COVER PAGE
COVER PAGE - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 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, $.10 Par Value | |
Trading Symbol | RAMP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 66,183,731 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000733269 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 498,946 | $ 464,448 |
Short-term Investments | 32,264 | 32,807 |
Trade accounts receivable, net | 199,383 | 157,379 |
Refundable income taxes, net | 1,143 | 28,897 |
Other current assets | 37,926 | 31,028 |
Total current assets | 769,662 | 714,559 |
Property and equipment, net of accumulated depreciation and amortization | 8,202 | 7,085 |
Intangible assets, net | 4,180 | 9,868 |
Goodwill | 360,227 | 363,116 |
Deferred commissions, net | 44,172 | 37,030 |
Other assets, net | 38,298 | 41,045 |
Total assets | 1,224,741 | 1,172,703 |
Current liabilities: | ||
Trade accounts payable | 88,797 | 86,568 |
Accrued payroll and related expenses | 47,398 | 33,434 |
Other accrued expenses | 42,600 | 35,736 |
Deferred revenue | 29,957 | 19,091 |
Total current liabilities | 208,752 | 174,829 |
Other liabilities | 69,499 | 71,798 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 15,542 | 15,399 |
Additional paid-in capital | 1,909,370 | 1,855,916 |
Retained earnings | 1,319,545 | 1,302,291 |
Accumulated other comprehensive income | 4,508 | 4,504 |
Treasury stock, at cost | (2,302,475) | (2,252,034) |
Total stockholders' equity | 946,490 | 926,076 |
Total liabilities and stockholders' equity | $ 1,224,741 | $ 1,172,703 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 173,869 | $ 158,615 | $ 487,809 | $ 447,957 |
Cost of revenue | 44,934 | 43,287 | 131,767 | 126,612 |
Gross profit | 128,935 | 115,328 | 356,042 | 321,345 |
Operating expenses: | ||||
Research and development | 37,788 | 43,175 | 106,040 | 136,975 |
Sales and marketing | 46,203 | 47,702 | 135,217 | 144,931 |
General and administrative | 27,241 | 36,657 | 79,914 | 92,519 |
Gains, losses and other items, net | 2,502 | 11,743 | 9,192 | 25,593 |
Total operating expenses | 113,734 | 139,277 | 330,363 | 400,018 |
Income (loss) from operations | 15,201 | (23,949) | 25,679 | (78,673) |
Total other income (expense), net | 6,607 | (736) | 17,887 | 2,211 |
Income (loss) from continuing operations before income taxes | 21,808 | (24,685) | 43,566 | (76,462) |
Income tax expense | 8,429 | 5,835 | 27,297 | 11,712 |
Net earnings (loss) from continuing operations | 13,379 | (30,520) | 16,269 | (88,174) |
Earnings from discontinued operations, net of tax | 598 | 836 | 985 | 836 |
Net earnings (loss) | $ 13,977 | $ (29,684) | $ 17,254 | $ (87,338) |
Basic earnings (loss) per share: | ||||
Continuing operations (in USD per share) | $ 0.20 | $ (0.47) | $ 0.25 | $ (1.32) |
Discontinued operations (in USD per share) | 0.01 | 0.01 | 0.01 | 0.01 |
Basic earnings (loss) per share (in USD per share) | 0.21 | (0.46) | 0.26 | (1.31) |
Diluted earnings (loss) per share: | ||||
Continuing operations (in USD per share) | 0.20 | (0.47) | 0.24 | (1.32) |
Discontinued operations (in USD per share) | 0.01 | 0.01 | 0.01 | 0.01 |
Diluted earnings (loss) per share (in USD per share) | $ 0.21 | $ (0.46) | $ 0.25 | $ (1.31) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 13,977 | $ (29,684) | $ 17,254 | $ (87,338) |
Other comprehensive income (loss): | ||||
Change in foreign currency translation adjustment | 941 | 2,257 | 4 | (1,548) |
Comprehensive income (loss) | $ 14,918 | $ (27,427) | $ 17,258 | $ (88,886) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED 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, 2022 | 149,840,925 | |||||
Balance, beginning of the period at Mar. 31, 2022 | $ 1,063,060 | $ 14,984 | $ 1,721,118 | $ 1,420,993 | $ 5,730 | $ (2,099,765) |
Treasury stock, beginning balance (in shares) at Mar. 31, 2022 | (81,205,596) | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 396,093 | (92,417) | ||||
Employee stock awards, benefit plans and other issuances | 4,201 | $ 39 | 6,216 | $ (2,054) | ||
Non-cash stock-based compensation (in shares) | 36,965 | |||||
Non-cash stock-based compensation | 73,905 | $ 4 | 73,901 | |||
Restricted stock units vested (in shares) | 1,421,729 | |||||
Restricted stock units vested | 0 | $ 142 | (142) | |||
Liability-classified restricted stock units vested (in shares) | 356,664 | |||||
Liability-classified restricted stock units vested | 9,326 | $ 36 | 9,290 | |||
Acquisition of treasury stock (in shares) | (6,066,230) | |||||
Acquisition of treasury stock | (149,997) | $ (149,997) | ||||
Comprehensive income (loss): | ||||||
Foreign currency translation | (1,548) | (1,548) | ||||
Net earnings (loss) | (87,338) | (87,338) | ||||
Treasury stock, ending balance (in shares) at Dec. 31, 2022 | (87,364,243) | |||||
Balance, end of the period at Dec. 31, 2022 | 911,609 | $ 15,205 | 1,810,383 | 1,333,655 | 4,182 | $ (2,251,816) |
Balance, end of the period (in shares) at Dec. 31, 2022 | 152,052,376 | |||||
Balance, beginning of the period (in shares) at Sep. 30, 2022 | 151,477,616 | |||||
Balance, beginning of the period at Sep. 30, 2022 | 960,069 | $ 15,148 | 1,780,803 | 1,363,339 | 1,925 | $ (2,201,146) |
Treasury stock, beginning balance (in shares) at Sep. 30, 2022 | (85,057,331) | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 114,240 | (38,442) | ||||
Employee stock awards, benefit plans and other issuances | 900 | $ 11 | 1,653 | $ (764) | ||
Non-cash stock-based compensation (in shares) | 11,941 | |||||
Non-cash stock-based compensation | 27,973 | $ 1 | 27,972 | |||
Restricted stock units vested (in shares) | 448,579 | |||||
Restricted stock units vested | 0 | $ 45 | (45) | |||
Acquisition of treasury stock (in shares) | (2,268,470) | |||||
Acquisition of treasury stock | (49,906) | $ (49,906) | ||||
Comprehensive income (loss): | ||||||
Foreign currency translation | 2,257 | 2,257 | ||||
Net earnings (loss) | (29,684) | (29,684) | ||||
Treasury stock, ending balance (in shares) at Dec. 31, 2022 | (87,364,243) | |||||
Balance, end of the period at Dec. 31, 2022 | 911,609 | $ 15,205 | 1,810,383 | 1,333,655 | 4,182 | $ (2,251,816) |
Balance, end of the period (in shares) at Dec. 31, 2022 | 152,052,376 | |||||
Balance, beginning of the period (in shares) at Mar. 31, 2023 | 153,987,784 | |||||
Balance, beginning of the period at Mar. 31, 2023 | 926,076 | $ 15,399 | 1,855,916 | 1,302,291 | 4,504 | $ (2,252,034) |
Treasury stock, beginning balance (in shares) at Mar. 31, 2023 | (87,372,837) | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 368,405 | (199,767) | ||||
Employee stock awards, benefit plans and other issuances | 2,105 | $ 37 | 7,184 | $ (5,116) | ||
Non-cash stock-based compensation (in shares) | 31,782 | |||||
Non-cash stock-based compensation | 44,093 | $ 3 | 44,090 | |||
Restricted stock units vested (in shares) | 950,573 | |||||
Restricted stock units vested | 0 | $ 95 | (95) | |||
Liability-classified restricted stock units vested (in shares) | 83,439 | |||||
Liability-classified restricted stock units vested | 2,283 | $ 8 | 2,275 | |||
Acquisition of treasury stock (in shares) | (1,671,854) | |||||
Acquisition of treasury stock | (45,325) | $ (45,325) | ||||
Comprehensive income (loss): | ||||||
Foreign currency translation | 4 | 4 | ||||
Net earnings (loss) | 17,254 | 17,254 | ||||
Treasury stock, ending balance (in shares) at Dec. 31, 2023 | (89,244,458) | |||||
Balance, end of the period at Dec. 31, 2023 | 946,490 | $ 15,542 | 1,909,370 | 1,319,545 | 4,508 | $ (2,302,475) |
Balance, end of the period (in shares) at Dec. 31, 2023 | 155,421,983 | |||||
Balance, beginning of the period (in shares) at Sep. 30, 2023 | 154,732,140 | |||||
Balance, beginning of the period at Sep. 30, 2023 | 921,858 | $ 15,473 | 1,889,178 | 1,305,568 | 3,567 | $ (2,291,928) |
Treasury stock, beginning balance (in shares) at Sep. 30, 2023 | (88,880,987) | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Employee stock awards, benefit plans and other issuances (in shares) | 85,481 | (16,710) | ||||
Employee stock awards, benefit plans and other issuances | 1,099 | $ 9 | 1,637 | $ (547) | ||
Non-cash stock-based compensation (in shares) | 9,257 | |||||
Non-cash stock-based compensation | 17,505 | $ 1 | 17,504 | |||
Restricted stock units vested (in shares) | 556,462 | |||||
Restricted stock units vested | 0 | $ 56 | (56) | |||
Liability-classified restricted stock units vested (in shares) | 38,643 | |||||
Liability-classified restricted stock units vested | 1,110 | $ 3 | 1,107 | |||
Acquisition of treasury stock (in shares) | (346,761) | |||||
Acquisition of treasury stock | (10,000) | $ (10,000) | ||||
Comprehensive income (loss): | ||||||
Foreign currency translation | 941 | 941 | ||||
Net earnings (loss) | 13,977 | 13,977 | ||||
Treasury stock, ending balance (in shares) at Dec. 31, 2023 | (89,244,458) | |||||
Balance, end of the period at Dec. 31, 2023 | $ 946,490 | $ 15,542 | $ 1,909,370 | $ 1,319,545 | $ 4,508 | $ (2,302,475) |
Balance, end of the period (in shares) at Dec. 31, 2023 | 155,421,983 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 17,254 | $ (87,338) |
Earnings from discontinued operations, net of tax | (985) | (836) |
Non-cash operating activities: | ||
Depreciation and amortization | 7,685 | 16,561 |
Loss on disposal or impairment of assets | 3,528 | 4,121 |
Gain on sale of strategic investments | 0 | (194) |
Lease-related impairment and restructuring charges | 0 | 18,165 |
Provision for doubtful accounts | 307 | 1,728 |
Impairment of goodwill | 2,875 | 0 |
Deferred income taxes | 40 | 204 |
Non-cash stock compensation expense | 46,524 | 81,142 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (41,036) | (27,171) |
Deferred commissions | (7,142) | (2,123) |
Other assets | 912 | 1,588 |
Accounts payable and other liabilities | 8,754 | (9,309) |
Income taxes | 29,560 | 6,967 |
Deferred revenue | 9,737 | 271 |
Net cash provided by operating activities | 78,013 | 3,776 |
Cash flows from investing activities: | ||
Capital expenditures | (2,464) | (4,593) |
Purchases of investments | (24,385) | (3,000) |
Proceeds from sales of investments | 25,750 | 3,000 |
Purchases of strategic investments | (1,000) | (500) |
Proceeds from sale of strategic investment | 0 | 400 |
Net cash used in investing activities | (2,099) | (4,693) |
Cash flows from financing activities: | ||
Proceeds related to the issuance of common stock under stock and employee benefit plans | 7,221 | 6,255 |
Shares repurchased for tax withholdings upon vesting of stock-based awards | (5,116) | (2,054) |
Acquisition of treasury stock | (45,325) | (149,997) |
Net cash used in financing activities | (43,220) | (145,796) |
Net cash provided by (used in) continuing operations | 32,694 | (146,713) |
Cash flows from discontinued operations: | ||
From operating activities | 985 | 836 |
Net cash provided by discontinued operations | 985 | 836 |
Effect of exchange rate changes on cash | 819 | (769) |
