COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | May 19, 2023 | Sep. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-38669 | ||
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 | 888 | ||
Local Phone Number | 987-6764 | ||
Title of 12(b) Security | Common Stock, $.10 Par Value | ||
Trading Symbol | RAMP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 895,724,585 | ||
Entity Common Stock, Shares Outstanding | 66,402,555 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2023 Annual Meeting of Stockholders (“2023 Proxy Statement”) of LiveRamp Holdings, Inc. (“LiveRamp,” the “Company,” “we”, “us”, or “our”) are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000733269 | ||
Entity Shell Company | false |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Mar. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 185 |
Auditor Name | KPMG LLP |
Auditor Location | Dallas, Texas |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 464,448 | $ 600,162 |
Short-term Investments | 32,807 | 7,500 |
Trade accounts receivable, net | 157,379 | 148,343 |
Refundable income taxes, net | 28,897 | 30,354 |
Other current assets | 31,028 | 29,475 |
Total current assets | 714,559 | 815,834 |
Property and equipment, net of accumulated depreciation and amortization | 7,085 | 11,531 |
Intangible assets, net | 9,868 | 26,718 |
Goodwill | 363,116 | 363,845 |
Deferred commissions, net | 37,030 | 30,594 |
Other assets, net | 41,045 | 85,214 |
Total assets | 1,172,703 | 1,333,736 |
Current liabilities: | ||
Trade accounts payable | 86,568 | 83,197 |
Accrued payroll and related expenses | 33,434 | 39,188 |
Other accrued expenses | 35,736 | 46,067 |
Deferred revenue | 19,091 | 16,114 |
Total current liabilities | 174,829 | 184,566 |
Other liabilities | 71,798 | 86,110 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 15,399 | 14,984 |
Additional paid-in capital | 1,855,916 | 1,721,118 |
Retained earnings | 1,302,291 | 1,420,993 |
Accumulated other comprehensive income | 4,504 | 5,730 |
Treasury stock, at cost | (2,252,034) | (2,099,765) |
Total stockholders' equity | 926,076 | 1,063,060 |
Total liabilities and stockholders' equity | $ 1,172,703 | $ 1,333,736 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value (in dollars per shares) | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Common stock, par or stated value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 154,000,000 | 149,800,000 |
Treasury stock, at cost (in shares) | 87,400,000 | 81,200,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | |||
Revenues | $ 596,583 | $ 528,657 | $ 443,026 |
Cost of revenue | 170,084 | 147,427 | 144,004 |
Gross profit | 426,499 | 381,230 | 299,022 |
Operating expenses: | |||
Research and development | 189,195 | 157,935 | 135,111 |
Sales and marketing | 202,437 | 182,763 | 177,543 |
General and administrative | 125,351 | 104,591 | 104,201 |
Gains, losses and other items, net | 35,316 | 1,479 | 2,715 |
Total operating expenses | 552,299 | 446,768 | 419,570 |
Loss from operations | (125,800) | (65,538) | (120,548) |
Total other income (expense), net | 6,946 | 30,463 | (252) |
Loss from continuing operations before income taxes | (118,854) | (35,075) | (120,800) |
Income tax expense (benefit) | 5,252 | (1,242) | (30,532) |
Net loss from continuing operations | (124,106) | (33,833) | (90,268) |
Earnings from discontinued operations, net of tax | 5,404 | 0 | 0 |
Net loss | $ (118,702) | $ (33,833) | $ (90,268) |
Basic earnings (loss) per share: | |||
Continuing operations (in USD per share) | $ (1.87) | $ (0.50) | $ (1.36) |
Discontinued operations (in USD per share) | 0.08 | 0 | 0 |
Basic earnings (loss) per share (in USD per share) | (1.79) | (0.50) | (1.36) |
Diluted earnings (loss) per share: | |||
Continuing operations (in USD per share) | (1.87) | (0.50) | (1.36) |
Discontinued operations (in USD per share) | 0.08 | 0 | 0 |
Diluted earnings (loss) per share (in USD per share) | $ (1.79) | $ (0.50) | $ (1.36) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (118,702) | $ (33,833) | $ (90,268) |
Other comprehensive income (loss): | |||
Change in foreign currency translation adjustment | (1,226) | (1,792) | 1,777 |
Comprehensive loss | $ (119,928) | $ (35,625) | $ (88,491) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS 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, 2020 | 143,938,753 | |||||
Balance, beginning of the period at Mar. 31, 2020 | $ 1,087,512 | $ 14,394 | $ 1,496,565 | $ 1,545,094 | $ 5,745 | $ (1,974,286) |
Treasury stock, beginning balance (in shares) at Mar. 31, 2020 | (78,081,314) | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 583,476 | (182,730) | ||||
Employee stock awards, benefit plans and other issuances | (1,182) | $ 58 | 8,680 | $ (9,920) | ||
Non-cash stock-based compensation (in shares) | 21,736 | |||||
Non-cash stock-based compensation | 84,396 | $ 2 | 84,394 | |||
Restricted stock units vested (in shares) | 2,186,763 | |||||
Restricted stock units vested | 0 | $ 219 | (219) | |||
Liability-classified restricted stock units vested (in shares) | 1,084,237 | |||||
Liability-classified restricted stock units vested | 40,760 | $ 108 | 40,652 | |||
Acquisition of treasury stock (in shares) | (1,321,666) | |||||
Acquisition of treasury stock | (42,312) | $ (42,312) | ||||
Comprehensive income (loss): | ||||||
Foreign currency translation | 1,777 | 1,777 | ||||
Net loss | (90,268) | (90,268) | ||||
Treasury stock, ending balance (in shares) at Mar. 31, 2021 | (79,585,710) | |||||
Balance, end of the period (in shares) at Mar. 31, 2021 | 147,814,965 | |||||
Balance, end of the period at Mar. 31, 2021 | 1,080,683 | $ 14,781 | 1,630,072 | 1,454,826 | 7,522 | $ (2,026,518) |
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 254,069 | (290,675) | ||||
Employee stock awards, benefit plans and other issuances | (8,360) | $ 26 | 6,240 | $ (14,626) | ||
Non-cash stock-based compensation (in shares) | 52,459 | |||||
Non-cash stock-based compensation | 71,180 | $ 5 | 71,175 | |||
Restricted stock units vested (in shares) | 1,131,489 | |||||
Restricted stock units vested | 0 | $ 113 | (113) | |||
Liability-classified restricted stock units vested (in shares) | 547,343 | |||||
Liability-classified restricted stock units vested | 13,803 | $ 55 | 13,748 | |||
Acquisition-related restricted stock award (in shares) | 40,600 | |||||
Acquisition-related restricted stock award | 0 | $ 4 | (4) | |||
Acquisition of treasury stock (in shares) | (1,329,211) | |||||
Acquisition of treasury stock | (58,621) | $ (58,621) | ||||
Comprehensive income (loss): | ||||||
Foreign currency translation | (1,792) | (1,792) | ||||
Net loss | $ (33,833) | (33,833) | ||||
Treasury stock, ending balance (in shares) at Mar. 31, 2022 | 81,200,000 | (81,205,596) | ||||
Balance, end of the period (in shares) at Mar. 31, 2022 | 149,840,925 | |||||
Balance, end of the period at Mar. 31, 2022 | $ 1,063,060 | $ 14,984 | 1,721,118 | 1,420,993 | 5,730 | $ (2,099,765) |
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 399,146 | (101,011) | ||||
Employee stock awards, benefit plans and other issuances | 3,987 | $ 40 | 6,219 | $ (2,272) | ||
Non-cash stock-based compensation (in shares) | 47,093 | |||||
Non-cash stock-based compensation | 117,351 | $ 5 | 117,346 | |||
Restricted stock units vested (in shares) | 3,253,815 | |||||
Restricted stock units vested | 0 | $ 325 | (325) | |||
Liability-classified restricted stock units vested (in shares) | 446,805 | |||||
Liability-classified restricted stock units vested | 11,603 | $ 45 | 11,558 | |||
Acquisition of treasury stock (in shares) | (6,066,230) | |||||
Acquisition of treasury stock | (149,997) | $ (149,997) | ||||
Comprehensive income (loss): | ||||||
Foreign currency translation | (1,226) | (1,226) | ||||
Net loss | $ (118,702) | (118,702) | ||||
Treasury stock, ending balance (in shares) at Mar. 31, 2023 | 87,400,000 | (87,372,837) | ||||
Balance, end of the period (in shares) at Mar. 31, 2023 | 153,987,784 | |||||
Balance, end of the period at Mar. 31, 2023 | $ 926,076 | $ 15,399 | $ 1,855,916 | $ 1,302,291 | $ 4,504 | $ (2,252,034) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (118,702) | $ (33,833) | $ (90,268) |
Earnings from discontinued operations | (5,404) | 0 | 0 |
Non-cash operating activities: | |||
Depreciation and amortization | 20,787 | 24,248 | 27,741 |
Loss on disposal or impairment of assets | 4,137 | 183 | 388 |
Gain on sale of strategic investments | (194) | 0 | 0 |
Lease-related restructuring charges | 27,545 | 0 | 0 |
Gain on distribution from retained profits interest | 0 | (30,235) | 0 |
Provision for doubtful accounts | 1,776 | 4,217 | 2,915 |
Deferred income taxes | 115 | (1,540) | (1,418) |
Non-cash stock compensation expense | 125,800 | 87,257 | 111,707 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (12,123) | (38,611) | (24,828) |
Deferred commissions | (6,436) | (7,975) | (6,605) |
Other assets | 7,705 | 26,863 | (18,772) |
Accounts payable and other liabilities | (15,369) | 8,850 | (116) |
Income taxes, net | 596 | 33,969 | (26,215) |
Deferred revenue | 4,208 | 4,684 | 4,911 |
Net cash provided by operating activities | 34,441 | 78,077 | (20,560) |
Cash flows from investing activities: | |||
Capital expenditures | (4,696) | (4,499) | (2,182) |
Cash paid in acquisitions, net of cash received | 0 | (19,107) | (76,012) |
Distribution from retained profits interest | 0 | 31,184 | 0 |
Purchases of investments | (28,197) | 0 | (7,500) |
Proceeds from investments | 3,000 | 0 | 0 |
Purchases of strategic investments | (500) | 0 | (2,200) |
Proceeds from sale of strategic investment | 1,394 | 0 | 0 |
Net cash provided by (used in) investing activities | (28,999) | 7,578 | (87,894) |
Cash flows from financing activities: | |||
Proceeds related to the issuance of common stock under stock and employee benefit plans | 6,259 | 6,266 | 8,737 |
Shares repurchased for tax withholdings upon vesting of stock-based awards | (2,272) | (14,626) | (9,920) |
Acquisition of treasury stock | (149,997) | (58,621) | (42,312) |
Net cash used in financing activities | (146,010) | (66,981) | (43,495) |
Net cash provided by (used in) continuing operations | (140,568) | 18,674 | (151,949) |
Cash flows from discontinued operations: | |||
From operating activities | 5,404 | 0 | 0 |
Net cash provided by discontinued operations | 5,404 | 0 | 0 |
Effect of exchange rate changes on cash | (550) | (199) | 1,010 |
Net change in cash and cash equivalents | (135,714) | 18,475 | (150,939) |
Cash and cash equivalents at beginning of period | 600,162 | 581,687 | 732,626 |
Cash and cash equivalents at end of period | 464,448 | 600,162 | 581,687 |
Supplemental cash flow information: | |||
Cash paid (received) for income taxes, net - continuing operations | 5,801 | (32,916) | (2,911) |
Cash (received) for income taxes, net - discontinued operations | (8,332) | 0 | 0 |
Cash paid for operating lease liabilities | 8,243 | 10,108 | 10,883 |
Operating lease assets obtained in exchange for operating lease liabilities | 69 | 56,182 | 372 |
Operating lease assets, and related lease liabilities, relinquished in lease terminations | (6,781) | 0 | 0 |
Purchases of property, plant and equipment remaining unpaid at period end | $ 47 | $ 696 | $ 0 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Description of Business - LiveRamp Holdings, Inc. ("LiveRamp", "we", "us", or the "Company") is a global technology company that helps companies build enduring brand and business value by collaborating responsibly with data. A groundbreaking leader in consumer privacy, data ethics and foundational identity, LiveRamp is setting a new standard for building a connected customer view with unmatched clarity and context while protecting brand and consumer trust. Our best-in-class enterprise platform enables data collaboration, where companies can share first-party consumer data with trusted business partners securely and in a privacy conscious manner. We offer flexibility to collaborate wherever data lives to support a wide range of data collaboration use cases—within organizations, between brands, and across our global network of premier partners. Global innovators, from iconic consumer brands and tech platforms to retailers, financial services, and healthcare leaders, turn to LiveRamp to deepen customer engagement and loyalty, activate new partnerships, and maximize the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is a Delaware corporation headquartered in San Francisco, California. Our common stock is listed on the New York Stock Exchange under the symbol “RAMP.” We serve a global client base from locations in the United States, Europe, and the Asia-Pacific (“APAC”) region. Our direct client list includes many of the world’s best-known and most innovative brands across most major industry verticals, including but not limited to financial, insurance and investment services, retail, automotive, telecommunications, high tech, consumer packaged goods, healthcare, travel, entertainment and non-profit. Through our expansive partner ecosystem we serve thousands of additional companies, unlocking access to unique customer moments and creating powerful network effects. Basis of Presentation and Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, after elimination of all significant intercompany accounts and transactions. We have prepared the accompanying consolidated financial statements in U.S. dollars in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification and Updates (“ASC” and "ASU"), and we consider the various staff accounting bulletins and other applicable guidance issued by the United States Securities and Exchange Commission ("SEC"). Our fiscal year ends on March 31. References to fiscal 2023, for example, are to the fiscal year ended March 31, 2023. Use of Estimates - In preparing consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used in determining, among other items, revenue recognition criteria, allowance for credit losses, operating lease assets and liabilities, including the incremental borrowing rate and terms and provision of each lease, the fair value of acquired assets and assumed liabilities, restructuring and impairment accruals, litigation and facilities lease loss accruals, stock-based compensation, and the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions. Actual results could differ from those estimates. As of March 31, 2023, the impacts to the Company's business due to COVID-19, geopolitical developments and macroeconomic factors, such as rising interest rates, inflation, bank failures, changes in foreign currency exchange rates and supply chain disruptions, continue to evolve. As a result, many of the Company's estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods. Operating Segments - The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by our Chief Operating Decision Maker ("CODM"). Our Chief Executive Officer is our CODM. Our CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated basis. Since we operate as one operating segment, all required financial segment information can be found in the consolidated financial statements. Earnings (Loss) per Share - Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. A reconciliation of the numerator and denominator of basic and diluted loss per share is shown below (in thousands, except per share amounts): Year ended March 31, 2023 2022 2021 Net loss from continuing operations $ (124,106) $ (33,833) $ (90,268) Earnings from discontinued operations, net of tax 5,404 — — Net loss $ (118,702) $ (33,833) $ (90,268) Basic weighted-average shares outstanding 66,352 68,211 66,304 Dilutive effect of common stock options and restricted stock as computed under the treasury stock method (1) — — — Diluted weighted-average shares outstanding 66,352 68,211 66,304 Net earnings (loss) per common share, basic and diluted Continuing operations $ (1.87) $ (0.50) $ (1.36) Discontinued operations 0.08 — — Net loss $ (1.79) $ (0.50) $ (1.36) (1) The number of common stock options and restricted stock units as computed under the treasury stock method that would have otherwise been dilutive but are excluded from the table above because their effect would have been anti-dilutive due to the net loss position of the Company was 0.7 million, 1.3 million, and 2.7 million for the years ended March 31, 2023, 2022, and 2021, respectively. Restricted stock units that were outstanding during the years presented but were not included in the computation of diluted loss per share because their effect would have been anti-dilutive (other than due to the net loss position of the Company) are shown below (shares in thousands): Year ended March 31, 2023 2022 2021 Number of shares underlying restricted stock units 2,376 686 90 Significant Accounting Policies Cash and Cash Equivalents - The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid money-market fund investments and U.S. Treasury securities with remaining maturities of three months or less at the date of purchase. Investments - Investments consist of U.S. Treasury securities and certificates of deposit. Securities having remaining maturities of more than three months at the date of purchase and less than one year from the date of the balance sheet are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets. These investments are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported as accumulated other comprehensive income, a separate component of stockholders' equity. The Company reviews all investments for reductions in fair value that are other-than-temporary. When such reductions occur, the cost of the investment is adjusted to fair value through recording a loss on investments in the consolidated statements of operations. Gains and losses on investments are calculated on the basis of specific identification. We did not recognize any gains or losses in fiscal 2023, 2022 or 2021. Strategic Investments - Strategic investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the statement of operations. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the investment is impaired. If there are sufficient indicators that the fair value of the investment is less than the carrying value, the carrying value of the investment is reduced and an impairment is recorded in the consolidated statements of operations as other expense, net of tax. During the twelve months ended March 31, 2023, the Company recorded a $4.0 million impairment of a strategic investment that is recorded in other expense in the consolidated statement of operations. There were no impairment charges for the twelve months ended March 31, 2022 or 2021, respectively. Revenue Recognition - LiveRamp recognizes revenue from the following sources: (i) Subscription revenue, which consists primarily of subscription fees from clients accessing our LiveRamp platform; and (ii) Marketplace and Other revenue, which primarily consists of revenue-sharing fees generated from access to data through our LiveRamp Data Marketplace, professional services including product implementation, data science analytics and audience measurement, and transactional usage-based revenue from arrangements with certain publishers and addressable TV providers. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the performance obligations are satisfied. Identification of the contract We consider the terms and conditions of the contract and our customary business practices when identifying our contracts under ASC 606. We determine we have a contract with a customer when the contract or contract modification is approved and the parties are committed to performing their respective obligations, we can identify each party's rights regarding the services to be transferred, we can identify the payment terms for the services, we have determined the contract has commercial substance, and we have determined that collection of at least some of the contract consideration is probable. At contract inception we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the single or combined contract includes one or multiple performance obligations. We apply judgment in determining the customer's ability to pay, which is based on a variety of factors, including the customer's historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer. Identification of the performance obligations As part of accounting for arrangements with multiple performance obligations, we must assess whether each performance obligation is distinct. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. We have determined that our subscriptions to the platform are a distinct performance obligation and access to data for revenue-sharing and usage-based arrangements is a distinct performance obligation because, once a customer has access to the platform, the service is fully functional and does not require any additional development, modification, or customization. Determination of the transaction price The transaction price is the amount of consideration we expect to be entitled to in exchange for transferring services to a customer, excluding sales taxes that are collected on behalf of government agencies. Variable consideration is assessed and included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of our contracts contain a significant financing component. Allocation of the transaction price to the performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each distinct performance obligation based on the standalone selling price ("SSP") of each service. We generally determine the SSP based on contractual selling prices when the obligation is sold on a standalone basis, as well as market conditions, competition, and pricing practices. As pricing and marketing strategies evolve, we may modify our pricing practices in the future, which could result in changes to SSP. Recognition of revenue when, or as, the performance obligations are satisfied Revenues are recognized when or as control of the promised services is transferred to customers. Subscription revenue is generally recognized ratably over the subscription period beginning on the date the services are made available to customers. Marketplace and Other revenue is typically transactional in nature, tied to a revenue share or volumes purchased. We report revenue from Data Marketplace and other similar transactions on a net basis because our performance obligation is to facilitate a transaction between data providers and data buyers, for which we earn a portion of the gross fee. Consequently, the portion of the gross amount billed to data buyers that is remitted to data providers is not reflected as revenues. We generate revenue from Services primarily from project fees paid by subscribers to our platform. Service projects are sold on an ad hoc basis as well as bundled with platform subscriptions. Services revenue is less than 5% of total Company revenue. Accounts Receivable Accounts receivable include amounts billed to customers as well as unbilled amounts recognized in accordance with the Company’s revenue recognition policies. Unbilled amounts included in trade accounts receivable, net, which generally arise from the performance of services to customers in advance of billings, were $16.7 million at March 31, 2023, and $12.5 million at March 31, 2022. Trade accounts receivable are presented net of allowances for credit losses, returns and credits based on the probability of future collections. The probability of future collections is based on specific considerations of historical loss patterns and an assessment of the continuation of such patterns based on past collection trends and known or anticipated future economic events that may impair collectability. Accounts receivable that are determined to be uncollectible are charged against the allowance for doubtful accounts. Indicators that there is no reasonable expectation of recovery include past due status greater than 360 days or bankruptcy of the debtor. A summary of the activity of the allowance for credit losses, returns and credits was (dollars in thousands): Year ended: Balance at beginning of period Additions charged to costs and expenses Other changes Bad debts written off, net of amounts recovered Balance at end of period March 31, 2021 $ 7,575 2,915 108 (2,981) $ 7,617 March 31, 2022 $ 7,617 4,217 (3) (1,870) $ 9,961 March 31, 2023 $ 9,961 1,776 10 (2,403) $ 9,344 Deferred Revenue Deferred revenue consists of amounts billed in excess of revenue recognized. Deferred revenues are subsequently recorded as revenue when earned in accordance with the Company’s revenue recognition policies. Deferred Commissions, net - The Company capitalizes incremental costs to acquire contracts and amortizes them on a straight-line basis over the expected period of benefit, which we have determined to be four years. Net capitalized costs of $6.8 million and $8.0 million were recognized as a reduction of operating expense for the years ended March 31, 2023 and 2022, respectively. We did not recognize any impairment charges in fiscal 2023, 2022, or 2021. Property and Equipment - Property and equipment are stated at cost. Depreciation and amortization are calculated on the straight-line method over the estimated useful lives of the assets as follows: leasehold improvements, 2 - 5 years; data processing equipment, 2 - 5 years, and office furniture and other equipment, 3 - 7 years. Operating Leases - Right-of-use ("ROU") assets represent the Company's right to control the use of an identified asset for a period of time, or term, in exchange for consideration, and operating lease liabilities represent its obligation to make lease payments arising from the aforementioned right. The Company determines if an arrangement is, or contains, 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 ROU assets and lease liabilities and related expense is recorded as incurred. ROU assets and lease liabilities are initially recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease, and may include options to extend or terminate the lease when it is reasonably certain at the commencement date that such options will be exercised. As the rate implicit for each of the Company's leases is not readily determinable, 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. ROU assets also include any initial direct costs and any lease payments made prior to the lease commencement date and are reduced by any lease incentives received. ROU assets are included in other assets in the consolidated balance sheets. Short-term lease liabilities are included in other accrued expenses and long-term lease liabilities are included in other liabilities in the consolidated balance sheets. ROU assets are amortized on a straight-line basis as operating lease cost in the consolidated statements of operations. Business Combinations – We apply the provisions of ASC 805, Business Combinations , in accounting for acquisitions. ASC 805 requires us to determine if assets or a business was acquired. If a business was acquired, it requires us to recognize separately from goodwill the fair value of the assets acquired and the liabilities assumed at the acquisition date. