COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | May 17, 2024 | Sep. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38669 | ||
Entity Registrant Name | LiveRamp Holdings, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 83-1269307 | ||
Entity Address, Address Line One | 225 Bush Street, Seventeenth Floor | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94104 | ||
City Area Code | 888 | ||
Local Phone Number | 987-6764 | ||
Title of 12(b) Security | Common Stock, $.10 Par Value | ||
Trading Symbol | RAMP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,293,050,600 | ||
Entity Common Stock, Shares Outstanding | 66,153,860 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2024 Annual Meeting of Stockholders (“2024 Proxy Statement”) of LiveRamp Holdings, Inc. (“LiveRamp,” the “Company,” “we”, “us”, or “our”) are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000733269 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Mar. 31, 2024 | |
Audit Information [Abstract] | |
Auditor Firm ID | 185 |
Auditor Name | KPMG LLP |
Auditor Location | Dallas, Texas |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 336,867 | $ 464,448 |
Restricted cash | 2,604 | 0 |
Short-term investments | 32,045 | 32,807 |
Trade accounts receivable, net | 190,313 | 157,379 |
Refundable income taxes, net | 8,521 | 28,897 |
Other current assets | 31,682 | 31,028 |
Total current assets | 602,032 | 714,559 |
Property and equipment, net of accumulated depreciation and amortization | 8,181 | 7,085 |
Intangible assets, net | 34,583 | 9,868 |
Goodwill | 501,756 | 363,116 |
Deferred commissions, net | 48,143 | 37,030 |
Other assets, net | 36,748 | 41,045 |
Total assets | 1,231,443 | 1,172,703 |
Current liabilities: | ||
Trade accounts payable | 81,202 | 86,568 |
Accrued payroll and related expenses | 61,575 | 33,434 |
Other accrued expenses | 42,857 | 35,736 |
Deferred revenue | 30,942 | 19,091 |
Total current liabilities | 216,576 | 174,829 |
Other liabilities | 65,732 | 71,798 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock, $1.00 par value (authorized 1 million shares; issued 0 shares at March 31, 2024 and 2023, respectively) | 0 | 0 |
Common stock, $0.10 par value (authorized 200 million shares; issued 155.9 million and 154.0 million shares at March 31, 2024 and 2023, respectively) | 15,594 | 15,399 |
Additional paid-in capital | 1,933,776 | 1,855,916 |
Retained earnings | 1,314,172 | 1,302,291 |
Accumulated other comprehensive income | 3,964 | 4,504 |
Treasury stock, at cost (89.7 million and 87.4 million shares at March 31, 2024 and 2023, respectively) | (2,318,371) | (2,252,034) |
Total stockholders' equity | 949,135 | 926,076 |
Total liabilities and stockholders' equity | $ 1,231,443 | $ 1,172,703 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value (in dollars per shares) | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Common stock, par or stated value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 155,900,000 | 154,000,000 |
Treasury stock, at cost (in shares) | 89,700,000 | 87,400,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | |||
Revenues | $ 659,661 | $ 596,583 | $ 528,657 |
Cost of revenue | 179,489 | 170,084 | 147,427 |
Gross profit | 480,172 | 426,499 | 381,230 |
Operating expenses: | |||
Research and development | 151,201 | 189,195 | 157,935 |
Sales and marketing | 195,693 | 202,437 | 182,763 |
General and administrative | 110,166 | 125,351 | 104,591 |
Gains, losses and other items, net | 11,708 | 35,316 | 1,479 |
Total operating expenses | 468,768 | 552,299 | 446,768 |
Income (loss) from operations | 11,404 | (125,800) | (65,538) |
Total other income, net | 22,957 | 6,946 | 30,463 |
Income (loss) from continuing operations before income taxes | 34,361 | (118,854) | (35,075) |
Income tax expense (benefit) | 24,270 | 5,252 | (1,242) |
Net earnings (loss) from continuing operations | 10,091 | (124,106) | (33,833) |
Earnings from discontinued operations, net of tax | 1,790 | 5,404 | 0 |
Net earnings (loss) | $ 11,881 | $ (118,702) | $ (33,833) |
Basic earnings (loss) per share: | |||
Continuing operations (in USD per share) | $ 0.15 | $ (1.87) | $ (0.50) |
Discontinued operations (in USD per share) | 0.03 | 0.08 | 0 |
Basic earnings (loss) per share (in USD per share) | 0.18 | (1.79) | (0.50) |
Diluted earnings (loss) per share: | |||
Continuing operations (in USD per share) | 0.15 | (1.87) | (0.50) |
Discontinued operations (in USD per share) | 0.03 | 0.08 | 0 |
Diluted earnings (loss) per share (in USD per share) | $ 0.17 | $ (1.79) | $ (0.50) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 11,881 | $ (118,702) | $ (33,833) |
Other comprehensive income (loss): | |||
Change in foreign currency translation adjustment | (540) | (1,226) | (1,792) |
Comprehensive income (loss) | $ 11,341 | $ (119,928) | $ (35,625) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Stock options | Common Stock | Additional paid-In capital | Additional paid-In capital Stock options | Retained earnings | Accumulated other comprehensive income (loss) | Treasury Stock |
Balance, beginning of the period (in shares) at Mar. 31, 2021 | 147,814,965 | |||||||
Balance, beginning of the period at Mar. 31, 2021 | $ 1,080,683 | $ 14,781 | $ 1,630,072 | $ 1,454,826 | $ 7,522 | $ (2,026,518) | ||
Treasury stock, beginning balance (in shares) at Mar. 31, 2021 | (79,585,710) | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Employee stock awards, benefit plans and other issuances (in shares) | 254,069 | (290,675) | ||||||
Employee stock awards, benefit plans and other issuances | (8,360) | $ 26 | 6,240 | $ (14,626) | ||||
Non-cash stock-based compensation (in shares) | 52,459 | |||||||
Non-cash stock-based compensation | 71,180 | $ 5 | 71,175 | |||||
Restricted stock units vested (in shares) | 1,131,489 | |||||||
Restricted stock units vested | 0 | $ 113 | (113) | |||||
Acquisition-related restricted stock award (in shares) | 40,600 | |||||||
Acquisition-related restricted stock award | 0 | $ 4 | (4) | |||||
Liability-classified restricted stock units vested (in shares) | 547,343 | |||||||
Liability-classified restricted stock units vested | 13,803 | $ 55 | 13,748 | |||||
Acquisition of treasury stock (in shares) | (1,329,211) | |||||||
Acquisition of treasury stock | (58,621) | $ (58,621) | ||||||
Comprehensive income (loss): | ||||||||
Foreign currency translation | (1,792) | (1,792) | ||||||
Net earnings (loss) | (33,833) | (33,833) | ||||||
Balance, end of the period (in shares) at Mar. 31, 2022 | 149,840,925 | |||||||
Balance, end of the period at Mar. 31, 2022 | 1,063,060 | $ 14,984 | 1,721,118 | 1,420,993 | 5,730 | $ (2,099,765) | ||
Treasury stock, ending 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) | 399,146 | (101,011) | ||||||
Employee stock awards, benefit plans and other issuances | 3,987 | $ 40 | 6,219 | $ (2,272) | ||||
Non-cash stock-based compensation (in shares) | 47,093 | |||||||
Non-cash stock-based compensation | 117,351 | $ 5 | 117,346 | |||||
Restricted stock units vested (in shares) | 3,253,815 | |||||||
Restricted stock units vested | 0 | $ 325 | (325) | |||||
Liability-classified restricted stock units vested (in shares) | 446,805 | |||||||
Liability-classified restricted stock units vested | 11,603 | $ 45 | 11,558 | |||||
Acquisition of treasury stock (in shares) | (6,066,230) | |||||||
Acquisition of treasury stock | (149,997) | $ (149,997) | ||||||
Comprehensive income (loss): | ||||||||
Foreign currency translation | (1,226) | (1,226) | ||||||
Net earnings (loss) | (118,702) | (118,702) | ||||||
Balance, end of the period (in shares) at Mar. 31, 2023 | 153,987,784 | |||||||
Balance, end of the period at Mar. 31, 2023 | $ 926,076 | $ 15,399 | 1,855,916 | 1,302,291 | 4,504 | $ (2,252,034) | ||
Treasury stock, ending balance (in shares) at Mar. 31, 2023 | (87,400,000) | (87,372,837) | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Employee stock awards, benefit plans and other issuances (in shares) | 369,442 | (219,270) | ||||||
Employee stock awards, benefit plans and other issuances | $ 1,387 | $ 38 | 7,184 | $ (5,835) | ||||
Non-cash stock-based compensation (in shares) | 39,174 | |||||||
Non-cash stock-based compensation | 68,057 | $ 3 | 68,054 | |||||
Restricted stock units vested (in shares) | 1,427,305 | |||||||
Restricted stock units vested | 0 | $ 143 | (143) | |||||
Acquisition-related restricted stock award (in shares) | 36,118 | |||||||
Acquisition-related restricted stock award | 0 | $ 493 | $ 3 | (3) | $ 493 | |||
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) | (2,076,854) | |||||||
Acquisition of treasury stock | (60,502) | $ (60,502) | ||||||
Comprehensive income (loss): | ||||||||
Foreign currency translation | (540) | (540) | ||||||
Net earnings (loss) | 11,881 | 11,881 | ||||||
Balance, end of the period (in shares) at Mar. 31, 2024 | 155,943,262 | |||||||
Balance, end of the period at Mar. 31, 2024 | $ 949,135 | $ 15,594 | $ 1,933,776 | $ 1,314,172 | $ 3,964 | $ (2,318,371) | ||
Treasury stock, ending balance (in shares) at Mar. 31, 2024 | (89,700,000) | (89,668,961) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 11,881,000 | $ (118,702,000) | $ (33,833,000) |
Earnings from discontinued operations, net of tax | (1,790,000) | (5,404,000) | 0 |
Non-cash operating activities: | |||
Depreciation and amortization | 11,508,000 | 20,787,000 | 24,248,000 |
Loss on disposal or impairment of assets | 1,219,000 | 4,137,000 | 183,000 |
Gain on sale of strategic investments | 0 | (194,000) | 0 |
Lease-related impairment and restructuring charges | 1,769,000 | 27,545,000 | 0 |
Gain on distribution from retained profits interest | 0 | 0 | (30,235,000) |
Provision for doubtful accounts | 2,254,000 | 1,776,000 | 4,217,000 |
Impairment of goodwill | 2,875,000 | 0 | 0 |
Deferred income taxes | (458,000) | 115,000 | (1,540,000) |
Non-cash stock compensation expense | 71,304,000 | 125,800,000 | 87,257,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (32,336,000) | (12,123,000) | (38,611,000) |
Deferred commissions | (11,113,000) | (6,436,000) | (7,975,000) |
Other assets | 9,426,000 | 7,705,000 | 26,863,000 |
Accounts payable and other liabilities | 8,508,000 | (15,369,000) | 8,850,000 |
Income taxes | 22,275,000 | 596,000 | 33,969,000 |
Deferred revenue | 8,334,000 | 4,208,000 | 4,684,000 |
Net cash provided by operating activities | 105,656,000 | 34,441,000 | 78,077,000 |
Cash flows from investing activities: | |||
Capital expenditures | (4,255,000) | (4,696,000) | (4,499,000) |
Cash paid in acquisitions, net of cash received | (170,281,000) | 0 | (19,107,000) |
Distribution from retained profits interest | 0 | 0 | 31,184,000 |
Purchases of investments | (48,894,000) | (28,197,000) | 0 |
Proceeds from sales of investments | 50,750,000 | 3,000,000 | 0 |
Purchases of strategic investments | (1,000,000) | (500,000) | 0 |
Proceeds from sale of strategic investment | 0 | 1,394,000 | 0 |
Net cash provided by (used in) investing activities | (173,680,000) | (28,999,000) | 7,578,000 |
Cash flows from financing activities: | |||
Proceeds related to the issuance of common stock under stock and employee benefit plans | 7,222,000 | 6,259,000 | 6,266,000 |
Shares repurchased for tax withholdings upon vesting of stock-based awards | (5,835,000) | (2,272,000) | (14,626,000) |
Acquisition of treasury stock | (60,502,000) | (149,997,000) | (58,621,000) |
Net cash used in financing activities | (59,115,000) | (146,010,000) | (66,981,000) |
Net cash provided by (used in) continuing operations | (127,139,000) | (140,568,000) | 18,674,000 |
Cash flows from discontinued operations: | |||
From operating activities | 1,790,000 | 5,404,000 | 0 |
Net cash provided by discontinued operations | 1,790,000 | 5,404,000 | 0 |
Effect of exchange rate changes on cash | 372,000 | (550,000) | (199,000) |
Net change in cash and cash equivalents | (124,977,000) | (135,714,000) | 18,475,000 |
Cash and cash equivalents at beginning of period | 464,448,000 | 600,162,000 | 581,687,000 |
Cash and cash equivalents at end of period | 339,471,000 | 464,448,000 | 600,162,000 |
Supplemental cash flow information: | |||
Cash paid (received) for income taxes, net - continuing operations | 2,465,000 | 5,801,000 | (32,916,000) |
Cash (received) for income taxes - discontinued operations | (2,765,000) | (8,332,000) | 0 |
Cash paid for operating lease liabilities | 10,293,000 | 8,243,000 | 10,108,000 |
Operating lease assets obtained in exchange for operating lease liabilities | 11,825,000 | 69,000 | 56,182,000 |
Operating lease assets, and related lease liabilities, relinquished in lease terminations | (4,486,000) | (6,781,000) | 0 |
Purchases of property, plant and equipment remaining unpaid at period end | $ 104,000 | $ 47,000 | $ 696,000 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Description of Business - LiveRamp Holdings, Inc. ("LiveRamp", "we", "us", or the "Company") is a global technology company that helps companies build enduring brand and business value by collaborating responsibly with data. A groundbreaking leader in consumer privacy, data ethics and foundational identity, LiveRamp offers a connected customer view with clarity and context while protecting brand and consumer trust. Our best-in-class enterprise platform enables data collaboration, where companies can share first-party consumer data with trusted business partners securely and in a privacy conscious manner. We offer flexibility to collaborate wherever data lives to support a wide range of data collaboration use cases—within organizations, between brands, and across our global network of premier partners. Global innovators, from iconic consumer brands and tech platforms to retailers, financial services, and healthcare leaders, turn to LiveRamp to deepen customer engagement and loyalty, activate new partnerships, and maximize the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is a Delaware corporation headquartered in San Francisco, California. Our common stock is listed on the New York Stock Exchange under the symbol “RAMP.” We serve a global customer base from locations in the United States, Europe, and the Asia-Pacific (“APAC”) region. Our direct customer list includes many of the world’s best-known and most innovative brands across most major industry verticals, including but not limited to financial, insurance and investment services, retail, automotive, telecommunications, high tech, consumer packaged goods, healthcare, travel, entertainment and non-profit. Through our expansive partner ecosystem we serve thousands of additional companies, unlocking access to unique customer moments and creating powerful network effects. Basis of Presentation and Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, after elimination of all significant intercompany accounts and transactions. We have prepared the accompanying consolidated financial statements in U.S. dollars in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification and Updates (“ASC” and "ASU"), and we consider the various staff accounting bulletins and other applicable guidance issued by the United States Securities and Exchange Commission ("SEC"). Our fiscal year ends on March 31. References to fiscal 2024, for example, are to the fiscal year ended March 31, 2024. Use of Estimates - In preparing consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used in determining, among other items, revenue recognition criteria, allowance for credit losses, operating lease assets and liabilities, including the incremental borrowing rate and terms and provision of each lease, the fair value of acquired assets and assumed liabilities, restructuring and impairment accruals, litigation and facilities lease loss accruals, stock-based compensation, and the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions. Actual results could differ from those estimates. As of March 31, 2024, the impacts to the Company's business due to geopolitical developments and macroeconomic factors, such as rising interest rates, inflation, bank failures, changes in foreign currency exchange rates and supply chain disruptions, continue to evolve. As a result, many of the Company's estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods. Operating Segments - The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by our Chief Operating Decision Maker ("CODM"). Our Chief Executive Officer is our CODM. Our CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated basis. Since we operate as one operating segment, all required financial segment information can be found in the consolidated financial statements. Earnings (Loss) per Share - Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. Diluted net earnings (loss) per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. A reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share is shown below (in thousands, except per share amounts): Year ended March 31, 2024 2023 2022 Net earnings (loss) from continuing operations $ 10,091 $ (124,106) $ (33,833) Earnings from discontinued operations, net of tax 1,790 5,404 — Net earnings (loss) $ 11,881 $ (118,702) $ (33,833) Basic weighted-average shares outstanding 66,266 66,352 68,211 Dilutive effect of common stock options and restricted stock units as computed under the treasury stock method (1) 1,652 — — Diluted weighted-average shares outstanding 67,918 66,352 68,211 Net earnings (loss) per common share, basic and diluted Continuing operations $ 0.15 $ (1.87) $ (0.50) Discontinued operations 0.03 0.08 — Net earnings (loss) per share $ 0.17 $ (1.79) $ (0.50) (1) The number of common stock options and restricted stock units as computed under the treasury stock method that would have otherwise been dilutive but are excluded from the table above because their effect would have been anti-dilutive due to the net loss position of the Company was 0.7 million and 1.3 million for the fiscal years ended March 31, 2023 and 2022, respectively. Restricted stock units that were outstanding during the years presented but were not included in the computation of diluted loss per share because their effect would have been anti-dilutive (other than due to the net loss position of the Company) are shown below (shares in thousands): Year ended March 31, 2024 2023 2022 Number of shares underlying restricted stock units 1,112 2,376 686 Significant Accounting Policies Cash and Cash Equivalents - The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid money market fund investments and U.S. Treasury securities with remaining maturities of three months or less at the date of purchase. Investments - Investments consist of U.S. Treasury securities and certificates of deposit. Securities having remaining maturities of more than three months at the date of purchase and less than one year from the date of the balance sheet are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets. These investments are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported as accumulated other comprehensive income, a separate component of stockholders' equity. The Company reviews all investments for reductions in fair value that are other-than-temporary. When such reductions occur, the cost of the investment is adjusted to fair value through recording a loss on investments in the consolidated statements of operations. Gains and losses on investments are calculated on the basis of specific identification. We did not recognize any gains or losses in fiscal years ended March 31, 2024, 2023 or 2022. Strategic Investments - Strategic investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the consolidated statement of operations. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the investment is impaired. If there are sufficient indicators that the fair value of the investment is less than the carrying value, the carrying value of the investment is reduced and an impairment is recorded in the consolidated statements of operations as other expense, net of tax. During the fiscal year ended March 31, 2023, the Company recorded a $4.0 million impairment of a strategic investment that is recorded in other income, net in the consolidated statement of operations. There were no impairment charges for the fiscal years ended March 31, 2024 or 2022. Revenue Recognition - LiveRamp recognizes revenue from the following sources: (i) Subscription revenue, which consists primarily of subscription fees from customers accessing our LiveRamp platform; and (ii) Marketplace and Other revenue, which primarily consists of revenue-sharing fees generated from access to data through our LiveRamp Data Marketplace, professional services including product implementation, data science analytics and audience measurement, and transactional usage-based revenue from arrangements with certain publishers and addressable TV providers, and professional services fees. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the performance obligations are satisfied. Identification of the contract We consider the terms and conditions of the contract and our customary business practices when identifying our contracts under ASC 606. We determine we have a contract with a customer when the contract or contract modification is approved and the parties are committed to performing their respective obligations, we can identify each party's rights regarding the services to be transferred, we can identify the payment terms for the services, we have determined the contract has commercial substance, and we have determined that collection of at least some of the contract consideration is probable. At contract inception we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the single or combined contract includes one or multiple performance obligations. We apply judgment in determining the customer's ability to pay, which is based on a variety of factors, including the customer's historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer. Identification of the performance obligations As part of accounting for arrangements with multiple performance obligations, we must assess whether each performance obligation is distinct. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. We have determined that our subscriptions to the platform are a distinct performance obligation and access to data for revenue-sharing and usage-based arrangements is a distinct performance obligation because, once a customer has access to the platform, the service is fully functional and does not require any additional development, modification, or customization. Determination of the transaction price The transaction price is the amount of consideration we expect to be entitled to in exchange for transferring services to a customer, excluding sales taxes that are collected on behalf of government agencies. Variable consideration is assessed and included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of our contracts contain a significant financing component. Allocation of the transaction price to the performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each distinct performance obligation based on the standalone selling price ("SSP") of each service. We generally determine the SSP based on contractual selling prices when the obligation is sold on a standalone basis, as well as market conditions, competition, and pricing practices. As pricing and marketing strategies evolve, we may modify our pricing practices in the future, which could result in changes to SSP. Recognition of revenue when, or as, the performance obligations are satisfied Revenues are recognized when or as control of the promised services is transferred to customers. Subscription revenue is generally recognized ratably over the subscription period beginning on the date the services are made available to customers. Marketplace and Other revenue is typically transactional in nature, tied to a revenue share or volumes purchased. We report revenue from Data Marketplace and other similar transactions on a net basis because our performance obligation is to facilitate a transaction between data providers and data buyers, for which we earn a portion of the gross fee. Consequently, the portion of the gross amount billed to data buyers that is remitted to data providers is not reflected as revenues. We generate revenue from Services primarily from project fees paid by subscribers to our platform. Service projects are sold on an ad hoc basis as well as bundled with platform subscriptions. Services revenue is less than 5% of total Company revenue. Accounts Receivable Accounts receivable include amounts billed to customers as well as unbilled amounts recognized in accordance with the Company’s revenue recognition policies. Unbilled amounts included in trade accounts receivable, net, which generally arise from the performance of services to customers in advance of billings, were $17.5 million at March 31, 2024 and $17.8 million at March 31, 2023. Trade accounts receivable are presented net of allowances for credit losses, returns and credits based on the probability of future collections. The probability of future collections is based on specific considerations of historical loss patterns and an assessment of the continuation of such patterns based on past collection trends and known or anticipated future economic events that may impair collectability. Accounts receivable that are determined to be uncollectible are charged against the allowance for doubtful accounts. Indicators that there is no reasonable expectation of recovery include past due status greater than 360 days or bankruptcy of the debtor. A summary of the activity of the allowance for credit losses, returns and credits was (dollars in thousands): Fiscal year ended: 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 March 31, 2022 $ 7,617 4,217 (3) (1,870) $ 9,961 March 31, 2023 $ 9,961 1,776 10 (2,403) $ 9,344 March 31, 2024 $ 9,344 2,254 755 (3,154) $ 9,199 Deferred Revenue Deferred revenue consists of amounts billed in excess of revenue recognized. Deferred revenues are subsequently recorded as revenue when earned in accordance with the Company’s revenue recognition policies. Deferred Commissions, net - The Company capitalizes incremental costs to acquire contracts and amortizes them on a straight-line basis over the expected period of benefit, which we have determined to be four years. Net capitalized costs of $11.1 million and $6.8 million were recognized as a reduction of operating expense for the fiscal years ended March 31, 2024 and 2023, respectively. We did not recognize any impairment charges in fiscal years 2024, 2023, or 2022. Property and Equipment - Property and equipment are stated at cost. Depreciation and amortization are calculated on the straight-line method over the estimated useful lives of the assets as follows: leasehold improvements, 2 - 5 years; data processing equipment, 2 - 5 years, and office furniture and other equipment, 3 - 7 years. Operating Leases - Right-of-use ("ROU") assets represent the Company's right to control the use of an identified asset for a period of time, or term, in exchange for consideration, and operating lease liabilities represent its obligation to make lease payments arising from the aforementioned right. The Company determines if an arrangement is, or contains, a lease at inception, and whether lease and non-lease components are combined or not. Operating leases with a duration of one year or less are excluded from ROU assets and lease liabilities and related expense is recorded as incurred. ROU assets and lease liabilities are initially recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease, and may include options to extend or terminate the lease when it is reasonably certain at the commencement date that such options will be exercised. As the rate implicit for each of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. The Company uses judgment in determining its incremental borrowing rate, which includes selecting a yield curve based on a hypothetical credit rating. ROU assets also include any initial direct costs and any lease payments made prior to the lease commencement date and are reduced by any lease incentives received. ROU assets are included in other assets in the consolidated balance sheets. Short-term lease liabilities are included in other accrued expenses and long-term lease liabilities are included in other liabilities in the consolidated balance sheets. ROU assets are amortized on a straight-line basis as operating lease cost in the consolidated statements of operations. The Company evaluates the recoverability of the ROU assets for possible impairment in accordance with the impairment of long-lived assets policy below. Business Combinations - We apply the provisions of ASC 805, Business Combinations , in accounting for acquisitions. ASC 805 requires us to determine if assets or a business was acquired. If a business was acquired, it requires us to recognize separately from goodwill the fair value of the assets acquired and the liabilities assumed at the acquisition date. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments resulting from new information about facts and circumstances that existed at the acquisition date and falls within the measurement period to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. Goodwill - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business acquisitions accounted for using the acquisition method of accounting and is not amortized. Goodwill is measured and tested for impairment on an annual basis in the first quarter of the Company's fiscal year in accordance with ASC 350, Intangibles-Goodwill and Other , or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events and changes may include significant changes in performance related to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy. Our test for goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the purposes of impairment testing, we have determined that we have three reporting units. We completed our annual impairment test during the first quarter of fiscal 2024 and assessed whether there were any triggering events quarterly. We recognized $2.9 million of goodwill impairment charges in the fiscal year ended March 31, 2024. Please refer to Note 9, Goodwill for further details. We did not recognize any goodwill impairment charges in fiscal years ended March 31, 2023 or 2022. Intangible Assets - We amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists. We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets, including our intangible assets, may not be recoverable. When such events or changes in circumstances occur, we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets. We did not recognize any intangible asset impairment charges in fiscal years ended March 31, 2024, 2023 or 2022. During fiscal 2024, our intangible assets were amortized over their estimated useful lives ranging from one year to six years. Amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent. The weighted average useful lives of our intangible assets were as follows: Weighted Average Useful Life (years) Developed technology 2.6 Customer relationships 2.6 Impairment of Long-lived Assets - Long-lived assets (asset groups) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company considers the following to be potential indicators of impairment of its long-lived assets (asset groups): operating losses, substantial decreases in the Company’s stock price, significant adverse changes in the extent or manner in which a long-lived asset (asset group) is being used, a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset (asset group), an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group), and a current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When such events occur, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair Value of Financial Instruments - We apply the provisions of ASC 820, Fair Value Measurement , to our assets and liabilities that we are required to measure at fair value pursuant to other accounting standards. The additional disclosure regarding our fair value measurements is included in Note 18 - Fair Value of Financial Instruments and Fair Value Measurements . Concentration of Credit Risk and Significant Customers - Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company's cash and cash equivalents are held in federally insured financial institutions. Although the Company's deposits may exceed federally insured limits, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no significant off-balance sheet risk such as foreign exchange contracts, options contracts, or other hedging arrangements. The Company’s trade accounts receivables are from a large number of customers. Accordingly, the Company’s credit risk is affected by general economic conditions. At March 31, 2024, there was one customer that represented more than 10% of the trade accounts receivable balance. Our ten largest customers represented approximately 27% of our revenues in fiscal year 2024. There were no customers that individually exceeded 10% of the Company's revenue in fiscal year 2024. Income Taxes - The Company and its domestic subsidiaries file a consolidated federal income tax return. The Company’s foreign subsidiaries file separate income tax returns in the countries in which their operations are based. The Company makes estimates and judgments in determining the provision for income taxes for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certain deferred tax assets and liabilities that arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes, as well as the interest and penalties related to uncertain tax positions. Significant changes in these estimates may result in an increase or decrease to the tax provision in a subsequent period. The Company assesses the likelihood that it will be able to recover its deferred tax assets. If recovery is not likely, the Company increases the provision for taxes by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process pursuant to ASC 740, Income Taxes . The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. If the Company determines that a tax position will more likely than not be sustained on audit, the second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various outcomes. The Company re-evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors such as changes in facts or circumstances, changes in tax law, new audit activity, and effectively settled issues. Determining whether an uncertain tax position is effectively settled requires judgment. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. Foreign Currency - The reporting currency of the Company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary. The balance sheets of the Company’s foreign subsidiaries are translated at period-end rates of exchange, and the statements of operations are translated at the average exchange rate for the period. The effects of foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in the consolidated statements of equity and comprehensive income (loss). We reflect net foreign exchange transaction gains and losses, resulting from the conversion of the transaction currency to functional currency, as a component of foreign currency exchange gain (loss) in total other income (expense) in the consolidated statements of operations. Advertising Expense - Advertising costs are expensed as incurred. Advertising expense was approximately $11.5 million, $12.9 million, and $10.5 million for the fiscal years ended March 31, 2024, 2023 and 2022, respectively. Advertising expense is included in operating expenses in the consolidated statements of operations. Legal Contingencies - We are currently involved in various claims and legal proceedings. Quarterly, we review the status of each significant matter and assess our potential financial exposure. We accrue a liability for an estimated loss if the potential loss from any claim or legal proceeding is considered probable, and the amount can be reasonably estimated. Note 13 - Commitments and Contingencies provides additional information regarding certain of our legal contingencies. Stock-Based Compensation - The Company records stock-based compensation expense according to the provisions of ASC Topic 718, Compensation – Stock Compensation . ASC Topic 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations over the service period of the award based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing stock-based payments and the amortization method for compensation cost. The Company has stock option plans and equity compensation plans (collectively referred to as the “stock-based plans”) administered by the talent and compensation committee of the board of directors (“talent and compensation committee”) under which options and restricted stock units were outstanding as of March 31, 2024. The Company’s equity compensation plan provides that all employees (employees, officers, directors, affiliates, independent contractors or consultants) are eligible to receive awards (grant of any option, stock appreciation right, restricted stock award, restricted stock unit award, performance award, performance share, performance unit, qualified performance-based award, or other stock unit award) under the plan with the terms and conditions applicable to an award set forth in applicable grant documents. Incentive stock option awards granted under the stock-based plans cannot be granted with an exercise price less than 100% of the per-share market value of the Company’s shares at the date of grant and have a maximum duration of ten years from the date of grant. Board policy currently requires |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Mar. 31, 2024 | |