Net change in cash and cash equivalents | 34,498 | (146,646) |
Cash and cash equivalents at beginning of period | 464,448 | 600,162 |
Cash and cash equivalents at end of period | 498,946 | 453,516 |
Supplemental cash flow information: | ||
Cash paid (received) for income taxes, net - continuing operations | (2,440) | 4,725 |
Cash (received) for income taxes - discontinued operations | (1,507) | (1,307) |
Cash paid for operating lease liabilities | 7,699 | 5,733 |
Operating lease assets obtained in exchange for operating lease liabilities | 11,677 | 69 |
Operating lease assets, and related lease liabilities, relinquished in lease terminations | (4,486) | (6,781) |
Purchases of property, plant and equipment remaining unpaid at period end | $ 1,218 | $ 77 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: These condensed consolidated financial statements have been prepared by LiveRamp Holdings, Inc. ("LiveRamp", "we", "us" or the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of the Company's management, all adjustments necessary for a fair presentation of the results for the periods included have been made, and the disclosures are adequate to make the information presented not misleading. All such adjustments are of a normal recurring nature. Certain note information has been omitted because it has not changed significantly from that reflected in Notes 1 through 18 of the Notes to Consolidated Financial Statements filed as part of Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (“2023 Annual Report”), as filed with the SEC on May 24, 2023. This quarterly report and the accompanying condensed consolidated financial statements should be read in connection with the 2023 Annual Report. The financial information contained in this quarterly report is not necessarily indicative of the results to be expected for any other period or for the full fiscal year ending March 31, 2024. Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Actual results could differ from those estimates. Certain of the accounting policies used in the preparation of these condensed consolidated financial statements are complex and require management to make judgments and/or significant estimates regarding amounts reported or disclosed in these financial statements. Additionally, the application of certain of these accounting policies is governed by complex accounting principles and their interpretation. A discussion of the Company’s significant accounting principles and their application is included in Note 1 of the Notes to Consolidated Financial Statements and in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the 2023 Annual Report. Accounting Pronouncements Adopted During the Current Year Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters There were no material accounting pronouncements applicable to the Company Recent Accounting Pronouncements Not Yet Adopted Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters Accounting Standard Update (“ASU”) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our consolidated financial statement disclosures. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income tax paid. The updated standard is effective for us beginning in fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our consolidated financial statement disclosures. |
EARNINGS (LOSS) PER SHARE AND S
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY | 9 Months Ended |
Dec. 31, 2023 | |
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY | |
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY | EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY: Earnings (Loss) Per Share A reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share is shown below (in thousands, except per share amounts): For the three months ended For the nine months ended December 31, December 31, 2023 2022 2023 2022 Basic earnings (loss) per share: Net earnings (loss) from continuing operations $ 13,379 $ (30,520) $ 16,269 $ (88,174) Earnings from discontinued operations, net of tax 598 836 985 836 Net earnings (loss) $ 13,977 $ (29,684) $ 17,254 $ (87,338) Basic weighted-average shares outstanding 65,961 64,784 66,247 66,761 Continuing operations $ 0.20 $ (0.47) $ 0.25 $ (1.32) Discontinued operations 0.01 0.01 0.01 0.01 Basic earnings (loss) per share $ 0.21 $ (0.46) $ 0.26 $ (1.31) Diluted earnings (loss) per share: Basic weighted-average shares outstanding 65,961 64,784 66,247 66,761 Dilutive effect of common stock options and restricted stock units as computed under the treasury stock method (1) 1,982 — 1,486 — Diluted weighted-average shares outstanding 67,943 64,784 67,733 66,761 Continuing operations $ 0.20 $ (0.47) $ 0.24 $ (1.32) Discontinued operations 0.01 0.01 0.01 0.01 Diluted earnings (loss) per share $ 0.21 $ (0.46) $ 0.25 $ (1.31) (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 0.5 million and 0.6 million in the three and nine months ended December 31, 2022. Restricted stock units that were outstanding during the periods 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): For the three months ended For the nine months ended December 31, December 31, 2023 2022 2023 2022 Number of shares underlying restricted stock units 1,046 6,215 1,065 2,980 Stockholders’ Equity On December 20, 2022, the Company's board of directors approved an amendment to the existing common stock repurchase program, which was initially adopted in 2011. The amendment authorized an additional $100.0 million in share repurchases, increasing the total amount authorized for repurchase under the common stock repurchase program to $1.1 billion. In addition, it extended the common stock repurchase program duration through December 31, 2024. During the nine months ended December 31, 2023, the Company repurchased 1.7 million shares of its common stock for $45.3 million under the modified common stock repurchase program. Through December 31, 2023, the Company had repurchased a total of 37.3 million shares of its common stock for $927.5 million under the program, leaving remaining capacity of $172.5 million. Accumulated other comprehensive income balances of $4.5 million and $5.7 million at December 31, 2023 and March 31, 2023, respectively, reflect accumulated foreign currency translation adjustments. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Dec. 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): For the nine months ended December 31, Primary Geographical Markets 2023 2022 United States $ 456,651 $ 417,385 Europe 25,737 24,172 Asia-Pacific ("APAC") 4,528 5,926 Other 893 474 $ 487,809 $ 447,957 Major Offerings/Services Subscription $ 379,938 $ 361,862 Marketplace and Other 107,871 86,095 $ 487,809 $ 447,957 Transaction Price Allocated to the Remaining Performance Obligations We have performance obligations associated with fixed commitments in customer contracts for future services that have not yet been recognized in our condensed consolidated financial statements. The amount of fixed revenue not yet recognized was $546.2 million as of December 31, 2023, of which $382.4 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, 2028. |
LEASES
LEASES | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES: Right-of-use assets and lease liabilities balances consist of the following (dollars in thousands): December 31, 2023 March 31, 2023 Right-of-use assets included in other assets, net $ 25,498 $ 24,604 Short-term lease liabilities included in other accrued expenses $ 10,309 $ 9,929 Long-term lease liabilities included in other liabilities $ 33,836 $ 37,243 Supplemental balance sheet information: Weighted average remaining lease term 5.5 years 5.6 years Weighted average discount rate 5.2 % 3.5 % The Company leases its office facilities under non-cancellable operating leases that expire at various dates through fiscal 2031. 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 $7.2 million and $9.0 million for the nine months ended December 31, 2023, and 2022, respectively. During the nine months ended December 31, 2023, the Company recorded $1.9 million of right-of-use asset impairment charges and $0.4 million of non-lease component restructuring charges that are included in gains, losses and other items, net in the condensed consolidated statements of operations related to certain leased office facilities. Please refer to Note 13, Restructuring, Impairment and Other Charges for further details. The following table presents future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of December 31, 2023. The amount for fiscal 2024 represents the remaining three months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands): Amount Fiscal 2024 $ 2,702 Fiscal 2025 9,965 Fiscal 2026 8,675 Fiscal 2027 8,265 Fiscal 2028 8,454 Thereafter 12,828 Total undiscounted lease commitments 50,889 Less: Interest and short-term leases 6,744 Total discounted operating lease liabilities $ 44,145 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION: Stock-based Compensation Plans The Company has stock option and equity compensation plans for which a total of 49.0 million shares of the Company’s common stock have been reserved for issuance since the inception of the plans. At December 31, 2023, there were a total of 6.8 million shares available for future grants under the plans. During the quarter ended June 30, 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 4.0 million shares. The amendment received shareholder approval at the August 2023 annual shareholders' meeting (the "2023 Annual Meeting"). This increased the plan shares from 42.4 million shares at March 31, 2023 to 46.4 million shares beginning in the quarter ended September 30, 2023 and increased the total number of shares reserved for issuance since inception of all plans from 45.0 million shares at March 31, 2023 to 49.0 million shares beginning in the quarter ended September 30, 2023. Stock-based Compensation Expense The Company's stock-based compensation activity for the nine months ended December 31, 2023 and 2022, by award type, was (dollars in thousands): For the nine months ended December 31, 2023 2022 Stock options $ 405 $ 776 Restricted stock units, time-vesting 36,706 65,214 Restricted stock units, performance based 4,876 5,398 Data Plus Math ("DPM") acquisition consideration holdback — 2,031 Acuity performance plan 165 673 DataFleets acquisition consideration holdback 2,267 4,532 Employee stock purchase plan 1,167 1,527 Directors stock-based compensation 938 991 Total non-cash stock-based compensation included in the condensed consolidated statements of operations 46,524 81,142 Less expense related to liability-based equity awards (2,431) (7,237) Total non-cash stock-based compensation included in the condensed consolidated statements of equity $ 44,093 $ 73,905 The effect of stock-based compensation expense on income, by financial statement line item, was (dollars in thousands): For the nine months ended December 31, 2023 2022 Cost of revenue $ 2,075 $ 3,664 Research and