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments resulting from new information about facts and circumstances that existed at the acquisition date and falls within the measurement period to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. Goodwill - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business acquisitions accounted for using the acquisition method of accounting and is not amortized. Goodwill is measured and tested for impairment on an annual basis in the first quarter of the Company's fiscal year in accordance with ASC 350, Intangibles-Goodwill and Other , or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events and changes may include significant changes in performance related to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy. Our test for goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the purposes of impairment testing, we have determined that we have three reporting units. We completed our annual impairment test during the first quarter of fiscal 2023 and assessed whether there were any triggering events quarterly. We did not recognize any goodwill impairment charges in fiscal 2023, 2022 or 2021. Intangible Assets - We amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists. We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets, including our intangible assets, may not be recoverable. When such events or changes in circumstances occur, we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets. We did not recognize any intangible asset impairment charges in fiscal 2023, 2022 or 2021. During fiscal 2023, our intangible assets were amortized over their estimated useful lives ranging from two years to six years. Amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent. The weighted average useful lives of our intangible assets were as follows: Weighted Average Useful Life (years) Developed technology 3.9 Customer relationships 5.3 Publisher and Data Supply relationships 4.0 Impairment of Long-lived Assets - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company considers factors such as operating losses, declining outlooks, and business conditions when evaluating the necessity for an impairment analysis. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair Value of Financial Instruments - We apply the provisions of ASC 820, Fair Value Measurement , to our assets and liabilities that we are required to measure at fair value pursuant to other accounting standards. The additional disclosure regarding our fair value measurements is included in Note 18 - Fair Value of Financial Instruments . Concentration of Credit Risk and Significant Customers - Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company's cash and cash equivalents are held in federally insured financial institutions. Although the Company's deposits may exceed federally insured limits, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no significant off-balance sheet risk such as foreign exchange contracts, options contracts, or other hedging arrangements. The Company’s trade accounts receivables are from a large number of customers. Accordingly, the Company’s credit risk is affected by general economic conditions. At March 31, 2023, there were no customers that represented more than 10% of the trade accounts receivable balance. Our ten largest clients represented approximately 29% of our revenues in fiscal year 2023. One client, The Interpublic Group of Companies, accounted for 12% of our revenues in fiscal year 2023. Income Taxes - The Company and its domestic subsidiaries file a consolidated federal income tax return. The Company’s foreign subsidiaries file separate income tax returns in the countries in which their operations are based. The Company makes estimates and judgments in determining the provision for income taxes for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certain deferred tax assets and liabilities that arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes, as well as the interest and penalties related to uncertain tax positions. Significant changes in these estimates may result in an increase or decrease to the tax provision in a subsequent period. The Company assesses the likelihood that it will be able to recover its deferred tax assets. If recovery is not likely, the Company increases the provision for taxes by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process pursuant to ASC 740, Income Taxes . The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. If the Company determines that a tax position will more likely than not be sustained on audit, the second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various outcomes. The Company re-evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors such as changes in facts or circumstances, changes in tax law, new audit activity, and effectively settled issues. Determining whether an uncertain tax position is effectively settled requires judgment. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. Foreign Currency - The reporting currency of the Company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary. The balance sheets of the Company’s foreign subsidiaries are translated at period-end rates of exchange, and the statements of operations are translated at the average exchange rate for the period. The effects of foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in the consolidated statements of equity and comprehensive income (loss). We reflect net foreign exchange transaction gains and losses, resulting from the conversion of the transaction currency to functional currency, as a component of foreign currency exchange gain (loss) in total other income (expense) in the consolidated statements of operations. Advertising Expense - Advertising costs are expensed as incurred. Advertising expense was approximately $12.9 million, $10.5 million, and $7.0 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively. Advertising expense is included in operating expenses in the consolidated statements of operations. Legal Contingencies - We are currently involved in various claims and legal proceedings. Quarterly, we review the status of each significant matter and assess our potential financial exposure. We accrue a liability for an estimated loss if the potential loss from any claim or legal proceeding is considered probable, and the amount can be reasonably estimated. Note 13 - Commitments and Contingencies provides additional information regarding certain of our legal contingencies. Stock-Based Compensation - The Company records stock-based compensation expense according to the provisions of ASC Topic 718, Compensation – Stock Compensation . ASC Topic 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations over the service period of the award based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing stock-based payments and the amortization method for compensation cost. The Company has stock option plans and equity compensation plans (collectively referred to as the “stock-based plans”) administered by the compensation committee of the board of directors (“compensation committee”) under which options and restricted stock units were outstanding as of March 31, 2023. The Company’s equity compensation plan provides that all employees (employees, officers, directors, affiliates, independent contractors or consultants) are eligible to receive awards (grant of any option, stock appreciation right, restricted stock award, restricted stock unit award, performance award, performance share, performance unit, qualified performance-based award, or other stock unit award) under the plan with the terms and conditions applicable to an award set forth in applicable grant documents. Incentive stock option awards granted under the stock-based plans cannot be granted with an exercise price less than 100% of the per-share market value of the Company’s shares at the date of grant and have a maximum duration of ten years from the date of grant. Board policy currently requires that non-qualified options also must be priced at or above 100% of the fair market value of the common stock at the time of grant with a maximum duration of ten years. Restricted stock units may be issued under the equity compensation plan and represent the right to receive shares in the future by way of an award agreement that includes vesting provisions. Award agreements can further provide for forfeitures triggered by certain prohibited activities, such as breach of confidentiality. All restricted stock units are expensed over the vesting period and adjusted for forfeitures as incurred. The vesting of some restricted stock units is subject to the Company’s achievement of certain performance criteria, as well as the individual remaining employed by the Company for a period of years. The Company receives income tax deductions because of the exercise of non-qualified stock options and the vesting of other stock-based awards. To the extent the income tax deductions differ from the corresponding stock-based compensation expense, such excess tax benefits and deficiencies are included as a component of income tax expense and ref |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Mar. 31, 2023 | |
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): Year ended March 31, Primary Geographical Markets 2023 2022 2021 United States $ 556,219 $ 495,765 $ 415,976 Europe 32,210 26,373 22,515 Asia-Pacific ("APAC") 7,470 6,519 4,535 Other 684 — — $ 596,583 $ 528,657 $ 443,026 Major Offerings/Services Subscription $ 482,807 $ 428,617 $ 356,597 Marketplace and Other 113,776 100,040 86,429 $ 596,583 $ 528,657 $ 443,026 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 consolidated financial statements. The amount of fixed revenue not yet recognized was $470.9 million as of March 31, 2023, of which $337.6 million will be recognized over the next twelve months. The Company expects to recognize revenue on substantially all of these remaining performance obligations by March 31, 2027. |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES: Right-of-use assets and lease liabilities balances consist of the following (dollars in thousands): March 31, 2023 March 31, 2022 Right-of-use assets included in other assets, net $ 24,604 $ 59,459 Short-term lease liabilities included in other accrued expenses $ 9,929 $ 8,984 Long-term lease liabilities included in other liabilities $ 37,243 $ 52,241 Supplemental balance sheet information: Weighted average remaining lease term 5.6 years 6.4 years Weighted average discount rate 3.5 % 3.6 % The Company leases its office facilities under non-cancellable operating leases that expire at various dates through fiscal 2030. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance and other property operating services. These costs are calculated based on a variety of factors including property values, tax and utility rates, property service fees, and other factors. Operating lease costs were $11.6 million, $11.6 million, and $11.6 million for the twelve months ended March 31, 2023, 2022, and 2021, respectively. During the twelve months ended March 31, 2023, the Company recorded $24.6 million of right-of-use asset impairment charges and $2.9 million of non-lease component restructuring charges that are included in gains, losses and other items, net in the consolidated statements of operations related to the exit from certain leased office facilities. Please refer to Note 4, Restructuring, Impairment and Other Charges for further details. Future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of March 31, 2023 are as follows (dollars in thousands): Amount Fiscal 2024 $ 10,090 Fiscal 2025 9,116 Fiscal 2026 8,283 Fiscal 2027 8,017 Fiscal 2028 8,238 Thereafter 8,346 Total undiscounted lease commitments 52,090 Less: Interest and short-term leases 4,918 Total discounted operating lease liabilities $ 47,172 |
RESTRUCTURING, IMPAIRMENT AND O
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES | 12 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES | RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: Restructuring activities result in various costs, including asset write-offs, right of use ("ROU") asset group impairments, exit charges including severance, contract termination fees, and decommissioning and other costs. A reconciliation of the beginning and ending restructuring liabilities is shown below for the twelve months ended March 31, 2023, 2022 and 2021. The restructuring charges and adjustments are included in gains, losses and other items, net in the consolidated statements of operations. The reserve balances are included in other accrued expenses and other liabilities in the consolidated balance sheets (dollars in thousands). Employee-related Lease Total Balances at March 31, 2020 450 6,243 6,693 Restructuring charges and adjustments 1,663 62 1,725 Payments (1,288) (2,387) (3,675) Balances at March 31, 2021 $ 825 $ 3,918 $ 4,743 Restructuring charges and adjustments — (19) (19) Payments (778) (872) (1,650) Balances at March 31, 2022 $ 47 $ 3,027 $ 3,074 Restructuring charges and adjustments 7,792 2,946 10,738 Payments (7,080) (1,100) (8,180) Balances at March 31, 2023 $ 759 $ 4,873 $ 5,632 Employee-related Restructuring Plans During the twelve months ended March 31, 2023, the Company recorded a total of $7.8 million in employee-related restructuring charges and adjustments. The expense included severance and other employee-related charges primarily in the United States. Of the $7.8 million employee-related charges, $0.8 million remained accrued as of March 31, 2023 and are expected to be paid out during fiscal 2024. In fiscal 2021, the Company recorded a total of $1.7 million in employee-related restructuring charges and adjustments. The expense included severance and other employee-related charges in the United States and Europe. Of the associate-related charges of $1.7 million, final amounts were paid out during fiscal 2023. Lease-related Impairments and Restructuring Plans In fiscal 2023, the Company initiated a restructuring plan to lower its operating expenses by reducing its global real estate footprint. As part of this plan, we exited a total of eight leased office spaces. Of that, five were in the United States: one located in Boston, one located in Philadelphia, one located in Phoenix, and two floors of leased office space in San Francisco. The three remaining spaces were in Europe: one located in the Netherlands, one floor of leased office space in London, England, and one floor of leased office space in Paris, France. Based on a comparison of undiscounted cash flows to the ROU asset group of each exited lease, the Company determined that each of the ROU asset groups were impaired, driven largely by the difference between the existing lease terms and rates on the Company’s leases and the expected sublease terms and rates available in the market. This resulted in an impairment charge of $24.6 million which reflects the excess of the ROU asset group book value over its fair value, which was determined based on estimates of future discounted cash flows and is classified as Level 3 in the fair value hierarchy. The lease impairment charges included impairments of the operating lease ROU assets of $20.5 million, and the associated furniture, equipment, and leasehold improvements of $4.1 million. Additionally, the Company recorded $2.9 million in lease-related restructuring charges and adjustments that covered other obligations related to the leased office space in San Francisco and Phoenix. Of the $2.9 million lease-related charges, $2.7 million remained accrued as of March 31, 2023 and will be satisfied over the remainder of the San Francisco and Phoenix properties' lease terms, which continues through April 2029. In fiscal 2017, the Company made the strategic decision to exit and sub-lease a certain leased office facility under a staggered-exit plan. The full exit was completed in fiscal 2019. We intend to continue subleasing the facility to the extent possible. The liability will be satisfied over the remainder of the leased property's term, which continues through November 2025. Any future changes in the estimates or in the actual sublease income may require future adjustments to the liabilities, which would impact net earnings (loss) in the period the adjustment is recorded. Through March 31, 2023, the Company has recorded a total of $7.3 million of restructuring charges and adjustments related to this lease. Of the amount accrued for this facility lease, $2.1 million remained accrued at March 31, 2023. Gains, Losses and Other Items, net The following table summarizes the activity included in gains, losses and other items, net in the consolidated statements of operations for each of the periods presented (dollars in thousands): Year ended March 31, 2023 2022 2021 Employee-related restructuring plan charges and adjustments $ 7,792 $ (19) $ 1,725 Lease-related restructuring plan charges and adjustments 2,946 — — Early contract terminations — 1,042 — ROU asset group impairments 24,599 — — Other (21) 456 990 $ 35,316 $ 1,479 $ 2,715 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS: Rakam On December 13, 2021, the Company completed the acquisition of certain technology assets owned by Rakam, Inc. ("Rakam") for approximately $2.2 million in cash (including a holdback amount of $0.2 million included in other accrued expenses in the consolidated balance sheet - see Note 11). The technology asset is a cloud-agnostic customer data analytics platform that is deployed direct in the client's data warehouse. The purchased technology has been embedded into the Company's platform, enabling us to provide a single, unified segmentation solution and enable our clients to generate real-time insights and create custom audiences wherever their data resides. The Company concluded the acquired assets did not meet the definition of a business under ASU 2017-01, "Clarifying the Definition of a Business," and therefore has accounted for the acquisition as an asset acquisition. The purchased asset was recorded as a $2.2 million developed technology intangible asset included in other assets, net in the consolidated balance sheet and is being amortized over a period of three years based on its estimated useful life. In connection with acquisition, the Company extended employment agreements and granted $2.6 million of restricted stock units to two key Rakam employees that will be recorded as non-cash stock compensation (see Note 14). The restricted stock units vest over four years and were not considered part of the asset purchase price as they require future service and continued employment by those individuals to vest. Diablo On April 21, 2021, the Company completed the acquisition of Diablo.ai, Inc. ("Diablo"), a first-party data resolution platform and graph builder, for approximately $9.7 million in cash (including a holdback amount of $1.2 million included in other accrued expenses in the consolidated balance sheet - see Note 11). The acquisition also included $1.9 million of assumed restricted stock awards that are recorded as non-cash stock compensation over a period of three years (see Note 14). Diablo's technology has been embedded into our unified platform and plays an integral role in our global identity capability. The Company omitted pro forma disclosures related to this acquisition as the pro forma effect of this acquisition was not material. The results of operations for this acquisition are included in the Company's consolidated results beginning April 21, 2021. The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): April 21, 2021 Assets acquired: Cash $ 131 Goodwill 6,807 Intangible assets 3,500 Total assets acquired 10,438 Deferred income taxes (505) Accounts payable and accrued expenses (65) Net assets acquired 9,868 Less: Cash acquired (131) Net purchase price allocated 9,737 Less: Cash held back (1,200) Net cash paid in acquisition 8,537 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributed to the development of future technology and products. The goodwill balance is not deductible for U.S. income tax purposes. The amount allocated to intangible assets in the table is developed technology with a useful life of three years. DataFleets On February 17, 2021, the Company acquired DataFleets, Ltd. ("DataFleets"), a cloud data platform that enables data silos to be unified without moving data or compromising privacy. This acquisition expands LiveRamp's data protection capabilities to unlock greater data access and control for its customers. In addition, the deal opens up new use cases as well as new markets for distributed data collaboration. The Company has included the financial results of DataFleets in the consolidated financial statements as of February 17, 2021. The acquisition date fair value of the consideration for DataFleets was approximately $67.2 million, which consisted of the following (dollars in thousands): Cash, net of $2.1 million cash acquired 58,264 Restricted cash held in escrow 8,900 Total fair value of consideration transferred $ 67,164 On the acquisition date, the Company delivered $8.9 million of cash to an escrow agent according to the terms of the purchase agreement. The principal escrow was owned by the Company until the funds were delivered to the DataFleets sellers in the fourth quarter of fiscal 2022. All interest and earnings on the principal escrow amount remained the property of the Company. The total fair value of replacement stock options issued was $2.9 million for future services and is being expensed over the future requisite service periods. In connection with the DataFleets acquisition, the Company agreed to pay $18.1 million to certain key employees (see Note 14). The consideration holdback is payable in three 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 based 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-year earning period. The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): February 17, 2021 Assets acquired: Cash $ 2,099 Goodwill 56,436 Intangible assets 11,400 Other current and noncurrent assets 1,119 Total assets acquired 71,054 Deferred income taxes (1,716) Accounts payable and accrued expenses (75) Net assets acquired 69,263 Less: Cash acquired (2,099) Net purchase price allocated 67,164 Less: Restricted cash held in escrow (8,900) Net cash paid in acquisition $ 58,264 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributed to expectations to the development of future technology. The goodwill balance is not deductible for U.S. income tax purposes. The amounts allocated to intangible assets in the table above included developed technology and customer relationships/trade name. Intangible assets are being 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 $ 11,000 4 Customer relationships/trade names 400 2 Total intangible assets $ 11,400 The Company has omitted pro forma disclosures related to this acquisition date as the pro forma effect of this acquisition is not material. Acuity Data On July 16, 2020, the Company completed the acquisition of Acuity Data ("Acuity"), a team of global retail and consumer packaged goods ("CPG") experts, for approximately $2.9 million in cash. The acquisition also included a three-year performance plan having a maximum potential attainment of $5.1 million that would be recorded as non-cash stock-based compensation expense if achieved. The acquisition strengthens the retail analytics capabilities of our data collaboration platform by enabling better reporting, insights, and collaboration for retailers and CPG companies, bridging the gap between trade and media by bringing consumers' digital signals and retail transaction data together in a privacy-conscious manner. The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): July 16, 2020 Assets acquired: Cash $ 184 Trade accounts receivable 156 Goodwill 2,011 Intangible assets 1,100 Other current and noncurrent assets 43 Total assets acquired 3,494 Deferred income taxes (288) Accounts payable and accrued expenses (89) Net assets acquired 3,117 Less: Cash acquired (184) Net cash paid $ 2,933 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributed to the development of future technology and products, development of future customer relationships, and the Acuity assembled workforce. The Company has omitted pro forma disclosures related to this acquisition as the pro forma effect of this acquisition is not material. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS: Acxiom Marketing Solutions ("AMS") business |
