercisable at the end of the period | 3 years 7 months 6 days | |||
Aggregate intrinsic value | ||||
Exercised | $ 5,468 | |||
Outstanding at the end of the period | 47,212 | |||
Exercisable at the end of the period | 41,973 | |||
Data Plus Math Corporation | ||||
Share-based compensation | ||||
Total fair value of the replacement stock options issued | $ 7,400 | |||
Expected dividend yield | 0.00% | |||
Risk free interest rate, minimum | 1.86% | |||
Risk free interest rate, maximum | 1.96% | |||
Expected volatility rate | 45.00% | |||
Number of option fully vested (in shares) | 48,619 | |||
Fair value of replacement stock options considered a component of purchase price | $ 2,300 | |||
Share-based payment arrangement, amount capitalized | $ 5,100 | |||
Data Plus Math Corporation | Minimum | ||||
Share-based compensation | ||||
Expected term | 7 years 3 months 29 days | |||
Data Plus Math Corporation | Maximum | ||||
Share-based compensation | ||||
Expected term | 9 years 6 months 18 days | |||
Stock options | ||||
Share-based compensation | ||||
Share-based compensation expense | $ 2,800 | $ 2,600 | ||
Stock options | Data Plus Math Corporation | ||||
Share-based compensation | ||||
Shares issued in period (in shares) | 162,481 | |||
Exercised (in dollars per share) | $ 1.64 | |||
Weighted-average exercise price per share | ||||
Exercised (in dollars per share) | $ 1.64 | |||
Stock Option and Equity Compensation Plans | ||||
Share-based compensation | ||||
Total shares reserved for issuance since inception of the stock option and equity compensation plans (in shares) | 42,300,000 | |||
Shares which remained available for future grants (in shares) | 10,300,000 |
STOCK-BASED COMPENSATION_ Stock
STOCK-BASED COMPENSATION: Stock-based compensation activity, by award type (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation | ||
Other non-employee stock-based compensation | $ 0.9 | $ 0.9 |
Total non-cash stock-based compensation | 72.3 | 61.6 |
Stock-based compensation of discontinued operations | 0 | 62.9 |
Total non-cash stock-based compensation included in the condensed consolidated statement of equity | 49 | 113.7 |
Cost of revenue | ||
Share-based compensation | ||
Total non-cash stock-based compensation | 2.8 | 2.6 |
Research and development | ||
Share-based compensation | ||
Total non-cash stock-based compensation | 17.3 | 14 |
Sales and marketing | ||
Share-based compensation | ||
Total non-cash stock-based compensation | 34.4 | 29.2 |
General and administrative | ||
Share-based compensation | ||
Total non-cash stock-based compensation | 17.8 | 15.8 |
Stock options | ||
Share-based compensation | ||
Share-based compensation expense | 2.8 | 2.6 |
Restricted stock units | ||
Share-based compensation | ||
Share-based compensation expense | 40.5 | 34.6 |
Arbor Holdback Agreement | Arbor | ||
Share-based compensation | ||
Share-based compensation expense | 2.6 | 11.5 |
Consideration Holdback | Data Plus Math Corporation | ||
Share-based compensation | ||
Share-based compensation expense | 4.1 | 0 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | ||
Share-based compensation | ||
Share-based compensation expense | 21.4 | 11.8 |
Liability-based equity awards | ||
Share-based compensation | ||
Total non-cash stock-based compensation | $ (23.3) | $ (10.8) |
STOCKHOLDERS' EQUITY_ Future ex
STOCKHOLDERS' EQUITY: Future expense, by award type (Details) $ in Millions | Dec. 31, 2019USD ($) |
Share-based compensation | |
Future expense for performance stock option units | $ 180.5 |
2020 | |
Share-based compensation | |
Future expense for performance stock option units | 23.9 |
2021 | |
Share-based compensation | |
Future expense for performance stock option units | 79.9 |
2022 | |
Share-based compensation | |
Future expense for performance stock option units | 47.8 |
2023 | |
Share-based compensation | |
Future expense for performance stock option units | 25.2 |
2024 | |
Share-based compensation | |
Future expense for performance stock option units | 3.7 |
Stock options | |
Share-based compensation | |
Share-based compensation not yet recognized | 4.6 |
Stock options | 2020 | |
Share-based compensation | |
Share-based compensation not yet recognized | 0.9 |
Stock options | 2021 | |
Share-based compensation | |
Share-based compensation not yet recognized | 2.3 |
Stock options | 2022 | |
Share-based compensation | |
Share-based compensation not yet recognized | 1.1 |
Stock options | 2023 | |
Share-based compensation | |
Share-based compensation not yet recognized | 0.3 |