development 17,330 34,670 Sales and marketing 12,611 17,871 General and administrative 14,508 24,937 Total non-cash stock-based compensation included in the condensed consolidated statements of operations $ 46,524 $ 81,142 The following table provides the expected future expense for all of the Company's outstanding equity awards at December 31, 2023, by award type. The amount for fiscal 2024 represents the remaining three months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands). For the years ending March 31, 2024 2025 2026 2027 Total Stock options $ 81 $ 90 $ — $ — $ 171 Restricted stock units 21,871 78,291 30,440 4,716 135,318 Employee stock purchase plan 431 431 — — 862 Expected future expense $ 22,383 $ 78,812 $ 30,440 $ 4,716 $ 136,351 Stock Options Activity Stock option activity for the nine months ended December 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, 2023 524,911 $ 18.39 Exercised (151,706) $ 19.37 $ 860 Forfeited or canceled (2,410) $ 5.21 Outstanding at December 31, 2023 370,795 $ 18.08 1.2 $ 7,342 Exercisable at December 31, 2023 368,662 $ 18.18 1.2 $ 7,264 The aggregate intrinsic value at period end represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price for each in-the-money option) that would have been received by the option holders had they exercised their options on December 31, 2023. This amount changes based upon changes in the fair market value of the Company's common stock. A summary of stock options outstanding and exercisable as of December 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 23,542 5.0 years $ 0.95 21,409 $ 0.93 $ 10.00 — $ 19.99 182,603 1.4 years $ 17.49 182,603 $ 17.49 $ 20.00 — $ 24.99 164,650 0.5 years $ 21.18 164,650 $ 21.18 370,795 1.2 years $ 18.08 368,662 $ 18.18 Restricted Stock Unit Activity Time-vesting restricted stock units ("RSUs") - During the nine months ended December 31, 2023, the Company granted time-vesting RSUs covering 1,730,545 shares of common stock and having a fair value at the date of grant of $46.6 million. Of the RSUs granted in the current year, 947,054 vest over three years and 783,491 vest over two years. Grant date fair value of these units is equal to the quoted market price for the shares on the date of grant. RSU activity for the nine months ended December 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, 2023 4,009,759 $ 32.57 2.20 Granted 1,730,545 $ 26.95 Vested (890,679) $ 32.03 Forfeited or canceled (378,510) $ 33.66 Outstanding at December 31, 2023 4,471,115 $ 30.41 1.70 The total fair value of RSUs vested during the nine months ended December 31, 2023 was $28.0 million and is measured as the quoted market price of the Company's common stock on the vesting date times the number of shares vested. Performance-based restricted stock units ("PSUs") - Fiscal 2024 plan: During the nine months ended December 31, 2023, the Company granted PSUs covering 666,496 shares of common stock having a fair value at the date of grant of $21.0 million. The grants were made under two separate performance plans. Under the total shareholder return ("TSR") performance plan, units covering 199,946 shares of common stock were granted having a fair value at the date of grant of $8.4 million, determined using a Monte Carlo simulation model. The units vest subject to attainment of market conditions established by the compensation committee of the board of directors (“compensation committee”) and continuous employment through the vesting date. The 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, 2023 to March 31, 2026. Under the operating metrics performance plan, units covering 466,550 shares of common stock were granted having a fair value at the date of grant of $12.6 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 2024, 2025, and 2026. Fiscal 2023 plan: Units under the Company's fiscal 2023 TSR performance plan, net of forfeitures, covering 101,931 shares of common stock will reach maturity of their relevant performance period at March 31, 2025. 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. Units under the Company's fiscal 2023 operating metrics performance plan, net of forfeitures, covering 237,837 shares of common stock will reach maturity of their relevant performance period at March 31, 2025. 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. Fiscal 2022 plans: Units under the Company's fiscal 2022 special incentive performance plan covering 36,425 shares of common stock were measured and vesting was evaluated on a quarterly basis beginning on January 1, 2023 and continuing through the end of the performance period, December 31, 2023. Through the final measurement date, December 31, 2023, an accumulated 77% achievement, or 27,959 total units were earned under this plan. The remaining 8,466 units are expected to be cancelled in the fourth quarter of fiscal 2024 upon compensation committee approval. Units under the Company's fiscal 2022 TSR performance plan, net of forfeitures, covering 41,298 shares of common stock will reach maturity of their relevant performance period at March 31, 2024. 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. The initial measurement date for the fiscal 2022 operating metrics performance plan was June 30, 2022. Through December 31, 2023, performance metrics have resulted in an accumulated 50% achievement, or 58,308 total earned units, under this plan. Of the earned amount, one-half vested immediately, while the remaining one-half vested one year later. As of December 31, 2023, there remains a maximum potential, net of forfeitures, of 144,554 additional units eligible for attainment under the plan. The final quarterly measurements of attainment will occur as of March 31, 2024, at which time no further attainment is expected under this plan. PSU activity for the nine months ended December 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, 2023 709,589 $ 34.97 1.01 Granted 666,496 $ 31.58 Vested (55,968) $ 47.11 Forfeited or canceled (214,760) $ 40.19 Outstanding at December 31, 2023 1,105,357 $ 31.29 1.84 The total fair value of PSUs vested in the nine months ended December 31, 2023 was $1.4 million and is measured as the quoted market price of the Company’s common stock on the vesting date times the number of shares vested. Other Stock Compensation Activity Acquisition-related Performance Plan Through December 31, 2023, the Company has recognized a total of $5.1 million as stock-based compensation expense related to the Acuity performance earnout plan. The final annual settlement of $1.7 million occurred in the second quarter of fiscal 2024. Acquisition-related Consideration Holdback Through December 31, 2023, the Company has recognized a total of $14.7 million as stock-based compensation expense related to the DataFleets consideration holdback. The final settlement of $2.6 million occurred in the third quarter of fiscal 2024. Qualified Employee Stock Purchase Plan ("ESPP") During the nine months ended December 31, 2023, 216,699 shares of common stock were purchased under the ESPP at a weighted-average price of $19.76 per share, resulting in cash proceeds of $4.3 million over the relevant offering periods. Stock-based compensation expense associated with the ESPP was $1.2 million for the nine months ended December 31, 2023. At December 31, 2023, there was approximately $0.9 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. |
OTHER CURRENT AND NONCURRENT AS
OTHER CURRENT AND NONCURRENT ASSETS | 9 Months Ended |
Dec. 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): December 31, 2023 March 31, 2023 Prepaid expenses and other $ 24,254 $ 18,918 Assets of non-qualified retirement plan 13,672 12,110 Other current assets $ 37,926 $ 31,028 Other noncurrent assets consist of the following (dollars in thousands): December 31, 2023 March 31, 2023 Long-term prepaid revenue share $ 5,729 $ 9,659 Right-of-use assets (see Note 4) 25,498 24,604 Deferred tax asset 1,262 1,253 Deposits 3,071 3,452 Strategic investments 2,600 1,600 Other miscellaneous noncurrent assets 138 477 Other assets, net $ 38,298 $ 41,045 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT: Property and equipment is summarized as follows (dollars in thousands): December 31, 2023 March 31, 2023 Leasehold improvements $ 22,882 $ 25,262 Data processing equipment 5,963 6,537 Office furniture and other equipment 6,280 7,594 35,125 39,393 Less accumulated depreciation and amortization (26,923) (32,308) Property and equipment, net of accumulated depreciation and amortization $ 8,202 $ 7,085 |
GOODWILL
GOODWILL | 9 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL: Each quarter, the Company considers whether indicators of impairment exist such that additional impairment testing may be necessary. During the quarter ended September 30, 2023, triggering events occurred which required the Company to test the recoverability of goodwill associated with its APAC reporting unit. The triggering event was the restructuring of operations in the APAC region. Accordingly, we tested goodwill for impairment and determined that the fair value of the APAC reporting unit had decreased, resulting in complete impairment of the goodwill amount of $2.9 million. In order to estimate the fair value of the APAC reporting unit, management utilized a discounted cash flow model, classified in level 3 in the fair value hierarchy, as well as considered market multiples of guideline public companies. Changes in goodwill for the nine months ended December 31, 2023 were as follows (dollars in thousands): Total Balance at March 31, 2023 $ 363,116 Impairment (2,875) Change in foreign currency translation adjustment (14) Balance at December 31, 2023 $ 360,227 Goodwill by geography as of December 31, 2023 was: Total U.S. $ 360,227 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Dec. 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): December 31, 2023 March 31, 2023 Developed technology, gross $ 72,129 $ 72,095 Accumulated amortization (67,964) (63,658) Net developed technology $ 4,165 $ 8,437 Customer relationship/trade name, gross $ 34,388 $ 34,384 Accumulated amortization (34,373) (33,953) Net customer/trade name $ 15 $ 431 Publisher/data supply relationships, gross $ 16,000 $ 16,000 Accumulated amortization (16,000) (15,000) Net publisher/data supply relationships $ — $ 1,000 Total intangible assets, gross $ 122,517 $ 122,479 Total accumulated amortization (118,337) (112,611) Total intangible assets, net $ 4,180 $ 9,868 Total amortization expense related to intangible assets was $5.7 million and $13.5 million for the nine months ended December 31, 2023 and 2022, respectively. The following table presents the estimated future amortization expenses related to intangible assets. The amount for fiscal 2024 represents the remaining three months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands). Fiscal Year: Amount 2024 $ 1,181 2025 2,999 $ 4,180 |
OTHER ACCRUED EXPENSES
OTHER ACCRUED EXPENSES | 9 Months Ended |