OTHER CURRENT AND NONCURRENT AS
OTHER CURRENT AND NONCURRENT ASSETS | 12 Months Ended |
Mar. 31, 2023 | |
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): March 31, 2023 March 31, 2022 Prepaid expenses and other $ 18,918 $ 13,947 Assets of non-qualified retirement plan 12,110 15,528 Other current assets $ 31,028 $ 29,475 Other noncurrent assets consist of the following (dollars in thousands): March 31, 2023 March 31, 2022 Long-term prepaid revenue share $ 9,659 $ 13,468 Right-of-use assets (see Note 3) 24,604 59,459 Deferred tax asset 1,253 1,224 Deposits 3,452 4,486 Strategic investments 1,600 5,700 Other miscellaneous noncurrent assets 477 877 Other assets, net $ 41,045 $ 85,214 During the twelve months ended March 31, 2023, the Company became aware of a pending sale and the proposed value of the transaction related to one of our strategic investments. As a result, the Company recorded a $4.0 million impairment that is recorded in other expense in the consolidated statement of operations. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT: Property and equipment is summarized as follows (dollars in thousands): March 31, 2023 March 31, 2022 Leasehold improvements $ 25,262 $ 28,224 Data processing equipment 6,537 7,001 Office furniture and other equipment 7,594 9,776 39,393 45,001 Less accumulated depreciation and amortization 32,308 33,470 Property and equipment, net of accumulated depreciation and amortization $ 7,085 $ 11,531 Depreciation expense on property and equipment was $4.0 million, $5.4 million and $8.9 million for the twelve months ended March 31, 2023, 2022 and 2021, respectively. During the twelve months ended March 31, 2023, the Company recorded $4.1 million of impairment charges related to the exit from certain leased office facilities that are included in gains, losses and other items, net in the consolidated statements of operations. There were no impairment charges recorded during the twelve months ended March 31, 2022 and 2021. |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL: Changes in goodwill for the twelve months ended March 31, 2023 and 2022 were as follows (dollars in thousands): Total Balance at March 31, 2021 $ 357,446 Acquisition of Diablo 7,012 Change in foreign currency translation adjustment (613) Balance at March 31, 2022 $ 363,845 Purchase price accounting adjustment related to acquisition of Diablo (205) Change in foreign currency translation adjustment (524) Balance at March 31, 2023 $ 363,116 Goodwill by geography as of March 31, 2023 was: Total U.S. $ 360,155 APAC 2,961 Balance at March 31, 2023 $ 363,116 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS: The amounts allocated to intangible assets from acquisitions include developed technology, customer relationships, trade names, and publisher and data supply relationships. The following table shows the amortization activity of intangible assets (dollars in thousands): March 31, 2023 March 31, 2022 Developed technology, gross $ 72,095 $ 84,146 Accumulated amortization (63,658) (67,980) Net developed technology $ 8,437 $ 16,166 Customer relationship/trade name, gross $ 34,384 $ 43,490 Accumulated amortization (33,953) (40,582) Net customer/trade name $ 431 $ 2,908 Publisher/data supply relationships, gross $ 16,000 $ 39,800 Accumulated amortization (15,000) (32,156) Net publisher/data supply relationships $ 1,000 $ 7,644 Total intangible assets, gross $ 122,479 $ 167,436 Total accumulated amortization (112,611) (140,718) Total intangible assets, net $ 9,868 $ 26,718 Total amortization expense related to intangible assets was $16.8 million, $18.7 million and $18.0 million for the twelve months ended March 31, 2023, 2022 and 2021, respectively. The following table presents the estimated future amortization expenses related to intangible assets. Fiscal Year: 2024 $ 6,847 2025 3,021 $ 9,868 |
OTHER ACCRUED EXPENSES
OTHER ACCRUED EXPENSES | 12 Months Ended |
Mar. 31, 2023 | |
Other Accrued Expenses [Abstract]. | |
OTHER ACCRUED EXPENSES | OTHER ACCRUED EXPENSES: Other accrued expenses consist of the following (dollars in thousands): March 31, 2023 March 31, 2022 Liabilities of non-qualified retirement plan $ 12,110 $ 15,528 Short-term lease liabilities (see Note 3) 9,929 8,984 DPM acquisition consideration holdback (see Note 14) — 6,092 Acuity performance earnout liability (see Note 14) 1,535 2,420 DataFleets consideration holdback (see Note 14) 324 756 Diablo consideration holdback — 1,200 Rakam consideration holdback 223 223 Other miscellaneous accrued expenses 11,615 10,864 Other accrued expenses $ 35,736 $ 46,067 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES: Other liabilities consist of the following (dollars in thousands): March 31, 2023 March 31, 2022 Uncertain tax positions $ 23,427 $ 24,374 Long-term lease liabilities (see Note 3) 37,243 52,241 Lease restructuring accruals 5,713 3,619 Deferred tax liabilities 298 305 Other 5,117 5,571 Other liabilities $ 71,798 $ 86,110 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: Legal Matters The Company is involved in various claims and legal proceedings that arise in the ordinary course of business. Management routinely assesses the likelihood of adverse judgments or outcomes to these matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. The Company records accruals for these matters to the extent that management concludes a loss is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. These accruals are adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertinent to a particular matter. These accruals are reflected in the Company’s consolidated financial statements. In management’s opinion, the Company has made appropriate and adequate accruals for these matters, and management believes the probability of a material loss beyond the amounts accrued to be remote. However, the ultimate liability for these matters is uncertain, and if accruals are not adequate, an adverse outcome could have a material effect on the Company’s consolidated financial condition or results of operations. The Company maintains insurance coverage above certain limits. Commitments The following table presents the Company’s purchase commitments at March 31, 2023. Purchase commitments primarily include contractual commitments for the purchase of data, hosting services, software-as-a-service arrangements and leasehold improvements. The table does not include the future payment of liabilities related to uncertain tax positions of $23.4 million as the Company is not able to predict the periods in which the payments will be made (dollars in thousands): For the years ending March 31, 2024 2025 2026 2027 Total Purchase commitments $ 90,433 $ 75,931 $ 6,106 $ 675 $ 173,145 |
STOCKHOLDERS' EQUITY AND STOCK-
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION: The Company has authorized 200 million shares of $0.10 par value common stock and 1 million shares of $1.00 par value preferred stock. The board of directors of the Company may designate the relative rights and preferences of the preferred stock when and if issued. Such rights and preferences could include liquidation preferences, redemption rights, voting rights and dividends, and the shares could be issued in multiple series with different rights and preferences. There has not been any preferred stock activity in the periods presented. On August 29, 2011, the board of directors adopted a common stock repurchase program. That program was subsequently modified and expanded, most recently on December 20, 2022 to authorize an additional $100.0 million in share repurchases and extend the term of the existing common stock repurchase program. Under the modified common stock repurchase program, the Company may purchase up to $1.1 billion of its common stock through the period ending December 31, 2024. During the fiscal year ended March 31, 2023, the Company repurchased 6.1 million shares of its common stock for $150.0 million under the stock repurchase program. During the fiscal year ended March 31, 2022, the Company repurchased 1.3 million shares of its common stock for $58.6 million under the stock repurchase program. During the fiscal year ended March 31, 2021, the Company repurchased 1.3 million shares of its common stock for $42.3 million under the stock repurchase program. Through March 31, 2023, the Company has repurchased 35.6 million shares of its common stock for $882.2 million, leaving remaining capacity of $217.8 million under the stock repurchase program. The Company paid no dividends on its common stock for any of the years reported. Stock-based Compensation Plans The Company has stock option, equity compensation, and stock purchase plans for which a total of 45.0 million shares of the Company’s common stock have been reserved for issuance since the inception of the plans. At March 31, 2023, there were a total of 5.4 million shares available for future grants under the plans, of which 1.1 million shares relate to the Company's qualified employee stock purchase plan. During fiscal 2023, the board of directors voted to amend the Amended and Restated 2005 Equity Compensation Plan (the "2005 Plan") to increase the number of shares available under the plan by 4.5 million shares. The amendment received shareholder approval at the August 9, 2022 annual shareholders' meeting (the "2022 Annual Meeting"), bringing the plan shares from 37.9 million shares at June 30, 2022 to 42.4 million shares beginning in the quarter ended September 30, 2022. The board of directors also voted to amend the LiveRamp Holdings, Inc. Employee Stock Purchase Plan (the "ESPP") to increase the number of shares available under the plan by 1.0 million shares. The amendment received shareholder approval at the 2022 Annual Meeting bringing the ESPP shares from 0.4 million shares at June 30, 2022 to 1.4 million shares beginning in the quarter ended September 30, 2022. These actions bring the total number of shares reserved for issuance since inception of all plans from 39.5 million shares at June 30, 2022 to 45.0 million shares beginning in the quarter ended September 30, 2022. During fiscal 2023, the board of directors voted to further amend the Company's 2005 Plan. The 2005 Plan was amended to provide that, in the event of a participant’s retirement on or after age 65 with at least five years of service, awards held by the participant at retirement will continue to vest in accordance with their terms. This amendment to the 2005 Plan impacted stock-based compensation expense by accelerating $5.4 million of expense recognition into fiscal 2023 that would have otherwise been recognized over future reporting periods through the quarter ending December 31, 2025. Stock-based Compensation Expense The Company's stock-based compensation activity for the twelve months ended March 31, 2023, 2022, and 2021, by award type, was (dollars in thousands): Year ended March 31, 2023 2022 2021 Stock options $ 968 $ 1,935 $ 2,308 Restricted stock units 111,943 56,008 78,164 Diablo restricted stock awards 1,126 794 — Data Plus Math ("DPM") acquisition consideration holdback 2,031 8,122 8,030 Pacific Data Partners assumed performance plan — 9,101 18,388 Acuity performance plan 815 1,912 2,208 DataFleets acquisition consideration holdback 5,611 6,043 755 Employee stock purchase plan 2,051 1,803 704 Directors stock-based compensation 1,255 1,539 1,150 Total non-cash stock-based compensation included in the consolidated statements of operations 125,800 87,257 111,707 Less expense related to liability-based equity awards (8,449) (16,077) (27,311) Total non-cash stock-based compensation included in the consolidated statements of equity $ 117,351 $ 71,180 $ 84,396 The effect of stock-based compensation expense on income, by financial statement line item, was (dollars in thousands): Year ended March 31, 2023 2022 2021 Cost of revenue $ 6,317 $ 4,111 $ 5,300 Research and development 55,407 32,112 38,960 Sales and marketing 29,429 28,586 40,401 General and administrative 34,647 22,448 27,046 Total non-cash stock-based compensation included in the consolidated statements of operations $ 125,800 $ 87,257 $ 111,707 In March 2023 and March 2021, the Company accelerated the vesting of certain time-vesting restricted stock units that would have otherwise vested over the following six months, respectively, to take advantage of cash tax savings opportunities. • In March 2023, this resulted in the vesting of time-vesting restricted stock units covering approximately 1.5 million shares of common stock. The Company recognized $22.6 million of compensation costs related to the accelerated vesting of these units, which is included in loss from operations in the consolidated statement of operations. Of the $22.6 million compensation costs, $0.4 million represented incremental compensation cost due to the modification and $22.1 million represented accelerated original grant date fair value compensation cost. • In March 2021, this resulted in the vesting of time-vesting and performance-based restricted stock units covering approximately 0.7 million shares of common stock. The Company recognized $21.4 million of compensation costs related to the accelerated vesting of these units, which is included in loss from operations in the consolidated statement of operations. Of the $21.4 million compensation costs, $8.4 million represented incremental compensation cost due to the modification and $13.0 million represented accelerated original grant date fair value compensation cost. The following table provides the expected future expense for all of the Company's outstanding equity awards at March 31, 2023, by award type. For the years ending March 31, 2024 2025 2026 Total Stock options $ 583 $ 125 $ — $ 708 Restricted stock units 49,579 59,676 15,304 124,559 Acuity performance plan 165 — — 165 DataFleets acquisition consideration holdback 2,266 — — 2,266 Employee stock purchase plan 361 — — 361 Expected future expense $ 52,954 $ 59,801 $ 15,304 $ 128,059 Stock Options Activity In fiscal 2022, in connection with the acquisition of DataFleets, the Company replaced all unvested outstanding stock options held by DataFleets employees 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 42,154 replacement options at a weighted-average exercise price of $0.70 per share. The acquisition-date fair value of the replacement stock options was $2.9 million and was determined using a binomial lattice model. All of the replacement options require post-combination service. As a result, the $2.9 million acquisition-date fair value is considered future compensation cost and will be recognized as stock-based compensation cost over the remaining service period of the replacement options. Stock option activity for the twelve months ended March 31, 2023 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, 2022 730,004 $ 16.28 Exercised (200,559) $ 11.06 $ 3,681 Forfeited or canceled (4,534) $ 2.48 Outstanding at March 31, 2023 524,911 $ 18.39 1.6 $ 1,857 Exercisable at March 31, 2023 514,870 $ 18.73 1.5 $ 1,646 The aggregate intrinsic value for options exercised in fiscal 2023, 2022, and 2021 was $3.7 million, $4.3 million, and $23.2 million, respectively. 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 March 31, 2023. 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 March 31, 2023 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 $ — — $ 9.99 40,973 5.7 years $ 0.98 30,932 $ 1.01 $ 10.00 — $ 19.99 182,603 2.1 years $ 17.49 182,603 $ 17.49 $ 20.00 — $ 24.99 301,335 0.8 years $ 21.31 301,335 $ 21.31 524,911 1.6 years $ 18.39 514,870 $ 18.73 Diablo Restricted Stock Awards During fiscal 2022, in connection with the acquisition of Diablo, the Company replaced the unvested outstanding restricted stock shares held by a Diablo employee immediately prior to the acquisition with restricted shares of LiveRamp common stock having substantially the same terms and conditions as were applicable under the original restricted stock agreement. The conversion calculation resulted in issuance of 40,600 replacement restricted stock shares having an acquisition-date fair value of $1.9 million. The restricted shares vest subject to post-combination service requirements. As a result, the acquisition-date fair value is considered future compensation cost and was recognized as stock-based compensation cost over the vesting period of the awards. Changes in the Company's restricted stock for the twelve months ended March 31, 2023 was: Weighted average fair value per Weighted average Number share at grant remaining contractual of shares date term (in years) Unvested restricted stock awards at March 31, 2022 24,766 $ 47.29 Diablo replacement restricted stock award — $ 47.29 Vested (24,766) $ 47.29 Unvested restricted stock awards at March 31, 2023 — $ — n/a The total fair value of restricted stock awards vested during the twelve months ended March 31, 2023 and 2022 was $0.6 million and $0.8 million, respectively, and is measured as the quoted market price of the Company's common stock on the vesting date for the number of shares vested. Restricted Stock Unit Activity Time-vesting restricted stock units ("RSUs") - During the twelve months ended March 31, 2023, the Company granted time-vesting RSUs covering 4,352,078 shares of common stock and having a fair value at the date of grant of $107.2 million. The RSUs granted in the current year primarily vest over three years. Grant date fair value of these units is equal to the quoted market price for the shares on the date of grant. During fiscal 2022, the Company granted time-vesting RSUs covering 3,037,440 shares of common stock and having a fair value at the date of grant of $143.4 million. The RSUs granted in fiscal 2022 primarily 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 RSUs granted in fiscal 2022 were units related to the Diablo and Rakam acquisitions (see Note 5). Following the closing of the Diablo acquisition, the Company granted new awards of RSUs covering 98,442 shares of common stock, and having a grant date fair value of $4.7 million, to select employees to induce them to accept employment with the Company. In connection with the Rakam acquisition, the Company extended employment agreements and granted new awards of RSUs, covering 55,927 shares of common stock having a grant date fair value of $2.6 million, to two key Rakam employees. During fiscal 2021, the Company granted time-vesting RSUs covering 2,228,445 shares of common stock and having a fair value at the date of grant of $99.8 million. The RSUs granted in fiscal 2021 primarily 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 RSUs granted in fiscal 2021 were units related to the DataFleets acquisition. Following the closing of the DataFleets acquisition, the Company granted new awards of RSUs covering 193,595 shares of common stock, and having a grant date fair value of $13.5 million, to select employees and contractors to induce them to accept employment with the Company. RSU activity for the twelve months ended March 31, 2023 was: Weighted-average fair value per Weighted-average Number share at grant remaining contractual of shares date term (in years) Outstanding at March 31, 2022 4,176,682 $ 47.00 2.85 Granted 4,352,078 $ 24.63 Vested (1,614,868) $ 46.68 Units vested under the Company's March 2023 acceleration plan (1,508,196) $ 30.42 Forfeited or canceled (1,395,937) $ 37.07 Outstanding at March 31, 2023 4,009,759 $ 32.57 2.20 The total fair value of RSUs vested during the twelve months ended March 31, 2023, 2022, and 2021 was $71.5 million, $30.3 million, and $126.9 million, respectively, and is measured as the quoted market price of the Company's common stock on the vesting date for the number of shares vested. Performance-based restricted stock units ("PSUs") - Fiscal 2023 plan: During the twelve months ended March 31, 2023, the Company granted PSUs covering 406,501 shares of common stock having a fair value at the date of grant of $10.0 million. The grants were made under two separate performance plans. Under the total shareholder return ("TSR") performance plan, units covering 121,951 shares of common stock were granted having a fair value at the date of grant of $3.7 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 units may vest in a number of shares from 0% to 200% of the award, based on the TSR of LiveRamp common stock compared to the TSR of the Russell 2000 market index for the period from April 1, 2022 to March 31, 2025. Under the operating metrics performance plan, units covering 284,550 shares of common stock were granted having a fair value at the date of grant of $6.3 million, which was 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 and continuous employment through the vesting date. The units may vest in a number of shares from 0% to 200% of the award, at the end of the performance period, based on the average attainment of annual revenue growth and EBITDA margin targets for fiscal years 2023, 2024, and 2025. To the extent that shares are earned, 50% vest immediately and 50% vest on the one-year anniversary of attainment approval. Fiscal 2022 plans: During fiscal 2022, the Company granted PSUs covering 249,152 shares of common stock having a fair value at the date of grant of $12.6 million. The grants were made under three separate performance plans. Under a special incentive performance plan, units covering 36,425 shares of common stock were granted having a fair value at the date of grant of $1.7 million, which was 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 and continuous employment through the vesting date. The units may vest in a number of shares from 0% to 100% of the award, based on the attainment of key productivity metrics for the period beginning at the date of grant and continuing through December 31, 2023. Attainment will be measured and vesting evaluated on a quarterly basis beginning on January 1, 2023 and continuing through the end of the performance period. Through March 31, 2023, measurements have resulted in an accumulated 63% achievement, or 22,948 total earned units, under this plan. At March 31, 2023, there remains a maximum potential of 13,477 additional units eligible for attainment under the plan. Under the fiscal 2022 TSR performance plan, units covering 63,815 shares of common stock were granted having a fair value at the date of grant of $3.8 million, determined using a Monte Carlo simulation model. The units vest subject to attainment of market conditions established by the compensation committee and continuous employment through the vesting date. The units may vest in a number of shares