Stock options | 2024 | |
Share-based compensation | |
Share-based compensation not yet recognized | 0 |
Restricted stock units | |
Share-based compensation | |
Future share-based compensation expense expected | 129.3 |
Restricted stock units | 2020 | |
Share-based compensation | |
Future share-based compensation expense expected | 14.4 |
Restricted stock units | 2021 | |
Share-based compensation | |
Future share-based compensation expense expected | 49.9 |
Restricted stock units | 2022 | |
Share-based compensation | |
Future share-based compensation expense expected | 38.5 |
Restricted stock units | 2023 | |
Share-based compensation | |
Future share-based compensation expense expected | 22.8 |
Restricted stock units | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | 3.7 |
Consideration Holdback | Data Plus Math Corporation | |
Share-based compensation | |
Future share-based compensation expense expected | 20.7 |
Consideration Holdback | Data Plus Math Corporation | 2020 | |
Share-based compensation | |
Future share-based compensation expense expected | 2.1 |
Consideration Holdback | Data Plus Math Corporation | 2021 | |
Share-based compensation | |
Future share-based compensation expense expected | 8.3 |
Consideration Holdback | Data Plus Math Corporation | 2022 | |
Share-based compensation | |
Future share-based compensation expense expected | 8.2 |
Consideration Holdback | Data Plus Math Corporation | 2023 | |
Share-based compensation | |
Future share-based compensation expense expected | 2.1 |
Consideration Holdback | Data Plus Math Corporation | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | |
Share-based compensation | |
Future share-based compensation expense expected | 25.9 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | 2020 | |
Share-based compensation | |
Future share-based compensation expense expected | 6.5 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | 2021 | |
Share-based compensation | |
Future share-based compensation expense expected | 19.4 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | 2022 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | 2023 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | $ 0 |
STOCK-BASED COMPENSATION_ Perfo
STOCK-BASED COMPENSATION: Performance Stock Option Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercised (in dollars per share) | $ 5.73 | |
Future expense for performance stock option units | $ 180,500 | |
Number of shares | ||
Outstanding at beginning of the period (in shares) | 1,374,430 | |
Forfeited or cancelled (in shares) | (8,138) | |
Outstanding at end of the period (in shares) | 1,394,264 | |
Exercisable at the end of the period (in shares) | 1,281,248 | |
Weighted-average exercise price per share | ||
Outstanding at the beginning of the period (in dollars per share) | $ 14.81 | |
Forfeited or cancelled (in dollars per share) | 5.13 | |
Outstanding at the end of the period (in dollars per share) | 14.21 | |
Exercisable at the end of the period (in dollars per share) | $ 15.31 | |
Weighted-average remaining contractual term | ||
Weighted average remaining contractual term | 3 years 10 months 24 days | |
Exercisable at the end of the period | 3 years 7 months 6 days | |
Aggregate intrinsic value | ||
Outstanding at the end of the period | $ 47,212 | |
Exercisable at the end of the period | 41,973 | |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 40,500 | $ 34,600 |
Performance stock | ||
Number of shares | ||
Outstanding at beginning of the period (in shares) | 130,154 | |
Forfeited or cancelled (in shares) | (130,154) | |
Outstanding at end of the period (in shares) | 0 | |
Exercisable at the end of the period (in shares) | 0 | |
Weighted-average exercise price per share | ||
Outstanding at the beginning of the period (in dollars per share) | $ 21.44 | |
Forfeited or cancelled (in dollars per share) | 21.44 | |
Outstanding at the end of the period (in dollars per share) | 0 | |
Exercisable at the end of the period (in dollars per share) | $ 0 | |
Weighted-average remaining contractual term | ||
Weighted average remaining contractual term | ||
Aggregate intrinsic value | ||
Outstanding at the end of the period | $ 0 | |
Exercisable at the end of the period | $ 0 |
STOCK-BASED COMPENSATION_ Sto_2
STOCK-BASED COMPENSATION: Stock options outstanding and exercisable (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock options outstanding and exercisable by exercise price range | ||
Options outstanding (in shares) | 1,394,264 | |