Dec. 31, 2023 | |
Other Accrued Expenses [Abstract]. | |
OTHER ACCRUED EXPENSES | OTHER ACCRUED EXPENSES: Other accrued expenses consist of the following (dollars in thousands): December 31, 2023 March 31, 2023 Liabilities of non-qualified retirement plan $ 13,672 $ 12,110 Short-term lease liabilities (see Note 4) 10,309 9,929 Acuity performance earnout liability (see Note 5) — 1,535 DataFleets consideration holdback (see Note 5) — 324 Rakam consideration holdback — 223 Other miscellaneous accrued expenses 18,619 11,615 Other accrued expenses $ 42,600 $ 35,736 |
OTHER LIABILITIES
OTHER LIABILITIES | 9 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES: Other liabilities consist of the following (dollars in thousands): December 31, 2023 March 31, 2023 Uncertain tax positions $ 25,531 $ 23,427 Long-term lease liabilities (see Note 4) 33,836 37,243 Lease restructuring accruals and related sublease deposits 4,881 5,713 Deferred tax liabilities 348 298 Other 4,903 5,117 Other liabilities $ 69,499 $ 71,798 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES: 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. The following table summarizes the Company's activity of allowance for credit losses, returns and credits (dollars in thousands): Balance at beginning of period Additions (reductions) charged to costs and expenses Other changes Bad debts written off, net of amounts recovered Balance at end of period For the nine months ended December 31, 2023 $ 9,344 $ 307 $ 63 $ (1,699) $ 8,015 |
RESTRUCTURING, IMPAIRMENT AND O
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES | 9 Months Ended |
Dec. 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 nine months ended December 31, 2023. The restructuring charges and adjustments are included in gains, losses and other items, net in the condensed consolidated statements of operations. The reserve balances are included in other accrued expenses and other liabilities in the condensed consolidated balance sheets (dollars in thousands). Employee-related Lease Total Balances at March 31, 2023 $ 759 $ 4,873 $ 5,632 Restructuring charges and adjustments 2,754 398 3,152 Payments (1,474) (1,599) (3,073) Balances at December 31, 2023 $ 2,039 $ 3,672 $ 5,711 Employee-related Restructuring Plans During the nine months ended December 31, 2023, the Company recorded a total of $2.8 million in employee-related restructuring charges and adjustments. The expense included severance and other employee-related charges in the United States and APAC of $2.7 million and adjustments to the fiscal 2021 employee-related restructuring plans for employees in the United States and Europe of $0.1 million. Of the fiscal 2024 employee-related restructuring plans, $1.9 million remained accrued as of December 31, 2023 and are expected to be paid out during fiscal 2024. In fiscal 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. The fiscal 2023 employee-related restructuring plans were paid out during fiscal 2023 and 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 employee-related charges of $1.7 million, $0.1 million remained accrued as of December 31, 2023 and are expected to be paid out during fiscal 2024. Lease-related Impairments and Restructuring Plans During the nine months ended December 31, 2023, the Company recorded a total of $1.9 million in additional impairment charges and adjustments related to the fiscal 2023 global real estate footprint reduction initiatives. The charges primarily related to the leased office space in San Francisco and were driven by declines in the expected sublease terms and rates available in the market. The impairment charges included impairments of the operating lease ROU assets of $1.7 million, and the associated furniture, equipment, and leasehold improvements of $0.2 million. Additionally, the Company recorded $0.4 million in additional lease-related restructuring charges and adjustments that covered other obligations related to the leased office spaces. 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 those, five were located in the United States: one in Boston, one in Philadelphia, one in Phoenix, and two floors of leased office space in San Francisco. The three remaining spaces were located in Europe: one 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 was 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 impairment charges totaling $24.6 million during the second, third, and fourth quarters of fiscal 2023, reflecting 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 spaces in San Francisco and Phoenix. Of the combined fiscal 2023 and 2024 lease-related restructuring charges of $3.3 million, $2.2 million remain accrued as of December 31, 2023 and will be satisfied over the remainder of the San Francisco lease term, 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 December 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, $1.5 million remained accrued at December 31, 2023. Gains, Losses and Other Items, Net The following table summarizes the activity included in gains, losses and other items, net in the condensed consolidated statements of operations for each of the periods presented (dollars in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Employee-related restructuring plan charges $ 1,283 $ 5,803 $ 2,754 $ 7,449 Lease-related restructuring plan charges and adjustments — 582 398 2,637 ROU asset group impairments and adjustments — 5,358 1,946 15,528 Goodwill impairment (see Note 8) — — 2,875 — Other 1,219 — 1,219 (21) $ 2,502 $ 11,743 $ 9,192 $ 25,593 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 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 reflected in the Company's condensed consolidated financial statements and are adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertinent to a particular matter. 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 condensed 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 December 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 $25.5 million as the Company is not able to predict the periods in which the payments will be made. The amount for 2024 represents the remaining three months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands): For the years ending March 31, 2024 2025 2026 2027 2028 Total Purchase commitments $ 23,774 $ 89,013 $ 16,660 $ 4,085 $ 3,375 $ 136,907 |
INCOME TAX
INCOME TAX | 9 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | INCOME TAX: In determining the quarterly provision for income taxes, the Company applies its estimated annual effective income tax rate to its year-to-date ordinary income or loss and adjusts for discrete tax items in the period. The estimated annual effective income tax rate for the current fiscal year is primarily driven by nondeductible stock-based compensation, capitalization of research and development expenditures in accordance with Internal Revenue Code ("IRC") Section 174, as modified by the Tax Cuts and Jobs Act of 2017, and the valuation allowance. 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 deductible temporary differences as well as net operating loss and tax credit carryforwards. As of December 31, 2023, the Company continues to maintain a full valuation allowance on its net deferred tax assets except in certain foreign jurisdictions. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Act”). Under the Act, share repurchases made after December 31, 2022 are 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 Act did not have, and are not expected to have, a material impact on our condensed consolidated financial statements. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 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 December 31, 2023 and March 31, 2023 that are measured at fair value on a recurring basis (dollars in thousands): December 31, 2023 Cash and Cash Equivalents Short-Term Investments Other Current Assets Total Cash $ 28,526 $ — $ — $ 28,526 Level 1: Money market funds 470,420 — — 470,420 Assets of non-qualified retirement plan — — 13,672 13,672 U.S. Treasury securities — 24,764 — 24,764 Certificates of deposit — 7,500 — 7,500 Total $ 498,946 $ 32,264 $ 13,672 $ 544,882 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 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 $2.6 million and $1.6 million of strategic investments without readily determinable fair values at December 31, 2023 and March 31, 2023, respectively (see Note 6). Strategic investments consist of non-controlling equity investments in privately held companies. These investments are accounted for under the cost method of accounting and are included in other assets on the condensed consolidated balance sheets. There were no impairment charges for the nine months ended December 31, 2023. During the nine months ended December 31, 2022, the Company recorded a $4.0 million impairment of a strategic investment that is recorded in other expense in the condensed consolidated statement of operations. Certain of the Company's non-financial assets were measured at fair value on a nonrecurring basis during the nine months ended December 31, 2023, and 2022, respectively, 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 and goodwill that was reduced to fair value related to the restructuring of operations in the APAC region. 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 4 and Note 7. For additional information on the Company's fair value measurement in connection with the impairment of goodwill, see Note 8. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT: On January 31, 2024, the Company completed the acquisition of Habu, Inc. ("Habu"), a data clean room software provider that works with global brands and companies to securely share first-party customer data with business partners and publishers to enable more effective and personalized marketing, for approximately $174 million in cash. The aggregate value of merger consideration with respect to assumed unvested stock options and consideration holdback amounts under holdback agreements with certain key employees is expected to equal approximately $26 million and will be reported as non-cash stock compensation over the applicable vesting periods. In connection with the acquisition, the Company assumed approximately $16 million of unvested restricted stock units to induce certain employees of Habu to accept employment with the Company. The initial accounting for this acquisition is incomplete due to the timing of the acquisition, including the disclosure of the major classes of assets acquired and liabilities assumed and supplemental pro forma disclosures. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net earnings (loss) | $ 13,977 | $ (29,684) | $ 17,254 | $ (87,338) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 There were no material accounting pronouncements applicable to the Company Recent Accounting Pronouncements Not Yet Adopted Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters Accounting Standard Update (“ASU”) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our consolidated financial statement disclosures. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income tax paid. The updated standard is effective for us beginning in fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our consolidated financial statement disclosures. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 There were no material accounting pronouncements applicable to the Company Recent Accounting Pronouncements Not Yet Adopted Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters Accounting Standard Update (“ASU”) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our consolidated financial statement disclosures. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income tax paid. The updated standard is effective for us beginning in fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our consolidated financial statement disclosures. |