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 twelve months ended March 31, Primary Geographical Markets 2024 2023 2022 United States $ 618,526 $ 556,219 $ 495,765 Europe 34,109 32,210 26,373 Asia-Pacific ("APAC") 5,896 7,470 6,519 Other 1,130 684 — $ 659,661 $ 596,583 $ 528,657 Major Offerings/Services Subscription $ 513,641 $ 482,807 $ 428,617 Marketplace and Other 146,020 113,776 100,040 $ 659,661 $ 596,583 $ 528,657 Transaction Price Allocated to the Remaining Performance Obligations We have performance obligations associated with fixed commitments in customer contracts for future services that have not yet been recognized in our consolidated financial statements. The amount of fixed revenue not yet recognized was $566.1 million as of March 31, 2024, of which $414.3 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 | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | LEASES: Right-of-use assets and lease liabilities balances consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Right-of-use assets included in other assets, net $ 24,471 $ 24,604 Short-term lease liabilities included in other accrued expenses $ 10,125 $ 9,929 Long-term lease liabilities included in other liabilities $ 32,097 $ 37,243 Supplemental balance sheet information: Weighted average remaining lease term 5.3 years 5.6 years Weighted average discount rate 5.3 % 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 $9.2 million, $11.6 million, and $11.6 million for fiscal years ended March 31, 2024, 2023, and 2022, respectively. During the fiscal year ended March 31, 2024, the Company recorded $1.9 million of right-of-use asset impairment charges included in gains, losses and other items, net in the consolidated statements of operations related to certain leased office facilities. During the fiscal 2023, the Company recorded $24.6 million of right-of-use asset impairment charges and $2.9 million of non-lease component restructuring charges that are included in gains, losses and other items, net in the consolidated statements of operations related to the exit from certain leased office facilities. Please refer to Note 4, Restructuring, Impairment and Other Charges for further details. The following table presents future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of March 31, 2024: Amount Fiscal 2025 $ 10,282 Fiscal 2026 8,668 Fiscal 2027 8,265 Fiscal 2028 8,454 Fiscal 2029 8,529 Thereafter 4,299 Total undiscounted lease commitments 48,497 Less: Interest and short-term leases 6,275 Total discounted operating lease liabilities $ 42,222 |
RESTRUCTURING, IMPAIRMENT AND O
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES | 12 Months Ended |
Mar. 31, 2024 | |
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 fiscal year ended March 31, 2024. The restructuring charges and adjustments are included in gains, losses and other items, net in the consolidated statements of operations. The reserve balances are included in other accrued expenses and other liabilities in the consolidated balance sheets (dollars in thousands). Employee-related Lease Total Balances at March 31, 2021 $ 825 $ 3,918 $ 4,743 Restructuring charges and adjustments — (19) (19) Payments (778) (872) (1,650) Balances at March 31, 2022 $ 47 $ 3,027 $ 3,074 Restructuring charges and adjustments 7,792 2,946 10,738 Payments (7,080) (1,100) (8,180) Balances at March 31, 2023 $ 759 $ 4,873 $ 5,632 Restructuring charges and adjustments 4,227 (148) 4,079 Payments (3,306) (1,800) (5,106) Balances at March 31, 2024 $ 1,680 $ 2,925 $ 4,605 Employee-related Restructuring Plans During fiscal year ended March 31, 2024, the Company recorded a total of $4.2 million in employee-related restructuring charges and adjustments. The expense included severance and other employee-related charges in the United States, Europe, and APAC of $4.0 million and adjustments to the fiscal 2021 and fiscal 2023 employee-related restructuring plans for employees in the United States and Europe of $0.2 million. Of the fiscal 2024 employee-related restructuring plans, $1.4 million remained accrued as of March 31, 2024 and is expected to be paid out during fiscal 2025. 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, $0.2 million remained accrued as of March 31, 2024 and are expected to be paid out during fiscal 2025. Lease-related Impairments and Restructuring Plans During fiscal year ended March 31, 2024, 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. 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 $2.8 million, $1.7 million remain accrued as of March 31, 2024 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 March 31, 2024, 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, $1.3 million remained accrued at March 31, 2024. Gains, Losses and Other Items, Net The following table summarizes the activity included in gains, losses and other items, net in the consolidated statements of operations for each of the periods presented (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Employee-related restructuring plan charges $ 4,227 $ 7,792 $ (19) Lease-related restructuring plan charges and adjustments (148) 2,946 — Early contract terminations — — 1,042 ROU asset group impairments and adjustments 1,946 24,599 — Goodwill impairment (see Note 9) 2,875 — — Other 13 — — Acquisition related costs 2,795 (21) $ 456 $ 11,708 $ 35,316 $ 1,479 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS: Habu On January 31, 2024, the Company completed the acquisition of 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. This acquisition empowers the Company to deliver scale and simplicity to our customers. Through our combined offering, companies will have one, simple platform to measure campaigns across all walled gardens, programmatic, and media channels while connecting data seamlessly across any cloud, warehouse, or clean room. The results of operations for Habu since the closing date have been included in the Company's consolidated financial statements for the fiscal year ended March 31, 2024. The acquisition date fair value of the consideration for Habu was approximately $173.4 million, which consisted of the following (dollars in thousands): Cash, net of $971 cash acquired $ 170,281 Restricted cash held in escrow 2,600 Fair value of replacement stock options and restricted stock shares considered a component of purchase consideration transferred $ 493 Total fair value of consideration transferred $ 173,374 On the acquisition date, the Company delivered $2.6 million of cash to an escrow agent according to the terms of the merger agreement. The principal escrow is owned by the Company until funds are delivered to the Habu sellers one year from the acquisition date. All interest and earnings on the principal escrow amount remain the property of the Company. The aggregate acquisition-date fair value of merger consideration with respect to assumed unvested stock options, restricted stock shares and restricted stock units was approximately $25.5 million. Of the $25.5 million acquisition-date fair value, $0.5 million was attributed to pre-combination service related to the options and restricted shares and treated as a component of purchase consideration transferred. The remaining $25.0 million is considered future compensation cost and will be recognized as stock-based compensation cost over the remaining service period of the replacement options and restricted shares. In connection with the Habu acquisition, $14.6 million of the acquisition-date fair value of merger consideration otherwise payable with respect to incentive compensation and shares of Habu common stock held by certain key employees were subject to holdback by the Company pursuant to agreements with those employees (each, a "Holdback Agreement"). Each Holdback Agreement specifies that the consideration holdback will vest in three equal annual increments on the anniversary of the January 31, 2024 closing date. Vesting is subject to the Habu key employees' continued employment through each annual vesting date and will be settled in cash, shares of Company common stock, or any combination of cash and Company common stock, at the Company's discretion. As a result, the consideration holdback is not considered part of the purchase price but rather is considered future compensation cost and will be recognized as stock-based compensation cost over the three-year earning period. The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): January 31, 2024 Assets acquired: Cash $ 971 Goodwill 141,641 Intangible assets 33,500 Other current and noncurrent assets 3,815 Total assets acquired 179,927 Accounts payable and accrued expenses (1,460) Deferred revenue (3,573) Other current and noncurrent liabilities (549) Net assets acquired 174,345 Less: Cash acquired (971) Net purchase price allocated 173,374 Less: Restricted cash held in escrow (2,600) Fair value of replacement stock options and restricted stock shares considered a component of purchase consideration transferred (493) Net cash paid in acquisition 170,281 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributed to expectations to the development of future technology. The goodwill balance is not deductible for U.S. income tax purposes. The Company recognized the assets and liabilities acquired based on its preliminary estimates of their fair values as of the acquisition date. As additional information becomes known concerning the acquired assets and assumed liabilities, management may make adjustments to the opening balance sheet of the acquired company up to the end of the measurement period, which is not longer than a one-year period following the acquisition date. The determination of the fair values of the acquired assets and liabilities assumed (and the related determination of the estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. As of March 31, 2024, the Company has not completed its analysis of deferred income taxes. The fair value currently assigned to deferred income taxes was based on the information that was available as of the date of the acquisition. The Company expects to finalize the deferred income taxes as soon as practicable. The amounts allocated to intangible assets in the table above included developed technology and customer relationships/trade name. Intangible assets are being amortized on a straight-line basis over the estimated useful lives. The following table presents the components of intangible assets acquired and their estimated useful lives as of the acquisition date (dollars in thousands): Useful life Fair value (in years) Developed technology $ 30,000 3 Customer relationships 3,000 3 Trade names 500 1 Total intangible assets $ 33,500 The Company has omitted pro forma disclosures related to this acquisition date as the pro forma effect of this acquisition is not material. Rakam On December 13, 2021, the Company completed the acquisition of certain technology assets owned by Rakam, Inc. ("Rakam") for approximately $2.2 million in cash (including a holdback amount of $0.2 million). The technology asset is a cloud-agnostic customer data analytics platform that is deployed direct in the customer's data warehouse. The purchased technology has been embedded into the Company's platform, enabling us to provide a single, unified segmentation solution and enable our customers to generate real-time insights and create custom audiences wherever their data resides. The Company concluded the acquired assets did not meet the definition of a business under ASU 2017-01, "Clarifying the Definition of a Business," and therefore has accounted for the acquisition as an asset acquisition. The purchased asset was recorded as a $2.2 million developed technology intangible asset included in other assets, net in the consolidated balance sheet and is being amortized over a period of three years based on its estimated useful life. In connection with the acquisition, the Company extended employment agreements and granted $2.6 million of restricted stock units to two key Rakam employees that were recorded as non-cash stock compensation. The restricted stock units vest over four years and were not considered part of the asset purchase price as they require future service and continued employment by those individuals to vest. Diablo On April 21, 2021, the Company completed the acquisition of Diablo.ai, Inc. ("Diablo"), a first-party data resolution platform and graph builder, for approximately $9.7 million in cash (including a holdback amount of $1.2 million). The acquisition also included $1.9 million of assumed restricted stock awards that are recorded as non-cash stock compensation over a period of three years. Diablo's technology has been embedded into our unified platform and plays an integral role in our global identity capability. The Company omitted pro forma disclosures related to this acquisition as the pro forma effect of this acquisition was not material. The results of operations for this acquisition are included in the Company's consolidated results beginning April 21, 2021. The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): April 21, 2021 Assets acquired: Cash $ 131 Goodwill 6,807 Intangible assets 3,500 Total assets acquired 10,438 Deferred income taxes (505) Accounts payable and accrued expenses (65) Net assets acquired 9,868 Less: Cash acquired (131) Net purchase price allocated 9,737 Less: Cash held back (1,200) Net cash paid in acquisition 8,537 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS: Acxiom Marketing Solutions ("AMS") business |
OTHER CURRENT AND NONCURRENT AS
OTHER CURRENT AND NONCURRENT ASSETS | 12 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT AND NONCURRENT ASSETS | OTHER CURRENT AND NONCURRENT ASSETS: Other current assets consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Prepaid expenses and other $ 17,398 $ 18,918 Assets of non-qualified retirement plan 14,284 12,110 Other current assets $ 31,682 $ 31,028 Other noncurrent assets consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Long-term prepaid revenue share $ 4,714 $ 9,659 Right-of-use assets (see Note 3) 24,471 24,604 Deferred tax asset 1,636 1,253 Deposits 3,125 3,452 Strategic investments 2,700 1,600 Other miscellaneous noncurrent assets 102 477 Other assets, net $ 36,748 $ 41,045 During fiscal 2023, the Company became aware of a pending sale and the proposed value of the transaction related to one of our strategic investments. As a result, the Company recorded a $4.0 million impairment that is recorded in other expense in the consolidated statement of operations. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT: Property and equipment is summarized as follows (dollars in thousands): March 31, 2024 March 31, 2023 Leasehold improvements $ 14,147 $ 25,262 Data processing equipment 5,915 6,537 Office furniture and other equipment 5,332 7,594 25,394 39,393 Less accumulated depreciation and amortization (17,213) (32,308) Property and equipment, net of accumulated depreciation and amortization $ 8,181 $ 7,085 |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 31, 2024 | |
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 that 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 fiscal years ended March 31, 2024 and 2023 were as follows (dollars in thousands): Total Balance at March 31, 2022 $ 363,845 Purchase price accounting adjustment related to acquisition of Diablo (205) Change in foreign currency translation adjustment (524) Balance at March 31, 2023 $ 363,116 Impairment (2,875) Acquisition of Habu (see Note 5) 141,641 Change in foreign currency translation adjustment (126) Balance at March 31, 2024 $ 501,756 Goodwill by geography as of March 31, 2024 was: Total U.S. $ 501,756 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS: The amounts allocated to intangible assets from acquisitions include developed technology, customer relationships, trade names, and publisher and data supply relationships. The following table shows the amortization activity of intangible assets (dollars in thousands): March 31, 2024 March 31, 2023 Developed technology, gross $ 102,076 $ 72,095 Accumulated amortization (70,743) (63,658) Net developed technology $ 31,333 $ 8,437 Customer relationship/trade name, gross $ 37,882 $ 34,384 Accumulated amortization (34,632) (33,953) Net customer/trade name $ 3,250 $ 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 $ 155,958 $ 122,479 Total accumulated amortization (121,375) (112,611) Total intangible assets, net $ 34,583 $ 9,868 Total amortization expense related to intangible assets was $8.8 million, $16.8 million, and $18.7 million for fiscal years ended March 31, 2024, 2023, and 2022, respectively. The following table presents the estimated future amortization expenses related to intangible assets. Fiscal Year: Amount 2025 $ 14,416 2026 11,000 2027 9,167 $ 34,583 |
OTHER ACCRUED EXPENSES
OTHER ACCRUED EXPENSES | 12 Months Ended |
Mar. 31, 2024 | |
Other Accrued Expenses [Abstract]. | |
OTHER ACCRUED EXPENSES | OTHER ACCRUED EXPENSES: Other accrued expenses consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Liabilities of non-qualified retirement plan $ 14,284 $ 12,110 Short-term lease liabilities (see Note 3) 10,125 9,929 Other miscellaneous accrued expenses 18,448 13,697 Other accrued expenses $ 42,857 $ 35,736 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES: Other liabilities consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Uncertain tax positions $ 25,289 $ 23,427 Long-term lease liabilities (see Note 3) 32,097 37,243 Lease restructuring accruals and related sublease deposits 3,957 5,713 Deferred tax liabilities 224 298 Other 4,165 5,117 Other liabilities $ 65,732 $ 71,798 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2024 | |
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 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 consolidated financial condition or results of operations. The Company maintains insurance coverage above certain limits. Commitments The following table presents the Company’s purchase commitments at March 31, 2024. 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 $25.3 million as the Company is not able to predict the periods in which the payments will be made (dollars in thousands): For the years ending March 31, 2025 2026 2027 2028 Total Purchase commitments $ 88,432 $ 17,226 $ 4,606 $ 3,375 $ 113,639 |
STOCKHOLDERS' EQUITY AND STOCK-