from 0% to 200% of the award, based on the TSR of LiveRamp common stock compared to the TSR of the Russell 2000 market index for the period from April 1, 2021 to March 31, 2024. Under the fiscal 2022 operating metrics performance plan, units covering 148,912 shares of common stock were granted having a fair value at the date of grant of $7.1 million, which was 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 and continuous employment through the vesting date. The units may vest in a number of shares from 0% to 200% of the award, based on the attainment of trailing twelve-month revenue growth and EBITDA margin targets for the period from April 1, 2021 to March 31, 2024. Performance will be measured and vesting evaluated on a quarterly basis beginning with the period ending June 30, 2022 and continuing through the end of the performance period. To the extent that shares are earned in a given quarter, 50% vest immediately and 50% vest on the one-year anniversary of attainment approval, except that all earned but unvested shares will vest fully at the end of the measurement period. Through March 31, 2023, metrics measurements have resulted in an accumulated 50% achievement, or 58,312 total earned units, under this plan. As of March 31, 2023, there remains a maximum potential of 174,930 additional units eligible for attainment under the plan. Quarterly measurements of attainment will continue through March 31, 2024. Fiscal 2021 plans: During the fiscal 2021, the Company granted PSUs covering 246,524 shares of common stock having a fair value at the date of grant of $10.7 million. The grants were made under two separate performance plans. Under the fiscal 2021 TSR performance plan, units covering 73,950 shares of common stock were granted having a fair value at the date of grant of $4.2 million, determined using a Monte Carlo simulation model. The units vest subject to attainment of market conditions established by the compensation committee and continuous employment through the vesting date. The 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, 2020 to March 31, 2023. Remaining units under the fiscal 2021 TSR PSU plan, covering 59,634 shares of common stock, reached maturity of their relevant performance period at March 31, 2023. The final performance measurement resulted in 0% attainment. The units are expected to be cancelled in the first quarter of fiscal 2024 upon compensation committee approval. Under the fiscal 2021 operating metrics performance plan, units covering 172,574 shares of common stock were granted having a fair value at the date of grant of $6.5 million, which was 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 and continuous employment through the vesting date. The units may vest in a number of shares from 0% to 200% of the award, based on the attainment of trailing twelve-month revenue growth and EBITDA margin targets for the period from April 1, 2020 to March 31, 2023. The operating metrics plan performance was measured and vesting evaluated on a quarterly basis beginning with the period ended June 30, 2021 and continuing through the end of the performance period. Through the March 31, 2023 final measurement date, an accumulated 50% achievement, or 71,666 total units were earned under this plan. Of the earned amount, one-half vested immediately, while the remaining one-half vests one year later. The remaining 69,588 units are expected to be cancelled in the first quarter of fiscal 2024 upon compensation committee approval. PSU activity for the twelve months ended March 31, 2023 was: Weighted-average fair value per Weighted-average Number share at grant remaining contractual of shares date term (in years) Outstanding at March 31, 2022 584,468 $ 51.26 1.01 Granted 406,501 $ 24.65 Vested (134,671) $ 45.96 Forfeited or canceled (146,709) $ 61.20 Outstanding at March 31, 2023 709,589 $ 34.97 1.38 The total fair value of PSUs vested in the twelve months ended March 31, 2023, 2022 and 2021 was $3.0 million, $6.7 million and $8.4 million, respectively, and is measured as the quoted market price of the Company’s common stock on the vesting date for the number of shares vested. Other Stock Compensation Activity Acquisition-related Performance Plan As part of the Company's fiscal 2021 acquisition of Acuity, the Company will be obligated to pay up to an additional $5.1 million, settled in a variable number of shares of Company common stock, and subject to certain performance conditions and continued employment of each participant. Performance will be measured and vesting evaluated in three annual increments on the anniversary of the closing date (which date may be changed by the board of directors to an earlier date). Through March 31, 2023, the Company has recognized a total of $4.9 million as stock-based compensation expense related to the Acuity performance earnout plan. At March 31, 2023, the recognized, but unpaid, balance in other accrued expense in the consolidated balance sheet was $1.5 million. The final annual settlement of $1.7 million is expected to occur in the second quarter of fiscal 2024. Acquisition-related Consideration Holdback As part of the Company's fiscal 2021 acquisition of DataFleets, $18.1 million of the acquisition consideration otherwise payable with respect to shares of DataFleets common stock held by certain key employees was subject to holdback by the Company pursuant to agreements with those employees (each, a "Holdback Agreement"). Each Holdback Agreement specifies that the consideration holdback will vest in three equal annual increments on the anniversary of the closing date (which date may be changed by the board of directors to an earlier date). Vesting is subject to the DataFleets key employees' continued employment through each annual vesting date and will be settled in shares of Company common stock. Through March 31, 2023, the Company has recognized a total of $12.4 million as stock-based compensation expense related to the DataFleets consideration holdback. At March 31, 2023, the recognized, but unpaid, balance related to the DataFleets consideration holdback in other accrued expenses in the consolidated balance sheet was $0.3 million. The final annual settlement of $2.6 million is expected to occur in the fourth quarter of fiscal 2024. As part of the Company's fiscal 2020 acquisition of Data Plus Math ("DPM"), $24.4 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"). Each Holdback Agreement specifies that the consideration holdback will vest in three equal annual increments on the anniversary of the closing date (which date may be changed by the board of directors to an earlier 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. The final annual settlement was paid during the first quarter of fiscal 2023. Qualified Employee Stock Purchase Plan ("ESPP") Under the Company's ESPP, all eligible employees are permitted to authorize payroll deductions of up to the applicable ESPP and statutory limits to purchase shares of common stock. The ESPP provides for offering periods that are generally every six months. ESPP purchases generally occur on May 31st and November 30th each year. At each purchase date, employees are able to purchase shares at 85% of the lower of (1) the closing market price per share of common stock on the employee's enrollment into the applicable offering period and (2) the closing market price per share of common stock on the purchase date. The Company calculates the fair value of the ESPP purchase right using the Black-Scholes option-pricing model. Stock-based compensation expense associated with the ESPP was $2.1 million, $1.8 million and $1.0 million for the twelve months ended March 31, 2023, 2022, and 2021, respectively. During the twelve months ended March 31, 2023, 197,255 shares of common stock were purchased under the ESPP at a weighted-average price of $20.38 per share, resulting in cash proceeds of $4.0 million over the relevant offering periods. During the twelve months ended March 31, 2022, 103,447 shares of common stock were purchased under the ESPP at a weighted-average price of $41.44 per share, resulting in cash proceeds of $4.3 million over the relevant offering periods. During the twelve months ended March 31, 2021, 44,980 shares of common stock were purchased under the ESPP at a weighted-average price of $41.53 per share, resulting in cash proceeds of $1.9 million over the relevant offering periods. At March 31, 2023, there was approximately $0.4 million of total unrecognized stock-based compensation expense related to the ESPP, which is expected to be recognized on a straight-line basis over the remaining term of the current offering period. Accumulated Other Comprehensive Income Accumulated other comprehensive income accumulated balances of $4,504 and $5,730 at March 31, 2023 and March 31, 2022, respectively, reflect accumulated foreign currency translation adjustments. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | INCOME TAX: Total income tax expense (benefit) was allocated as follows (dollars in thousands): Year ended March 31, 2023 2022 2021 Continuing operations $ 5,252 $ (1,242) $ (30,532) Discontinued operations (7,070) — — $ (1,818) $ (1,242) $ (30,532) Income tax expense (benefit) attributable to loss from continuing operations consists of (dollars in thousands): Year ended March 31, 2023 2022 2021 Current: U.S. Federal $ 6,325 $ (1,227) $ (28,060) Non-U.S. 1,086 305 17 State (2,274) 1,220 (1,071) 5,137 298 (29,114) Deferred: U.S. Federal 155 (895) (1,205) Non-U.S. (83) (608) (44) State 43 (37) (169) 115 (1,540) (1,418) Total $ 5,252 $ (1,242) $ (30,532) Income (loss) before income tax attributable to U.S. and non-U.S. continuing operations consists of (dollars in thousands): Year ended March 31, 2023 2022 2021 U.S. $ (122,994) $ (37,415) $ (122,257) Non-U.S. 4,140 2,340 1,457 Total $ (118,854) $ (35,075) $ (120,800) Income (loss) before income taxes, as shown above, is based on the location of the entity to which such income (losses) are attributable. However, since such income (losses) may be subject to taxation in more than one country, the income tax expense (benefit) shown above as U.S. or non-U.S. may not correspond to the income (loss) shown above. Below is a reconciliation of expected income tax benefit, computed by applying the U.S. federal statutory rate of 21.0% to loss before income taxes, to actual income tax expense (benefit) from continuing operations (dollars in thousands): Year ended March 31, 2023 2022 2021 Computed expected income tax benefit $ (24,959) $ (7,366) $ (25,368) Increase (reduction) in income taxes resulting from: State income taxes, net of federal benefit (2,440) 691 (979) Research and other tax credits (4,363) (3,107) (4,635) Nondeductible expenses 669 673 1,104 Stock-based compensation 3,486 5,576 (2,024) Non-U.S. subsidiaries taxed at other rates 491 (364) 194 Adjustment to valuation allowances 33,197 2,520 2,230 Other, net (829) 135 (1,054) $ 5,252 $ (1,242) $ (30,532) On March 27, 2020, the U.S. enacted The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act included several significant changes and clarifications to existing tax law, including changes to the treatment of net operating losses (“NOLs”). Under the CARES Act, NOLs arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five tax years preceding the tax year of the loss. The Company carried back its fiscal 2021 NOL, resulting in an expected refund of approximately $28 million, which is included in Refundable income taxes, net on the consolidated balance sheets. The Company also carried back its fiscal 2020 NOL, resulting in a refund of approximately $33 million, which was received in fiscal 2022. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at March 31, 2023 and 2022 are presented below (dollars in thousands). Year ended March 31, 2023 2022 Deferred tax assets: Accrued expenses $ 5,287 $ 5,682 Lease liabilities 11,613 14,090 Net operating loss carryforwards 22,504 25,737 Stock-based compensation 3,335 8,022 Nonqualified deferred compensation 2,797 3,119 Property and equipment 585 496 Tax credit carryforwards 7,779 7,588 Capitalized research and development 26,357 385 Other 253 1,351 Total deferred tax assets 80,510 66,470 Less valuation allowance (61,152) (37,399) Net deferred tax assets 19,358 29,071 Deferred tax liabilities: Prepaid expenses (2,411) (2,296) Right-of-use assets (6,011) (13,691) Intangible assets (829) (4,603) Deferred commissions (9,153) (7,562) Total deferred tax liabilities (18,404) (28,152) Net deferred tax assets $ 954 $ 919 At March 31, 2023, the Company has U.S. state net operating loss carryforwards of approximately $118.1 million, of which $16.6 million will not expire and the remainder will expire in various amounts and will completely expire if not used by 2043. The Company has foreign net operating loss carryforwards of approximately $89.8 million. Of this amount, $79.4 million will not expire. The remainder expires in various amounts and will completely expire if not used by 2031. The Company has U.S. state credit carryforwards of $9.8 million, of which $8.8 million will not expire and the remainder will expire in various amounts and will completely expire if not used by 2037. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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 the use of net operating loss and credit carryforwards. Based upon the weight of available evidence, including the Company’s history of losses from continuing operations, management believes that it is not more likely than not the Company will realize the benefits of its deductible temporary differences and net operating loss and credit carryforwards. Accordingly, the Company has established a full valuation allowance against its net U.S. federal and state deferred tax assets as of March 31, 2023 and 2022, respectively. Based upon the Company's history of losses in certain non-U.S. jurisdictions, the Company has not recorded a benefit for current foreign losses in these jurisdictions. In addition, management believes it is not more likely than not the Company will realize the benefits of certain foreign net operating loss carryforwards and has established valuation allowances in the amount of $20.8 million against deferred tax assets in such jurisdictions. No valuation allowance has been established against deferred tax assets in non-U.S. jurisdictions in which historical profits and forecasted continuing profits exist. The current year increase in the valuation allowance is primarily attributable to the impact of the capitalization of research and development expenditures in accordance with IRC Section 174, as modified by the Tax Cuts and Jobs Act of 2017. The following table sets forth changes in the total gross unrecognized tax benefits for the fiscal years ended March 31, 2023, 2022 and 2021 (dollars in thousands): Year ended March 31, 2023 2022 2021 Balance at beginning of period $ 23,817 $ 25,026 $ 23,400 Increases related to prior year tax positions 93 411 — Decreases related to prior year tax positions (522) — (139) Increases related to current year tax positions 2,229 990 1,765 Settlements with taxing authorities (166) — — Lapse of statute of limitations (3,827) (2,610) — Balance at end of period $ 21,624 $ 23,817 $ 25,026 Gross unrecognized tax benefits as of March 31, 2023 was $21.6 million, of which $18.6 million would reduce the Company’s effective tax rate in future periods if and when realized. The Company reports accrued interest and penalties related to unrecognized tax benefits in income tax expense. The combined amount of accrued interest and penalties related to tax positions on tax returns was approximately $4.8 million as of March 31, 2023. Accrued interest and penalties increased by $0.5 million during fiscal 2023. The Company does not anticipate a material reduction of unrecognized tax benefits within the next 12 months. The Company files a consolidated U.S. federal income tax return and tax returns in various state and local jurisdictions. The Company’s subsidiaries also file tax returns in various foreign jurisdictions in which they operate. In the U.S., the statute of limitations for Internal Revenue Service examinations remains open for the Company’s federal income tax returns for fiscal years after 2015. The Company’s federal income tax return for fiscal year 2019 is currently under Internal Revenue Service examination. The status of other U.S. state and foreign tax examinations varies by jurisdiction. The Company does not anticipate any material adjustments to its consolidated financial statements resulting from tax examinations currently in progress. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”). Under the Inflation Reduction Act, share repurchases made after December 31, 2022 will be subject to a 1% excise tax. In determining the total taxable value of shares repurchased, a deduction is allowed for the fair market value of any newly issued shares during the fiscal year. The excise tax and other corporate income tax changes included in the Inflation Reduction Act are not expected to have a material impact on our consolidated financial statements. |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS: The Company has a qualified 401(k) retirement savings plan that covers substantially all U.S. employees. The Company also offers a supplemental non-qualified deferred compensation plan (“SNQDC Plan”) for certain highly-compensated employees. The Company matches 100% of the first 6% of each participating employee's annual aggregate contributions. The Company may also contribute additional amounts to the plans at the discretion of the board of directors. Company contributions for the above plans amounted to approximately $11.6 million, $10.1 million, and $9.4 million in fiscal years 2023, 2022, and 2021, respectively. Included in both other current assets and other accrued liabilities are the assets and liabilities of the SNQDC Plan in the amount of $12.1 million and $15.5 million at March 31, 2023 and 2022, respectively. |
FOREIGN OPERATIONS
FOREIGN OPERATIONS | 12 Months Ended |
Mar. 31, 2023 | |
Segments, Geographical Areas [Abstract] | |
FOREIGN OPERATIONS | FOREIGN OPERATIONS: The Company attributes revenue to each geographic region based on the location of the Company’s operations. The following table shows financial information by geographic area (dollars in thousands): Year ended March 31, Revenue 2023 2022 2021 United States $ 556,219 $ 495,765 $ 415,976 Foreign Europe 32,210 26,373 22,515 APAC 7,470 6,519 4,535 Other 684 — — All Foreign 40,364 32,892 27,050 $ 596,583 $ 528,657 $ 443,026 Long-lived assets excluding financial instruments (dollars in thousands): March 31, 2023 2022 United States $ 452,555 $ 509,014 Foreign Europe 1,643 4,174 APAC 3,946 4,714 All Foreign 5,589 8,888 $ 458,144 $ 517,902 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS: The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. The following table details the fair value measurements within the fair value hierarchy of the Company's financial assets and liabilities at March 31, 2023 and March 31, 2022 that are measured at fair value on a recurring basis (dollars in thousands): March 31, 2023 Cash and Cash Equivalents Short-Term Investments Other Current Assets Total Cash $ 22,603 $ — $ — $ 22,603 Level 1: Money market funds 439,853 — — 439,853 Assets of non-qualified retirement plan — — 12,110 12,110 U.S. Treasury securities 1,992 25,307 — 27,299 Certificates of deposit — 7,500 — 7,500 Total $ 464,448 $ 32,807 $ 12,110 $ 509,365 March 31, 2022 Cash and Cash Equivalents Short-Term Investments Other Current Assets Total Cash $ 23,402 $ 23,402 Level 1: Money market funds 576,760 — — 576,760 Assets of non-qualified retirement plan — — 15,528 15,528 Certificates of deposit — 7,500 — 7,500 Total $ 600,162 $ 7,500 $ 15,528 $ 623,190 For certain financial instruments, including accounts receivable and accounts payable, the carrying amounts approximate their fair value due to the relatively short maturity of these balances. The Company held $1.6 million and $5.7 million of strategic investments without readily determinable fair values at March 31, 2023 and March 31, 2022, respectively (see Note 7). These investments are included in other assets on the consolidated balance sheets. During the twelve months ended March 31, 2023, the Company recorded a $4.0 million impairment of a strategic investment that is recorded in other expense in the consolidated statement of operations. There were no impairment charges for the twelve months ended March 31, 2022. Certain of the Company's non-financial assets were measured at fair value on a nonrecurring basis during the twelve months ended March 31, 2023, including property and equipment and right-of-use assets that were reduced to fair value when they were impaired as a result of the Company's lease-related restructuring plans. For additional information on the Company's fair value measurement in connection with the impairment of certain property and equipment and right-of-use assets associated with office facilities, see Note 3 and Note 8. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, after elimination of all significant intercompany accounts and transactions. We have prepared the accompanying consolidated financial statements in U.S. dollars in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification and Updates (“ASC” and "ASU"), and we consider the various staff accounting bulletins and other applicable guidance issued by the United States Securities and Exchange Commission ("SEC"). Our fiscal year ends on March 31. References to fiscal 2023, for example, are to the fiscal year ended March 31, 2023. |
Use of Estimates | Use of Estimates - In preparing consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used in determining, among other items, revenue recognition criteria, allowance for credit losses, operating lease assets and liabilities, including the incremental borrowing rate and terms and provision of each lease, the fair value of acquired assets and assumed liabilities, restructuring and impairment accruals, litigation and facilities lease loss accruals, stock-based compensation, and the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions. Actual results could differ from those estimates. |
Operating Segments | Operating Segments - The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by our Chief Operating Decision Maker ("CODM"). Our Chief Executive Officer is our CODM. Our CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated basis. Since we operate as one operating segment, all required financial segment information can be found in the consolidated financial statements. |
Earnings (Loss) per Share | Earnings (Loss) per Share -Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. |
Cash and Cash Equivalents | Cash and Cash Equivalents -The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid money-market fund investments and U.S. Treasury securities with remaining maturities of three months or less at the date of purchase. |