EARNINGS (LOSS) PER SHARE AND_2
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY | |
Schedule of Reconciliation of Numerator And Denominator of Basic and Diluted Earnings (Loss) Per Share | A reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share is shown below (in thousands, except per share amounts): For the three months ended For the nine months ended December 31, December 31, 2023 2022 2023 2022 Basic earnings (loss) per share: Net earnings (loss) from continuing operations $ 13,379 $ (30,520) $ 16,269 $ (88,174) Earnings from discontinued operations, net of tax 598 836 985 836 Net earnings (loss) $ 13,977 $ (29,684) $ 17,254 $ (87,338) Basic weighted-average shares outstanding 65,961 64,784 66,247 66,761 Continuing operations $ 0.20 $ (0.47) $ 0.25 $ (1.32) Discontinued operations 0.01 0.01 0.01 0.01 Basic earnings (loss) per share $ 0.21 $ (0.46) $ 0.26 $ (1.31) Diluted earnings (loss) per share: Basic weighted-average shares outstanding 65,961 64,784 66,247 66,761 Dilutive effect of common stock options and restricted stock units as computed under the treasury stock method (1) 1,982 — 1,486 — Diluted weighted-average shares outstanding 67,943 64,784 67,733 66,761 Continuing operations $ 0.20 $ (0.47) $ 0.24 $ (1.32) Discontinued operations 0.01 0.01 0.01 0.01 Diluted earnings (loss) per share $ 0.21 $ (0.46) $ 0.25 $ (1.31) (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 0.5 million and 0.6 million in the three and nine months ended December 31, 2022. |
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 periods 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): For the three months ended For the nine months ended December 31, December 31, 2023 2022 2023 2022 Number of shares underlying restricted stock units 1,046 6,215 1,065 2,980 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Dec. 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): For the nine months ended December 31, Primary Geographical Markets 2023 2022 United States $ 456,651 $ 417,385 Europe 25,737 24,172 Asia-Pacific ("APAC") 4,528 5,926 Other 893 474 $ 487,809 $ 447,957 Major Offerings/Services Subscription $ 379,938 $ 361,862 Marketplace and Other 107,871 86,095 $ 487,809 $ 447,957 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Dec. 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): December 31, 2023 March 31, 2023 Right-of-use assets included in other assets, net $ 25,498 $ 24,604 Short-term lease liabilities included in other accrued expenses $ 10,309 $ 9,929 Long-term lease liabilities included in other liabilities $ 33,836 $ 37,243 Supplemental balance sheet information: Weighted average remaining lease term 5.5 years 5.6 years Weighted average discount rate 5.2 % 3.5 % |
Schedule of Future Minimum Payments under all Operating Leases | The following table presents future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of December 31, 2023. The amount for fiscal 2024 represents the remaining three months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands): Amount Fiscal 2024 $ 2,702 Fiscal 2025 9,965 Fiscal 2026 8,675 Fiscal 2027 8,265 Fiscal 2028 8,454 Thereafter 12,828 Total undiscounted lease commitments 50,889 Less: Interest and short-term leases 6,744 Total discounted operating lease liabilities $ 44,145 |
STOCK-BASED COMPENSATION- (Tabl
STOCK-BASED COMPENSATION- (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock-based Compensation Activity, by Award Type | The Company's stock-based compensation activity for the nine months ended December 31, 2023 and 2022, by award type, was (dollars in thousands): For the nine months ended December 31, 2023 2022 Stock options $ 405 $ 776 Restricted stock units, time-vesting 36,706 65,214 Restricted stock units, performance based 4,876 5,398 Data Plus Math ("DPM") acquisition consideration holdback — 2,031 Acuity performance plan 165 673 DataFleets acquisition consideration holdback 2,267 4,532 Employee stock purchase plan 1,167 1,527 Directors stock-based compensation 938 991 Total non-cash stock-based compensation included in the condensed consolidated statements of operations 46,524 81,142 Less expense related to liability-based equity awards (2,431) (7,237) Total non-cash stock-based compensation included in the condensed consolidated statements of equity $ 44,093 $ 73,905 |
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): For the nine months ended December 31, 2023 2022 Cost of revenue $ 2,075 $ 3,664 Research and development 17,330 34,670 Sales and marketing 12,611 17,871 General and administrative 14,508 24,937 Total non-cash stock-based compensation included in the condensed consolidated statements of operations $ 46,524 $ 81,142 |
Schedule of Share-based Compensation Arrangement by Share Based Payment Award, Future Expense | The following table provides the expected future expense for all of the Company's outstanding equity awards at December 31, 2023, by award type. The amount for fiscal 2024 represents the remaining three months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands). For the years ending March 31, 2024 2025 2026 2027 Total Stock options $ 81 $ 90 $ — $ — $ 171 Restricted stock units 21,871 78,291 30,440 4,716 135,318 Employee stock purchase plan 431 431 — — 862 Expected future expense $ 22,383 $ 78,812 $ 30,440 $ 4,716 $ 136,351 |
Schedule of Option Activity | Stock option activity for the nine months ended December 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, 2023 524,911 $ 18.39 Exercised (151,706) $ 19.37 $ 860 Forfeited or canceled (2,410) $ 5.21 Outstanding at December 31, 2023 370,795 $ 18.08 1.2 $ 7,342 Exercisable at December 31, 2023 368,662 $ 18.18 1.2 $ 7,264 |
Schedule of Stock Options Outstanding and Exercisable | A summary of stock options outstanding and exercisable as of December 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 23,542 5.0 years $ 0.95 21,409 $ 0.93 $ 10.00 — $ 19.99 182,603 1.4 years $ 17.49 182,603 $ 17.49 $ 20.00 — $ 24.99 164,650 0.5 years $ 21.18 164,650 $ 21.18 370,795 1.2 years $ 18.08 368,662 $ 18.18 |
Schedule of Time-vesting Restricted Stock Unit Activity | RSU activity for the nine months ended December 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, 2023 4,009,759 $ 32.57 2.20 Granted 1,730,545 $ 26.95 Vested (890,679) $ 32.03 Forfeited or canceled (378,510) $ 33.66 Outstanding at December 31, 2023 4,471,115 $ 30.41 1.70 |
Schedule of Non-vested Performance-based Restricted Stock Units Activity | PSU activity for the nine months ended December 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, 2023 709,589 $ 34.97 1.01 Granted 666,496 $ 31.58 Vested (55,968) $ 47.11 Forfeited or canceled (214,760) $ 40.19 Outstanding at December 31, 2023 1,105,357 $ 31.29 1.84 |
OTHER CURRENT AND NONCURRENT _2
OTHER CURRENT AND NONCURRENT ASSETS (Tables) | 9 Months Ended |
Dec. 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): December 31, 2023 March 31, 2023 Prepaid expenses and other $ 24,254 $ 18,918 Assets of non-qualified retirement plan 13,672 12,110 Other current assets $ 37,926 $ 31,028 |
Schedule of Components of Other Noncurrent Assets | Other noncurrent assets consist of the following (dollars in thousands): December 31, 2023 March 31, 2023 Long-term prepaid revenue share $ 5,729 $ 9,659 Right-of-use assets (see Note 4) 25,498 24,604 Deferred tax asset 1,262 1,253 Deposits 3,071 3,452 Strategic investments 2,600 1,600 Other miscellaneous noncurrent assets 138 477 Other assets, net $ 38,298 $ 41,045 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment is summarized as follows (dollars in thousands): December 31, 2023 March 31, 2023 Leasehold improvements $ 22,882 $ 25,262 Data processing equipment 5,963 6,537 Office furniture and other equipment 6,280 7,594 35,125 39,393 Less accumulated depreciation and amortization (26,923) (32,308) Property and equipment, net of accumulated depreciation and amortization $ 8,202 $ 7,085 |
GOODWILL (Tables)
GOODWILL (Tables) | 9 Months Ended |
Dec. 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 nine months ended December 31, 2023 were as follows (dollars in thousands): Total Balance at March 31, 2023 $ 363,116 Impairment (2,875) Change in foreign currency translation adjustment (14) Balance at December 31, 2023 $ 360,227 Goodwill by geography as of December 31, 2023 was: Total U.S. $ 360,227 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Dec. 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): December 31, 2023 March 31, 2023 Developed technology, gross $ 72,129 $ 72,095 Accumulated amortization (67,964) (63,658) Net developed technology $ 4,165 $ 8,437 Customer relationship/trade name, gross $ 34,388 $ 34,384 Accumulated amortization (34,373) (33,953) Net customer/trade name $ 15 $ 431 Publisher/data supply relationships, gross $ 16,000 $ 16,000 Accumulated amortization (16,000) (15,000) Net publisher/data supply relationships $ — $ 1,000 Total intangible assets, gross $ 122,517 $ 122,479 Total accumulated amortization (118,337) (112,611) Total intangible assets, net $ 4,180 $ 9,868 |
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. The amount for fiscal 2024 represents the remaining three months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands). Fiscal Year: Amount 2024 $ 1,181 2025 2,999 $ 4,180 |
OTHER ACCRUED EXPENSES (Tables)
OTHER ACCRUED EXPENSES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Other Accrued Expenses [Abstract]. | |