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION: The Company has authorized 200 million shares of $0.10 par value common stock and 1 million shares of $1.00 par value preferred stock. The board of directors of the Company may designate the relative rights and preferences of the preferred stock when and if issued. Such rights and preferences could include liquidation preferences, redemption rights, voting rights and dividends, and the shares could be issued in multiple series with different rights and preferences. There has not been any preferred stock activity in the periods presented. On August 29, 2011, the board of directors adopted a common stock repurchase program. That program was subsequently modified and expanded, most recently on December 20, 2022, to authorize an additional $100.0 million in share repurchases and extend the term of the existing common stock repurchase program. Under the modified common stock repurchase program, the Company may purchase up to $1.1 billion of its common stock through the period ending December 31, 2024. During the fiscal year ended March 31, 2024, the Company repurchased 2.1 million shares of its common stock for $60.5 million under the stock repurchase program. During the fiscal year ended March 31, 2023, the Company repurchased 6.1 million shares of its common stock for $150.0 million under the stock repurchase program. During the fiscal year ended March 31, 2022, the Company repurchased 1.3 million shares of its common stock for $58.6 million under the stock repurchase program. Through March 31, 2024, the Company has repurchased 37.7 million shares of its common stock for $942.7 million, leaving remaining capacity of $157.3 million under the stock repurchase program. The Company paid no dividends on its common stock for any of the years reported. Stock-based Compensation Plans The Company has stock option, equity compensation, and stock purchase plans for which a total of 49.0 million shares of the Company’s common stock have been reserved for issuance since the inception of the plans. At March 31, 2024, there were a total of 6.8 million shares available for future grants under the plans, of which 0.9 million shares relate to the Company's qualified employee stock purchase plan. During fiscal 2024, 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. During fiscal 2023, the board of directors voted to amend the Amended and Restated 2005 Equity Compensation Plan (the "2005 Plan") to increase the number of shares available under the plan by 4.5 million shares. The amendment received shareholder approval at the August 9, 2022 annual shareholders' meeting (the "2022 Annual Meeting"), bringing the plan shares from 37.9 million shares at June 30, 2022 to 42.4 million shares beginning in the quarter ended September 30, 2022. The board of directors also voted to amend the LiveRamp Holdings, Inc. Employee Stock Purchase Plan (the "ESPP") to increase the number of shares available under the plan by 1.0 million shares. The amendment received shareholder approval at the 2022 Annual Meeting bringing the ESPP shares from 0.4 million shares at June 30, 2022 to 1.4 million shares beginning in the quarter ended September 30, 2022. These actions bring the total number of shares reserved for issuance since inception of all plans from 39.5 million shares at June 30, 2022 to 45.0 million shares beginning in the quarter ended September 30, 2022. During fiscal 2023, the board of directors voted to further amend the Company's 2005 Plan. The 2005 Plan was amended to provide that, in the event of a participant’s retirement on or after age 65 with at least five years of service, awards held by the participant at retirement will continue to vest in accordance with their terms. This amendment to the 2005 Plan impacted stock-based compensation expense by accelerating $5.4 million of expense recognition into fiscal 2023 that would have otherwise been recognized over future reporting periods through the quarter ending December 31, 2025. Stock-based Compensation Expense The Company's stock-based compensation activity for fiscal years 2024, 2023, and 2022, by award type, was (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Stock options $ 1,014 $ 968 $ 1,935 Restricted stock units, time-vesting 56,583 105,147 49,217 Restricted stock units, performance based 7,403 6,796 6,791 Diablo restricted stock awards — 1,126 794 Habu restricted stock awards 144 — — Data Plus Math ("DPM") acquisition consideration holdback — 2,031 8,122 Pacific Data Partners assumed performance plan — — 9,101 Acuity performance plan 165 815 1,912 DataFleets acquisition consideration holdback 2,266 5,611 6,043 Habu acquisition consideration holdback 813 — — Employee stock purchase plan 1,666 2,051 1,803 Directors stock-based compensation 1,250 1,255 1,539 Total non-cash stock-based compensation included in the consolidated statements of operations 71,304 125,800 87,257 Less expense related to liability-based equity awards (3,247) (8,449) (16,077) Total non-cash stock-based compensation included in the consolidated statements of equity $ 68,057 $ 117,351 $ 71,180 The effect of stock-based compensation expense on income, by financial statement line item, was (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Cost of revenue $ 3,553 $ 6,317 $ 4,111 Research and development 27,189 55,407 32,112 Sales and marketing 18,948 29,429 28,586 General and administrative 21,614 34,647 22,448 Total non-cash stock-based compensation included in the consolidated statements of operations $ 71,304 $ 125,800 $ 87,257 In March 2023, the Company accelerated the vesting of certain time-vesting restricted stock units that would have otherwise vested over the following six months to take advantage of cash tax savings opportunities. This resulted in the vesting of time-vesting restricted stock units covering approximately 1.5 million shares of common stock. The Company recognized $22.6 million of compensation costs related to the accelerated vesting of these units, which is included in loss from operations in the consolidated statement of operations in fiscal 2023. Of the $22.6 million of compensation costs, $0.4 million represented incremental compensation cost due to the modification and $22.1 million represented accelerated original grant date fair value compensation cost. The following table provides the expected future expense for all of the Company's outstanding equity awards at March 31, 2024, by award type (dollars in thousands). For the years ending 2025 2026 2027 2028 Total Stock options $ 3,260 $ 2,488 $ 1,251 $ 102 $ 7,101 Restricted stock units 83,397 36,461 9,900 — 129,758 Habu restricted stock awards 857 273 6 — 1,136 Habu acquisition consideration holdback 4,879 4,879 4,067 — 13,825 Employee stock purchase plan 337 — — — 337 Expected future expense $ 92,730 $ 44,101 $ 15,224 $ 102 $ 152,157 Stock Options Activity In fiscal 2024, in connection with the acquisition of Habu, the Company replaced all unvested outstanding stock options held by Habu employees immediately prior to the acquisition with options to acquire shares of LiveRamp common stock having substantially the same terms and conditions as were applicable under the original options (see Note 5). In total, the Company issued 252,364 replacement options at a weighted-average exercise price of $8.91 per share. The acquisition-date fair value of the replacement stock options was $7.9 million and was determined using a binomial lattice model. Of the $7.9 million acquisition-date fair value, $0.3 million was attributed to pre-combination service and treated as a component of purchase consideration transferred. The remaining $7.5 million of acquisition-date fair value is considered future compensation cost and will be recognized as stock-based compensation cost over the remaining service period of the replacement options. Stock option activity for the fiscal year ended March 31, 2024 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 Habu replacement stock options issued 252,364 $ 8.91 Exercised (152,743) $ 19.24 $ 898 Forfeited or canceled (2,410) $ 5.21 Outstanding at March 31, 2024 622,122 $ 14.39 4.0 $ 12,213 Exercisable at March 31, 2024 388,741 $ 17.67 1.3 $ 6,354 The aggregate intrinsic value for options exercised in fiscal years 2024, 2023, and 2022 was $0.9 million, $3.7 million, and $4.3 million, respectively. The aggregate intrinsic value at period end represents the total pre-tax intrinsic value (the difference between LiveRamp’s closing stock price on the last trading day of the period and the exercise price for each in-the-money option) that would have been received by the option holders had they exercised their options on March 31, 2024. This amount changes based upon changes in the fair market value of LiveRamp’s common stock. A summary of stock options outstanding and exercisable as of March 31, 2024 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 $ — — $ 9.99 274,869 8.2 years $ 8.26 41,488 $ 4.58 $ 10.00 — $ 19.99 182,603 1.1 years $ 17.49 182,603 $ 17.49 $ 20.00 — $ 24.99 164,650 0.3 years $ 21.18 164,650 $ 21.18 622,122 4.0 years $ 14.39 388,741 $ 17.67 Restricted Stock Awards During fiscal 2024, in connection with the acquisition of Habu, the Company replaced the unvested outstanding restricted stock shares held by Habu employees immediately prior to the acquisition with restricted shares of LiveRamp common stock having substantially the same terms and conditions as were applicable under the original restricted stock agreement (see Note 5). The conversion calculation resulted in the issuance of 36,118 replacement restricted stock shares having an acquisition-date fair value of $1.4 million. Of the $1.4 million acquisition-date fair value, $0.1 million was attributed to pre-combination service and treated as a component of purchase consideration transferred. The remaining $1.3 million of acquisition-date fair value is considered future compensation cost and will be recognized as stock-based compensation cost over the remaining service period of the replacement restricted stock shares. During fiscal 2022, in connection with the acquisition of Diablo, the Company replaced the unvested outstanding restricted stock shares held by a Diablo employee immediately prior to the acquisition with restricted shares of LiveRamp common stock having substantially the same terms and conditions as were applicable under the original restricted stock agreement (see Note 5). The conversion calculation resulted in issuance of 40,600 replacement restricted stock shares having an acquisition-date fair value of $1.9 million. The restricted shares vest subject to post-combination service requirements. As a result, the acquisition-date fair value is considered future compensation cost and was recognized as stock-based compensation cost over the vesting period of the replacement stock shares. Restricted stock share activity for the fiscal year ended March 31, 2024 was: Weighted average fair value per Weighted average Number share at grant remaining contractual of shares date term (in years) Unvested restricted stock awards at March 31, 2023 — $ — Habu replacement restricted stock award 36,118 $ 39.48 Vested — $ — Unvested restricted stock awards at March 31, 2024 36,118 $ 39.48 1.3 years The total fair value of restricted stock awards vested during fiscal years 2023 and 2022 was $0.6 million and $0.8 million, respectively, and is measured as the quoted market price of the Company's common stock on the vesting date for the number of shares vested. No restricted stock awards vested during fiscal 2024. Restricted Stock Unit Activity Time-vesting restricted stock units ("RSUs") - During fiscal 2024, the Company granted time-vesting RSUs covering 1,783,478 shares of common stock and having a fair value at the date of grant of $48.6 million. Of the RSUs granted in the current year, 999,987 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. During fiscal 2024, in connection with the acquisition of Habu, the Company replaced the unvested outstanding time-vesting RSUs held by Habu employees immediately prior to the acquisition with LiveRamp RSUs covering 410,853 shares of common stock having an acquisition-date fair value of $16.2 million (see Note 5). The replacement RSUs have substantially the same terms and conditions as were applicable under the original RSU agreement. The replacement RSUs vest subject to post-combination service requirements, as the awards were granted in conjunction with the closing of the acquisition. As a result, the acquisition-date fair value is considered future compensation cost and will be recognized as stock-based compensation cost over the vesting period of the replacement RSUs. At March 31, 2024, the replacement RSUs had a remaining weighted-average contractual term of 2.8 years. During fiscal 2023, the Company granted time-vesting RSUs covering 4,352,078 shares of common stock and having a fair value at the date of grant of $107.2 million. The RSUs granted in fiscal 2023 primarily vest over three years. Grant date fair value of these units is equal to the quoted market price for the shares on the date of grant. During fiscal 2022, the Company granted time-vesting RSUs covering 3,037,440 shares of common stock and having a fair value at the date of grant of $143.4 million. The RSUs granted in fiscal 2022 primarily vest over four years. Grant date fair value of these units is equal to the quoted market price for the shares on the date of grant. Included in the RSUs granted in fiscal 2022 were units related to the Diablo and Rakam acquisitions (see Note 5). Following the closing of the Diablo acquisition, the Company granted new awards of RSUs covering 98,442 shares of common stock, and having a grant date fair value of $4.7 million, to select employees to induce them to accept employment with the Company. In connection with the Rakam acquisition, the Company extended employment agreements and granted new awards of RSUs, covering 55,927 shares of common stock having a grant date fair value of $2.6 million, to two key Rakam employees. RSU activity for the fiscal year ended March 31, 2024 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 1,783,478 $ 27.26 Habu replacement restricted stock units 410,853 $ 39.48 Vested (1,366,265) $ 32.20 Forfeited or canceled (436,312) $ 33.32 Outstanding at March 31, 2024 4,401,513 $ 31.10 1.64 The total fair value of RSUs vested during fiscal years ended March 31, 2024, 2023, and 2022 was $45.3 million, $71.5 million, and $30.3 million, respectively, and is measured as the quoted market price of the Company's common stock on the vesting date for the number of shares vested. Performance-based restricted stock units ("PSUs") - Fiscal 2024 plan: During fiscal 2024, 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 talent and 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 talent and 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: During fiscal 2023, the Company granted PSUs covering 406,501 shares of common stock having a fair value at the date of grant of $10.0 million. The grants were made under two separate performance plans. Under the total shareholder return ("TSR") performance plan, units covering 121,951 shares of common stock were granted having a fair value at the date of grant of $3.7 million, determined using a Monte Carlo simulation model. The units vest subject to attainment of market conditions established by the talent and compensation committee and continuous employment through the vesting date. The units may vest in a number of shares from 0% to 200% of the award, based on the TSR of LiveRamp common stock compared to the TSR of the Russell 2000 market index for the period from April 1, 2022 to March 31, 2025. As of March 31, 2024, 101,931 units, net of forfeitures, remain eligible for award under this plan. Under the operating metrics performance plan, units covering 284,550 shares of common stock were granted having a fair value at the date of grant of $6.3 million, which was equal to the quoted market price for the shares on the date of grant. The units vest subject to attainment of performance criteria established by the talent and compensation committee and continuous employment through the vesting date. The units may vest in a number of shares from 0% to 200% of the award, at the end of the performance period, based on the average attainment of annual revenue growth and EBITDA margin targets for fiscal years 2023, 2024, and 2025. As of March 31, 2024, 237,837 units, net of forfeitures, remain eligible for award under this plan. Fiscal 2022 plans: During fiscal 2022, the Company granted PSUs covering 249,152 shares of common stock having a fair value at the date of grant of $12.6 million. The grants were made under three separate performance plans. Under a special incentive performance plan, units covering 36,425 shares of common stock were granted having a fair value at the date of grant of $1.7 million, which was equal to the quoted market price for the shares on the date of grant. The units were eligible to vest subject to attainment of performance criteria established by the talent and compensation committee and continuous employment through the vesting date. The units could vest in a number of shares from 0% to 100% of the award, based on the attainment of key productivity metrics for the period beginning at the date of grant and continuing through December 31, 2023. Through the final measurement date at December 31, 2023, an accumulated 77% achievement, or 27,959 total units were earned and vested under this plan. Under the fiscal 2022 TSR performance plan, units covering 63,815 shares of common stock were granted having a fair value at the date of grant of $3.8 million, determined using a Monte Carlo simulation model. The units were eligible to vest subject to attainment of market conditions established by the talent and compensation committee and continuous employment through the vesting date. The units could 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 final performance measurement resulted in approximately 51% attainment, or 20,968 shares. The shares are expected to be delivered, and approximately 20,330 units were canceled, in the first quarter of fiscal 2025 subject to talent and compensation committee approval. Under the fiscal 2022 operating metrics performance plan, units covering 148,912 shares of common stock were granted having a fair value at the date of grant of $7.1 million, which was equal to the quoted market price for the shares on the date of grant. The units were eligible to vest subject to attainment of performance criteria established by the talent and compensation committee and continuous employment through the vesting date. The units could vest in a number of shares from 0% to 200% of the award, based on the attainment of trailing twelve-month revenue growth and EBITDA margin targets for the period from April 1, 2021 to March 31, 2024. Performance was measured and vesting evaluated on a quarterly basis beginning with the period ending June 30, 2022 and continuing through the end of the performance period. Through the March 31, 2024 final measurement date, an accumulated approximate 59% achievement, or 67,283 total units were earned under this plan. Of the total units earned, 58,312 shares have been delivered to participants in prior measurement periods. The remaining 8,971 units are expected to be delivered, and approximately 39,211 units were canceled, in the first quarter of fiscal 2025 subject to talent and compensation committee approval. PSU activity for the fiscal year ended March 31, 2024 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 1.38 Granted 666,496 $ 31.58 Vested (57,114) $ 47.12 Forfeited or canceled (223,223) $ 40.46 Outstanding at March 31, 2024 1,095,748 $ 31.15 1.61 The total fair value of PSUs vested in fiscal years ended March 31, 2024, 2023 and 2022 was $1.5 million, $3.0 million and $6.7 million, respectively, and is measured as the quoted market price of the Company’s common stock on the vesting date for the number of shares vested. Other Stock Compensation Activity Acquisition-related Consideration Holdback During fiscal 2024, in connection with the acquisition of Habu, $14.6 million of the acquisition consideration otherwise payable with respect to incentive compensation and shares of Habu common stock held by certain key employees was subject to holdback by the Company pursuant to agreements with those employees (each, a "Holdback Agreement"). Each Holdback Agreement specifies that the consideration holdback will vest in three equal annual increments on the anniversary of the January 31, 2024 closing date. Vesting is subject to the Habu key employees' continued employment through each annual vesting date and will be settled in cash, shares