Revenue Recognition | Revenue Recognition - LiveRamp recognizes revenue from the following sources: (i) Subscription revenue, which consists primarily of subscription fees from clients accessing our LiveRamp platform; and (ii) Marketplace and Other revenue, which primarily consists of revenue-sharing fees generated from access to data through our LiveRamp Data Marketplace, professional services including product implementation, data science analytics and audience measurement, and transactional usage-based revenue from arrangements with certain publishers and addressable TV providers. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the performance obligations are satisfied. Identification of the contract We consider the terms and conditions of the contract and our customary business practices when identifying our contracts under ASC 606. We determine we have a contract with a customer when the contract or contract modification is approved and the parties are committed to performing their respective obligations, we can identify each party's rights regarding the services to be transferred, we can identify the payment terms for the services, we have determined the contract has commercial substance, and we have determined that collection of at least some of the contract consideration is probable. At contract inception we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the single or combined contract includes one or multiple performance obligations. We apply judgment in determining the customer's ability to pay, which is based on a variety of factors, including the customer's historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer. Identification of the performance obligations As part of accounting for arrangements with multiple performance obligations, we must assess whether each performance obligation is distinct. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. We have determined that our subscriptions to the platform are a distinct performance obligation and access to data for revenue-sharing and usage-based arrangements is a distinct performance obligation because, once a customer has access to the platform, the service is fully functional and does not require any additional development, modification, or customization. Determination of the transaction price The transaction price is the amount of consideration we expect to be entitled to in exchange for transferring services to a customer, excluding sales taxes that are collected on behalf of government agencies. Variable consideration is assessed and included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of our contracts contain a significant financing component. Allocation of the transaction price to the performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each distinct performance obligation based on the standalone selling price ("SSP") of each service. We generally determine the SSP based on contractual selling prices when the obligation is sold on a standalone basis, as well as market conditions, competition, and pricing practices. As pricing and marketing strategies evolve, we may modify our pricing practices in the future, which could result in changes to SSP. Recognition of revenue when, or as, the performance obligations are satisfied Revenues are recognized when or as control of the promised services is transferred to customers. Subscription revenue is generally recognized ratably over the subscription period beginning on the date the services are made available to customers. Marketplace and Other revenue is typically transactional in nature, tied to a revenue share or volumes purchased. We report revenue from Data Marketplace and other similar transactions on a net basis because our performance obligation is to facilitate a transaction between data providers and data buyers, for which we earn a portion of the gross fee. Consequently, the portion of the gross amount billed to data buyers that is remitted to data providers is not reflected as revenues. We generate revenue from Services primarily from project fees paid by subscribers to our platform. Service projects are sold on an ad hoc basis as well as bundled with platform subscriptions. Services revenue is less than 5% of total Company revenue. |
Accounts Receivable | Accounts Receivable Accounts receivable include amounts billed to customers as well as unbilled amounts recognized in accordance with the Company’s revenue recognition policies. Unbilled amounts included in trade accounts receivable, net, which generally arise from the performance of services to customers in advance of billings, were $16.7 million at March 31, 2023, and $12.5 million at March 31, 2022. |
Deferred Revenue | Deferred Revenue Deferred revenue consists of amounts billed in excess of revenue recognized. Deferred revenues are subsequently recorded as revenue when earned in accordance with the Company’s revenue recognition policies. |
Deferred Commissions, net | Deferred Commissions, net - |
Property and Equipment | Property and Equipment -Property and equipment are stated at cost. Depreciation and amortization are calculated on the straight-line method over the estimated useful lives of the assets as follows: leasehold improvements, 2 - 5 years; data processing equipment, 2 - 5 years, and office furniture and other equipment, 3 - 7 years. |
Operating Leases | Operating Leases - Right-of-use ("ROU") assets represent the Company's right to control the use of an identified asset for a period of time, or term, in exchange for consideration, and operating lease liabilities represent its obligation to make lease payments arising from the aforementioned right. |
Business Combinations | Business Combinations – We apply the provisions of ASC 805, Business Combinations , in accounting for acquisitions. ASC 805 requires us to determine if assets or a business was acquired. If a business was acquired, it requires us to recognize separately from goodwill the fair value of the assets acquired and the liabilities assumed at the acquisition date. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments resulting from new information about facts and circumstances that existed at the acquisition date and falls within the measurement period to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. |
Goodwill | Goodwill - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business acquisitions accounted for using the acquisition method of accounting and is not amortized. Goodwill is measured and tested for impairment on an annual basis in the first quarter of the Company's fiscal year in accordance with ASC 350, Intangibles-Goodwill and Other , or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events and changes may include significant changes in performance related to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy. |
Intangible Assets | Intangible Assets - We amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists. We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets, including our intangible assets, may not be recoverable. When such events or changes in circumstances occur, we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets. We did not recognize any intangible asset impairment charges in fiscal 2023, 2022 or 2021. During fiscal 2023, our intangible assets were amortized over their estimated useful lives ranging from two years to six years. Amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent. The weighted average useful lives of our intangible assets were as follows: Weighted Average Useful Life (years) Developed technology 3.9 Customer relationships 5.3 Publisher and Data Supply relationships 4.0 |
Impairment of Long-lived Assets | Impairment of Long-lived Assets - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company considers factors such as operating losses, declining outlooks, and business conditions when evaluating the necessity for an impairment analysis. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments - We apply the provisions of ASC 820, Fair Value Measurement , to our assets and liabilities that we are required to measure at fair value pursuant to other accounting standards. The additional disclosure regarding our fair value measurements is included in Note 18 - Fair Value of Financial Instruments . |
Concentration of Credit Risk and Significant Customers | Concentration of Credit Risk and Significant Customers - Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company's cash and cash equivalents are held in federally insured financial institutions. Although the Company's deposits may exceed federally insured limits, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no significant off-balance sheet risk such as foreign exchange contracts, options contracts, or other hedging arrangements. The Company’s trade accounts receivables are from a large number of customers. Accordingly, the Company’s credit risk is affected by general economic conditions. At March 31, 2023, there were no customers that represented more than 10% of the trade accounts receivable balance. Our ten largest clients represented approximately 29% of our revenues in fiscal year 2023. One client, The Interpublic Group of Companies, accounted for 12% of our revenues in fiscal year 2023. |
Income Taxes | Income Taxes - The Company and its domestic subsidiaries file a consolidated federal income tax return. The Company’s foreign subsidiaries file separate income tax returns in the countries in which their operations are based. The Company makes estimates and judgments in determining the provision for income taxes for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certain deferred tax assets and liabilities that arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes, as well as the interest and penalties related to uncertain tax positions. Significant changes in these estimates may result in an increase or decrease to the tax provision in a subsequent period. The Company assesses the likelihood that it will be able to recover its deferred tax assets. If recovery is not likely, the Company increases the provision for taxes by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process pursuant to ASC 740, Income Taxes . The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. If the Company determines that a tax position will more likely than not be sustained on audit, the second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various outcomes. The Company re-evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors such as changes in facts or circumstances, changes in tax law, new audit activity, and effectively settled issues. Determining whether an uncertain tax position is effectively settled requires judgment. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. |
Foreign Currency | Foreign Currency - The reporting currency of the Company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary. The balance sheets of the Company’s foreign subsidiaries are translated at period-end rates of exchange, and the statements of operations are translated at the average exchange rate for the period. The effects of foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in the consolidated statements of equity and comprehensive income (loss). We reflect net foreign exchange transaction gains and losses, resulting from the conversion of the transaction currency to functional currency, as a component of foreign currency exchange gain (loss) in total other income (expense) in the consolidated statements of operations. |
Advertising Expense | Advertising Expense - Advertising costs are expensed as incurred. Advertising expense was approximately $12.9 million, $10.5 million, and $7.0 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively. Advertising expense is included in operating expenses in the consolidated statements of operations. |
Legal Contingencies | Legal Contingencies - We are currently involved in various claims and legal proceedings. Quarterly, we review the status of each significant matter and assess our potential financial exposure. We accrue a liability for an estimated loss if the potential loss from any claim or legal proceeding is considered probable, and the amount can be reasonably estimated. Note 13 - Commitments and Contingencies provides additional information regarding certain of our legal contingencies. |
Stock-Based Compensation | Stock-Based Compensation - The Company records stock-based compensation expense according to the provisions of ASC Topic 718, Compensation – Stock Compensation . ASC Topic 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations over the service period of the award based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing stock-based payments and the amortization method for compensation cost. The Company has stock option plans and equity compensation plans (collectively referred to as the “stock-based plans”) administered by the compensation committee of the board of directors (“compensation committee”) under which options and restricted stock units were outstanding as of March 31, 2023. The Company’s equity compensation plan provides that all employees (employees, officers, directors, affiliates, independent contractors or consultants) are eligible to receive awards (grant of any option, stock appreciation right, restricted stock award, restricted stock unit award, performance award, performance share, performance unit, qualified performance-based award, or other stock unit award) under the plan with the terms and conditions applicable to an award set forth in applicable grant documents. Incentive stock option awards granted under the stock-based plans cannot be granted with an exercise price less than 100% of the per-share market value of the Company’s shares at the date of grant and have a maximum duration of ten years from the date of grant. Board policy currently requires that non-qualified options also must be priced at or above 100% of the fair market value of the common stock at the time of grant with a maximum duration of ten years. Restricted stock units may be issued under the equity compensation plan and represent the right to receive shares in the future by way of an award agreement that includes vesting provisions. Award agreements can further provide for forfeitures triggered by certain prohibited activities, such as breach of confidentiality. All restricted stock units are expensed over the vesting period and adjusted for forfeitures as incurred. The vesting of some restricted stock units is subject to the Company’s achievement of certain performance criteria, as well as the individual remaining employed by the Company for a period of years. |
Restructuring | Restructuring – The Company records costs associated with employee terminations and other exit activity in accordance with ASC 420, Exit or Disposal Cost Obligations |
Accounting Pronouncements Adopted During the Current Year and Recent Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Adopted During the Current Year - Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters Accounting Standard Update (“ASU”) 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ASU 2021-08 requires companies to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the revenue recognition guidance as if the acquirer had entered into the original contract at the same time, and on the same terms, as the acquiree. Generally, this will result in the acquirer recognizing contract assets and liabilities at the same amounts recorded by the acquiree as of the acquisition date. Under the previous standard, an acquirer generally recognizes such items at fair value on the acquisition date. This update is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. April 1, 2022 The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recent accounting pronouncements not yet adopted - Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters There are no material accounting pronouncements applicable to the Company not yet adopted |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Reconciliation of Numerator And Denominator of Basic and Diluted Loss Per Share | A reconciliation of the numerator and denominator of basic and diluted loss per share is shown below (in thousands, except per share amounts): Year ended March 31, 2023 2022 2021 Net loss from continuing operations $ (124,106) $ (33,833) $ (90,268) Earnings from discontinued operations, net of tax 5,404 — — Net loss $ (118,702) $ (33,833) $ (90,268) Basic weighted-average shares outstanding 66,352 68,211 66,304 Dilutive effect of common stock options and restricted stock as computed under the treasury stock method (1) — — — Diluted weighted-average shares outstanding 66,352 68,211 66,304 Net earnings (loss) per common share, basic and diluted Continuing operations $ (1.87) $ (0.50) $ (1.36) Discontinued operations 0.08 — — Net loss $ (1.79) $ (0.50) $ (1.36) |
Schedule of Anti-dilutive Options, Warrants and Restricted Stock Units Excluded from Computation of Loss Per Share | Restricted stock units that were outstanding during the years presented but were not included in the computation of diluted loss per share because their effect would have been anti-dilutive (other than due to the net loss position of the Company) are shown below (shares in thousands): Year ended March 31, 2023 2022 2021 Number of shares underlying restricted stock units 2,376 686 90 |
Schedule of Activity of the Allowance For Credit Losses, Returns And Credits | A summary of the activity of the allowance for credit losses, returns and credits was (dollars in thousands): Year ended: Balance at beginning of period Additions charged to costs and expenses Other changes Bad debts written off, net of amounts recovered Balance at end of period March 31, 2021 $ 7,575 2,915 108 (2,981) $ 7,617 March 31, 2022 $ 7,617 4,217 (3) (1,870) $ 9,961 March 31, 2023 $ 9,961 1,776 10 (2,403) $ 9,344 |
Schedule of Weighted Average Useful Lives of Intangible Assets | The weighted average useful lives of our intangible assets were as follows: Weighted Average Useful Life (years) Developed technology 3.9 Customer relationships 5.3 Publisher and Data Supply relationships 4.0 |
Schedule of Accounting Pronouncements Adopted During the Current Year and Recent Accounting Pronouncements not yet Adopted | Accounting Pronouncements Adopted During the Current Year - Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters Accounting Standard Update (“ASU”) 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ASU 2021-08 requires companies to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the revenue recognition guidance as if the acquirer had entered into the original contract at the same time, and on the same terms, as the acquiree. Generally, this will result in the acquirer recognizing contract assets and liabilities at the same amounts recorded by the acquiree as of the acquisition date. Under the previous standard, an acquirer generally recognizes such items at fair value on the acquisition date. This update is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. April 1, 2022 The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recent accounting pronouncements not yet adopted - Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters There are no material accounting pronouncements applicable to the Company not yet adopted |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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): Year ended March 31, Primary Geographical Markets 2023 2022 2021 United States $ 556,219 $ 495,765 $ 415,976 Europe 32,210 26,373 22,515 Asia-Pacific ("APAC") 7,470 6,519 4,535 Other 684 — — $ 596,583 $ 528,657 $ 443,026 Major Offerings/Services Subscription $ 482,807 $ 428,617 $ 356,597 Marketplace and Other 113,776 100,040 86,429 $ 596,583 $ 528,657 $ 443,026 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Right-of-use Asset and Lease Liability Balances | Right-of-use assets and lease liabilities balances consist of the following (dollars in thousands): March 31, 2023 March 31, 2022 Right-of-use assets included in other assets, net $ 24,604 $ 59,459 Short-term lease liabilities included in other accrued expenses $ 9,929 $ 8,984 Long-term lease liabilities included in other liabilities $ 37,243 $ 52,241 Supplemental balance sheet information: Weighted average remaining lease term 5.6 years 6.4 years Weighted average discount rate 3.5 % 3.6 % |
Schedule of Future Minimum Payments under all Operating Leases | Future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of March 31, 2023 are as follows (dollars in thousands): Amount Fiscal 2024 $ 10,090 Fiscal 2025 9,116 Fiscal 2026 8,283 Fiscal 2027 8,017 Fiscal 2028 8,238 Thereafter 8,346 Total undiscounted lease commitments 52,090 Less: Interest and short-term leases 4,918 Total discounted operating lease liabilities $ 47,172 |
RESTRUCTURING, IMPAIRMENT AND_2
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Activity | The reserve balances are included in other accrued expenses and other liabilities in the consolidated balance sheets (dollars in thousands). Employee-related Lease Total Balances at March 31, 2020 450 6,243 6,693 Restructuring charges and adjustments 1,663 62 1,725 Payments (1,288) (2,387) (3,675) Balances at March 31, 2021 $ 825 $ 3,918 $ 4,743 Restructuring charges and adjustments — (19) (19) Payments (778) (872) (1,650) Balances at March 31, 2022 $ 47 $ 3,027 $ 3,074 Restructuring charges and adjustments 7,792 2,946 10,738 Payments (7,080) (1,100) (8,180) Balances at March 31, 2023 $ 759 $ 4,873 $ 5,632 |
Schedule of Gains, Losses and Other Items | The following table summarizes the activity included in gains, losses and other items, net in the consolidated statements of operations for each of the periods presented (dollars in thousands): Year ended March 31, 2023 2022 2021 Employee-related restructuring plan charges and adjustments $ 7,792 $ (19) $ 1,725 Lease-related restructuring plan charges and adjustments 2,946 — — Early contract terminations — 1,042 — ROU asset group impairments 24,599 — — Other (21) 456 990 $ 35,316 $ 1,479 $ 2,715 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): April 21, 2021 Assets acquired: Cash $ 131 Goodwill 6,807 Intangible assets 3,500 Total assets acquired 10,438 Deferred income taxes (505) Accounts payable and accrued expenses (65) Net assets acquired 9,868 Less: Cash acquired (131) Net purchase price allocated 9,737 Less: Cash held back (1,200) Net cash paid in acquisition 8,537 The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): February 17, 2021 Assets acquired: Cash $ 2,099 Goodwill 56,436 Intangible assets 11,400 Other current and noncurrent assets 1,119 Total assets acquired 71,054 Deferred income taxes (1,716) Accounts payable and accrued expenses (75) Net assets acquired 69,263 Less: Cash acquired (2,099) Net purchase price allocated 67,164 Less: Restricted cash held in escrow (8,900) Net cash paid in acquisition $ 58,264 The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): July 16, 2020 Assets acquired: Cash $ 184 Trade accounts receivable 156 Goodwill 2,011 Intangible assets 1,100 Other current and noncurrent assets 43 Total assets acquired 3,494 Deferred income taxes (288) Accounts payable and accrued expenses (89) Net assets acquired 3,117 Less: Cash acquired (184) Net cash paid $ 2,933 |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the consideration for DataFleets was approximately $67.2 million, which consisted of the following (dollars in thousands): Cash, net of $2.1 million cash acquired 58,264 Restricted cash held in escrow 8,900 Total fair value of consideration transferred $ 67,164 |
Schedule of 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 $ 11,000 4 Customer relationships/trade names 400 2 Total intangible assets $ 11,400 |
OTHER CURRENT AND NONCURRENT _2
OTHER CURRENT AND NONCURRENT ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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): March 31, 2023 March 31, 2022 Prepaid expenses and other $ 18,918 $ 13,947 Assets of non-qualified retirement plan 12,110 15,528 Other current assets $ 31,028 $ 29,475 |
Schedule of Components of Other Noncurrent Assets | Other noncurrent assets consist of the following (dollars in thousands): March 31, 2023 March 31, 2022 Long-term prepaid revenue share $ 9,659 $ 13,468 Right-of-use assets (see Note 3) 24,604 59,459 Deferred tax asset 1,253 1,224 Deposits 3,452 4,486 Strategic investments 1,600 5,700 Other miscellaneous noncurrent assets 477 877 Other assets, net $ 41,045 $ 85,214 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment is summarized as follows (dollars in thousands): March 31, 2023 March 31, 2022 Leasehold improvements $ 25,262 $ 28,224 Data processing equipment 6,537 7,001 Office furniture and other equipment 7,594 9,776 39,393 45,001 Less accumulated depreciation and amortization 32,308 33,470 Property and equipment, net of accumulated depreciation and amortization $ 7,085 $ 11,531 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Operating Segment and Activity and by Component included in each Segment | Changes in goodwill for the twelve months ended March 31, 2023 and 2022 were as follows (dollars in thousands): Total Balance at March 31, 2021 $ 357,446 Acquisition of Diablo 7,012 Change in foreign currency translation adjustment (613) Balance at March 31, 2022 $ 363,845 Purchase price accounting adjustment related to acquisition of Diablo (205) Change in foreign currency translation adjustment (524) Balance at March 31, 2023 $ 363,116 Goodwill by geography as of March 31, 2023 was: Total U.S. $ 360,155 APAC 2,961 Balance at March 31, 2023 $ 363,116 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortization Activity of Intangible Assets | The following table shows the amortization activity of intangible assets (dollars in thousands): March 31, 2023 March 31, 2022 Developed technology, gross $ 72,095 $ 84,146 Accumulated amortization (63,658) (67,980) Net developed technology $ 8,437 $ 16,166 Customer relationship/trade name, gross $ 34,384 $ 43,490 Accumulated amortization (33,953) (40,582) Net customer/trade name $ 431 $ 2,908 Publisher/data supply relationships, gross $ 16,000 $ 39,800 Accumulated amortization (15,000) (32,156) Net publisher/data supply relationships $ 1,000 $ 7,644 Total intangible assets, gross $ 122,479 $ 167,436 Total accumulated amortization (112,611) (140,718) Total intangible assets, net $ 9,868 $ 26,718 |