Schedule of Other Accrued Expenses | Other accrued expenses consist of the following (dollars in thousands): December 31, 2023 March 31, 2023 Liabilities of non-qualified retirement plan $ 13,672 $ 12,110 Short-term lease liabilities (see Note 4) 10,309 9,929 Acuity performance earnout liability (see Note 5) — 1,535 DataFleets consideration holdback (see Note 5) — 324 Rakam consideration holdback — 223 Other miscellaneous accrued expenses 18,619 11,615 Other accrued expenses $ 42,600 $ 35,736 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | Other liabilities consist of the following (dollars in thousands): December 31, 2023 March 31, 2023 Uncertain tax positions $ 25,531 $ 23,427 Long-term lease liabilities (see Note 4) 33,836 37,243 Lease restructuring accruals and related sublease deposits 4,881 5,713 Deferred tax liabilities 348 298 Other 4,903 5,117 Other liabilities $ 69,499 $ 71,798 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Schedule of Activity of the Allowance For Credit Losses, Returns And Credits | The following table summarizes the Company's activity of allowance for credit losses, returns and credits (dollars in thousands): Balance at beginning of period Additions (reductions) charged to costs and expenses Other changes Bad debts written off, net of amounts recovered Balance at end of period For the nine months ended December 31, 2023 $ 9,344 $ 307 $ 63 $ (1,699) $ 8,015 |
RESTRUCTURING, IMPAIRMENT AND_2
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES (Tables) | 9 Months Ended |
Dec. 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 condensed consolidated balance sheets (dollars in thousands). Employee-related Lease Total Balances at March 31, 2023 $ 759 $ 4,873 $ 5,632 Restructuring charges and adjustments 2,754 398 3,152 Payments (1,474) (1,599) (3,073) Balances at December 31, 2023 $ 2,039 $ 3,672 $ 5,711 |
Schedule of Gains, Losses and Other Items | The following table summarizes the activity included in gains, losses and other items, net in the condensed consolidated statements of operations for each of the periods presented (dollars in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Employee-related restructuring plan charges $ 1,283 $ 5,803 $ 2,754 $ 7,449 Lease-related restructuring plan charges and adjustments — 582 398 2,637 ROU asset group impairments and adjustments — 5,358 1,946 15,528 Goodwill impairment (see Note 8) — — 2,875 — Other 1,219 — 1,219 (21) $ 2,502 $ 11,743 $ 9,192 $ 25,593 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligation, Fiscal Year Maturity | The following table presents the Company’s purchase commitments at December 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 $25.5 million as the Company is not able to predict the periods in which the payments will be made. The amount for 2024 represents the remaining three months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands): For the years ending March 31, 2024 2025 2026 2027 2028 Total Purchase commitments $ 23,774 $ 89,013 $ 16,660 $ 4,085 $ 3,375 $ 136,907 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Dec. 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 December 31, 2023 and March 31, 2023 that are measured at fair value on a recurring basis (dollars in thousands): December 31, 2023 Cash and Cash Equivalents Short-Term Investments Other Current Assets Total Cash $ 28,526 $ — $ — $ 28,526 Level 1: Money market funds 470,420 — — 470,420 Assets of non-qualified retirement plan — — 13,672 13,672 U.S. Treasury securities — 24,764 — 24,764 Certificates of deposit — 7,500 — 7,500 Total $ 498,946 $ 32,264 $ 13,672 $ 544,882 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 |
EARNINGS (LOSS) PER SHARE AND_3
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Basic earnings (loss) per share: | ||||
Net earnings (loss) from continuing operations | $ 13,379 | $ (30,520) | $ 16,269 | $ (88,174) |
Earnings from discontinued operations, net of tax | 598 | 836 | 985 | 836 |
Net earnings (loss) | $ 13,977 | $ (29,684) | $ 17,254 | $ (87,338) |
Basic weighted-average shares outstanding (in shares) | 65,961 | 64,784 | 66,247 | 66,761 |
Continuing operations (in USD per share) | $ 0.20 | $ (0.47) | $ 0.25 | $ (1.32) |
Discontinued operations (in USD per share) | 0.01 | 0.01 | 0.01 | 0.01 |
Basic earnings (loss) per share (in USD per share) | $ 0.21 | $ (0.46) | $ 0.26 | $ (1.31) |
Diluted earnings (loss) per share: | ||||
Basic weighted-average shares outstanding (in shares) | 65,961 | 64,784 | 66,247 | 66,761 |
Dilutive effect of common stock options and restricted stock unit as computed under the treasury stock method (in shares) | 1,982 | 0 | 1,486 | 0 |
Diluted weighted-average shares outstanding (in shares) | 67,943 | 64,784 | 67,733 | 66,761 |
Continuing operations (in USD per share) | $ 0.20 | $ (0.47) | $ 0.24 | $ (1.32) |
Discontinued operations (in USD per share) | 0.01 | 0.01 | 0.01 | 0.01 |
Diluted earnings (loss) per share (in USD per share) | $ 0.21 | $ (0.46) | $ 0.25 | $ (1.31) |
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 1,046 | 6,215 | 1,065 | 2,980 |
Continuing Operations | ||||
Diluted earnings (loss) per share: | ||||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 500 | 600 |
EARNINGS (LOSS) PER SHARE AND_4
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY - Anti-dilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY | ||||
Number of shares underlying restricted stock units (in shares) | 1,046 | 6,215 | 1,065 | 2,980 |
EARNINGS (LOSS) PER SHARE AND_5
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($) shares in Millions | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Dec. 20, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Acquisition of treasury stock | $ 45,325,000 | $ 149,997,000 | ||
Treasury stock, at cost | 2,302,475,000 | $ 2,252,034,000 | ||
Accumulated other comprehensive income balances | 4,500,000 | $ 5,700,000 | ||
Common Stock Repurchase Program | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock repurchase program, authorized additional amount | $ 100,000,000 | |||
Stock repurchase program, authorized amount | $ 1,100,000,000 | |||
Acquisition of treasury stock (in shares) | 1.7 | |||
Acquisition of treasury stock | $ 45,300,000 | |||
Treasury stock, at cost (in shares) | 37.3 | |||
Treasury stock, at cost | $ 927,500,000 | |||
Stock repurchase program, remaining amount | $ 172,500,000 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 173,869 | $ 158,615 | $ 487,809 | $ 447,957 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 379,938 | 361,862 | ||
Marketplace and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 107,871 | 86,095 | ||
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 456,651 | 417,385 | ||
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 25,737 | 24,172 | ||
Asia-Pacific ("APAC") | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,528 | 5,926 | ||
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 893 | $ 474 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 546.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 382.4 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Leases [Abstract] | ||
Right-of-use assets included in other assets, net | $ 25,498 | $ 24,604 |
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 | $ 10,309 | $ 9,929 |
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 | $ 33,836 | $ 37,243 |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other liabilities | Other liabilities |
Weighted average remaining lease term | 5 years 6 months | 5 years 7 months 6 days |
Weighted average discount rate | 5.20% | 3.50% |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 18 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating lease costs | $ 7,200 | $ 9,000 | ||||
ROU asset group impairments and adjustments | $ 0 | $ 5,358 | 1,946 | $ 24,600 | 15,528 | |
Employee-related restructuring plan charges | 1,283 | $ 5,803 | 2,754 | $ 7,449 | ||
Fiscal 2025 | 9,965 | 9,965 | $ 9,965 | |||
Fiscal 2026 | 8,675 | 8,675 | 8,675 | |||
Fiscal 2027 | 8,265 | 8,265 | 8,265 | |||
Facility Closing | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Employee-related restructuring plan charges | 400 | 3,300 | ||||
Leased Office Facilities | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Fiscal 2025 | 675 | 675 | 675 | |||
Fiscal 2026 | 2,698 | 2,698 | 2,698 | |||
Fiscal 2027 | $ 1,799 | $ 1,799 | $ 1,799 |
LEASES - Operating Lease, Liabi
LEASES - Operating Lease, Liability Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Fiscal 2024 | $ 2,702 |
Fiscal 2025 | 9,965 |
Fiscal 2026 | 8,675 |
Fiscal 2027 | 8,265 |
Fiscal 2028 | 8,454 |
Thereafter | 12,828 |
Total undiscounted lease commitments | 50,889 |
Less: Interest and short-term leases | 6,744 |
Total discounted operating lease liabilities | $ 44,145 |
STOCK-BASED COMPENSATION- Narra
STOCK-BASED COMPENSATION- Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) plan $ / shares shares | Jun. 30, 2023 shares | Dec. 31, 2023 USD ($) plan $ / shares shares | Dec. 31, 2022 USD ($) | Mar. 31, 2023 shares | Mar. 31, 2022 shares | Sep. 30, 2023 shares | |
Share-based compensation | |||||||
Total shares reserved for issuance since inception of the stock option and equity compensation plans (in shares) | 42,400,000 | 46,400,000 | |||||
Number of available shares (in shares) | 4,000,000 | ||||||
Number of performance plans | plan | 2 | 2 | |||||
Future expense for performance stock option units | $ | $ 136,351 | $ 136,351 | |||||
Acuity Data | |||||||
Share-based compensation | |||||||
Non-cash stock-based compensation expense | $ | 5,100 | ||||||
Business combination, contingent consideration, liability, expected costs | $ | 1,700 | 1,700 | |||||
DataFleets, Ltd | |||||||
Share-based compensation | |||||||
Holdback expenses | $ | $ 14,700 | ||||||
Holdback expenses, expected costs | $ | $ 2,600 | ||||||
Employee stock purchase plan | |||||||
Share-based compensation | |||||||
Stock issued during period, ESPP (in shares) | 216,699 | ||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 19.76 | $ 19.76 | |||||
Stock issued during period, ESPP, value | $ | $ 4,300 | ||||||
Share-based compensation expense | $ | 1,167 | $ 1,527 | |||||
Future expense for performance stock option units | $ | $ 900 | $ 900 | |||||
Restricted stock units | Vesting in Four Years | |||||||
Share-based compensation | |||||||
Granted (in shares) | 1,730,545 | ||||||
Aggregate fair value of restricted stock units granted | $ | $ 46,600 | ||||||
Restricted stock units | Time-Based Vesting Over Three Years | |||||||
Share-based compensation | |||||||
Granted (in shares) | 947,054 | ||||||
Vesting period | 3 years | ||||||
Restricted stock units | Time-Based Vesting Over Two Years | |||||||
Share-based compensation | |||||||
Granted (in shares) | 783,491 | ||||||
Vesting period | 2 years | ||||||
Restricted stock units | Time Based Vesting | |||||||
Share-based compensation | |||||||
Granted (in shares) | 1,730,545 | ||||||
Vested in period, fair value | $ | $ 28,000 | ||||||
Forfeited in period (in shares) | 378,510 | ||||||
Outstanding at the end of the period (in shares) | 4,471,115 | 4,471,115 | 4,009,759 | ||||
Restricted stock units | Performance stock | |||||||
Share-based compensation | |||||||
Granted (in shares) | 666,496 | 101,931 | |||||
Aggregate fair value of restricted stock units granted | $ | $ 21,000 | ||||||
Forfeited in period (in shares) | 214,760 | ||||||
Outstanding at the end of the period (in shares) | 1,105,357 | 1,105,357 | 709,589 | ||||