of Company common stock, or any combination of cash and Company common stock, at the Company's discretion. Through March 31, 2024, the Company has recognized a total of $0.8 million as stock-based compensation expense related to the Habu consideration holdback. At March 31, 2024, the recognized, but unpaid, balance related to the Habu consideration holdback in other accrued expenses in the consolidated balance sheet was $0.8 million. The first annual settlement of $4.9 million is expected to occur in the fourth quarter of fiscal 2025 (see Note 5). As part of the Company's fiscal 2021 acquisition of DataFleets, $18.1 million of the acquisition consideration otherwise payable with respect to shares of DataFleets common stock held by certain key employees was subject to holdback by the Company pursuant to agreements with those employees (each, a "Holdback Agreement"). Each Holdback Agreement specified that the consideration holdback would vest in three equal annual increments on the anniversary of the closing date (which date may be changed by the board of directors to an earlier date). Vesting was subject to the DataFleets key employees' continued employment through each annual vesting date and would be settled in shares of Company common stock. The final annual settlement of $2.6 million was made in the third quarter of fiscal 2024. Qualified Employee Stock Purchase Plan ("ESPP") Under the Company's ESPP, all eligible employees are permitted to authorize payroll deductions of up to the applicable ESPP and statutory limits to purchase shares of common stock. The ESPP provides for offering periods that are generally every six months. ESPP purchases generally occur on May 31st and November 30th each year. At each purchase date, employees are able to purchase shares at 85% of the lower of (1) the closing market price per share of common stock on the employee's enrollment into the applicable offering period and (2) the closing market price per share of common stock on the purchase date. The Company calculates the fair value of the ESPP purchase right using the Black-Scholes option-pricing model. Stock-based compensation expense associated with the ESPP was $1.7 million, $2.1 million and $1.8 million for fiscal years ended March 31, 2024, 2023, and 2022, respectively. During fiscal 2024, 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. During fiscal 2023, 197,255 shares of common stock were purchased under the ESPP at a weighted-average price of $20.38 per share, resulting in cash proceeds of $4.0 million over the relevant offering periods. During fiscal 2022, 103,447 shares of common stock were purchased under the ESPP at a weighted-average price of $41.44 per share, resulting in cash proceeds of $4.3 million over the relevant offering periods. At March 31, 2024, there was approximately $0.3 million of total unrecognized stock-based compensation expense related to the ESPP, which is expected to be recognized on a straight-line basis over the remaining term of the current offering period. Accumulated Other Comprehensive Income Accumulated other comprehensive income accumulated balances of $4.0 million and $4.5 million at March 31, 2024 and March 31, 2023, respectively, reflect accumulated foreign currency translation adjustments. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | INCOME TAX: Total income tax expense (benefit) was allocated as follows (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Continuing operations $ 24,270 $ 5,252 $ (1,242) Discontinued operations (2,332) (7,070) — $ 21,938 $ (1,818) $ (1,242) Income tax expense (benefit) attributable to continuing operations consists of (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Current: U.S. Federal $ 21,014 $ 6,325 $ (1,227) Non-U.S. 662 1,086 305 State 3,384 (2,274) 1,220 25,060 5,137 298 Deferred: U.S. Federal (101) 155 (895) Non-U.S. (387) (83) (608) State (302) 43 (37) (790) 115 (1,540) Total $ 24,270 $ 5,252 $ (1,242) Income (loss) before income tax attributable to U.S. and non-U.S. continuing operations consists of (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 U.S. $ 33,892 $ (122,994) $ (37,415) Non-U.S. 469 4,140 2,340 Total $ 34,361 $ (118,854) $ (35,075) Income (loss) before income taxes, as shown above, is based on the location of the entity to which such income (loss) is attributable. However, since such income (loss) may be subject to taxation in more than one country, the income tax expense (benefit) shown above as U.S. or non-U.S. may not correspond to the income (loss) shown above. Below is a reconciliation of expected income tax expense (benefit), computed by applying the U.S. federal statutory rate of 21.0% to income (loss) before income taxes, to actual income tax expense (benefit) from continuing operations (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Computed expected income tax expense (benefit) $ 7,216 $ (24,959) $ (7,366) Increase (reduction) in income taxes resulting from: State income taxes, net of federal benefit 2,494 (2,440) 691 Research and other tax credits (3,012) (4,363) (3,107) Nondeductible expenses 2,169 669 673 Stock-based compensation 2,013 3,486 5,576 Non-U.S. subsidiaries taxed at other rates (1,036) 491 (364) Adjustment to valuation allowances 14,209 33,197 2,520 Other, net 217 (829) 135 $ 24,270 $ 5,252 $ (1,242) On March 27, 2020, the U.S. enacted The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act included several significant changes and clarifications to existing tax law, including changes to the treatment of net operating losses (“NOLs”). Under the CARES Act, NOLs arising in tax years beginning after December 31, 2017, and before January 1, 2021, may be carried back to each of the five tax years preceding the tax year of the loss. The Company carried back its fiscal 2021 NOL, resulting in a refund of approximately $29 million, which was received during fiscal 2024. The Company also carried back its fiscal 2020 NOL, resulting in a refund of approximately $33 million, which was received in fiscal 2022. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at March 31, 2024 and 2023 are presented below (dollars in thousands). March 31, 2024 2023 Deferred tax assets: Accrued expenses $ 5,849 $ 5,287 Lease liabilities 10,107 11,613 Net operating loss carryforwards 30,408 22,504 Stock-based compensation 7,346 3,335 Nonqualified deferred compensation 2,809 2,797 Property and equipment — 585 Tax credit carryforwards 9,764 7,779 Capitalized research and development 45,499 26,357 Other 1,477 253 Total deferred tax assets 113,259 80,510 Less valuation allowance (81,284) (61,152) Net deferred tax assets 31,975 19,358 Deferred tax liabilities: Prepaid expenses (2,821) (2,411) Property and equipment (1,976) — Right-of-use assets (6,186) (6,011) Intangible assets (7,118) (829) Deferred commissions (12,098) (9,153) Other (364) — Total deferred tax liabilities (30,563) (18,404) Net deferred tax assets $ 1,412 $ 954 At March 31, 2024, the Company has net operating loss carryforwards of approximately $35.2 million and $130.7 million for U.S. federal and state income tax purposes, respectively. The federal net operating loss carryforwards can be carried forward indefinitely. Of the state net operating loss carryforwards, $16.6 million will not expire and the remainder will expire in various amounts and will completely expire if not used by 2043. The Company has foreign net operating loss carryforwards of approximately $94.7 million. Of this amount, $83.2 million will not expire. The remainder expires in various amounts and will completely expire if not used by 2031. The Company has U.S. federal credit carryforwards of $0.8 million, which will expire if not used by 2044. The Company has U.S. state credit carryforwards of $12.6 million, of which $10.9 million will not expire and the remainder will expire in various amounts and will completely expire if not used by 2039. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the Company’s net deferred tax assets is dependent upon its generation of sufficient taxable income of the proper character in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences and the use of net operating loss and credit carryforwards. Based upon the weight of available evidence, including the Company’s history of losses from continuing operations, management believes that it is not more likely than not the Company will realize the benefits of its deductible temporary differences and net operating loss and credit carryforwards. Accordingly, the Company has established a full valuation allowance against its net U.S. federal and state deferred tax assets as of March 31, 2024 and 2023, respectively. Based upon the Company's history of losses in certain non-U.S. jurisdictions, the Company has not recorded a benefit for current foreign losses in these jurisdictions. In addition, management believes it is not more likely than not the Company will realize the benefits of certain foreign net operating loss carryforwards and has established valuation allowances in the amount of $21.6 million against deferred tax assets in such jurisdictions. No valuation allowance has been established against deferred tax assets in non-U.S. jurisdictions in which historical profits and forecasted continuing profits exist. The current year increase in the valuation allowance is primarily attributable to the impact of the capitalization of research and development expenditures in accordance with IRC Section 174, as modified by the Tax Cuts and Jobs Act of 2017. The following table sets forth changes in the total gross unrecognized tax benefits for the fiscal years ended March 31, 2024, 2023 and 2022 (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Balance at beginning of period $ 21,624 $ 23,817 $ 25,026 Increases related to prior year tax positions 741 93 411 Decreases related to prior year tax positions (246) (522) — Increases related to current year tax positions 1,179 2,229 990 Settlements with taxing authorities — (166) — Lapse of statute of limitations (376) (3,827) (2,610) Balance at end of period $ 22,922 $ 21,624 $ 23,817 Gross unrecognized tax benefits as of March 31, 2024 was $22.9 million, of which $19.5 million would reduce the Company’s effective tax rate in future periods if and when realized. The Company reports accrued interest and penalties related to unrecognized tax benefits in income tax expense. The combined amount of accrued interest and penalties related to tax positions on tax returns was approximately $6.4 million as of March 31, 2024. Accrued interest and penalties increased by $1.6 million during fiscal 2024. The Company does not anticipate a material reduction of unrecognized tax benefits within the next 12 months. The Company files a consolidated U.S. federal income tax return and tax returns in various state and local jurisdictions. The Company’s subsidiaries also file tax returns in various foreign jurisdictions in which they operate. In the U.S., the statute of limitations for Internal Revenue Service examinations remains open for the Company’s federal income tax returns for fiscal years after 2015. The Company’s federal income tax return for fiscal year 2019 is currently under Internal Revenue Service examination. The status of other U.S. state and foreign tax examinations varies by jurisdiction. The Company does not anticipate any material adjustments to its consolidated financial statements resulting from tax examinations currently in progress. |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS: The Company has a qualified 401(k) retirement savings plan that covers substantially all U.S. employees. The Company also offers a supplemental non-qualified deferred compensation plan (“SNQDC Plan”) for certain highly-compensated employees. The Company matches 100% of the first 6% of each participating employee's annual aggregate contributions. The Company may also contribute additional amounts to the plans at the discretion of the board of directors. Company contributions for the above plans amounted to approximately $12.1 million, $11.6 million, and $10.1 million in fiscal years ended March 31, 2024, 2023, and 2022, respectively. Included in both other current assets and other accrued liabilities are the assets and liabilities of the SNQDC Plan in the amount of $14.3 million and $12.1 million at March 31, 2024 and 2023, respectively. |
FOREIGN OPERATIONS
FOREIGN OPERATIONS | 12 Months Ended |
Mar. 31, 2024 | |
Segments, Geographical Areas [Abstract] | |
FOREIGN OPERATIONS | FOREIGN OPERATIONS: The Company attributes revenue to each geographic region based on the location of the Company’s operations. The following table shows financial information by geographic area (dollars in thousands): For the twelve months ended March 31, Revenue 2024 2023 2022 United States $ 618,526 $ 556,219 $ 495,765 Foreign Europe 34,109 32,210 26,373 APAC 5,896 7,470 6,519 Other 1,130 684 — All Foreign 41,135 40,364 32,892 $ 659,661 $ 596,583 $ 528,657 Long-lived assets excluding financial instruments (dollars in thousands): March 31, 2024 2023 United States $ 626,639 $ 452,555 Foreign Europe 1,993 1,643 APAC 656 3,946 Other 123 — All Foreign 2,772 5,589 $ 629,411 $ 458,144 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and March 31, 2023 that are measured at fair value on a recurring basis (dollars in thousands): March 31, 2024 Cash and Cash Equivalents Short-Term Investments Other Current Assets Total Cash $ 33,224 $ — $ — $ 33,224 Level 1: Money market funds 303,643 — — 303,643 Assets of non-qualified retirement plan — — 14,284 14,284 U.S. Treasury securities — 24,545 — 24,545 Certificates of deposit — 7,500 — 7,500 Total $ 336,867 $ 32,045 $ 14,284 $ 383,196 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 $2.7 million and $1.6 million of strategic investments without readily determinable fair values at March 31, 2024 and March 31, 2023, respectively (see Note 7). 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 consolidated balance sheets. There were no impairment charges during fiscal 2024. During fiscal 2023, the Company recorded a $4.0 million impairment of a strategic investment that is recorded in other expense in the consolidated statements of operations. Certain of the Company's non-financial assets were measured at fair value on a nonrecurring basis during fiscal years 2024 and 2023, respectively, including property and equipment and right-of-use assets that were reduced to fair value when they were impaired as a result of the Company's lease-related restructuring plans and goodwill that was reduced to fair value related to the restructuring of operations in the APAC region. For additional information on the Company's fair value measurement in connection with the impairment of certain property and equipment and right-of-use assets associated with office facilities, see Note 4. For additional information on the Company's fair value measurement in connection with the impairment of goodwill, see Note 9. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net earnings (loss) | $ 11,881 | $ (118,702) | $ (33,833) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation and Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, after elimination of all significant intercompany accounts and transactions. We have prepared the accompanying consolidated financial statements in U.S. dollars in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification and Updates (“ASC” and "ASU"), and we consider the various staff accounting bulletins and other applicable guidance issued by the United States Securities and Exchange Commission ("SEC"). Our fiscal year ends on March 31. References to fiscal 2024, for example, are to the fiscal year ended March 31, 2024. |
Principles of Consolidation | Basis of Presentation and Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, after elimination of all significant intercompany accounts and transactions. We have prepared the accompanying consolidated financial statements in U.S. dollars in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification and Updates (“ASC” and "ASU"), and we consider the various staff accounting bulletins and other applicable guidance issued by the United States Securities and Exchange Commission ("SEC"). Our fiscal year ends on March 31. References to fiscal 2024, for example, are to the fiscal year ended March 31, 2024. |
Use of Estimates | Use of Estimates - In preparing consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used in determining, among other items, revenue recognition criteria, allowance for credit losses, operating lease assets and liabilities, including the incremental borrowing rate and terms and provision of each lease, the fair value of acquired assets and assumed liabilities, restructuring and impairment accruals, litigation and facilities lease loss accruals, stock-based compensation, and the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions. Actual results could differ from those estimates. |
Operating Segments | Operating Segments - The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by our Chief Operating Decision Maker ("CODM"). Our Chief Executive Officer is our CODM. Our CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated basis. Since we operate as one operating segment, all required financial segment information can be found in the consolidated financial statements. |
Earnings (Loss) per Share | Earnings (Loss) per Share - |
Cash and Cash Equivalents | Cash and Cash Equivalents - |
Investments and Strategic Investments | Investments - Investments consist of U.S. Treasury securities and certificates of deposit. Securities having remaining maturities of more than three months at the date of purchase and less than one year from the date of the balance sheet are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets. These investments are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported as accumulated other comprehensive income, a separate component of stockholders' equity. The Company reviews all investments for reductions in fair value that are other-than-temporary. When such reductions occur, the cost of the investment is adjusted to fair value through recording a loss on investments in the consolidated statements of operations. Gains and losses on investments are calculated on the basis of specific identification. We did not recognize any gains or losses in fiscal years ended March 31, 2024, 2023 or 2022. Strategic Investments - Strategic investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the consolidated statement of operations. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the investment is impaired. If there are sufficient indicators that the fair value of the investment is less than the carrying value, the carrying value of the investment is reduced and an impairment is recorded in the consolidated statements of operations as other expense, net of tax. During the fiscal year ended March 31, 2023, the Company recorded a $4.0 million impairment of a strategic investment that is recorded in other income, net in the consolidated statement of operations. There were no impairment charges for the fiscal years ended March 31, 2024 or 2022. |