Schedule of Estimated Future Amortization Expenses related to Purchases and Other Intangible Assets | The following table presents the estimated future amortization expenses related to intangible assets. Fiscal Year: 2024 $ 6,847 2025 3,021 $ 9,868 |
OTHER ACCRUED EXPENSES (Tables)
OTHER ACCRUED EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Accrued Expenses [Abstract]. | |
Schedule of Other Accrued Expenses | Other accrued expenses consist of the following (dollars in thousands): March 31, 2023 March 31, 2022 Liabilities of non-qualified retirement plan $ 12,110 $ 15,528 Short-term lease liabilities (see Note 3) 9,929 8,984 DPM acquisition consideration holdback (see Note 14) — 6,092 Acuity performance earnout liability (see Note 14) 1,535 2,420 DataFleets consideration holdback (see Note 14) 324 756 Diablo consideration holdback — 1,200 Rakam consideration holdback 223 223 Other miscellaneous accrued expenses 11,615 10,864 Other accrued expenses $ 35,736 $ 46,067 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | Other liabilities consist of the following (dollars in thousands): March 31, 2023 March 31, 2022 Uncertain tax positions $ 23,427 $ 24,374 Long-term lease liabilities (see Note 3) 37,243 52,241 Lease restructuring accruals 5,713 3,619 Deferred tax liabilities 298 305 Other 5,117 5,571 Other liabilities $ 71,798 $ 86,110 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligation, Fiscal Year Maturity | The following table presents the Company’s purchase commitments at March 31, 2023. Purchase commitments primarily include contractual commitments for the purchase of data, hosting services, software-as-a-service arrangements and leasehold improvements. The table does not include the future payment of liabilities related to uncertain tax positions of $23.4 million as the Company is not able to predict the periods in which the payments will be made (dollars in thousands): For the years ending March 31, 2024 2025 2026 2027 Total Purchase commitments $ 90,433 $ 75,931 $ 6,106 $ 675 $ 173,145 |
STOCKHOLDERS' EQUITY AND STOC_2
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock-based Compensation Activity, by Award Type | The Company's stock-based compensation activity for the twelve months ended March 31, 2023, 2022, and 2021, by award type, was (dollars in thousands): Year ended March 31, 2023 2022 2021 Stock options $ 968 $ 1,935 $ 2,308 Restricted stock units 111,943 56,008 78,164 Diablo restricted stock awards 1,126 794 — Data Plus Math ("DPM") acquisition consideration holdback 2,031 8,122 8,030 Pacific Data Partners assumed performance plan — 9,101 18,388 Acuity performance plan 815 1,912 2,208 DataFleets acquisition consideration holdback 5,611 6,043 755 Employee stock purchase plan 2,051 1,803 704 Directors stock-based compensation 1,255 1,539 1,150 Total non-cash stock-based compensation included in the consolidated statements of operations 125,800 87,257 111,707 Less expense related to liability-based equity awards (8,449) (16,077) (27,311) Total non-cash stock-based compensation included in the consolidated statements of equity $ 117,351 $ 71,180 $ 84,396 |
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 thousands): Year ended March 31, 2023 2022 2021 Cost of revenue $ 6,317 $ 4,111 $ 5,300 Research and development 55,407 32,112 38,960 Sales and marketing 29,429 28,586 40,401 General and administrative 34,647 22,448 27,046 Total non-cash stock-based compensation included in the consolidated statements of operations $ 125,800 $ 87,257 $ 111,707 |
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 March 31, 2023, by award type. For the years ending March 31, 2024 2025 2026 Total Stock options $ 583 $ 125 $ — $ 708 Restricted stock units 49,579 59,676 15,304 124,559 Acuity performance plan 165 — — 165 DataFleets acquisition consideration holdback 2,266 — — 2,266 Employee stock purchase plan 361 — — 361 Expected future expense $ 52,954 $ 59,801 $ 15,304 $ 128,059 |
Schedule of Option Activity | Stock option activity for the twelve months ended March 31, 2023 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, 2022 730,004 $ 16.28 Exercised (200,559) $ 11.06 $ 3,681 Forfeited or canceled (4,534) $ 2.48 Outstanding at March 31, 2023 524,911 $ 18.39 1.6 $ 1,857 Exercisable at March 31, 2023 514,870 $ 18.73 1.5 $ 1,646 |
Schedule of Stock Options Outstanding and Exercisable | A summary of stock options outstanding and exercisable as of March 31, 2023 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 $ — — $ 9.99 40,973 5.7 years $ 0.98 30,932 $ 1.01 $ 10.00 — $ 19.99 182,603 2.1 years $ 17.49 182,603 $ 17.49 $ 20.00 — $ 24.99 301,335 0.8 years $ 21.31 301,335 $ 21.31 524,911 1.6 years $ 18.39 514,870 $ 18.73 |
Schedule of Changes in Restricted Stock | Changes in the Company's restricted stock for the twelve months ended March 31, 2023 was: Weighted average fair value per Weighted average Number share at grant remaining contractual of shares date term (in years) Unvested restricted stock awards at March 31, 2022 24,766 $ 47.29 Diablo replacement restricted stock award — $ 47.29 Vested (24,766) $ 47.29 Unvested restricted stock awards at March 31, 2023 — $ — n/a |
Schedule of Time-vesting Restricted Stock Unit Activity | RSU activity for the twelve months ended March 31, 2023 was: Weighted-average fair value per Weighted-average Number share at grant remaining contractual of shares date term (in years) Outstanding at March 31, 2022 4,176,682 $ 47.00 2.85 Granted 4,352,078 $ 24.63 Vested (1,614,868) $ 46.68 Units vested under the Company's March 2023 acceleration plan (1,508,196) $ 30.42 Forfeited or canceled (1,395,937) $ 37.07 Outstanding at March 31, 2023 4,009,759 $ 32.57 2.20 |
Schedule of Non-vested Performance-based Restricted Stock Units Activity | PSU activity for the twelve months ended March 31, 2023 was: Weighted-average fair value per Weighted-average Number share at grant remaining contractual of shares date term (in years) Outstanding at March 31, 2022 584,468 $ 51.26 1.01 Granted 406,501 $ 24.65 Vested (134,671) $ 45.96 Forfeited or canceled (146,709) $ 61.20 Outstanding at March 31, 2023 709,589 $ 34.97 1.38 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Total Income Tax Expense (Benefit) | Total income tax expense (benefit) was allocated as follows (dollars in thousands): Year ended March 31, 2023 2022 2021 Continuing operations $ 5,252 $ (1,242) $ (30,532) Discontinued operations (7,070) — — $ (1,818) $ (1,242) $ (30,532) |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to loss from continuing operations consists of (dollars in thousands): Year ended March 31, 2023 2022 2021 Current: U.S. Federal $ 6,325 $ (1,227) $ (28,060) Non-U.S. 1,086 305 17 State (2,274) 1,220 (1,071) 5,137 298 (29,114) Deferred: U.S. Federal 155 (895) (1,205) Non-U.S. (83) (608) (44) State 43 (37) (169) 115 (1,540) (1,418) Total $ 5,252 $ (1,242) $ (30,532) |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) before income tax attributable to U.S. and non-U.S. continuing operations consists of (dollars in thousands): Year ended March 31, 2023 2022 2021 U.S. $ (122,994) $ (37,415) $ (122,257) Non-U.S. 4,140 2,340 1,457 Total $ (118,854) $ (35,075) $ (120,800) |
Schedule of Effective Income Tax Rate Reconciliation | Below is a reconciliation of expected income tax benefit, computed by applying the U.S. federal statutory rate of 21.0% to loss before income taxes, to actual income tax expense (benefit) from continuing operations (dollars in thousands): Year ended March 31, 2023 2022 2021 Computed expected income tax benefit $ (24,959) $ (7,366) $ (25,368) Increase (reduction) in income taxes resulting from: State income taxes, net of federal benefit (2,440) 691 (979) Research and other tax credits (4,363) (3,107) (4,635) Nondeductible expenses 669 673 1,104 Stock-based compensation 3,486 5,576 (2,024) Non-U.S. subsidiaries taxed at other rates 491 (364) 194 Adjustment to valuation allowances 33,197 2,520 2,230 Other, net (829) 135 (1,054) $ 5,252 $ (1,242) $ (30,532) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at March 31, 2023 and 2022 are presented below (dollars in thousands). Year ended March 31, 2023 2022 Deferred tax assets: Accrued expenses $ 5,287 $ 5,682 Lease liabilities 11,613 14,090 Net operating loss carryforwards 22,504 25,737 Stock-based compensation 3,335 8,022 Nonqualified deferred compensation 2,797 3,119 Property and equipment 585 496 Tax credit carryforwards 7,779 7,588 Capitalized research and development 26,357 385 Other 253 1,351 Total deferred tax assets 80,510 66,470 Less valuation allowance (61,152) (37,399) Net deferred tax assets 19,358 29,071 Deferred tax liabilities: Prepaid expenses (2,411) (2,296) Right-of-use assets (6,011) (13,691) Intangible assets (829) (4,603) Deferred commissions (9,153) (7,562) Total deferred tax liabilities (18,404) (28,152) Net deferred tax assets $ 954 $ 919 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table sets forth changes in the total gross unrecognized tax benefits for the fiscal years ended March 31, 2023, 2022 and 2021 (dollars in thousands): Year ended March 31, 2023 2022 2021 Balance at beginning of period $ 23,817 $ 25,026 $ 23,400 Increases related to prior year tax positions 93 411 — Decreases related to prior year tax positions (522) — (139) Increases related to current year tax positions 2,229 990 1,765 Settlements with taxing authorities (166) — — Lapse of statute of limitations (3,827) (2,610) — Balance at end of period $ 21,624 $ 23,817 $ 25,026 |
FOREIGN OPERATIONS (Tables)
FOREIGN OPERATIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table shows financial information by geographic area (dollars in thousands): Year ended March 31, Revenue 2023 2022 2021 United States $ 556,219 $ 495,765 $ 415,976 Foreign Europe 32,210 26,373 22,515 APAC 7,470 6,519 4,535 Other 684 — — All Foreign 40,364 32,892 27,050 $ 596,583 $ 528,657 $ 443,026 Long-lived assets excluding financial instruments (dollars in thousands): March 31, 2023 2022 United States $ 452,555 $ 509,014 Foreign Europe 1,643 4,174 APAC 3,946 4,714 All Foreign 5,589 8,888 $ 458,144 $ 517,902 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table details the fair value measurements within the fair value hierarchy of the Company's financial assets and liabilities at March 31, 2023 and March 31, 2022 that are measured at fair value on a recurring basis (dollars in thousands): March 31, 2023 Cash and Cash Equivalents Short-Term Investments Other Current Assets Total Cash $ 22,603 $ — $ — $ 22,603 Level 1: Money market funds 439,853 — — 439,853 Assets of non-qualified retirement plan — — 12,110 12,110 U.S. Treasury securities 1,992 25,307 — 27,299 Certificates of deposit — 7,500 — 7,500 Total $ 464,448 $ 32,807 $ 12,110 $ 509,365 March 31, 2022 Cash and Cash Equivalents Short-Term Investments Other Current Assets Total Cash $ 23,402 $ 23,402 Level 1: Money market funds 576,760 — — 576,760 Assets of non-qualified retirement plan — — 15,528 15,528 Certificates of deposit — 7,500 — 7,500 Total $ 600,162 $ 7,500 $ 15,528 $ 623,190 |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) reporting_unit | Mar. 31, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Number of operating segments | segment | 1 | ||
Unbilled amounts included in accounts receivable | $ 16.7 | $ 12.5 | |
Capitalized contract cost amortization period | 4 years | ||
Recognition of capitalized contract cost | 6.8 | $ 8 | |
Number of reporting units | reporting_unit | 3 | ||
Advertising expense | $ 12.9 | $ 10.5 | $ 7 |
Revenue Benchmark | Customer Concentration Risk | Ten Largest Customers | |||
Property, Plant and Equipment [Line Items] | |||
Concentration risk, percentage | 29% | ||
Revenue Benchmark | Customer Concentration Risk | Interpublic Group of Companies | |||
Property, Plant and Equipment [Line Items] | |||
Concentration risk, percentage | 12% | ||
Revenue Benchmark | Product Concentration Risk | Service | |||
Property, Plant and Equipment [Line Items] | |||
Concentration risk, percentage | 5% | ||
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Amortization period | 2 years | ||
Minimum | Incentive Stock Option | |||
Property, Plant and Equipment [Line Items] | |||
Exercise price as a percentage of the per-share market value of the Company's shares at the date of grant | 100% | ||
Minimum | Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 2 years | ||
Minimum | Data Processing Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 2 years | ||
Minimum | Office Furniture and Other Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Amortization period | 6 years | ||
Maximum | Incentive Stock Option | |||
Property, Plant and Equipment [Line Items] | |||
Duration of stock options granted | 10 years | ||
Maximum | Nonqualified Options | |||
Property, Plant and Equipment [Line Items] | |||
Exercise price as a percentage of the per-share market value of the Company's shares at the date of grant | 100% | ||
Duration of stock options granted | 10 years | ||
Maximum | Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Maximum | Data Processing Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Maximum | Office Furniture and Other Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years |
ORGANIZATION AND SUMMARY OF S_5
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||
Net loss from continuing operations | $ (124,106) | $ (33,833) | $ (90,268) |
Earnings from discontinued operations | 5,404 | 0 | 0 |
Net loss | $ (118,702) | $ (33,833) | $ (90,268) |
Diluted earnings (loss) per share: | |||
Basic weighted-average shares outstanding (in shares) | 66,352 | 68,211 | 66,304 |
Dilutive effect of common stock options and restricted stock as computed under the treasury stock method (in shares) | 0 | 0 | 0 |
Diluted weighted-average shares outstanding (in shares) | 66,352 | 68,211 | 66,304 |
Continuing operations (in USD per share) | $ (1.87) | $ (0.50) | $ (1.36) |
Discontinued operations (in USD per share) | 0.08 | 0 | 0 |
Diluted earnings (loss) per share (in USD per share) | $ (1.79) | $ (0.50) | $ (1.36) |
Stockholders' Equity Attributable to Parent [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 2,376 | 686 | 90 |
Continuing Operations | |||
Stockholders' Equity Attributable to Parent [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 700 | 1,300 | 2,700 |
ORGANIZATION AND SUMMARY OF S_6
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of the Activity of the Allowance for Doubtful Accounts, Returns and Credits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 9,961 | $ 7,617 | $ 7,575 |
Additions charged to costs and expenses | 1,776 | 4,217 | 2,915 |
Other changes | 10 | (3) | 108 |
Bad debts written off, net of amounts recovered | (2,403) | (1,870) | (2,981) |
Balance at end of period | $ 9,344 | $ 9,961 | $ 7,617 |
ORGANIZATION AND SUMMARY OF S_7
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Finite-Lived Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Developed technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Useful Life (years) | 3 years 10 months 24 days |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Useful Life (years) | 5 years 3 months 18 days |
Publisher and Data Supply relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Useful Life (years) | 4 years |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 596,583 | $ 528,657 | $ 443,026 |
Subscription | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 482,807 | 428,617 | 356,597 |
Marketplace and Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 113,776 | 100,040 | 86,429 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 556,219 | 495,765 | 415,976 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 32,210 | 26,373 | 22,515 |
Asia-Pacific ("APAC") | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 7,470 | 6,519 | 4,535 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 684 | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 470.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 337.6 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Leases [Abstract] | ||
Right-of-use assets included in other assets, net | $ 24,604 | $ 59,459 |
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Other assets, net | Other assets, net |
Short-term lease liabilities included in other accrued expenses | $ 9,929 | $ 8,984 |
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current |
Long-term lease liabilities included in other liabilities | $ 37,243 | $ 52,241 |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other liabilities | Other liabilities |
Weighted average remaining lease term | 5 years 7 months 6 days | 6 years 4 months 24 days |
Weighted average discount rate | 3.50% | 3.60% |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease costs | $ 11,600 | $ 11,600 | $ 11,600 |
Impairment charges | 24,599 | 0 | 0 |
Employee-related restructuring plan charges and adjustments | 7,792 | $ (19) | $ 1,725 |
Fiscal 2024 | 10,090 | ||
Fiscal 2025 | 9,116 | ||
Fiscal 2026 | 8,283 | ||
Leased Office Facilities | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Fiscal 2024 | 2,698 | ||
Fiscal 2025 | 2,698 | ||
Fiscal 2026 | 1,799 | ||
Facility Closing | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Employee-related restructuring plan charges and adjustments | $ 2,900 |
LEASES - Operating Lease, Liabi
LEASES - Operating Lease, Liability Maturity (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
Fiscal 2024 | $ 10,090 |
Fiscal 2025 | 9,116 |
Fiscal 2026 | 8,283 |
Fiscal 2027 | 8,017 |
Fiscal 2028 | 8,238 |
Thereafter | 8,346 |
Total undiscounted lease commitments | 52,090 |
Less: Interest and short-term leases | 4,918 |
Total discounted operating lease liabilities | $ 47,172 |
LEASES - Supplemental informati
LEASES - Supplemental information related to operating leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | |||
Cash paid for operating lease liabilities | $ 8,243 | $ 10,108 | $ 10,883 |
Operating lease assets obtained in exchange for operating lease liabilities | $ 69 | $ 56,182 | $ 372 |
Weighted average remaining lease term | 5 years 7 months 6 days | 6 years 4 months 24 days | |
Weighted average discount rate | 3.50% | 3.60% |
RESTRUCTURING, IMPAIRMENT AND_3
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and adjustments | $ 7,792 | $ (19) | $ 1,725 |
Continuing Operations | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, at the beginning of the period | 3,074 | 4,743 | 6,693 |
Restructuring charges and adjustments | 10,738 | (19) | 1,725 |
Payments | (8,180) | (1,650) | (3,675) |
Restructuring reserve, at the end of the period | 5,632 | 3,074 | 4,743 |
Continuing Operations | Employee-related reserves | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, at the beginning of the period | 47 | 825 | 450 |
Restructuring charges and adjustments | 7,792 | 0 | 1,663 |
Payments | (7,080) | (778) | (1,288) |
Restructuring reserve, at the end of the period | 759 | 47 | 825 |
Continuing Operations | Lease accruals | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, at the beginning of the period | 3,027 | 3,918 | 6,243 |
Restructuring charges and adjustments | 2,946 | (19) | 62 |
Payments | (1,100) | (872) | (2,387) |
Restructuring reserve, at the end of the period | $ 4,873 | $ 3,027 | $ 3,918 |
RESTRUCTURING, IMPAIRMENT AND_4
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 USD ($) leasedOfficeSpace | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and adjustments | $ 7,792 | $ (19) | $ 1,725 |
Number of leased office space exited | leasedOfficeSpace | 8 | ||
ROU asset group impairments | $ 24,599 | $ 0 | 0 |
Operating lease, ROU asset, impairment loss | 20,500 | ||
Leasehold improvements | 4,100 | ||
Employee Severance | Restructuring Activity 2020 | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and adjustments | 1,700 | ||
Facility Closing | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and adjustments | 2,900 | ||
Restructuring reserve | 2,700 | ||
Facility Closing | Restructuring Activity 2017 | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and adjustments | 7,300 | ||
Restructuring reserve | $ 2,100 | ||
United States | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 5 | ||
United States | Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and adjustments | $ 7,800 | ||
Restructuring reserve related charges | $ 1,700 | ||
Restructuring reserve | $ 800 | ||
MASSACHUSETTS | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 1 | ||
PENNSYLVANIA | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 1 | ||
Phoenix | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 1 | ||
CALIFORNIA | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 2 | ||
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 3 | ||
NETHERLANDS | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 1 | ||
London, England | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 1 | ||
Paris And France | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of leased office space exited | leasedOfficeSpace | 1 |
RESTRUCTURING, IMPAIRMENT AND_5
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES - Gains, Losses and Other Items (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |||
Employee-related restructuring plan charges and adjustments | $ 7,792 | $ (19) | $ 1,725 |
Lease-related restructuring plan charges and adjustments | 2,946 | 0 | 0 |
Early contract terminations | 0 | 1,042 | 0 |
ROU asset group impairments | 24,599 | 0 | 0 |
Other | (21) | 456 | 990 |
Total gains, losses and other items, net | $ 35,316 | $ 1,479 | $ 2,715 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 13, 2021 USD ($) shares | Apr. 21, 2021 USD ($) | Feb. 17, 2021 USD ($) numberOfAnnualIncrement | Jul. 16, 2020 USD ($) | Mar. 31, 2023 | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) numberOfAnnualIncrement | |
Developed technology | |||||||
Business Acquisition [Line Items] | |||||||
Weighted Average Useful Life (years) | 3 years 10 months 24 days | ||||||
Rakam Technology Asset Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Payments for asset acquisition | $ 2.2 | ||||||
Asset acquisition, contingent consideration | 0.2 | ||||||
Finite-lived intangible assets acquired | $ 2.2 | ||||||
Amortization period | 3 years | ||||||
Rakam Technology Asset Acquisition | Restricted stock units | |||||||
Business Acquisition [Line Items] | |||||||
Vesting period | 4 years | ||||||
Granted (in shares) | shares | 2,600,000 | ||||||
Diablo.AI, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | $ 9.7 | ||||||
Holdback consideration transferred | 1.2 | ||||||
Assumed restricted stock awards | $ 1.9 | ||||||
Vesting period | 3 years | ||||||
Diablo.AI, Inc. | Developed technology | |||||||
Business Acquisition [Line Items] | |||||||
Weighted Average Useful Life (years) | 3 years | ||||||
DataFleets, Ltd | |||||||
Business Acquisition [Line Items] | |||||||
Holdback consideration transferred | $ 18.1 | ||||||
Business Combination Consideration Transferred, Cash Held In Escrow | $ 8.9 | ||||||
Total fair value of the replacement stock options issued | $ 2.9 | $ 2.9 | |||||
DataFleets, Ltd | Developed technology | |||||||
Business Acquisition [Line Items] | |||||||
Amortization period | 4 years | ||||||
DataFleets, Ltd | Consideration Holdback | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | $ 18.1 | ||||||
Business combination, contingent consideration arrangements, number of annual increments | numberOfAnnualIncrement | 3 | 3 | |||||
Acuity Data | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | $ 2.9 | ||||||
Performance plan period | 3 years | ||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | $ 5.1 | $ 5.1 |
ACQUISITIONS - Purchase Price A
ACQUISITIONS - Purchase Price Allocation Related to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Apr. 21, 2021 | Feb. 17, 2021 | Jul. 16, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 363,116 | $ 363,845 | $ 357,446 | |||
Net cash paid | $ 0 | $ 19,107 | $ 76,012 | |||
Diablo.AI, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 131 | |||||
Goodwill | 6,807 | |||||
Intangible assets | 3,500 | |||||
Total assets acquired | 10,438 | |||||
Deferred income taxes | (505) | |||||
Accounts payable and accrued expenses | (65) | |||||
Net assets acquired | 9,868 | |||||
Net cash paid | 8,537 | |||||
Cash acquired | (131) | |||||
Cash held back | (1,200) | |||||
Net purchase price allocated | $ 9,737 | |||||
DataFleets, Ltd | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 2,099 | |||||
Goodwill | 56,436 | |||||
Intangible assets | 11,400 | |||||
Other current and noncurrent assets | 1,119 | |||||
Total assets acquired | 71,054 | |||||
Deferred income taxes | (1,716) | |||||
Accounts payable and accrued expenses | (75) | |||||