The total fair value of performance-based restricted stock units | $ | $ 1,400 | ||||||
Restricted stock units | Performance-Based Restricted Stock Units Under The Total Shareholder Return Performance Plan | |||||||
Share-based compensation | |||||||
Granted (in shares) | 199,946 | ||||||
Aggregate fair value of restricted stock units granted | $ | $ 8,400 | ||||||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | |||||||
Share-based compensation | |||||||
Granted (in shares) | 41,298 | ||||||
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 Based Stock Units Under Operating Metrics | |||||||
Share-based compensation | |||||||
Granted (in shares) | 237,837 | ||||||
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 | ATS Performance Plan Vesting Total Shareholder Return | |||||||
Share-based compensation | |||||||
Granted (in shares) | 36,425 | ||||||
Restricted stock units | 2021 Performance Shares That Will Vest Immediately | |||||||
Share-based compensation | |||||||
Hurdle achievement, percentage | 77% | ||||||
Forfeited in period (in shares) | 27,959 | ||||||
Outstanding at the end of the period (in shares) | 8,466 | 8,466 | |||||
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) | 45,000,000 | 49,000,000 | |||||
Stock Option and Equity Compensation Plans | Employee stock purchase plan | |||||||
Share-based compensation | |||||||
Shares which remained available for future grants (in shares) | 6,800,000 | 6,800,000 | |||||
Operating Metrics Performance Plan | Restricted stock units | |||||||
Share-based compensation | |||||||
Vesting period | 1 year | ||||||
Award vesting rights percentage | 50% | ||||||
Forfeited in period (in shares) | 58,308 | ||||||
Outstanding at the end of the period (in shares) | 144,554 | 144,554 | |||||
Operating Metrics Performance Plan | Restricted stock units | Performance stock | |||||||
Share-based compensation | |||||||
Granted (in shares) | 466,550 | ||||||
Aggregate fair value of restricted stock units granted | $ | $ 12,600 | ||||||
Operating Metrics Performance Plan | Restricted stock units | Performance Shares Vesting Total Shareholder Return | Minimum | |||||||
Share-based compensation | |||||||
Award vesting rights percentage | 0% | ||||||
Operating Metrics Performance Plan | Restricted stock units | Performance Shares Vesting Total Shareholder Return | Maximum | |||||||
Share-based compensation | |||||||
Award vesting rights percentage | 200% | ||||||
Qualified Employee Stock Purchase Plan | Employee stock purchase plan | |||||||
Share-based compensation | |||||||
Share-based compensation expense | $ | $ 1,200 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock-based Compensation Activity, by Award Type (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based compensation | ||
Total non-cash stock-based compensation | $ 46,524 | $ 81,142 |
Total non-cash stock-based compensation included in the condensed consolidated statements of equity | 44,093 | 73,905 |
Stock options | ||
Share-based compensation | ||
Share-based compensation expense | 405 | 776 |
Restricted stock units | Time-Vesting | ||
Share-based compensation | ||
Share-based compensation expense | 36,706 | 65,214 |
Restricted stock units | Performance Based Vesting | ||
Share-based compensation | ||
Share-based compensation expense | 4,876 | 5,398 |
DataFleets acquisition consideration holdback | Data Plus Math Corporation | ||
Share-based compensation | ||
Share-based compensation expense | 0 | 2,031 |
DataFleets acquisition consideration holdback | DataFleets, Ltd | ||
Share-based compensation | ||
Share-based compensation expense | 2,267 | 4,532 |
Acuity performance plan | Acuity Data | ||
Share-based compensation | ||
Share-based compensation expense | 165 | 673 |
Employee stock purchase plan | ||
Share-based compensation | ||
Share-based compensation expense | 1,167 | 1,527 |
Directors stock-based compensation | ||
Share-based compensation | ||
Share-based compensation expense | 938 | 991 |
Liability-based equity awards | ||
Share-based compensation | ||
Total non-cash stock-based compensation | $ (2,431) | $ (7,237) |
STOCK-BASED COMPENSATION - Effe
STOCK-BASED COMPENSATION - Effect of Stock-based Compensation Expense on Income, by Financial Statement Line Item (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based compensation | ||
Total non-cash stock-based compensation included in the condensed consolidated statements of operations | $ 46,524 | $ 81,142 |
Cost of revenue | ||
Share-based compensation | ||
Total non-cash stock-based compensation included in the condensed consolidated statements of operations | 2,075 | 3,664 |
Research and development | ||
Share-based compensation | ||
Total non-cash stock-based compensation included in the condensed consolidated statements of operations | 17,330 | 34,670 |
Sales and marketing | ||
Share-based compensation | ||
Total non-cash stock-based compensation included in the condensed consolidated statements of operations | 12,611 | 17,871 |
General and administrative | ||
Share-based compensation | ||
Total non-cash stock-based compensation included in the condensed consolidated statements of operations | $ 14,508 | $ 24,937 |
STOCK-BASED COMPENSATION - Futu
STOCK-BASED COMPENSATION - Future Expense, by Award Type (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Share-based compensation | |
Expected future expense | $ 136,351 |
2024 | |
Share-based compensation | |
Expected future expense | 22,383 |
2025 | |
Share-based compensation | |
Expected future expense | 78,812 |
2026 | |
Share-based compensation | |
Expected future expense | 30,440 |
2027 | |
Share-based compensation | |
Expected future expense | 4,716 |
Stock options | |
Share-based compensation | |
Share-based compensation not yet recognized | 171 |
Stock options | 2024 | |
Share-based compensation | |
Share-based compensation not yet recognized | 81 |
Stock options | 2025 | |
Share-based compensation | |
Share-based compensation not yet recognized | 90 |
Stock options | 2026 | |
Share-based compensation | |
Share-based compensation not yet recognized | 0 |
Stock options | 2027 | |
Share-based compensation | |
Share-based compensation not yet recognized | 0 |
Restricted stock units | |
Share-based compensation | |
Future share-based compensation expense expected | 135,318 |
Restricted stock units | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | 21,871 |
Restricted stock units | 2025 | |
Share-based compensation | |
Future share-based compensation expense expected | 78,291 |
Restricted stock units | 2026 | |
Share-based compensation | |
Future share-based compensation expense expected | 30,440 |
Restricted stock units | 2027 | |
Share-based compensation | |
Future share-based compensation expense expected | 4,716 |
Employee stock purchase plan | |
Share-based compensation | |
Future share-based compensation expense expected | 862 |
Expected future expense | 900 |
Employee stock purchase plan | 2024 | |
Share-based compensation | |
Future share-based compensation expense expected | 431 |
Employee stock purchase plan | 2025 | |
Share-based compensation | |
Future share-based compensation expense expected | 431 |
Employee stock purchase plan | 2026 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Employee stock purchase plan | 2027 | |
Share-based compensation | |
Future share-based compensation expense expected | $ 0 |
STOCK-BASED COMPENSATION - St_2
STOCK-BASED COMPENSATION - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Stock Option Activity - Number of Shares | |
Outstanding at beginning of the period (in shares) | shares | 524,911 |
Exercised (in shares) | shares | (151,706) |
Forfeited or cancelled (in shares) | shares | (2,410) |
Outstanding at end of the period (in shares) | shares | 370,795 |
Weighted-average exercise price per share | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 18.39 |
Exercised (in dollars per share) | $ / shares | 19.37 |
Forfeited or cancelled (in dollars per share) | $ / shares | 5.21 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 18.08 |
Weighted average remaining contractual term | 1 year 2 months 12 days |
Exercised | $ | $ 860 |
Outstanding at the end of the period | $ | $ 7,342 |
Exercisable at the end of the period (in shares) | shares | 368,662 |
Exercisable at the end of the period (in dollars per share) | $ / shares | $ 18.18 |
Exercisable at the end of the period | 1 year 2 months 12 days |
Exercisable at the end of the period | $ | $ 7,264 |
STOCK-BASED COMPENSATION - Sche
STOCK-BASED COMPENSATION - Schedule of Options (Details) | 9 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Stock options outstanding and exercisable by exercise price range | |
Options outstanding (in shares) | shares | 370,795 |
Options outstanding - Weighted-average remaining contractual life | 1 year 2 months 12 days |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 18.08 |
Options exercisable (in shares) | shares | 368,662 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 18.18 |
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 | 23,542 |
Options outstanding - Weighted-average remaining contractual life | 5 years |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 0.95 |
Options exercisable (in shares) | shares | 21,409 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 0.93 |
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 | 1 year 4 months 24 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 | 164,650 |
Options outstanding - Weighted-average remaining contractual life | 6 months |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 21.18 |
Options exercisable (in shares) | shares | 164,650 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 21.18 |
STOCK-BASED COMPENSATION - Time
STOCK-BASED COMPENSATION - Time-Vesting Restricted Stock Unit Activity (Details) - Restricted stock units - Time Based Vesting - $ / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Non-vested restricted stock unit activity, Number of Shares | ||
Outstanding at the beginning of the period (in shares) | 4,009,759 | |
Granted (in shares) | 1,730,545 | |
Vested (in shares) | (890,679) | |
Forfeited or cancelled (in shares) | (378,510) | |
Outstanding at the end of the period (in shares) | 4,471,115 | 4,009,759 |
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) | $ 32.57 | |
Granted (in dollars per share) | 26.95 | |
Vested (in dollars per share) | 32.03 | |
Forfeited or cancelled (in dollars per share) | 33.66 | |
Outstanding at the end of the period (in dollars per share) | $ 30.41 | $ 32.57 |
Weighted average remaining contractual term (in years) | 1 year 8 months 12 days | 2 years 2 months 12 days |
STOCK-BASED COMPENSATION - Non-
STOCK-BASED COMPENSATION - Non-vested Performance-based Restricted Stock Unit Activity (Details) - Restricted stock units - Performance stock - $ / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Non-vested restricted stock unit activity, Number of Shares | ||