Options outstanding - Weighted-average remaining contractual life | 3 years 10 months 24 days | |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 14.21 | |
Options exercisable (in shares) | 1,281,248 | |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 15.31 | |
Range of exercise price per share from $0.61 to $9.99 | ||
Stock options outstanding and exercisable by exercise price range | ||
Exercise price per share, low end of range (in dollars per share) | 0.61 | |
Exercise price per share, high end of range (in dollars per share) | $ 9.99 | |
Options outstanding (in shares) | 264,245 | |
Options outstanding - Weighted-average remaining contractual life | 5 years 9 months 18 days | |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 1.60 | |
Options exercisable (in shares) | 151,229 | |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 1.52 | |
Range of exercise price per share from $10.00 to $19.99 | ||
Stock options outstanding and exercisable by exercise price range | ||
Exercise price per share, low end of range (in dollars per share) | 10 | |
Exercise price per share, high end of range (in dollars per share) | $ 19.99 | |
Options outstanding (in shares) | 709,672 | |
Options outstanding - Weighted-average remaining contractual life | 2 years 9 months 18 days | |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 14.69 | |
Options exercisable (in shares) | 709,672 | |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 14.69 | |
Range of exercise price per share from $20.00 to $24.99 | ||
Stock options outstanding and exercisable by exercise price range | ||
Exercise price per share, low end of range (in dollars per share) | 20 | |
Exercise price per share, high end of range (in dollars per share) | $ 24.99 | |
Options outstanding (in shares) | 420,347 | |
Options outstanding - Weighted-average remaining contractual life | 4 years 7 months 6 days | |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 21.32 | |
Options exercisable (in shares) | 420,347 | |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 21.32 | |
Stock options | ||
Stock options outstanding and exercisable by exercise price range | ||
Share-based compensation expense | $ 2.8 | $ 2.6 |
Share-based compensation not yet recognized | $ 4.6 |
STOCK-BASED COMPENSATION_ Non v
STOCK-BASED COMPENSATION: Non vested time vesting restricted stock unit activity (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Unit Activity - Other disclosures | |||
Share-based compensation expense | $ 40.5 | $ 34.6 | |
Future share-based compensation expense expected | $ 129.3 | ||
Performance stock | |||
Non-vested restricted stock unit activity | |||
Outstanding at the beginning of the period (in shares) | 394,188 | 394,188 | |
Granted (in shares) | 202,818 | ||
Forfeited or cancelled (in shares) | (49,443) | ||
Outstanding at the end of the period (in shares) | 547,563 | ||
Non-vested restricted stock units, Weighted average fair value per share at grant date | |||
Outstanding at the beginning of the period (in dollars per share) | $ 43.88 | $ 43.88 | |
Granted (in dollars per share) | 60.65 | ||
Forfeited or cancelled (in dollars per share) | 33.91 | ||
Outstanding at the end of the period (in dollars per share) | $ 50.99 | ||
Weighted-average remaining contractual term | |||
Weighted average remaining contractual term (in years) | 3 years 2 months 23 days | 2 years 5 months 26 days | |
Restricted Stock Unit Activity - Other disclosures | |||
Aggregate fair value of restricted stock units granted | $ 12.3 | ||
Time Based Vesting | |||
Non-vested restricted stock unit activity | |||
Outstanding at the beginning of the period (in shares) | 3,054,750 | 3,054,750 | |
Granted (in shares) | 1,388,507 | ||
Vested (in shares) | (506,732) | ||
Forfeited or cancelled (in shares) | (330,752) | ||
Outstanding at the end of the period (in shares) | 3,605,773 | ||
Non-vested restricted stock units, Weighted average fair value per share at grant date | |||
Outstanding at the beginning of the period (in dollars per share) | $ 30.91 | $ 30.91 | |
Granted (in dollars per share) | 52.51 | ||
Vested (in dollars per share) | 28.73 | ||
Forfeited or cancelled (in dollars per share) | 37.34 | ||
Outstanding at the end of the period (in dollars per share) | $ 38.94 | ||
Weighted-average remaining contractual term | |||
Weighted average remaining contractual term (in years) | 2 years 5 months 19 days | 2 years 4 months 13 days | |
Restricted Stock Unit Activity - Other disclosures | |||
Aggregate fair value of restricted stock units granted | $ 72.9 | ||
Total fair value | $ 24.2 | ||