Revenue Recognition | Revenue Recognition - LiveRamp recognizes revenue from the following sources: (i) Subscription revenue, which consists primarily of subscription fees from customers accessing our LiveRamp platform; and (ii) Marketplace and Other revenue, which primarily consists of revenue-sharing fees generated from access to data through our LiveRamp Data Marketplace, professional services including product implementation, data science analytics and audience measurement, and transactional usage-based revenue from arrangements with certain publishers and addressable TV providers, and professional services fees. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the performance obligations are satisfied. Identification of the contract We consider the terms and conditions of the contract and our customary business practices when identifying our contracts under ASC 606. We determine we have a contract with a customer when the contract or contract modification is approved and the parties are committed to performing their respective obligations, we can identify each party's rights regarding the services to be transferred, we can identify the payment terms for the services, we have determined the contract has commercial substance, and we have determined that collection of at least some of the contract consideration is probable. At contract inception we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the single or combined contract includes one or multiple performance obligations. We apply judgment in determining the customer's ability to pay, which is based on a variety of factors, including the customer's historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer. Identification of the performance obligations As part of accounting for arrangements with multiple performance obligations, we must assess whether each performance obligation is distinct. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. We have determined that our subscriptions to the platform are a distinct performance obligation and access to data for revenue-sharing and usage-based arrangements is a distinct performance obligation because, once a customer has access to the platform, the service is fully functional and does not require any additional development, modification, or customization. Determination of the transaction price The transaction price is the amount of consideration we expect to be entitled to in exchange for transferring services to a customer, excluding sales taxes that are collected on behalf of government agencies. Variable consideration is assessed and included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of our contracts contain a significant financing component. Allocation of the transaction price to the performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each distinct performance obligation based on the standalone selling price ("SSP") of each service. We generally determine the SSP based on contractual selling prices when the obligation is sold on a standalone basis, as well as market conditions, competition, and pricing practices. As pricing and marketing strategies evolve, we may modify our pricing practices in the future, which could result in changes to SSP. Recognition of revenue when, or as, the performance obligations are satisfied Revenues are recognized when or as control of the promised services is transferred to customers. Subscription revenue is generally recognized ratably over the subscription period beginning on the date the services are made available to customers. Marketplace and Other revenue is typically transactional in nature, tied to a revenue share or volumes purchased. We report revenue from Data Marketplace and other similar transactions on a net basis because our performance obligation is to facilitate a transaction between data providers and data buyers, for which we earn a portion of the gross fee. Consequently, the portion of the gross amount billed to data buyers that is remitted to data providers is not reflected as revenues. We generate revenue from Services primarily from project fees paid by subscribers to our platform. Service projects are sold on an ad hoc basis as well as bundled with platform subscriptions. Services revenue is less than 5% of total Company revenue. |
Accounts Receivable | Accounts Receivable Accounts receivable include amounts billed to customers as well as unbilled amounts recognized in accordance with the Company’s revenue recognition policies. Unbilled amounts included in trade accounts receivable, net, which generally arise from the performance of services to customers in advance of billings, were $17.5 million at March 31, 2024 and $17.8 million at March 31, 2023. |
Deferred Revenue | Deferred Revenue Deferred revenue consists of amounts billed in excess of revenue recognized. Deferred revenues are subsequently recorded as revenue when earned in accordance with the Company’s revenue recognition policies. |
Deferred Commissions, net | Deferred Commissions, net - |
Property and Equipment | Property and Equipment - |
Operating Leases | Operating Leases - Right-of-use ("ROU") assets represent the Company's right to control the use of an identified asset for a period of time, or term, in exchange for consideration, and operating lease liabilities represent its obligation to make lease payments arising from the aforementioned right. The Company determines if an arrangement is, or contains, a lease at inception, and whether lease and non-lease components are combined or not. Operating leases with a duration of one year or less are excluded from ROU assets and lease liabilities and related expense is recorded as incurred. ROU assets and lease liabilities are initially recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease, and may include options to extend or terminate the lease when it is reasonably certain at the commencement date that such options will be exercised. As the rate implicit for each of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. The Company uses judgment in determining its incremental borrowing rate, which includes selecting a yield curve based on a hypothetical credit rating. ROU assets also include any initial direct costs and any lease payments made prior to the lease commencement date and are reduced by any lease incentives received. ROU assets are included in other assets in the consolidated balance sheets. Short-term lease liabilities are included in other accrued expenses and long-term lease liabilities are included in other liabilities in the consolidated balance sheets. ROU assets are amortized on a straight-line basis as operating lease cost in the consolidated statements of operations. The Company evaluates the recoverability of the ROU assets for possible impairment in accordance with the impairment of long-lived assets policy below. |
Business Combinations | Business Combinations - We apply the provisions of ASC 805, Business Combinations , in accounting for acquisitions. ASC 805 requires us to determine if assets or a business was acquired. If a business was acquired, it requires us to recognize separately from goodwill the fair value of the assets acquired and the liabilities assumed at the acquisition date. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments resulting from new information about facts and circumstances that existed at the acquisition date and falls within the measurement period to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. |
Goodwill | Goodwill - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business acquisitions accounted for using the acquisition method of accounting and is not amortized. Goodwill is measured and tested for impairment on an annual basis in the first quarter of the Company's fiscal year in accordance with ASC 350, Intangibles-Goodwill and Other , or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events and changes may include significant changes in performance related to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy. |
Intangible Assets | Intangible Assets - We amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists. We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets, including our intangible assets, may not be recoverable. When such events or changes in circumstances occur, we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets. We did not recognize any intangible asset impairment charges in fiscal years ended March 31, 2024, 2023 or 2022. During fiscal 2024, our intangible assets were amortized over their estimated useful lives ranging from one year to six years. Amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent. The weighted average useful lives of our intangible assets were as follows: Weighted Average Useful Life (years) Developed technology 2.6 Customer relationships 2.6 |
Impairment of Long-lived Assets | Impairment of Long-lived Assets - Long-lived assets (asset groups) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company considers the following to be potential indicators of impairment of its long-lived assets (asset groups): operating losses, substantial decreases in the Company’s stock price, significant adverse changes in the extent or manner in which a long-lived asset (asset group) is being used, a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset (asset group), an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group), and a current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When such events occur, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments - We apply the provisions of ASC 820, Fair Value Measurement , to our assets and liabilities that we are required to measure at fair value pursuant to other accounting standards. The additional disclosure regarding our fair value measurements is included in Note 18 - Fair Value of Financial Instruments and Fair Value Measurements . |
Concentration of Credit Risk and Significant Customers | Concentration of Credit Risk and Significant Customers - Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company's cash and cash equivalents are held in federally insured financial institutions. Although the Company's deposits may exceed federally insured limits, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no significant off-balance sheet risk such as foreign exchange contracts, options contracts, or other hedging arrangements. The Company’s trade accounts receivables are from a large number of customers. Accordingly, the Company’s credit risk is affected by general economic conditions. At March 31, 2024, there was one customer that represented more than 10% of the trade accounts receivable balance. Our ten largest customers represented approximately 27% of our revenues in fiscal year 2024. There were no customers that individually exceeded 10% of the Company's revenue in fiscal year 2024. |
Income Taxes | Income Taxes - The Company and its domestic subsidiaries file a consolidated federal income tax return. The Company’s foreign subsidiaries file separate income tax returns in the countries in which their operations are based. The Company makes estimates and judgments in determining the provision for income taxes for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certain deferred tax assets and liabilities that arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes, as well as the interest and penalties related to uncertain tax positions. Significant changes in these estimates may result in an increase or decrease to the tax provision in a subsequent period. The Company assesses the likelihood that it will be able to recover its deferred tax assets. If recovery is not likely, the Company increases the provision for taxes by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process pursuant to ASC 740, Income Taxes . The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. If the Company determines that a tax position will more likely than not be sustained on audit, the second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various outcomes. The Company re-evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors such as changes in facts or circumstances, changes in tax law, new audit activity, and effectively settled issues. Determining whether an uncertain tax position is effectively settled requires judgment. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. |
Foreign Currency | Foreign Currency - The reporting currency of the Company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary. The balance sheets of the Company’s foreign subsidiaries are translated at period-end rates of exchange, and the statements of operations are translated at the average exchange rate for the period. The effects of foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in the consolidated statements of equity and comprehensive income (loss). We reflect net foreign exchange transaction gains and losses, resulting from the conversion of the transaction currency to functional currency, as a component of foreign currency exchange gain (loss) in total other income (expense) in the consolidated statements of operations. |
Advertising Expense | Advertising Expense - Advertising costs are expensed as incurred. Advertising expense was approximately $11.5 million, $12.9 million, and $10.5 million for the fiscal years ended March 31, 2024, 2023 and 2022, respectively. Advertising expense is included in operating expenses in the consolidated statements of operations. |
Legal Contingencies | Legal Contingencies - We are currently involved in various claims and legal proceedings. Quarterly, we review the status of each significant matter and assess our potential financial exposure. We accrue a liability for an estimated loss if the potential loss from any claim or legal proceeding is considered probable, and the amount can be reasonably estimated. Note 13 - Commitments and Contingencies provides additional information regarding certain of our legal contingencies. |
Stock-Based Compensation | Stock-Based Compensation - The Company records stock-based compensation expense according to the provisions of ASC Topic 718, Compensation – Stock Compensation . ASC Topic 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations over the service period of the award based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing stock-based payments and the amortization method for compensation cost. The Company has stock option plans and equity compensation plans (collectively referred to as the “stock-based plans”) administered by the talent and compensation committee of the board of directors (“talent and compensation committee”) under which options and restricted stock units were outstanding as of March 31, 2024. The Company’s equity compensation plan provides that all employees (employees, officers, directors, affiliates, independent contractors or consultants) are eligible to receive awards (grant of any option, stock appreciation right, restricted stock award, restricted stock unit award, performance award, performance share, performance unit, qualified performance-based award, or other stock unit award) under the plan with the terms and conditions applicable to an award set forth in applicable grant documents. Incentive stock option awards granted under the stock-based plans cannot be granted with an exercise price less than 100% of the per-share market value of the Company’s shares at the date of grant and have a maximum duration of ten years from the date of grant. Board policy currently requires that non-qualified options also must be priced at or above 100% of the fair market value of the common stock at the time of grant with a maximum duration of ten years. Restricted stock units may be issued under the equity compensation plan and represent the right to receive shares in the future by way of an award agreement that includes vesting provisions. Award agreements can further provide for forfeitures triggered by certain prohibited activities, such as breach of confidentiality. All restricted stock units are expensed over the vesting period and adjusted for forfeitures as incurred. The vesting of some restricted stock units is subject to the Company’s achievement of certain performance criteria, as well as the individual remaining employed by the Company for a period of years. |
Restructuring | Restructuring - The Company records costs associated with employee terminations and other exit activity in accordance with ASC 420, Exit or Disposal Cost Obligations |
Accounting Pronouncements Adopted During the Current Year and Recent accounting pronouncements not yet adopted | Accounting Pronouncements Adopted During the Current Year - Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters 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. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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): Year ended March 31, 2024 2023 2022 Net earnings (loss) from continuing operations $ 10,091 $ (124,106) $ (33,833) Earnings from discontinued operations, net of tax 1,790 5,404 — Net earnings (loss) $ 11,881 $ (118,702) $ (33,833) Basic weighted-average shares outstanding 66,266 66,352 68,211 Dilutive effect of common stock options and restricted stock units as computed under the treasury stock method (1) 1,652 — — Diluted weighted-average shares outstanding 67,918 66,352 68,211 Net earnings (loss) per common share, basic and diluted Continuing operations $ 0.15 $ (1.87) $ (0.50) Discontinued operations 0.03 0.08 — Net earnings (loss) per share $ 0.17 $ (1.79) $ (0.50) |
Schedule of Anti-dilutive Options, Warrants and Restricted Stock Units Excluded from Computation of Loss Per Share | Restricted stock units that were outstanding during the years presented but were not included in the computation of diluted loss per share because their effect would have been anti-dilutive (other than due to the net loss position of the Company) are shown below (shares in thousands): Year ended March 31, 2024 2023 2022 Number of shares underlying restricted stock units 1,112 2,376 686 |
Schedule of Activity of the Allowance For Credit Losses, Returns And Credits | A summary of the activity of the allowance for credit losses, returns and credits was (dollars in thousands): Fiscal year ended: 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 March 31, 2022 $ 7,617 4,217 (3) (1,870) $ 9,961 March 31, 2023 $ 9,961 1,776 10 (2,403) $ 9,344 March 31, 2024 $ 9,344 2,254 755 (3,154) $ 9,199 |
Schedule of Weighted Average Useful Lives of Intangible Assets | The weighted average useful lives of our intangible assets were as follows: Weighted Average Useful Life (years) Developed technology 2.6 Customer relationships 2.6 |