Outstanding at the beginning of the period (in shares) | 709,589 | |
Granted (in shares) | 666,496 | 101,931 |
Vested (in shares) | (55,968) | |
Forfeited or cancelled (in shares) | (214,760) | |
Outstanding at the end of the period (in shares) | 1,105,357 | 709,589 |
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) | $ 34.97 | |
Granted (in dollars per share) | 31.58 | |
Vested (in dollars per share) | 47.11 | |
Forfeited or cancelled (in dollars per share) | 40.19 | |
Outstanding at the end of the period (in dollars per share) | $ 31.29 | $ 34.97 |
Weighted average remaining contractual term (in years) | 1 year 10 months 2 days | 1 year 3 days |
OTHER CURRENT AND NONCURRENT _3
OTHER CURRENT AND NONCURRENT ASSETS - Schedule of Other Current and Noncurrent Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Other current assets | ||
Prepaid expenses and other | $ 24,254 | $ 18,918 |
Assets of non-qualified retirement plan | 13,672 | 12,110 |
Other current assets | 37,926 | 31,028 |
Other noncurrent assets | ||
Long-term prepaid revenue share | 5,729 | 9,659 |
Right-of-use assets | 25,498 | 24,604 |
Deferred tax asset | 1,262 | 1,253 |
Deposits | 3,071 | 3,452 |
Strategic investments | 2,600 | 1,600 |
Other miscellaneous noncurrent assets | 138 | 477 |
Other assets, net | $ 38,298 | $ 41,045 |
PROPERTY AND EQUIPMENT - Schedu
PROPERTY AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 35,125 | $ 39,393 |
Less accumulated depreciation and amortization | (26,923) | (32,308) |
Property and equipment, net of accumulated depreciation and amortization | 8,202 | 7,085 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 22,882 | 25,262 |
Data processing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,963 | 6,537 |
Office furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,280 | $ 7,594 |
PROPERTY AND EQUIPMENT - Narrat
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 2 | $ 3.1 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Impairment of goodwill | $ 0 | $ 2,900 | $ 0 | $ 2,875 | $ 0 |
GOODWILL - Changes in Goodwill
GOODWILL - Changes in Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | |||||
Goodwill at the beginning of year | $ 363,116 | ||||
Impairment | $ 0 | $ (2,900) | $ 0 | (2,875) | $ 0 |
Change in foreign currency translation adjustment | (14) | ||||
Goodwill at the end of year | $ 360,227 | $ 360,227 |
GOODWILL - Goodwill by Geograph
GOODWILL - Goodwill by Geography (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Goodwill information | ||
Goodwill | $ 360,227 | $ 363,116 |
U.S. | ||
Goodwill information | ||
Goodwill | $ 360,227 |
INTANGIBLE ASSETS - Amounts All
INTANGIBLE ASSETS - Amounts Allocated to Intangible Assets from Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 122,517 | $ 122,479 |
Accumulated amortization | (118,337) | (112,611) |
Total finite-lived intangible assets, net | 4,180 | 9,868 |
Developed technology, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 72,129 | 72,095 |
Accumulated amortization | (67,964) | (63,658) |
Total finite-lived intangible assets, net | 4,165 | 8,437 |
Customer relationship/trade name, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 34,388 | 34,384 |
Accumulated amortization | (34,373) | (33,953) |
Total finite-lived intangible assets, net | 15 | 431 |
Publisher/data supply relationships, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 16,000 | 16,000 |
Accumulated amortization | (16,000) | (15,000) |
Total finite-lived intangible assets, net | $ 0 | $ 1,000 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 5.7 | $ 13.5 |
INTANGIBLE ASSETS - Estimated F
INTANGIBLE ASSETS - Estimated Future Amortization Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 1,181 | |
2025 | 2,999 | |
Total finite-lived intangible assets, net | $ 4,180 | $ 9,868 |
OTHER ACCRUED EXPENSES (Details
OTHER ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Business Acquisition [Line Items] | ||
Liabilities of non-qualified retirement plan | $ 13,672 | $ 12,110 |
Short-term lease liabilities | 10,309 | 9,929 |
Other miscellaneous accrued expenses | 18,619 | 11,615 |
Other accrued expenses | 42,600 | 35,736 |
Rakam Technology Asset Acquisition | ||
Business Acquisition [Line Items] | ||
Rakam consideration holdback | 0 | 223 |
Acuity Data | ||
Business Acquisition [Line Items] | ||
Business combination, contingent consideration, liability, current | 0 | 1,535 |
DataFleets, Ltd | ||
Business Acquisition [Line Items] | ||
Business combination, contingent consideration, liability, current | $ 0 | $ 324 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Uncertain tax positions | $ 25,531 | $ 23,427 |
Long-term lease liabilities | 33,836 | 37,243 |
Lease restructuring accruals and related sublease deposits | 4,881 | 5,713 |
Deferred tax liabilities | 348 | 298 |
Other | 4,903 | 5,117 |
Other liabilities | $ 69,499 | $ 71,798 |
ALLOWANCE FOR CREDIT LOSSES - S
ALLOWANCE FOR CREDIT LOSSES - Schedule of the Activity of the Allowance for Doubtful Accounts, Returns and Credits (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 9,344 | |
Additions (reductions) charged to costs and expenses | 307 | $ 1,728 |
Other changes | 63 | |
Bad debts written off, net of amounts recovered | (1,699) | |
Balance at end of period | $ 8,015 |
RESTRUCTURING, IMPAIRMENT AND_3
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges and adjustments | $ 1,283 | $ 5,803 | $ 2,754 | $ 7,449 | ||
Employee-related reserves | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges and adjustments | 2,800 | $ 7,800 | $ 1,700 | |||
Restructuring reserve, at the end of the period | 100 | 100 | ||||
Continuing Operations | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, at the beginning of the period | 5,632 | |||||
Restructuring charges and adjustments | 3,152 | |||||
Payments | (3,073) | |||||
Restructuring reserve, at the end of the period | 5,711 | 5,711 | 5,632 | |||
Continuing Operations | Employee-related reserves | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, at the beginning of the period | 759 | |||||
Restructuring charges and adjustments | 2,754 | |||||
Payments | (1,474) | |||||
Restructuring reserve, at the end of the period | 2,039 | 2,039 | 759 | |||
Continuing Operations | Lease accruals | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, at the beginning of the period | 4,873 | |||||
Restructuring charges and adjustments | 398 | |||||
Payments | (1,599) | |||||
Restructuring reserve, at the end of the period | $ 3,672 | $ 3,672 | $ 4,873 |
RESTRUCTURING, IMPAIRMENT AND_4
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) leasedOfficeSpace | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and adjustments | $ 1,283 | $ 5,803 | $ 2,754 | $ 7,449 | ||||
ROU asset group impairments and adjustments | 0 | $ 5,358 | 1,946 | $ 24,600 | $ 15,528 | |||
Operating lease, ROU asset, impairment loss | 1,700 | 20,500 | ||||||
Leasehold improvements | 200 | $ 200 | 4,100 | $ 4,100 | $ 200 | |||
Number of leased office space exited | leasedOfficeSpace | 8 | |||||||
Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and adjustments | $ 2,800 | $ 7,800 | $ 1,700 | |||||
Restructuring reserve | 100 | 100 | 100 | |||||
Employee Severance | Restructuring Activity 2024 | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring reserve | 1,900 | 1,900 | 1,900 | |||||
Facility Closing | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and adjustments | 400 | 3,300 | ||||||
Restructuring reserve related charges | $ 2,900 | |||||||
Restructuring reserve | 2,200 | 2,200 | 2,200 | |||||
Facility Closing | Restructuring Activity 2017 | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and adjustments | 7,300 | |||||||
Restructuring reserve | $ 1,500 | 1,500 | $ 1,500 | |||||
United States and Asia Pacific | Employee Severance | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring reserve related charges | $ 2,700 | |||||||
United States and Europe | Employee Severance | Restructuring Activity 2021 | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and adjustments | 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 reserve related charges | $ 1,700 | |||||||
Boston | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of leased office space exited | leasedOfficeSpace | 1 | |||||||
Philadelphia | ||||||||
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 | |||||||
San Francisco | ||||||||
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 | |||||||
The 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, 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 | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | ||||||
Employee-related restructuring plan charges | $ 1,283 | $ 5,803 | $ 2,754 | $ 7,449 | ||
Lease-related restructuring plan charges and adjustments | 0 | 582 | 398 | 2,637 | ||
ROU asset group impairments and adjustments | 0 | 5,358 | 1,946 | $ 24,600 | 15,528 | |
Goodwill impairment | 0 | $ 2,900 | 0 | 2,875 | 0 | |
Other | 1,219 | 0 | 1,219 | (21) | ||
Total gains, losses and other items, net | $ 2,502 | $ 11,743 | $ 9,192 | $ 25,593 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Dec. 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 | $ 25.5 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Contractual Obligation, Fiscal Year Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2024 | $ 23,774 |
2025 | 89,013 |
2026 | 16,660 |
2027 | 4,085 |
2028 | 3,375 |
Total | $ 136,907 |
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 | Dec. 31, 2023 | Mar. 31, 2023 |
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | $ 498,946 | $ 464,448 |
Short-Term Investments | 32,264 | 32,807 |
Other Current Assets | 13,672 | 12,110 |
Total assets | 544,882 | 509,365 |
Cash | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 28,526 | 22,603 |
Short-Term Investments | 0 | 0 |
Other Current Assets | 0 | 0 |
Total assets | 28,526 | 22,603 |
Level 1 | Money market funds | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 470,420 | 439,853 |
Short-Term Investments | 0 | 0 |
Other Current Assets | 0 | 0 |
Total assets | 470,420 | 439,853 |
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 | 13,672 | 12,110 |
Total assets | 13,672 | 12,110 |
Level 1 | U.S. Treasury securities | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 0 | 1,992 |
Short-Term Investments | 24,764 | 25,307 |
Other Current Assets | 0 | 0 |
Total assets | 24,764 | 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 ($) | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |||
Strategic investments without readily determinable fair values | $ 2,600,000 | $ 1,600,000 | |
Impairment charges | $ 0 | ||
Impairment losses on strategic investment | $ 4,000,000 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - Habu - Subsequent Event $ in Millions | Jan. 31, 2024 USD ($) |
Subsequent Event [Line Items] | |
Payments to acquire businesses, gross | $ 174 |
Aggregate value of merger consideration | 26 |
Restricted stock units granted | $ 16 |