Time Based Vesting | Data Plus Math Corporation | |||
Non-vested restricted stock unit activity | |||
Granted (in shares) | 155,346 | ||
Restricted Stock Unit Activity - Other disclosures | |||
Aggregate fair value of restricted stock units granted | $ 7.3 | ||
Performance Shares Vesting Total Shareholder Return | |||
Non-vested restricted stock unit activity | |||
Granted (in shares) | 60,844 | ||
Restricted Stock Unit Activity - Other disclosures | |||
Aggregate fair value of restricted stock units granted | $ 4.4 | ||
Performance Shares Vesting Under The Second Plan | |||
Non-vested restricted stock unit activity | |||
Granted (in shares) | 141,974 | ||
Restricted Stock Unit Activity - Other disclosures | |||
Aggregate fair value of restricted stock units granted | $ 7.9 | ||
Performance Shares Vesting In Three Equal Annual Increments | |||
Non-vested restricted stock unit activity | |||
Granted (in shares) | 59,480 | ||
Restricted Stock Unit Activity - Other disclosures | |||
Vesting period | 3 years | ||
Performance Shares Based On Attainment Of Revenue Compound Annual Growth Rate Target | |||
Non-vested restricted stock unit activity | |||
Granted (in shares) | 82,494 | ||
Vesting in four years | |||
Restricted Stock Unit Activity - Other disclosures | |||
Vesting period | 4 years | ||
Minimum | Performance Shares Vesting Total Shareholder Return | |||
Restricted Stock Unit Activity - Other disclosures | |||
Vesting percentage | 0.00% | ||
Minimum | Performance Shares Vesting Under The Second Plan | |||
Restricted Stock Unit Activity - Other disclosures | |||
Vesting percentage | 0.00% | ||
Maximum | Performance Shares Vesting Total Shareholder Return | |||
Restricted Stock Unit Activity - Other disclosures | |||
Vesting percentage | 200.00% | ||
Maximum | Performance Shares Vesting Under The Second Plan | |||
Restricted Stock Unit Activity - Other disclosures | |||
Vesting percentage | 200.00% |
STOCK-BASED COMPENSATION_ Other
STOCK-BASED COMPENSATION: Other (Details) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2019USD ($)numberOfExerciseMultipleshares | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($) | |
Share-based compensation | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 49,000 | $ 113,700 | |
Payments related to tax withholding for share-based compensation | 18,057 | 36,906 | |
Share-based Activity - Other disclosures | |||
Non-cash stock compensation expense | 72,279 | 61,547 | |
Other accrued expenses | 74,079 | $ 40,916 | |
Holdback expenses | $ 38,300 | ||
Consideration Holdback | |||
Share-based Activity - Other disclosures | |||
Contingent consideration arrangements, number of annual increments | numberOfExerciseMultiple | 3 | ||
Data Plus Math Corporation | |||
Share-based Activity - Other disclosures | |||
Holdback consideration transferred | $ 24,700 | ||
Holdback expenses | $ 4,100 | ||
Data Plus Math Corporation | Consideration Holdback | |||
Share-based Activity - Other disclosures | |||
Contingent consideration arrangements, number of annual increments | numberOfExerciseMultiple | 3 | ||
Arbor | |||
Share-based Activity - Other disclosures | |||
Holdback consideration transferred | $ 38,300 | ||
Arbor | Arbor Holdback Agreement | |||
Share-based Activity - Other disclosures | |||
Share-based compensation expense | 2,600 | $ 11,500 | |
Pacific Data Partners LLC | |||
Share-based compensation | |||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 39,100 | ||
Share-based Activity - Other disclosures | |||
Other accrued expenses | 17,500 | ||
Pacific Data Partners LLC | Common Stock | |||
Share-based Activity - Other disclosures | |||
Performance payout | $ 19,700 | ||
Deferred compensation arrangement, shares issued (in shares) | shares | 465,389 | ||
Deferred compensation arrangement, liability-classified portion, shares issued (in shares) | shares | 418,850 |
OTHER CURRENT AND NONCURRENT _3
OTHER CURRENT AND NONCURRENT ASSETS: (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Other current assets | ||
Prepaid expenses and other | $ 12,628 | $ 9,058 |
Post-closing receivable from IPG | 17,625 | 17,625 |
Interest receivable | 1,080 | 2,497 |
Assets of non-qualified retirement plan | 14,886 | 14,970 |
Other current assets | 46,219 | 44,150 |
Other noncurrent assets | ||
Acquired intangible assets, net | 27,702 | 24,217 |
Right of use asset | 17,947 | 0 |
Other miscellaneous noncurrent assets | 8,591 | 8,282 |
Other assets, net | $ 54,240 | $ 32,499 |
OTHER ACCRUED EXPENSES_ (Detail