Net assets acquired | 69,263 | |||||
Net cash paid | 58,264 | |||||
Cash acquired | (2,099) | |||||
Cash held back | (8,900) | |||||
Net purchase price allocated | $ 67,164 | |||||
Acuity Data | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 184 | |||||
Trade accounts receivable | 156 | |||||
Goodwill | 2,011 | |||||
Intangible assets | 1,100 | |||||
Other current and noncurrent assets | 43 | |||||
Total assets acquired | 3,494 | |||||
Deferred income taxes | (288) | |||||
Accounts payable and accrued expenses | (89) | |||||
Net assets acquired | 3,117 | |||||
Net cash paid | 2,933 | |||||
Cash acquired | $ (184) |
ACQUISITIONS - Components of In
ACQUISITIONS - Components of Intangible Assets Acquired and Their Estimated Useful Lives as of Acquisition Date (Details) - DataFleets, Ltd $ in Thousands | Feb. 17, 2021 USD ($) |
Business Acquisition [Line Items] | |
Intangible assets | $ 11,400 |
Developed technology | |
Business Acquisition [Line Items] | |
Intangible assets | $ 11,000 |
Amortization period | 4 years |
Customer relationship/trade name, gross | |
Business Acquisition [Line Items] | |
Intangible assets | $ 400 |
Amortization period | 2 years |
DISCONTINUED OPERATIONS - Narra
DISCONTINUED OPERATIONS - Narrative (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Discontinued Operations | Acxiom Marketing Solutions | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 5.4 |
OTHER CURRENT AND NONCURRENT _3
OTHER CURRENT AND NONCURRENT ASSETS - Schedule of Other Current and Noncurrent Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Other current assets | ||
Prepaid expenses and other | $ 18,918 | $ 13,947 |
Assets of non-qualified retirement plan | 12,110 | 15,528 |
Other current assets | 31,028 | 29,475 |
Other noncurrent assets | ||
Long-term prepaid revenue share | 9,659 | 13,468 |
Right-of-use assets (see Note 3) | 24,604 | 59,459 |
Deferred tax asset | 1,253 | 1,224 |
Deposits | 3,452 | 4,486 |
Strategic investments | 1,600 | 5,700 |
Other miscellaneous noncurrent assets | 477 | 877 |
Other assets, net | $ 41,045 | $ 85,214 |
OTHER CURRENT AND NONCURRENT _4
OTHER CURRENT AND NONCURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment losses on strategic investment | $ 4 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | IT Infrastructure Management Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Retained profits interest | $ 0.7 | ||
Gain on disposition of business | $ 30.5 | ||
Proceeds from divestiture of businesses | $ 31.2 |
PROPERTY AND EQUIPMENT - Schedu
PROPERTY AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 39,393 | $ 45,001 |
Less accumulated depreciation and amortization | 32,308 | 33,470 |
Property and equipment, net of accumulated depreciation and amortization | 7,085 | 11,531 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 25,262 | 28,224 |
Data processing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,537 | 7,001 |
Office furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 7,594 | $ 9,776 |
PROPERTY AND EQUIPMENT - Narrat
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 4,000,000 | $ 5,400,000 | $ 8,900,000 |
Asset impairment charges | $ 4,100,000 | $ 0 | $ 0 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill | ||
Goodwill at the beginning of year | $ 363,845 | $ 357,446 |
Change in foreign currency translation adjustment | (524) | (613) |
Goodwill at the end of year | 363,116 | 363,845 |
Acuity Data | ||
Goodwill | ||
Acquisition of Diablo | $ 7,012 | |
Diablo.AI, Inc. | ||
Goodwill | ||
Purchase price accounting adjustment related to acquisition of Diablo | $ (205) |
GOODWILL - Goodwill by Geograph
GOODWILL - Goodwill by Geography (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Goodwill information | |||
Goodwill | $ 363,116 | $ 363,845 | $ 357,446 |
U.S. | |||
Goodwill information | |||
Goodwill | 360,155 | ||
APAC | |||
Goodwill information | |||
Goodwill | $ 2,961 |
INTANGIBLE ASSETS - Amounts All
INTANGIBLE ASSETS - Amounts Allocated to Intangible Assets from Acquisitions (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 122,479 | $ 167,436 |
Accumulated amortization | (112,611) | (140,718) |
Total finite-lived intangible assets, net | 9,868 | 26,718 |
Developed technology, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 72,095 | 84,146 |
Accumulated amortization | (63,658) | (67,980) |
Total finite-lived intangible assets, net | 8,437 | 16,166 |
Customer relationship/trade name, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 34,384 | 43,490 |
Accumulated amortization | (33,953) | (40,582) |
Total finite-lived intangible assets, net | 431 | 2,908 |
Publisher/data supply relationships, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 16,000 | 39,800 |
Accumulated amortization | (15,000) | (32,156) |
Total finite-lived intangible assets, net | $ 1,000 | $ 7,644 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 16.8 | $ 18.7 | $ 18 |
INTANGIBLE ASSETS - Estimated F
INTANGIBLE ASSETS - Estimated Future Amortization Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 6,847 | |
2025 | 3,021 | |
Total finite-lived intangible assets, net | $ 9,868 | $ 26,718 |
OTHER ACCRUED EXPENSES (Details
OTHER ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Business Acquisition [Line Items] | ||
Liabilities of non-qualified retirement plan | $ 12,110 | $ 15,528 |
Short-term lease liabilities (see Note 3) | 9,929 | 8,984 |
Other miscellaneous accrued expenses | 11,615 | 10,864 |
Other accrued expenses | 35,736 | 46,067 |
Rakam Technology Asset Acquisition | ||
Business Acquisition [Line Items] | ||
Rakam consideration holdback | 223 | 223 |
Data Plus Math Corporation | ||
Business Acquisition [Line Items] | ||
Business combination, contingent consideration, liability, current | 0 | 6,092 |
Acuity Data | ||
Business Acquisition [Line Items] | ||
Business combination, contingent consideration, liability, current | 1,535 | 2,420 |
DataFleets, Ltd | ||
Business Acquisition [Line Items] | ||
Business combination, contingent consideration, liability, current | 324 | 756 |
Diablo.AI, Inc. | ||
Business Acquisition [Line Items] | ||
Business combination, contingent consideration, liability, current | $ 0 | $ 1,200 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Uncertain tax positions | $ 23,427 | $ 24,374 |
Long-term lease liabilities (see Note 3) | 37,243 | 52,241 |
Lease restructuring accruals | 5,713 | 3,619 |
Deferred tax liabilities | 298 | 305 |
Other | 5,117 | 5,571 |
Other liabilities | $ 71,798 | $ 86,110 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, bad debt reserve for tax purposes of qualified lender | $ 23.4 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2024 | $ 90,433 |
2025 | 75,931 |
2026 | 6,106 |
2027 | 675 |
Purchase Obligation, Total | $ 173,145 |
STOCKHOLDERS' EQUITY AND STOC_3
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2023 USD ($) $ / shares shares | Dec. 13, 2021 shares | Apr. 21, 2021 USD ($) | Feb. 17, 2021 USD ($) numberOfAnnualIncrement | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) numberOfAnnualIncrement $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) numberOfAnnualIncrement $ / shares shares | Mar. 31, 2020 USD ($) numberOfAnnualIncrement | Dec. 20, 2022 USD ($) | Sep. 30, 2022 shares | Jun. 30, 2022 shares | Jul. 16, 2020 USD ($) | |
Share-based compensation | |||||||||||||||
Common stock, shares authorized (in shares) | shares | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||
Common stock, par or stated value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||||
Preferred stock, shares authorized (in shares) | shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
Preferred stock, par or stated value (in dollars per shares) | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||||
Acquisition of treasury stock | $ 149,997,000 | $ 58,621,000 | $ 42,312,000 | ||||||||||||
Treasury stock, at cost (in shares) | shares | 87,400,000 | 87,400,000 | 87,400,000 | 87,400,000 | 81,200,000 | ||||||||||
Treasury stock, at cost | $ 2,252,034,000 | $ 2,252,034,000 | $ 2,252,034,000 | $ 2,252,034,000 | $ 2,099,765,000 | ||||||||||
Dividends, common stock | $ 0 | ||||||||||||||
Total shares reserved for issuance since inception of the stock option and equity compensation plans (in shares) | shares | 42,400,000 | 37,900,000 | |||||||||||||
Number of available shares (in shares) | shares | 4,500,000 | ||||||||||||||
Exercised (in dollars per share) | $ / shares | $ 11.06 | ||||||||||||||
Exercised | $ 3,681,000 | ||||||||||||||
Award vesting rights percentage | 50% | ||||||||||||||
Award vesting percentage after one year | 50% | ||||||||||||||
Future expense for performance stock option units | 128,059,000 | 128,059,000 | 128,059,000 | $ 128,059,000 | |||||||||||
Accumulated other comprehensive income (loss), foreign currency translation adjustment | 4,504,000 | 4,504,000 | 4,504,000 | 4,504,000 | $ 5,730,000 | ||||||||||
Common Stock Repurchase Program | |||||||||||||||
Share-based compensation | |||||||||||||||
Stock repurchase program, authorized amount | $ 1,100,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | $ 100,000,000 | ||||||||||
Acquisition of treasury stock (in shares) | shares | 6,100,000 | 1,300,000 | 1,300,000 | ||||||||||||
Acquisition of treasury stock | $ 150,000,000 | $ 58,600,000 | $ 42,300,000 | ||||||||||||
Treasury stock, at cost (in shares) | shares | 35,600,000 | 35,600,000 | 35,600,000 | 35,600,000 | |||||||||||
Treasury stock, at cost | $ 882,200,000 | $ 882,200,000 | $ 882,200,000 | $ 882,200,000 | |||||||||||
Stock repurchase program, remaining amount | 217,800,000 | 217,800,000 | 217,800,000 | $ 217,800,000 | |||||||||||
Performance Based Stock Units | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 406,501 | ||||||||||||||
Aggregate fair value of restricted stock units granted | $ 10,000,000 | ||||||||||||||
Performance stock | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 246,524 | ||||||||||||||
Diablo.AI, Inc. | |||||||||||||||
Share-based compensation | |||||||||||||||
Vesting period | 3 years | ||||||||||||||
Holdback consideration transferred | $ 1,200,000 | ||||||||||||||
Acuity Data | |||||||||||||||
Share-based compensation | |||||||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | $ 5,100,000 | $ 5,100,000 | $ 5,100,000 | ||||||||||||
Non-cash stock-based compensation expense | 4,900,000 | ||||||||||||||
Business combination, contingent consideration, liability, expected costs | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | |||||||||||
Acuity Data | Accrued Liabilities | |||||||||||||||
Share-based compensation | |||||||||||||||
Business combination, contingent consideration, liability | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | 1,500,000 | |||||||||||
DataFleets, Ltd | |||||||||||||||
Share-based compensation | |||||||||||||||
Total fair value of the replacement stock options issued | $ 2,900,000 | 2,900,000 | |||||||||||||
Holdback consideration transferred | $ 18,100,000 | ||||||||||||||
Holdback expenses | 12,400,000 | ||||||||||||||
Holdback expenses, expected costs | 2,600,000 | ||||||||||||||
DataFleets, Ltd | Consideration Holdback | |||||||||||||||
Share-based compensation | |||||||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | $ 18,100,000 | ||||||||||||||
Business combination, contingent consideration arrangements, number of annual increments | numberOfAnnualIncrement | 3 | 3 | 3 | ||||||||||||
DataFleets, Ltd | Accrued Liabilities | |||||||||||||||
Share-based compensation | |||||||||||||||
Holdback expenses | 300,000 | ||||||||||||||
Data Plus Math Corporation | |||||||||||||||
Share-based compensation | |||||||||||||||
Holdback consideration transferred | $ 24,400,000 | ||||||||||||||
Data Plus Math Corporation | Consideration Holdback | |||||||||||||||
Share-based compensation | |||||||||||||||
Business combination, contingent consideration arrangements, number of annual increments | numberOfAnnualIncrement | 3 | ||||||||||||||
Stock options | |||||||||||||||
Share-based compensation | |||||||||||||||
Share-based compensation expense | 968,000 | 1,935,000 | $ 2,308,000 | ||||||||||||
Exercised | 3,700,000 | $ 4,300,000 | 23,200,000 | ||||||||||||
Stock options | DataFleets, Ltd | |||||||||||||||
Share-based compensation | |||||||||||||||
Shares issued in period (in shares) | shares | 42,154 | ||||||||||||||
Exercised (in dollars per share) | $ / shares | $ 0.70 | ||||||||||||||
Restricted Stock | Diablo.AI, Inc. | |||||||||||||||
Share-based compensation | |||||||||||||||
Conversion of convertible securities (in shares) | shares | 40,600 | ||||||||||||||
Conversion of convertible securities | $ 1,900,000 | ||||||||||||||
Vested in period, fair value | $ 600,000 | $ 800,000 | |||||||||||||
Outstanding at the end of the period (in shares) | shares | 0 | 0 | 0 | 0 | 24,766 | ||||||||||
Restricted stock units | |||||||||||||||
Share-based compensation | |||||||||||||||
Share-based compensation expense | $ 111,943,000 | $ 56,008,000 | $ 78,164,000 | ||||||||||||
Restricted stock units | Rakam Technology Asset Acquisition | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 2,600,000 | ||||||||||||||
Vesting period | 4 years | ||||||||||||||
Restricted stock units | Vesting in Four Years | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 4,352,078 | ||||||||||||||
Aggregate fair value of restricted stock units granted | $ 107,200,000 | ||||||||||||||
Vesting period | 3 years | 4 years | 4 years | ||||||||||||
Restricted stock units | Time Based Vesting | |||||||||||||||
Share-based compensation | |||||||||||||||
Forfeited in period (in shares) | shares | 1,395,937 | ||||||||||||||
Vested in period, fair value | $ 71,500,000 | $ 30,300,000 | $ 126,900,000 | ||||||||||||
Granted (in shares) | shares | 4,352,078 | 3,037,440 | 2,228,445 | ||||||||||||
Aggregate fair value of restricted stock units granted | $ 143,400,000 | $ 99,800,000 | |||||||||||||
Outstanding at the end of the period (in shares) | shares | 4,009,759 | 4,009,759 | 4,009,759 | 4,009,759 | 4,176,682 | ||||||||||
Restricted stock units | Time Based Vesting | Rakam Technology Asset Acquisition | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 55,927 | ||||||||||||||
Aggregate fair value of restricted stock units granted | $ 2,600,000 | ||||||||||||||
Restricted stock units | Performance Based Stock Units | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 121,951 | ||||||||||||||
Aggregate fair value of restricted stock units granted | $ 3,700,000 | ||||||||||||||
Restricted stock units | ATS Performance Plan Vesting Total Shareholder Return | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 36,425 | ||||||||||||||
Aggregate fair value of restricted stock units granted | $ 1,700,000 | ||||||||||||||
Restricted stock units | ATS Performance Plan Vesting Total Shareholder Return | Minimum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 0% | ||||||||||||||
Restricted stock units | ATS Performance Plan Vesting Total Shareholder Return | Maximum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 100% | ||||||||||||||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 63,815 | 73,950 | |||||||||||||
Aggregate fair value of restricted stock units granted | $ 3,800,000 | $ 4,200,000 | |||||||||||||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | Minimum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 0% | 0% | |||||||||||||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | Maximum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 200% | 200% | |||||||||||||
Restricted stock units | Performance stock | |||||||||||||||
Share-based compensation | |||||||||||||||
Forfeited in period (in shares) | shares | 146,709 | ||||||||||||||
Granted (in shares) | shares | 406,501 | 249,152 | 59,634 | ||||||||||||
Aggregate fair value of restricted stock units granted | $ 12,600,000 | $ 10,700,000 | |||||||||||||
Outstanding at the end of the period (in shares) | shares | 709,589 | 709,589 | 709,589 | 709,589 | 584,468 | ||||||||||
The total fair value of performance-based restricted stock units | $ 3,000,000 | $ 6,700,000 | $ 8,400,000 | ||||||||||||
Restricted stock units | Performance Based Stock Units Under Operating Metrics | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 284,550 | ||||||||||||||
Aggregate fair value of restricted stock units granted | $ 6,300,000 | ||||||||||||||
Restricted stock units | Performance Based Stock Units Under Operating Metrics | Minimum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 0% | ||||||||||||||
Restricted stock units | Performance Based Stock Units Under Operating Metrics | Maximum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 200% | ||||||||||||||
Restricted stock units | 2021 Performance Shares That Will Vest Immediately | |||||||||||||||
Share-based compensation | |||||||||||||||
Forfeited in period (in shares) | shares | 22,948 | 71,666 | |||||||||||||
Hurdle achievement, percentage | 63% | 50% | |||||||||||||
Outstanding at the end of the period (in shares) | shares | 13,477 | 13,477 | 13,477 | 13,477 | |||||||||||
Restricted stock units | 2021 Performance Shares That Will Vest In One Year | |||||||||||||||
Share-based compensation | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Award vesting rights percentage | 0% | ||||||||||||||
Outstanding at the end of the period (in shares) | shares | 69,588 | 69,588 | 69,588 | 69,588 | |||||||||||
Restricted stock units | Share-based Payment Arrangement, Tranche Three | |||||||||||||||
Share-based compensation | |||||||||||||||
Forfeited in period (in shares) | shares | 1,500,000 | 700,000 | |||||||||||||
Compensation costs | $ 22,600,000 | $ 21,400,000 | |||||||||||||
Incremental compensation cost | 400,000 | 8,400,000 | |||||||||||||
Accelerated original grant date fair value compensation cost | $ 22,100,000 | $ 13,000,000 | |||||||||||||
Restricted stock units | Performance Shares Vesting Under The Second Plan | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 172,574 | ||||||||||||||
Aggregate fair value of restricted stock units granted | $ 6,500,000 | ||||||||||||||
Restricted stock units | Performance Shares Vesting Under The Second Plan | Minimum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 0% | ||||||||||||||
Restricted stock units | Performance Shares Vesting Under The Second Plan | Maximum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 200% | ||||||||||||||
Restricted stock units | Diablo.AI, Inc. | |||||||||||||||
Share-based compensation | |||||||||||||||
Share-based compensation expense | $ 1,126,000 | $ 794,000 | $ 0 | ||||||||||||
Restricted stock units | Data Plus Math Corporation | Time Based Vesting | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 98,442 | 193,595 | |||||||||||||
Aggregate fair value of restricted stock units granted | $ 4,700,000 | $ 13,500,000 | |||||||||||||
Employee stock purchase plan | |||||||||||||||
Share-based compensation | |||||||||||||||
Total shares reserved for issuance since inception of the stock option and equity compensation plans (in shares) | shares | 1,400,000 | 400,000 | |||||||||||||
Number of shares per employee (in shares) | shares | 1,100,000 | ||||||||||||||
Number of available shares (in shares) | shares | 1,000,000 | ||||||||||||||
Share-based compensation expense | $ 2,051,000 | $ 1,803,000 | $ 704,000 | ||||||||||||
Stock purchase offering period | 6 months | ||||||||||||||
Purchase of common stock percentage | 85% | ||||||||||||||
Stock issued during period, ESPP (in shares) | shares | 197,255 | 103,447 | 44,980 | ||||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 20.38 | $ 20.38 | $ 41.53 | $ 20.38 | $ 20.38 | $ 41.44 | $ 41.53 | ||||||||
Stock issued during period, ESPP, value | $ 4,000,000 | $ 4,300,000 | $ 1,900,000 | ||||||||||||
Future expense for performance stock option units | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | |||||||||||
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) | shares | 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 | 39,500,000 | |||||||||
Stock Option and Equity Compensation Plans | Employee stock purchase plan | |||||||||||||||
Share-based compensation | |||||||||||||||
Shares which remained available for future grants (in shares) | shares | 5,400,000 | 5,400,000 | 5,400,000 | 5,400,000 | |||||||||||
2005 Plan | |||||||||||||||
Share-based compensation | |||||||||||||||
Duration of stock options granted | 5 years | ||||||||||||||
Share-based compensation expense | $ 5,400,000 | ||||||||||||||
Operating Metrics Performance Plan | Restricted stock units | |||||||||||||||
Share-based compensation | |||||||||||||||
Forfeited in period (in shares) | shares | 58,312 | ||||||||||||||
Award vesting rights percentage | 50% | ||||||||||||||
Outstanding at the end of the period (in shares) | shares | 174,930 | 174,930 | 174,930 | 174,930 | |||||||||||
Operating Metrics Performance Plan | Restricted stock units | Performance stock | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted (in shares) | shares | 148,912 | ||||||||||||||
Aggregate fair value of restricted stock units granted | $ 7,100,000 | ||||||||||||||
Operating Metrics Performance Plan | Restricted stock units | Performance stock | Minimum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 0% | ||||||||||||||
Operating Metrics Performance Plan | Restricted stock units | Performance stock | Maximum | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 200% | ||||||||||||||
Operating Metrics Performance Plan | Restricted stock units | 2023 Performance-Based Stock Units That Will Vest On The One Year Anniversary Of Attainment | |||||||||||||||
Share-based compensation | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Operating Metrics Performance Plan | Restricted stock units | 2022 Performance Shares That Will Vest Immediately | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting percentage after one year | 50% | ||||||||||||||
Operating Metrics Performance Plan | Restricted stock units | 2022 Performance-Based Stock Units That Will Vest On The One Year Anniversary Of Attainment | |||||||||||||||
Share-based compensation | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Award vesting percentage after one year | 50% | ||||||||||||||
2021 Performance Shares That Will Vest Immediately | Restricted stock units | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 50% | ||||||||||||||
2021 Performance Shares That Will Vest In One Year | Restricted stock units | |||||||||||||||
Share-based compensation | |||||||||||||||
Award vesting rights percentage | 50% | ||||||||||||||
Qualified Employee Stock Purchase Plan | Employee stock purchase plan | |||||||||||||||
Share-based compensation | |||||||||||||||
Share-based compensation expense | $ 2,100,000 | $ 1,800,000 | $ 1,000,000 |
STOCKHOLDERS' EQUITY AND STOC_4
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Stock-based Compensation Activity, by Award Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based compensation | |||
Total non-cash stock-based compensation | $ 125,800 | $ 87,257 | $ 111,707 |
Total non-cash stock-based compensation included in the consolidated statements of equity | 117,351 | 71,180 | 84,396 |
Stock options | |||
Share-based compensation | |||
Share-based compensation expense | 968 | 1,935 | 2,308 |
Restricted stock units | |||
Share-based compensation | |||
Share-based compensation expense | 111,943 | 56,008 | 78,164 |
Restricted stock units | Diablo.AI, Inc. | |||
Share-based compensation | |||
Share-based compensation expense | 1,126 | 794 | 0 |
Consideration Holdback | Data Plus Math Corporation | |||
Share-based compensation | |||
Share-based compensation expense | 2,031 | 8,122 | 8,030 |
Consideration Holdback | DataFleets, Ltd | |||
Share-based compensation | |||
Share-based compensation expense | 5,611 | 6,043 | 755 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | |||
Share-based compensation | |||
Share-based compensation expense | 0 | 9,101 | 18,388 |
Acuity Performance Earnout | Acuity Data | |||
Share-based compensation | |||
Share-based compensation expense | 815 | 1,912 | 2,208 |
Employee stock purchase plan | |||
Share-based compensation | |||
Share-based compensation expense | 2,051 | 1,803 | 704 |
Directors stock-based compensation | |||
Share-based compensation | |||
Share-based compensation expense | 1,255 | 1,539 | 1,150 |
Liability-based equity awards | |||
Share-based compensation | |||
Total non-cash stock-based compensation | $ (8,449) | $ (16,077) | $ (27,311) |
STOCKHOLDERS' EQUITY AND STOC_5
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION- Effect of Stock-based Compensation Expense on Income, by Financial Statement Line Item (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based compensation | |||