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. |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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 twelve months ended March 31, Primary Geographical Markets 2024 2023 2022 United States $ 618,526 $ 556,219 $ 495,765 Europe 34,109 32,210 26,373 Asia-Pacific ("APAC") 5,896 7,470 6,519 Other 1,130 684 — $ 659,661 $ 596,583 $ 528,657 Major Offerings/Services Subscription $ 513,641 $ 482,807 $ 428,617 Marketplace and Other 146,020 113,776 100,040 $ 659,661 $ 596,583 $ 528,657 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Right-of-use Asset and Lease Liability Balances | Right-of-use assets and lease liabilities balances consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Right-of-use assets included in other assets, net $ 24,471 $ 24,604 Short-term lease liabilities included in other accrued expenses $ 10,125 $ 9,929 Long-term lease liabilities included in other liabilities $ 32,097 $ 37,243 Supplemental balance sheet information: Weighted average remaining lease term 5.3 years 5.6 years Weighted average discount rate 5.3 % 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 March 31, 2024: Amount Fiscal 2025 $ 10,282 Fiscal 2026 8,668 Fiscal 2027 8,265 Fiscal 2028 8,454 Fiscal 2029 8,529 Thereafter 4,299 Total undiscounted lease commitments 48,497 Less: Interest and short-term leases 6,275 Total discounted operating lease liabilities $ 42,222 |
RESTRUCTURING, IMPAIRMENT AND_2
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Activity | The reserve balances are included in other accrued expenses and other liabilities in the consolidated balance sheets (dollars in thousands). Employee-related Lease Total Balances at March 31, 2021 $ 825 $ 3,918 $ 4,743 Restructuring charges and adjustments — (19) (19) Payments (778) (872) (1,650) Balances at March 31, 2022 $ 47 $ 3,027 $ 3,074 Restructuring charges and adjustments 7,792 2,946 10,738 Payments (7,080) (1,100) (8,180) Balances at March 31, 2023 $ 759 $ 4,873 $ 5,632 Restructuring charges and adjustments 4,227 (148) 4,079 Payments (3,306) (1,800) (5,106) Balances at March 31, 2024 $ 1,680 $ 2,925 $ 4,605 |
Schedule of Gains, Losses and Other Items | The following table summarizes the activity included in gains, losses and other items, net in the consolidated statements of operations for each of the periods presented (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Employee-related restructuring plan charges $ 4,227 $ 7,792 $ (19) Lease-related restructuring plan charges and adjustments (148) 2,946 — Early contract terminations — — 1,042 ROU asset group impairments and adjustments 1,946 24,599 — Goodwill impairment (see Note 9) 2,875 — — Other 13 — — Acquisition related costs 2,795 (21) $ 456 $ 11,708 $ 35,316 $ 1,479 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the consideration for Habu was approximately $173.4 million, which consisted of the following (dollars in thousands): Cash, net of $971 cash acquired $ 170,281 Restricted cash held in escrow 2,600 Fair value of replacement stock options and restricted stock shares considered a component of purchase consideration transferred $ 493 Total fair value of consideration transferred $ 173,374 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): January 31, 2024 Assets acquired: Cash $ 971 Goodwill 141,641 Intangible assets 33,500 Other current and noncurrent assets 3,815 Total assets acquired 179,927 Accounts payable and accrued expenses (1,460) Deferred revenue (3,573) Other current and noncurrent liabilities (549) Net assets acquired 174,345 Less: Cash acquired (971) Net purchase price allocated 173,374 Less: Restricted cash held in escrow (2,600) Fair value of replacement stock options and restricted stock shares considered a component of purchase consideration transferred (493) Net cash paid in acquisition 170,281 The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition (dollars in thousands): April 21, 2021 Assets acquired: Cash $ 131 Goodwill 6,807 Intangible assets 3,500 Total assets acquired 10,438 Deferred income taxes (505) Accounts payable and accrued expenses (65) Net assets acquired 9,868 Less: Cash acquired (131) Net purchase price allocated 9,737 Less: Cash held back (1,200) Net cash paid in acquisition 8,537 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table presents the components of intangible assets acquired and their estimated useful lives as of the acquisition date (dollars in thousands): Useful life Fair value (in years) Developed technology $ 30,000 3 Customer relationships 3,000 3 Trade names 500 1 Total intangible assets $ 33,500 |
OTHER CURRENT AND NONCURRENT _2
OTHER CURRENT AND NONCURRENT ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Components of Other Current Assets | Other current assets consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Prepaid expenses and other $ 17,398 $ 18,918 Assets of non-qualified retirement plan 14,284 12,110 Other current assets $ 31,682 $ 31,028 |
Schedule of Components of Other Noncurrent Assets | Other noncurrent assets consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Long-term prepaid revenue share $ 4,714 $ 9,659 Right-of-use assets (see Note 3) 24,471 24,604 Deferred tax asset 1,636 1,253 Deposits 3,125 3,452 Strategic investments 2,700 1,600 Other miscellaneous noncurrent assets 102 477 Other assets, net $ 36,748 $ 41,045 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment is summarized as follows (dollars in thousands): March 31, 2024 March 31, 2023 Leasehold improvements $ 14,147 $ 25,262 Data processing equipment 5,915 6,537 Office furniture and other equipment 5,332 7,594 25,394 39,393 Less accumulated depreciation and amortization (17,213) (32,308) Property and equipment, net of accumulated depreciation and amortization $ 8,181 $ 7,085 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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 fiscal years ended March 31, 2024 and 2023 were as follows (dollars in thousands): Total Balance at March 31, 2022 $ 363,845 Purchase price accounting adjustment related to acquisition of Diablo (205) Change in foreign currency translation adjustment (524) Balance at March 31, 2023 $ 363,116 Impairment (2,875) Acquisition of Habu (see Note 5) 141,641 Change in foreign currency translation adjustment (126) Balance at March 31, 2024 $ 501,756 Goodwill by geography as of March 31, 2024 was: Total U.S. $ 501,756 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortization Activity of Intangible Assets | The following table shows the amortization activity of intangible assets (dollars in thousands): March 31, 2024 March 31, 2023 Developed technology, gross $ 102,076 $ 72,095 Accumulated amortization (70,743) (63,658) Net developed technology $ 31,333 $ 8,437 Customer relationship/trade name, gross $ 37,882 $ 34,384 Accumulated amortization (34,632) (33,953) Net customer/trade name $ 3,250 $ 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 $ 155,958 $ 122,479 Total accumulated amortization (121,375) (112,611) Total intangible assets, net $ 34,583 $ 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. Fiscal Year: Amount 2025 $ 14,416 2026 11,000 2027 9,167 $ 34,583 |
OTHER ACCRUED EXPENSES (Tables)
OTHER ACCRUED EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Other Accrued Expenses [Abstract]. | |
Schedule of Other Accrued Expenses | Other accrued expenses consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Liabilities of non-qualified retirement plan $ 14,284 $ 12,110 Short-term lease liabilities (see Note 3) 10,125 9,929 Other miscellaneous accrued expenses 18,448 13,697 Other accrued expenses $ 42,857 $ 35,736 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | Other liabilities consist of the following (dollars in thousands): March 31, 2024 March 31, 2023 Uncertain tax positions $ 25,289 $ 23,427 Long-term lease liabilities (see Note 3) 32,097 37,243 Lease restructuring accruals and related sublease deposits 3,957 5,713 Deferred tax liabilities 224 298 Other 4,165 5,117 Other liabilities $ 65,732 $ 71,798 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligation, Fiscal Year Maturity | The following table presents the Company’s purchase commitments at March 31, 2024. 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 $25.3 million as the Company is not able to predict the periods in which the payments will be made (dollars in thousands): For the years ending March 31, 2025 2026 2027 2028 Total Purchase commitments $ 88,432 $ 17,226 $ 4,606 $ 3,375 $ 113,639 |
STOCKHOLDERS' EQUITY AND STOC_2
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Stock-based Compensation Activity, by Award Type | The Company's stock-based compensation activity for fiscal years 2024, 2023, and 2022, by award type, was (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Stock options $ 1,014 $ 968 $ 1,935 Restricted stock units, time-vesting 56,583 105,147 49,217 Restricted stock units, performance based 7,403 6,796 6,791 Diablo restricted stock awards — 1,126 794 Habu restricted stock awards 144 — — Data Plus Math ("DPM") acquisition consideration holdback — 2,031 8,122 Pacific Data Partners assumed performance plan — — 9,101 Acuity performance plan 165 815 1,912 DataFleets acquisition consideration holdback 2,266 5,611 6,043 Habu acquisition consideration holdback 813 — — Employee stock purchase plan 1,666 2,051 1,803 Directors stock-based compensation 1,250 1,255 1,539 Total non-cash stock-based compensation included in the consolidated statements of operations 71,304 125,800 87,257 Less expense related to liability-based equity awards (3,247) (8,449) (16,077) Total non-cash stock-based compensation included in the consolidated statements of equity $ 68,057 $ 117,351 $ 71,180 |
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 twelve months ended March 31, 2024 2023 2022 Cost of revenue $ 3,553 $ 6,317 $ 4,111 Research and development 27,189 55,407 32,112 Sales and marketing 18,948 29,429 28,586 General and administrative 21,614 34,647 22,448 Total non-cash stock-based compensation included in the consolidated statements of operations $ 71,304 $ 125,800 $ 87,257 |
Schedule of Share-based Compensation Arrangement by Share Based Payment Award, Future Expense | The following table provides the expected future expense for all of the Company's outstanding equity awards at March 31, 2024, by award type (dollars in thousands). For the years ending 2025 2026 2027 2028 Total Stock options $ 3,260 $ 2,488 $ 1,251 $ 102 $ 7,101 Restricted stock units 83,397 36,461 9,900 — 129,758 Habu restricted stock awards 857 273 6 — 1,136 Habu acquisition consideration holdback 4,879 4,879 4,067 — 13,825 Employee stock purchase plan 337 — — — 337 Expected future expense $ 92,730 $ 44,101 $ 15,224 $ 102 $ 152,157 |
Schedule of Option Activity | Stock option activity for the fiscal year ended March 31, 2024 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 Habu replacement stock options issued 252,364 $ 8.91 Exercised (152,743) $ 19.24 $ 898 Forfeited or canceled (2,410) $ 5.21 Outstanding at March 31, 2024 622,122 $ 14.39 4.0 $ 12,213 Exercisable at March 31, 2024 388,741 $ 17.67 1.3 $ 6,354 |
Schedule of Stock Options Outstanding and Exercisable | A summary of stock options outstanding and exercisable as of March 31, 2024 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 $ — — $ 9.99 274,869 8.2 years $ 8.26 41,488 $ 4.58 $ 10.00 — $ 19.99 182,603 1.1 years $ 17.49 182,603 $ 17.49 $ 20.00 — $ 24.99 164,650 0.3 years $ 21.18 164,650 $ 21.18 622,122 4.0 years $ 14.39 388,741 $ 17.67 |
Schedule of Changes in Restricted Stock | Restricted stock share activity for the fiscal year ended March 31, 2024 was: Weighted average fair value per Weighted average Number share at grant remaining contractual of shares date term (in years) Unvested restricted stock awards at March 31, 2023 — $ — Habu replacement restricted stock award 36,118 $ 39.48 Vested — $ — Unvested restricted stock awards at March 31, 2024 36,118 $ 39.48 1.3 years |
Schedule of Time-vesting Restricted Stock Unit Activity | RSU activity for the fiscal year ended March 31, 2024 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 1,783,478 $ 27.26 Habu replacement restricted stock units 410,853 $ 39.48 Vested (1,366,265) $ 32.20 Forfeited or canceled (436,312) $ 33.32 Outstanding at March 31, 2024 4,401,513 $ 31.10 1.64 |
Schedule of Non-vested Performance-based Restricted Stock Units Activity | PSU activity for the fiscal year ended March 31, 2024 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 1.38 Granted 666,496 $ 31.58 Vested (57,114) $ 47.12 Forfeited or canceled (223,223) $ 40.46 Outstanding at March 31, 2024 1,095,748 $ 31.15 1.61 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Total Income Tax Expense (Benefit) | Total income tax expense (benefit) was allocated as follows (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Continuing operations $ 24,270 $ 5,252 $ (1,242) Discontinued operations (2,332) (7,070) — $ 21,938 $ (1,818) $ (1,242) |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to continuing operations consists of (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Current: U.S. Federal $ 21,014 $ 6,325 $ (1,227) Non-U.S. 662 1,086 305 State 3,384 (2,274) 1,220 25,060 5,137 298 Deferred: U.S. Federal (101) 155 (895) Non-U.S. (387) (83) (608) State (302) 43 (37) (790) 115 (1,540) Total $ 24,270 $ 5,252 $ (1,242) |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) before income tax attributable to U.S. and non-U.S. continuing operations consists of (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 U.S. $ 33,892 $ (122,994) $ (37,415) Non-U.S. 469 4,140 2,340 Total $ 34,361 $ (118,854) $ (35,075) |
Schedule of Effective Income Tax Rate Reconciliation | Below is a reconciliation of expected income tax expense (benefit), computed by applying the U.S. federal statutory rate of 21.0% to income (loss) before income taxes, to actual income tax expense (benefit) from continuing operations (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Computed expected income tax expense (benefit) $ 7,216 $ (24,959) $ (7,366) Increase (reduction) in income taxes resulting from: State income taxes, net of federal benefit 2,494 (2,440) 691 Research and other tax credits (3,012) (4,363) (3,107) Nondeductible expenses 2,169 669 673 Stock-based compensation 2,013 3,486 5,576 Non-U.S. subsidiaries taxed at other rates (1,036) 491 (364) Adjustment to valuation allowances 14,209 33,197 2,520 Other, net 217 (829) 135 $ 24,270 $ 5,252 $ (1,242) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at March 31, 2024 and 2023 are presented below (dollars in thousands). March 31, 2024 2023 Deferred tax assets: Accrued expenses $ 5,849 $ 5,287 Lease liabilities 10,107 11,613 Net operating loss carryforwards 30,408 22,504 Stock-based compensation 7,346 3,335 Nonqualified deferred compensation 2,809 2,797 Property and equipment — 585 Tax credit carryforwards 9,764 7,779 Capitalized research and development 45,499 26,357 Other 1,477 253 Total deferred tax assets 113,259 80,510 Less valuation allowance (81,284) (61,152) Net deferred tax assets 31,975 19,358 Deferred tax liabilities: Prepaid expenses (2,821) (2,411) Property and equipment (1,976) — Right-of-use assets (6,186) (6,011) Intangible assets (7,118) (829) Deferred commissions (12,098) (9,153) Other (364) — Total deferred tax liabilities (30,563) (18,404) Net deferred tax assets $ 1,412 $ 954 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table sets forth changes in the total gross unrecognized tax benefits for the fiscal years ended March 31, 2024, 2023 and 2022 (dollars in thousands): For the twelve months ended March 31, 2024 2023 2022 Balance at beginning of period $ 21,624 $ 23,817 $ 25,026 Increases related to prior year tax positions 741 93 411 Decreases related to prior year tax positions (246) (522) — Increases related to current year tax positions 1,179 2,229 990 Settlements with taxing authorities — (166) — Lapse of statute of limitations (376) (3,827) (2,610) Balance at end of period $ 22,922 $ 21,624 $ 23,817 |
FOREIGN OPERATIONS (Tables)
FOREIGN OPERATIONS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table shows financial information by geographic area (dollars in thousands): For the twelve months ended March 31, Revenue 2024 2023 2022 United States $ 618,526 $ 556,219 $ 495,765 Foreign Europe 34,109 32,210 26,373 APAC 5,896 7,470 6,519 Other 1,130 684 — All Foreign 41,135 40,364 32,892 $ 659,661 $ 596,583 $ 528,657 Long-lived assets excluding financial instruments (dollars in thousands): March 31, 2024 2023 United States $ 626,639 $ 452,555 Foreign Europe 1,993 1,643 APAC 656 3,946 Other 123 — All Foreign 2,772 5,589 $ 629,411 $ 458,144 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table details the fair value measurements within the fair value hierarchy of the Company's financial assets and liabilities at March 31, 2024 and March 31, 2023 that are measured at fair value on a recurring basis (dollars in thousands): March 31, 2024 Cash and Cash Equivalents Short-Term Investments Other Current Assets Total Cash $ 33,224 $ — $ — $ 33,224 Level 1: Money market funds 303,643 — — 303,643 Assets of non-qualified retirement plan — — 14,284 14,284 U.S. Treasury securities — 24,545 — 24,545 Certificates of deposit — 7,500 — 7,500 Total $ 336,867 $ 32,045 $ 14,284 $ 383,196 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 |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) segment reporting_unit | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Asset impairment charges | $ 0 | $ 4,000,000 | $ 0 | |
Unbilled amounts included in accounts receivable | $ 17,500,000 | 17,800,000 | ||
Capitalized contract cost amortization period | 4 years | |||
Recognition of capitalized contract cost | $ 11,100,000 | 6,800,000 | ||
Number of reporting units | reporting_unit | 3 | |||
Impairment of goodwill | $ 2,900,000 | $ 2,875,000 | 0 | 0 |
Advertising expense | $ 11,500,000 | $ 12,900,000 | $ 10,500,000 | |
Accounts Receivable | Customer Concentration Risk | One Customer | ||||
Property, Plant and Equipment [Line Items] | ||||
Concentration risk, percentage | 10% | |||
Revenue Benchmark | Product Concentration Risk | Service | ||||
Property, Plant and Equipment [Line Items] | ||||
Concentration risk, percentage | 5% | |||
Revenue Benchmark | Customer Concentration Risk | Ten Largest Customers | ||||
Property, Plant and Equipment [Line Items] | ||||
Concentration risk, percentage | 27% | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization period | 1 year | |||
Minimum | Incentive Stock Option | ||||
Property, Plant and Equipment [Line Items] | ||||
Exercise price as a percentage of the per-share market value of the Company's shares at the date of grant | 100% | |||
Minimum | Leasehold Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 2 years | |||
Minimum | Data Processing Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 2 years | |||
Minimum | Office Furniture and Other Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 3 years | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization period | 6 years | |||
Maximum | Incentive Stock Option | ||||
Property, Plant and Equipment [Line Items] | ||||
Duration of stock options granted | 10 years | |||
Maximum | Nonqualified Options | ||||
Property, Plant and Equipment [Line Items] | ||||
Exercise price as a percentage of the per-share market value of the Company's shares at the date of grant | 100% | |||
Duration of stock options granted | 10 years | |||
Maximum | Leasehold Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 5 years | |||
Maximum | Data Processing Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 5 years | |||
Maximum | Office Furniture and Other Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 7 years |