OTHER ACCRUED EXPENSES: (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Other Accrued Expenses [Abstract]. | ||
Liabilities of non-qualified retirement plan | $ 14,886 | $ 14,970 |
Short-term lease liabilities | 8,550 | 0 |
PDP performance plan liability (see Note 7) | 17,481 | 0 |
DPM consideration holdback (see Note 7) | 4,123 | 0 |
Other miscellaneous accrued expenses | 29,039 | 25,946 |
Other accrued expenses | $ 74,079 | $ 40,916 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 12,800 | $ 10,700 | |
Accelerated depreciation | 3,600 | $ 2,000 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 43,519 | $ 64,852 | |
Less accumulated depreciation and amortization | 23,137 | 38,809 | |
Property and equipment, net of accumulated depreciation and amortization | 20,382 | 26,043 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 24,964 | 20,097 | |
Data processing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 9,552 | 37,678 | |
Office furniture and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 9,003 | $ 7,077 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS: (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill | |
Goodwill at the beginning of year | $ 204,656 |
Acquisition of Faktor | 3,110 |
Acquisition of DPM | 89,942 |
Change in foreign currency translation adjustment | 72 |
Goodwill at the end of year | 297,780 |
U.S. | |
Goodwill | |
Goodwill at the end of year | 294,563 |
APAC | |
Goodwill | |
Goodwill at the end of year | $ 3,217 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS: - Amounts allocated to intangible assets from acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Developed technology, gross (Software) | $ 150,300 | $ 113,600 |
Accumulated amortization | (98,894) | (85,008) |
Total finite-lived intangible assets, net | 51,406 | 28,592 |
Developed technology, gross (Software) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Developed technology, gross (Software) | 78,500 | 54,000 |
Accumulated amortization | (54,796) | (49,625) |
Total finite-lived intangible assets, net | 23,704 | 4,375 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Developed technology, gross (Software) | 41,000 | 35,800 |
Accumulated amortization | (30,992) | (26,128) |
Total finite-lived intangible assets, net | 10,008 | 9,672 |
Publisher Relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Developed technology, gross (Software) | 30,800 | 23,800 |
Accumulated amortization | (13,106) | (9,255) |
Total finite-lived intangible assets, net | $ 17,694 | $ 14,545 |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 2 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 6 years |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS: - Estimated future amortization expenses (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 13,900 | $ 13,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2020 | 5,356 | ||
2021 | 17,650 | ||
2022 | 14,342 | ||
2023 | 11,933 | ||
2024 | 2,125 | ||
Total finite-lived intangible assets, net | $ 51,406 | $ 28,592 |
Schedule of Software (Details)
Schedule of Software (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 150,300 | $ 113,600 |
Less accumulated amortization | 98,894 | 85,008 |
Total finite-lived intangible assets, net | 51,406 | 28,592 |
Developed technology, gross (Software) | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 51,525 | 51,525 |
Acquired developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 78,500 | 54,000 |
Software Development | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 130,025 | 105,525 |
Less accumulated amortization | 105,134 | 98,664 |
Total finite-lived intangible assets, net | $ 24,891 | $ 6,861 |
SOFTWARE_ (Details)
SOFTWARE: (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 13.9 | $ 13 |
Developed technology, gross (Software) | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | 6.5 | 7.3 |
Developed technology, gross (Software) | Arbor And Circulate Business Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 5.2 | $ 5.6 |
ALLOWANCE FOR DOUBTFUL ACCOUN_2
ALLOWANCE FOR DOUBTFUL ACCOUNTS: (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Mar. 31, 2019 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||
Allowances for doubtful accounts, returns and credits | $ 4.2 | $ 3 |
RESTRUCTURING, IMPAIRMENT AND_3
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: Summary of restructuring activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and adjustments | $ 233 | $ 5,043 | $ 1,890 | $ 5,533 |
Restructuring Reserve, at the end of the period | 5,000 | 5,000 | ||