Total non-cash stock-based compensation | $ 125,800 | $ 87,257 | $ 111,707 |
Cost of revenue | |||
Share-based compensation | |||
Total non-cash stock-based compensation | 6,317 | 4,111 | 5,300 |
Research and development | |||
Share-based compensation | |||
Total non-cash stock-based compensation | 55,407 | 32,112 | 38,960 |
Sales and marketing | |||
Share-based compensation | |||
Total non-cash stock-based compensation | 29,429 | 28,586 | 40,401 |
General and administrative | |||
Share-based compensation | |||
Total non-cash stock-based compensation | $ 34,647 | $ 22,448 | $ 27,046 |
STOCKHOLDERS' EQUITY AND STOC_6
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Future Expense, by Award Type (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Share-based compensation | |
Total | $ 128,059 |
2024 | |
Share-based compensation | |
Total | 52,954 |
2025 | |
Share-based compensation | |
Total | 59,801 |
2026 | |
Share-based compensation | |
Total | 15,304 |
Stock options | |
Share-based compensation | |
Share-based compensation not yet recognized | 708 |
Stock options | 2024 | |
Share-based compensation | |
Share-based compensation not yet recognized | 583 |
Stock options | 2025 | |
Share-based compensation | |
Share-based compensation not yet recognized | 125 |
Stock options | 2026 | |
Share-based compensation | |
Share-based compensation not yet recognized | 0 |
Restricted stock units | |
Share-based compensation | |
Future share-based compensation expense expected | 124,559 |
Restricted stock units | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | 49,579 |
Restricted stock units | 2025 | |
Share-based compensation | |
Future share-based compensation expense expected | 59,676 |
Restricted stock units | 2026 | |
Share-based compensation | |
Future share-based compensation expense expected | 15,304 |
Acuity Performance Earnout | Acuity Data | |
Share-based compensation | |
Future share-based compensation expense expected | 165 |
Acuity Performance Earnout | Acuity Data | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | 165 |
Acuity Performance Earnout | Acuity Data | 2025 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Acuity Performance Earnout | Acuity Data | 2026 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Consideration Holdback | DataFleets, Ltd | |
Share-based compensation | |
Future share-based compensation expense expected | 2,266 |
Consideration Holdback | DataFleets, Ltd | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | 2,266 |
Consideration Holdback | DataFleets, Ltd | 2025 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Consideration Holdback | DataFleets, Ltd | 2026 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Employee stock purchase plan | |
Share-based compensation | |
Future share-based compensation expense expected | 361 |
Total | 400 |
Employee stock purchase plan | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | 361 |
Employee stock purchase plan | 2025 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Employee stock purchase plan | 2026 | |
Share-based compensation | |
Future share-based compensation expense expected | $ 0 |
STOCKHOLDERS' EQUITY AND STOC_7
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Stock Option Activity - Number of Shares | |
Outstanding at beginning of the period (in shares) | shares | 730,004 |
Exercised (in shares) | shares | (200,559) |
Forfeited or cancelled (in shares) | shares | (4,534) |
Outstanding at end of the period (in shares) | shares | 524,911 |
Weighted-average exercise price per share | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 16.28 |
Exercised (in dollars per share) | $ / shares | 11.06 |
Forfeited or cancelled (in dollars per share) | $ / shares | 2.48 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 18.39 |
Weighted average remaining contractual term | 1 year 7 months 6 days |
Exercised | $ | $ 3,681 |
Outstanding at the end of the period | $ | $ 1,857 |
Exercisable at the end of the period (in shares) | shares | 514,870 |
Exercisable at the end of the period (in dollars per share) | $ / shares | $ 18.73 |
Exercisable at the end of the period | 1 year 6 months |
Exercisable at the end of the period | $ | $ 1,646 |
STOCKHOLDERS' EQUITY AND STOC_8
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION- Summary of Options (Details) | 12 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Stock options outstanding and exercisable by exercise price range | |
Options outstanding (in shares) | shares | 524,911 |
Options outstanding - Weighted-average remaining contractual life | 1 year 7 months 6 days |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 18.39 |
Options exercisable (in shares) | shares | 514,870 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 18.73 |
Range of exercise price per share from $0 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 |
Exercise price per share, high end of range (in dollars per share) | $ 9.99 |
Options outstanding (in shares) | shares | 40,973 |
Options outstanding - Weighted-average remaining contractual life | 5 years 8 months 12 days |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 0.98 |
Options exercisable (in shares) | shares | 30,932 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 1.01 |
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) | shares | 182,603 |
Options outstanding - Weighted-average remaining contractual life | 2 years 1 month 6 days |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 17.49 |
Options exercisable (in shares) | shares | 182,603 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 17.49 |
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) | shares | 301,335 |
Options outstanding - Weighted-average remaining contractual life | 9 months 18 days |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 21.31 |
Options exercisable (in shares) | shares | 301,335 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 21.31 |
STOCKHOLDERS' EQUITY AND STOC_9
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Unvested Restricted Stock Awards (Details) - Restricted Stock - Diablo.AI, Inc. | 12 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Non-vested restricted stock unit activity | |
Outstanding at the beginning of the period (in shares) | shares | 24,766 |
Diablo replacement restricted stock award (in shares) | shares | 0 |
Vested (in shares) | shares | (24,766) |
Outstanding at the end of the period (in shares) | shares | 0 |
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) | $ / shares | $ 47.29 |
Diablo replacement restricted stock award (in dollars per share) | $ / shares | 47.29 |
Vested (in dollars per share) | $ / shares | 47.29 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 0 |
STOCKHOLDERS' EQUITY AND STO_10
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION- Time-Vesting Restricted Stock Unit Activity (Details) - Restricted stock units - Time Based Vesting - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Non-vested restricted stock unit activity | ||||
Outstanding at the beginning of the period (in shares) | 4,176,682 | 4,176,682 | ||
Granted (in shares) | 4,352,078 | 3,037,440 | 2,228,445 | |
Vested (in shares) | (1,614,868) | |||
Units vested under the Company's March 2023 acceleration plan (in shares) | (1,508,196) | |||
Forfeited or cancelled (in shares) | (1,395,937) | |||
Outstanding at the end of the period (in shares) | 4,009,759 | 4,176,682 | ||
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) | $ 47 | $ 47 | ||
Granted (in dollars per share) | 24.63 | |||
Vested (in dollars per share) | 46.68 | |||
Units vested under the Company's March 2023 acceleration plan (in dollars per share) | 30.42 | |||
Forfeited or cancelled (in dollars per share) | 37.07 | |||
Outstanding at the end of the period (in dollars per share) | $ 32.57 | $ 47 | ||
Weighted average remaining contractual term (in years) | 2 years 10 months 6 days | 2 years 2 months 12 days |
STOCKHOLDERS' EQUITY AND STO_11
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Non-vested Performance-based Restricted Stock Unit Activity (Details) - Performance stock - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Non-vested restricted stock unit activity | ||||
Granted (in shares) | 246,524 | |||
Restricted stock units | ||||
Non-vested restricted stock unit activity | ||||
Outstanding at the beginning of the period (in shares) | 584,468 | 584,468 | ||
Granted (in shares) | 406,501 | 249,152 | 59,634 | |
Vested (in shares) | (134,671) | |||
Forfeited or cancelled (in shares) | (146,709) | |||
Outstanding at the end of the period (in shares) | 709,589 | 584,468 | ||
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) | $ 51.26 | $ 51.26 | ||
Granted (in dollars per share) | 24.65 | |||
Vested (in dollars per share) | 45.96 | |||
Forfeited or cancelled (in dollars per share) | 61.20 | |||
Outstanding at the end of the period (in dollars per share) | $ 34.97 | $ 51.26 | ||
Weighted average remaining contractual term (in years) | 1 year 3 days | 1 year 4 months 17 days |
STOCKHOLDERS' EQUITY AND STO_12
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Stock Option Activity of Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Feb. 17, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based compensation | ||||
Exercised (in dollars per share) | $ 11.06 | |||
Exercised | $ 3,681 | |||
DataFleets, Ltd | ||||
Share-based compensation | ||||
Total fair value of the replacement stock options issued | $ 2,900 | $ 2,900 | ||
Stock options | ||||
Share-based compensation | ||||
Exercised | $ 3,700 | $ 4,300 | $ 23,200 | |
Stock options | DataFleets, Ltd | ||||
Share-based compensation | ||||
Exercised (in dollars per share) | $ 0.70 | |||
Shares issued in period (in shares) | 42,154 |
STOCKHOLDERS' EQUITY AND STO_13
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION- AMS Restricted Stock Unit Accelerations (Details) - Restricted stock units - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 13, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Rakam Technology Asset Acquisition | ||||
Share-based compensation | ||||
Granted (in shares) | 2,600,000 | |||
Vesting period | 4 years | |||
Vesting in Four Years | ||||
Share-based compensation | ||||
Granted (in shares) | 4,352,078 | |||
Aggregate fair value of restricted stock units granted | $ 107.2 | |||
Vesting period | 3 years | 4 years | 4 years | |
Time Based Vesting | ||||
Share-based compensation | ||||
Granted (in shares) | 4,352,078 | 3,037,440 | 2,228,445 | |
Aggregate fair value of restricted stock units granted | $ 143.4 | $ 99.8 | ||
Time Based Vesting | Rakam Technology Asset Acquisition | ||||
Share-based compensation | ||||
Granted (in shares) | 55,927 | |||
Aggregate fair value of restricted stock units granted | $ 2.6 | |||
Time Based Vesting | Data Plus Math Corporation | ||||
Share-based compensation | ||||
Granted (in shares) | 98,442 | 193,595 | ||
Aggregate fair value of restricted stock units granted | $ 4.7 | $ 13.5 |
STOCKHOLDERS' EQUITY AND STO_14
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Time-vesting Restricted Stock Unit, Narrative (Details) - Restricted stock units - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 13, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Rakam Technology Asset Acquisition | ||||
Share-based compensation | ||||
Granted (in shares) | 2,600,000 | |||
Vesting period | 4 years | |||
Vesting in Four Years | ||||
Share-based compensation | ||||
Granted (in shares) | 4,352,078 | |||
Aggregate fair value of restricted stock units granted | $ 107.2 | |||
Vesting period | 3 years | 4 years | 4 years | |
Time Based Vesting | ||||
Share-based compensation | ||||
Granted (in shares) | 4,352,078 | 3,037,440 | 2,228,445 | |
Aggregate fair value of restricted stock units granted | $ 143.4 | $ 99.8 | ||
Vested in period, fair value | $ 71.5 | $ 30.3 | $ 126.9 | |
Time Based Vesting | Rakam Technology Asset Acquisition | ||||
Share-based compensation | ||||
Granted (in shares) | 55,927 | |||
Aggregate fair value of restricted stock units granted | $ 2.6 |
STOCKHOLDERS' EQUITY AND STO_15
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Performance-based Restricted Stock Units, Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based compensation | ||||
Award vesting rights percentage | 50% | |||
Acuity Data | ||||
Share-based compensation | ||||
Non-cash stock-based compensation expense | $ 4.9 | |||
Business combination, contingent consideration, liability, expected costs | $ 1.7 | 1.7 | ||
Acuity Data | Accrued Liabilities | ||||
Share-based compensation | ||||
Business combination, contingent consideration, liability | $ 1.5 | $ 1.5 | ||
Performance stock | ||||
Share-based compensation | ||||
Granted (in shares) | 246,524 | |||
Restricted stock units | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Award vesting rights percentage | 50% | |||
Forfeited in period (in shares) | 58,312 | |||
Outstanding at the end of the period (in shares) | 174,930 | 174,930 | ||
Restricted stock units | Performance stock | ||||
Share-based compensation | ||||
Granted (in shares) | 406,501 | 249,152 | 59,634 | |
Aggregate fair value of restricted stock units granted | $ 12.6 | $ 10.7 | ||
Forfeited in period (in shares) | 146,709 | |||
Outstanding at the end of the period (in shares) | 709,589 | 709,589 | 584,468 | |
Vesting in period (in shares) | 134,671 | |||
The total fair value of performance-based restricted stock units | $ 3 | $ 6.7 | $ 8.4 | |
Restricted stock units | Performance stock | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Granted (in shares) | 148,912 | |||
Aggregate fair value of restricted stock units granted | $ 7.1 | |||
Restricted stock units | Performance stock | Minimum | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Award vesting rights percentage | 0% | |||
Restricted stock units | Performance stock | Maximum | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Award vesting rights percentage | 200% | |||
Restricted stock units | ATS Performance Plan Vesting Total Shareholder Return | ||||
Share-based compensation | ||||
Granted (in shares) | 36,425 | |||
Aggregate fair value of restricted stock units granted | $ 1.7 | |||
Restricted stock units | ATS Performance Plan Vesting Total Shareholder Return | Minimum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 0% | |||
Restricted stock units | ATS Performance Plan Vesting Total Shareholder Return | Maximum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 100% | |||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | ||||
Share-based compensation | ||||
Granted (in shares) | 63,815 | 73,950 | ||
Aggregate fair value of restricted stock units granted | $ 3.8 | $ 4.2 | ||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | Minimum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 0% | 0% | ||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | Maximum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 200% | 200% | ||
Restricted stock units | 2021 Performance Shares That Will Vest Immediately | ||||
Share-based compensation | ||||
Hurdle achievement, percentage | 63% | 50% | ||
Forfeited in period (in shares) | 22,948 | 71,666 | ||
Outstanding at the end of the period (in shares) | 13,477 | 13,477 | ||
Restricted stock units | Performance Shares Vesting Under The Second Plan | ||||
Share-based compensation | ||||
Granted (in shares) | 172,574 | |||
Aggregate fair value of restricted stock units granted | $ 6.5 | |||
Restricted stock units | Performance Shares Vesting Under The Second Plan | Minimum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 0% | |||
Restricted stock units | Performance Shares Vesting Under The Second Plan | Maximum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 200% |
STOCKHOLDERS' EQUITY AND STO_16
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Acquisition-related Consideration Holdback (Details) - DataFleets, Ltd $ in Millions | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Share-based compensation | |
Holdback expenses | $ 12.4 |
Holdback expenses, expected costs | 2.6 |
Accrued Liabilities | |
Share-based compensation | |
Holdback expenses | $ 0.3 |
STOCKHOLDERS' EQUITY AND STO_17
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Qualified Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based compensation | |||
Future expense for performance stock option units | $ 128,059 | ||
Accumulated other comprehensive income (loss), foreign currency translation adjustment | $ 4,504 | $ 5,730 | |
Employee stock purchase plan | |||
Share-based compensation | |||
Stock issued during period, ESPP (in shares) | 197,255 | 103,447 | 44,980 |
Shares issued, price per share (in dollars per share) | $ 20.38 | $ 41.44 | $ 41.53 |
Stock issued during period, ESPP, value | $ 4,000 | $ 4,300 | $ 1,900 |
Share-based compensation expense | 2,051 | $ 1,803 | $ 704 |
Future expense for performance stock option units | $ 400 |
INCOME TAX - Allocated Income T
INCOME TAX - Allocated Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Continuing operations | $ 5,252 | $ (1,242) | $ (30,532) |
Discontinued operations | (7,070) | 0 | 0 |
Total | $ (1,818) | $ (1,242) | $ (30,532) |
INCOME TAX - Income Tax Expense
INCOME TAX - Income Tax Expense (Benefit) Attributable to Earnings (Loss) From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Current: | |||
U.S. Federal | $ 6,325 | $ (1,227) | $ (28,060) |
Non-U.S. | 1,086 | 305 | 17 |
State | (2,274) | 1,220 | (1,071) |
Total current income tax expense (benefit) | 5,137 | 298 | (29,114) |
Deferred: | |||
U.S. Federal | 155 | (895) | (1,205) |
Non-U.S. | (83) | (608) | (44) |
State | 43 | (37) | (169) |
Total deferred income tax expense (benefit) | 115 | (1,540) | (1,418) |
Total | $ 5,252 | $ (1,242) | $ (30,532) |
INCOME TAX - Earnings (Loss) Be
INCOME TAX - Earnings (Loss) Before Income Tax Attributable to U.S. and non-U.S. Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (122,994) | $ (37,415) | $ (122,257) |
Non-U.S. | 4,140 | 2,340 | 1,457 |
Loss from continuing operations before income taxes | $ (118,854) | $ (35,075) | $ (120,800) |
INCOME TAX - Reconciliation of
INCOME TAX - Reconciliation of Expected Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Computed expected income tax benefit | $ (24,959) | $ (7,366) | $ (25,368) |
Increase (reduction) in income taxes resulting from: | |||
State income taxes, net of federal benefit | (2,440) | 691 | (979) |
Research and other tax credits | (4,363) | (3,107) | (4,635) |
Nondeductible expenses | 669 | 673 | 1,104 |
Stock-based compensation | 3,486 | 5,576 | (2,024) |
Non-U.S. subsidiaries taxed at other rates | 491 | (364) | 194 |
Adjustment to valuation allowances | 33,197 | 2,520 | 2,230 |
Other, net | (829) | 135 | (1,054) |
Total | $ 5,252 | $ (1,242) | $ (30,532) |
INCOME TAX - Narrative (Details
INCOME TAX - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Examination [Line Items] | ||||
Deferred tax assets, valuation allowance | $ 61,152 | $ 37,399 | ||
Gross unrecognized tax benefits | 21,624 | 23,817 | $ 25,026 | $ 23,400 |
Gross unrecognized tax benefits that would impact effective tax rate | 18,600 | |||
Accrued interest and penalties related to tax positions on tax returns | 4,800 | |||
Increase in accrued interest and penalties related to tax positions on tax returns | 500 | |||
Federal tax authority | ||||
Income Tax Examination [Line Items] | ||||
Credit carryforwards that will not expire | 16,600 | |||
State and Local Jurisdiction | ||||
Income Tax Examination [Line Items] | ||||
Operating loss carryforwards | 118,100 | |||
Tax credit carryforward, amount | 9,800 | |||
Foreign Tax Authority | ||||
Income Tax Examination [Line Items] | ||||
Foreign net operating loss carryforwards | 89,800 | |||
Deferred tax assets, valuation allowance | 20,800 | |||
Tax Year 2021 | ||||
Income Tax Examination [Line Items] | ||||
Income tax examination, refund adjustment from settlement with taxing authority | $ 28,000 | |||
Tax Year 2020 | ||||
Income Tax Examination [Line Items] | ||||
Income tax examination, refund adjustment from settlement with taxing authority | $ (33,000) | |||
Indefinite Tax Year | ||||
Income Tax Examination [Line Items] | ||||
Foreign net operating loss carryforwards | 79,400 | |||
Indefinite Tax Year | State and Local Jurisdiction | ||||
Income Tax Examination [Line Items] | ||||
Tax credit carryforward, amount | $ 8,800 |
INCOME TAX - Reconciliation o_2
INCOME TAX - Reconciliation of Deferred Tax Assets/Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Deferred tax assets: | ||
Accrued expenses | $ 5,287 | $ 5,682 |
Lease liabilities | 11,613 | 14,090 |
Net operating loss carryforwards | 22,504 | 25,737 |
Stock-based compensation | 3,335 | 8,022 |
Nonqualified deferred compensation | 2,797 | 3,119 |
Property and equipment | 585 | 496 |
Tax credit carryforwards | 7,779 | 7,588 |
Capitalized research and development | 26,357 | 385 |
Other | 253 | 1,351 |
Total deferred tax assets | 80,510 | 66,470 |
Less valuation allowance | (61,152) | (37,399) |
Net deferred tax assets | 19,358 | 29,071 |
Deferred tax liabilities: | ||
Prepaid expenses | (2,411) | (2,296) |
Right-of-use assets | (6,011) | (13,691) |
Intangible assets | (829) | (4,603) |
Deferred commissions | (9,153) | (7,562) |
Total deferred tax liabilities | (18,404) | (28,152) |
Net deferred tax assets | $ 954 | $ 919 |
INCOME TAX - Unrecognized Tax B
INCOME TAX - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 23,817 | $ 25,026 | $ 23,400 |
Increases related to prior year tax positions | 93 | 411 | 0 |
Decreases related to prior year tax positions | (522) | 0 | (139) |
Increases related to current year tax positions | 2,229 | 990 | 1,765 |
Settlements with taxing authorities | (166) | 0 | 0 |
Increases related to current year tax positions | (3,827) | (2,610) | 0 |
Balance at end of period | $ 21,624 | $ 23,817 | $ 25,026 |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of match | 100% | |||
Employer matching contribution, percent of employees' gross pay | 6% | |||
Defined contribution plan cost | $ 11,600 | $ 10,100 | $ 9,400 | |
Liabilities of non-qualified retirement plan | 12,110 | 15,528 | ||
Supplemental Non-Qualified Deferred Compensation Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Assets of non-qualified retirement plan | 12,100 | 15,500 | ||
Liabilities of non-qualified retirement plan | $ 12,100 | $ 15,500 |
FOREIGN OPERATIONS (Details)
FOREIGN OPERATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 596,583 | $ 528,657 | $ 443,026 |
Long-lived assets | 458,144 | 517,902 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 556,219 | 495,765 | 415,976 |
Long-lived assets | 452,555 | 509,014 | |
Group Of Foreign Countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 40,364 | 32,892 | 27,050 |
Long-lived assets | 5,589 | 8,888 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 32,210 | 26,373 | 22,515 |
Long-lived assets | 1,643 | 4,174 | |
Asia-Pacific ("APAC") | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 7,470 | 6,519 | 4,535 |
Long-lived assets | 3,946 | 4,714 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 684 | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value Measurements within the Fair Value Hierarchy (Details) - Fair value measurements on recurring basis - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | $ 464,448 | $ 600,162 |
Short-Term Investments | 32,807 | 7,500 |
Other Current Assets | 12,110 | 15,528 |
Total assets | 509,365 | 623,190 |
Cash | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 22,603 | 23,402 |
Short-Term Investments | 0 | |
Other Current Assets | 0 | |
Total assets | 22,603 | 23,402 |
Level 1 | Money market funds | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 439,853 | 576,760 |
Short-Term Investments | 0 | 0 |
Other Current Assets | 0 | 0 |
Total assets | 439,853 | 576,760 |
Level 1 | Assets of non-qualified retirement plan | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 0 | 0 |
Short-Term Investments | 0 | 0 |
Other Current Assets | 12,110 | 15,528 |
Total assets | 12,110 | 15,528 |
Level 1 | U.S. Treasury securities | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 1,992 | |
Short-Term Investments | 25,307 | |
Other Current Assets | 0 | |
Total assets | 27,299 | |
Level 1 | Certificates of deposit | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 0 | 0 |
Short-Term Investments | 7,500 | 7,500 |
Other Current Assets | 0 | 0 |
Total assets | $ 7,500 | $ 7,500 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Strategic investments without readily determinable fair values | $ 1,600,000 | $ 5,700,000 | |
Impairment losses on strategic investment | 4,000,000 | ||
Asset impairment charges | $ 4,100,000 | $ 0 | $ 0 |