Continuing operations | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, at the beginning of the period | 10,283 | |||
Restructuring charges and adjustments | 1,890 | |||
Payments | (6,653) | |||
Restructuring Reserve, at the end of the period | 5,520 | 5,520 | ||
Continuing operations | Associate-related reserves | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, at the beginning of the period | 4,595 | |||
Restructuring charges and adjustments | 1,970 | |||
Payments | (6,039) | |||
Restructuring Reserve, at the end of the period | 526 | 526 | ||
Continuing operations | Lease accruals | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, at the beginning of the period | 5,688 | |||
Restructuring charges and adjustments | (80) | |||
Payments | (614) | |||
Restructuring Reserve, at the end of the period | $ 4,994 | $ 4,994 |
RESTRUCTURING, IMPAIRMENT AND_4
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | $ 233 | $ 5,043 | $ 1,890 | $ 5,533 | |||
Restructuring reserve | 5,000 | 5,000 | |||||
Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 1,900 | $ 3,000 | |||||
Restructuring Activity 2019 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 7,700 | ||||||
Restructuring Activity 2018 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | $ 2,700 | ||||||
Restructuring Activity 2015 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | $ 9,300 | ||||||
Employee Severance | Restructuring Activity 2019 | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring reserve | 300 | 300 | |||||
Employee Severance | Restructuring Activity 2018 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 200 | ||||||
Employee Severance | Restructuring Activity 2015 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 2,600 | ||||||
Termination Of Associates | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 3,000 | ||||||
Termination Of Associates | Restructuring Activity 2019 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | (100) | ||||||
Termination Of Associates | Restructuring Activity 2018 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 800 | $ 2,500 | |||||
Leased office facilities | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 1,500 | ||||||
Adjustments to estimates related to the fiscal 2015 lease accruals | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | $ 1,500 | ||||||
Contract Termination | Restructuring Activity 2015 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 4,700 | ||||||
Leasehold Improvement Write Offs | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 800 | ||||||
Leasehold Improvement Write Offs | Restructuring Activity 2015 | Gains Losses And Other Items Net | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | $ 2,000 | ||||||
Asia-Pacific | Employee Severance | Restructuring Activity 2019 | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 200 | ||||||
United States | Employee Severance | Restructuring Activity 2019 | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 1,800 | ||||||
United States Australia China And Europe | Employee Severance | Restructuring Activity 2019 | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges and adjustments | 6,100 | ||||||
United States Australia China And Europe | Employee Severance | Restructuring Activity 2015 | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring reserve | $ 200 | $ 200 |
RESTRUCTURING, IMPAIRMENT AND_5
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: Gains, losses and other items (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring plan charges and adjustments | $ 233 | $ 5,043 | $ 1,890 | $ 5,533 |
Other | 0 | 0 | 664 | 0 |
Gains, losses and other items, net | $ 233 | $ 5,043 | $ 2,554 | $ 5,533 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS: (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Fair value of assets and liabilities | ||
Other current assets | $ 46,219 | $ 44,150 |
Fair value measurements on recurring basis | Total | ||
Fair value of assets and liabilities | ||
Other current assets | 14,886 | |
Total assets | 14,886 | |
Fair value measurements on recurring basis | Total | Level 1 | ||
Fair value of assets and liabilities | ||
Other current assets | 14,886 | |
Total assets | 14,886 | |
Fair value measurements on recurring basis | Total | Level 2 | ||
Fair value of assets and liabilities | ||
Other current assets | 0 | |
Total assets | 0 | |
Fair value measurements on recurring basis | Total | Level 3 | ||
Fair value of assets and liabilities | ||
Other current assets | 0 | |
Total assets | $ 0 |