ORGANIZATION AND SUMMARY OF S_5
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Equity, Class of Treasury Stock [Line Items] | |||
Net earnings (loss) from continuing operations | $ 10,091 | $ (124,106) | $ (33,833) |
Earnings from discontinued operations, net of tax | 1,790 | 5,404 | 0 |
Net earnings (loss) | $ 11,881 | $ (118,702) | $ (33,833) |
Diluted earnings (loss) per share: | |||
Basic weighted-average shares outstanding (in shares) | 66,266 | 66,352 | 68,211 |
Dilutive effect of common stock options and restricted stock unit as computed under the treasury stock method (in shares) | 1,652 | 0 | 0 |
Diluted weighted-average shares outstanding (in shares) | 67,918 | 66,352 | 68,211 |
Continuing operations (in USD per share) | $ 0.15 | $ (1.87) | $ (0.50) |
Discontinued operations (in USD per share) | 0.03 | 0.08 | 0 |
Net earnings (loss) per share (in USD per share) | $ 0.17 | $ (1.79) | $ (0.50) |
Stockholders' Equity Attributable to Parent [Abstract] | |||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 1,112 | 2,376 | 686 |
Continuing Operations | |||
Stockholders' Equity Attributable to Parent [Abstract] | |||
Antidilutive securities excluded from computation of loss per share, amount (in shares) | 700 | 1,300 |
ORGANIZATION AND SUMMARY OF S_6
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of the Activity of the Allowance for Doubtful Accounts, Returns and Credits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 9,344 | $ 9,961 | $ 7,617 |
Additions (reductions) charged to costs and expenses | 2,254 | 1,776 | 4,217 |
Other changes | 755 | 10 | (3) |
Bad debts written off, net of amounts recovered | (3,154) | (2,403) | (1,870) |
Balance at end of period | $ 9,199 | $ 9,344 | $ 9,961 |
ORGANIZATION AND SUMMARY OF S_7
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Finite-Lived Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Developed technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Useful Life (years) | 2 years 7 months 6 days |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Useful Life (years) | 2 years 7 months 6 days |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 659,661 | $ 596,583 | $ 528,657 |
Subscription | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 513,641 | 482,807 | 428,617 |
Marketplace and Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 146,020 | 113,776 | 100,040 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 618,526 | 556,219 | 495,765 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34,109 | 32,210 | 26,373 |
Asia-Pacific ("APAC") | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5,896 | 7,470 | 6,519 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,130 | $ 684 | $ 0 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 566.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 414.3 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Leases [Abstract] | ||
Right-of-use assets included in other assets, net | $ 24,471 | $ 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 | $ 10,125 | $ 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 | $ 32,097 | $ 37,243 |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other liabilities | Other liabilities |
Weighted average remaining lease term | 5 years 3 months 18 days | 5 years 7 months 6 days |
Weighted average discount rate | 5.30% | 3.50% |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | 21 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2024 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease costs | $ 9,200 | $ 11,600 | $ 11,600 | ||
ROU asset group impairments and adjustments | $ 24,600 | 1,946 | 24,599 | 0 | |
Employee-related restructuring plan charges | 4,227 | 7,792 | $ (19) | ||
Fiscal 2025 | 10,282 | $ 10,282 | |||
Fiscal 2026 | 8,668 | 8,668 | |||
Fiscal 2027 | 8,265 | 8,265 | |||
Facility Closing | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Employee-related restructuring plan charges | 2,800 | ||||
Restructuring reserve related charges | $ 2,900 | ||||
Leased Office Facilities | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Fiscal 2025 | 2,698 | 2,698 | |||
Fiscal 2026 | $ 1,799 | $ 1,799 |
LEASES - Operating Lease, Liabi
LEASES - Operating Lease, Liability Maturity (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
Fiscal 2025 | $ 10,282 |
Fiscal 2026 | 8,668 |
Fiscal 2027 | 8,265 |
Fiscal 2028 | 8,454 |
Fiscal 2029 | 8,529 |
Thereafter | 4,299 |
Total undiscounted lease commitments | 48,497 |
Less: Interest and short-term leases | 6,275 |
Total discounted operating lease liabilities | $ 42,222 |
RESTRUCTURING, IMPAIRMENT AND_3
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and adjustments | $ 4,227 | $ 7,792 | $ (19) | |
Employee-related reserves | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and adjustments | 4,200 | 7,800 | $ 1,700 | |
Continuing Operations | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, at the beginning of the period | 5,632 | 3,074 | 4,743 | |
Restructuring charges and adjustments | 4,079 | 10,738 | (19) | |
Payments | (5,106) | (8,180) | (1,650) | |
Restructuring reserve, at the end of the period | 4,605 | 5,632 | 3,074 | 4,743 |
Continuing Operations | Employee-related reserves | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, at the beginning of the period | 759 | 47 | 825 | |
Restructuring charges and adjustments | 4,227 | 7,792 | 0 | |
Payments | (3,306) | (7,080) | (778) | |
Restructuring reserve, at the end of the period | 1,680 | 759 | 47 | 825 |
Continuing Operations | Lease accruals | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, at the beginning of the period | 4,873 | 3,027 | 3,918 | |
Restructuring charges and adjustments | (148) | 2,946 | (19) | |
Payments | (1,800) | (1,100) | (872) | |
Restructuring reserve, at the end of the period | $ 2,925 | $ 4,873 | $ 3,027 | $ 3,918 |
RESTRUCTURING, IMPAIRMENT AND_4
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES - Narrative (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | 21 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) leasedOfficeSpace | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2024 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges and adjustments | $ 4,227 | $ 7,792 | $ (19) | |||
ROU asset group impairments and adjustments | $ 24,600 | 1,946 | 24,599 | $ 0 | ||
Operating lease, ROU asset, impairment loss | 1,700 | 20,500 | ||||
Leasehold improvements | $ 4,100 | 200 | $ 4,100 | $ 200 | ||
Number of leased office space exited | leasedOfficeSpace | 8 | |||||
Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges and adjustments | 4,200 | $ 7,800 | $ 1,700 | |||
Employee Severance | Restructuring Activity 2021 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | 200 | 200 | ||||
Employee Severance | Restructuring Activity 2024 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | 1,400 | 1,400 | ||||
Facility Closing | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges and adjustments | 2,800 | |||||
Restructuring reserve related charges | $ 2,900 | |||||
Restructuring reserve | 1,700 | 1,700 | ||||
Facility Closing | Restructuring Activity 2017 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges and adjustments | 7,300 | |||||
Restructuring reserve | 1,300 | $ 1,300 | ||||
United States and Asia Pacific | Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve related charges | 4,000 | |||||
United States and Europe | Employee Severance | Restructuring Activity 2021 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges and adjustments | $ 200 | |||||
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 ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |||||
Employee-related restructuring plan charges | $ 4,227,000 | $ 7,792,000 | $ (19,000) | ||
Lease-related restructuring plan charges and adjustments | (148,000) | 2,946,000 | 0 | ||
Early contract terminations | 0 | 0 | 1,042,000 | ||
ROU asset group impairments and adjustments | $ 24,600,000 | 1,946,000 | 24,599,000 | 0 | |
Goodwill impairment | $ 2,900,000 | 2,875,000 | 0 | 0 | |
Other | 13,000 | 0 | 0 | ||
Acquisition related costs | 2,795,000 | (21,000) | 456,000 | ||
Total gains, losses and other items, net | $ 11,708,000 | $ 35,316,000 | $ 1,479,000 |
ACQUISITIONS - Acquisition Date
ACQUISITIONS - Acquisition Date Fair Value of Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Cash, net of $971 cash acquired | $ 170,281 | $ 0 | $ 19,107 | |
Habu | ||||
Business Acquisition [Line Items] | ||||
Cash acquired | $ 971 | |||
Cash, net of $971 cash acquired | 170,281 | |||
Restricted cash held in escrow | 2,600 | |||
Fair value of replacement stock options and restricted stock shares considered a component of purchase consideration transferred | 493 | |||
Total fair value of consideration transferred | $ 173,374 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2024 USD ($) numberOfExerciseMultiple | Dec. 13, 2021 USD ($) shares | Apr. 21, 2021 USD ($) | Mar. 31, 2024 USD ($) | |
Rakam consideration holdback | ||||
Business Acquisition [Line Items] | ||||
Payments for asset acquisition | $ 2,200 | |||
Asset acquisition, contingent consideration | 200 | |||
Finite-lived intangible assets acquired | $ 2,200 | |||
Amortization period | 3 years | |||
Rakam consideration holdback | Restricted stock units | ||||
Business Acquisition [Line Items] | ||||
Vesting period | 4 years | |||
Granted (in shares) | shares | 2,600,000 | |||
Habu | ||||
Business Acquisition [Line Items] | ||||
Restricted cash held in escrow | $ 2,600 | |||
Assumed restricted stock awards | 25,500 | |||
Fair value of replacement stock options and restricted stock shares considered a component of purchase consideration transferred | 493 | |||
Total fair value of the replacement stock options issued | 25,000 | $ 7,500 | ||
Holdback consideration transferred | $ 14,600 | |||
Vesting period | 3 years | |||
Habu | Consideration holdback | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration arrangements, number of annual increments | numberOfExerciseMultiple | 3 | |||
Diablo.AI, Inc. | ||||
Business Acquisition [Line Items] | ||||
Assumed restricted stock awards | $ 1,900 | |||
Holdback consideration transferred | $ 1,200 | |||
Vesting period | 3 years | |||
Payments to acquire businesses, gross | $ 9,700 |
ACQUISITIONS - Purchase Price A
ACQUISITIONS - Purchase Price Allocation Related to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2024 | Apr. 21, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 501,756 | $ 363,116 | $ 363,845 | ||
Net cash paid in acquisition | $ 170,281 | $ 0 | $ 19,107 | ||
Habu | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 971 | ||||
Goodwill | 141,641 | ||||
Intangible assets | 33,500 | ||||
Other current and noncurrent assets | 3,815 | ||||
Total assets acquired | 179,927 | ||||
Accounts payable and accrued expenses | (1,460) | ||||
Deferred revenue | (3,573) | ||||
Other current and noncurrent liabilities | (549) | ||||
Net assets acquired | 174,345 | ||||
Cash acquired | (971) | ||||
Net purchase price allocated | 173,374 | ||||
Cash held back | (2,600) | ||||
Restricted cash held in escrow | (2,600) | ||||
Fair value of replacement stock options and restricted stock shares considered a component of purchase consideration transferred | (493) | ||||
Net cash paid in acquisition | $ 170,281 | ||||
Diablo.AI, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 131 | ||||
Goodwill | 6,807 | ||||
Intangible assets | 3,500 | ||||
Total assets acquired | 10,438 | ||||
Deferred income taxes | (505) | ||||
Accounts payable and accrued expenses | (65) | ||||
Net assets acquired | 9,868 | ||||
Cash acquired | (131) | ||||
Net purchase price allocated | 9,737 | ||||
Cash held back | (1,200) | ||||
Net cash paid in acquisition | $ 8,537 |
ACQUISITIONS - Components of In
ACQUISITIONS - Components of Intangible Assets Acquired and Their Estimated Useful Lives as of Acquisition Date (Details) - Habu $ in Thousands | Jan. 31, 2024 USD ($) |
Business Acquisition [Line Items] | |
Intangible assets | $ 33,500 |
Developed technology | |
Business Acquisition [Line Items] | |
Intangible assets | $ 30,000 |
Useful life | 3 years |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible assets | $ 3,000 |
Useful life | 3 years |
Trade names | |
Business Acquisition [Line Items] | |
Intangible assets | $ 500 |
Useful life | 1 year |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Discontinued Operations | Acxiom Marketing Solutions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Tax adjustments, settlements, and unusual provisions | $ 1.8 | $ 5.4 |
OTHER CURRENT AND NONCURRENT _3
OTHER CURRENT AND NONCURRENT ASSETS - Schedule of Other Current and Noncurrent Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Other current assets | ||
Prepaid expenses and other | $ 17,398 | $ 18,918 |
Assets of non-qualified retirement plan | 14,284 | 12,110 |
Other current assets | 31,682 | 31,028 |
Other noncurrent assets | ||
Long-term prepaid revenue share | 4,714 | 9,659 |
Right-of-use assets | 24,471 | 24,604 |
Deferred tax asset | 1,636 | 1,253 |
Deposits | 3,125 | 3,452 |
Strategic investments | 2,700 | 1,600 |
Other miscellaneous noncurrent assets | 102 | 477 |
Other assets, net | $ 36,748 | $ 41,045 |
OTHER CURRENT AND NONCURRENT _4
OTHER CURRENT AND NONCURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses on strategic investment | $ 4 | $ 4 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | IT Infrastructure Management Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Retained profits interest | $ 0.7 | |||
Gain on disposition of business | $ 30.5 | |||
Proceeds from divestiture of businesses | $ 31.2 |
PROPERTY AND EQUIPMENT - Schedu
PROPERTY AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 25,394 | $ 39,393 |
Less accumulated depreciation and amortization | (17,213) | (32,308) |
Property and equipment, net of accumulated depreciation and amortization | 8,181 | 7,085 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,147 | 25,262 |
Data processing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,915 | 6,537 |
Office furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,332 | $ 7,594 |
PROPERTY AND EQUIPMENT - Narrat
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 2.7 | $ 4 | $ 5.4 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Impairment of goodwill | $ 2,900,000 | $ 2,875,000 | $ 0 | $ 0 |
GOODWILL - Changes in Goodwill
GOODWILL - Changes in Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill | ||||
Goodwill at the beginning of year | $ 363,116,000 | $ 363,845,000 | ||
Impairment | $ (2,900,000) | (2,875,000) | 0 | $ 0 |
Change in foreign currency translation adjustment | (126,000) | (524,000) | ||
Goodwill at the end of year | 501,756,000 | 363,116,000 | $ 363,845,000 | |
Diablo.AI, Inc. | ||||
Goodwill | ||||
Purchase price accounting adjustment related to acquisition of Diablo | $ (205,000) | |||
Habu | ||||
Goodwill | ||||
Acquisition of Habu | $ 141,641,000 |
GOODWILL - Goodwill by Geograph
GOODWILL - Goodwill by Geography (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Goodwill information | |||
Goodwill | $ 501,756 | $ 363,116 | $ 363,845 |
U.S. | |||
Goodwill information | |||
Goodwill | $ 501,756 |
INTANGIBLE ASSETS - Amounts All
INTANGIBLE ASSETS - Amounts Allocated to Intangible Assets from Acquisitions (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | $ 155,958 | $ 122,479 |
Accumulated amortization | (121,375) | (112,611) |
Total finite-lived intangible assets, net | 34,583 | 9,868 |
Developed technology, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 102,076 | 72,095 |
Accumulated amortization | (70,743) | (63,658) |
Total finite-lived intangible assets, net | 31,333 | 8,437 |
Customer relationship/trade name, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 37,882 | 34,384 |
Accumulated amortization | (34,632) | (33,953) |
Total finite-lived intangible assets, net | 3,250 | 431 |
Publisher/data supply relationships, gross | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total 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 | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 8.8 | $ 16.8 | $ 18.7 |
INTANGIBLE ASSETS - Estimated F
INTANGIBLE ASSETS - Estimated Future Amortization Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2025 | $ 14,416 | |
2026 | 11,000 | |
2027 | 9,167 | |
Total finite-lived intangible assets, net | $ 34,583 | $ 9,868 |
OTHER ACCRUED EXPENSES (Details
OTHER ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Other Accrued Expenses [Abstract]. | ||
Liabilities of non-qualified retirement plan | $ 14,284 | $ 12,110 |
Short-term lease liabilities | 10,125 | 9,929 |
Other miscellaneous accrued expenses | 18,448 | 13,697 |
Other accrued expenses | $ 42,857 | $ 35,736 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Uncertain tax positions | $ 25,289 | $ 23,427 |
Long-term lease liabilities | 32,097 | 37,243 |
Lease restructuring accruals and related sublease deposits | 3,957 | 5,713 |
Deferred tax liabilities | 224 | 298 |
Other | 4,165 | 5,117 |
Other liabilities | $ 65,732 | $ 71,798 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Mar. 31, 2024 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 | $ 25.3 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Contractual Obligation, Fiscal Year Maturity (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2025 | $ 88,432 |
2026 | 17,226 |
2027 | 4,606 |
2028 | 3,375 |
Total | $ 113,639 |
STOCKHOLDERS' EQUITY AND STOC_3
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) | 12 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2023 | Dec. 20, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | |
Share-based compensation | |||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |||||
Common stock, par or stated value (in dollars per share) | $ 0.10 | $ 0.10 | |||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||
Preferred stock, par or stated value (in dollars per shares) | $ 1 | $ 1 | |||||
Acquisition of treasury stock | $ 60,502,000 | $ 149,997,000 | $ 58,621,000 | ||||
Treasury stock, at cost (in shares) | 89,700,000 | 87,400,000 | |||||
Treasury stock, at cost | $ 2,318,371,000 | $ 2,252,034,000 | |||||
Dividends, common stock | $ 0 | ||||||
Total shares reserved for issuance since inception of the stock option and equity compensation plans (in shares) | 42,400,000 | 46,400,000 | 37,900,000 | ||||
Number of available shares (in shares) | 4,000,000 | 4,500,000 | |||||
Employee stock purchase plan | |||||||
Share-based compensation | |||||||
Total shares reserved for issuance since inception of the stock option and equity compensation plans (in shares) | 1,400,000 | 400,000 | |||||
Number of available shares (in shares) | 1,000,000 | ||||||
Share-based compensation expense | $ 1,666,000 | $ 2,051,000 | $ 1,803,000 | ||||
Stock Option and Equity Compensation Plans | |||||||
Share-based compensation | |||||||
Total shares reserved for issuance since inception of the stock option and equity compensation plans (in shares) | 49,000,000 | 45,000,000 | 49,000,000 | 45,000,000 | 39,500,000 | ||
Shares which remained available for future grants (in shares) | 6,800,000 | ||||||
Stock Option and Equity Compensation Plans | Employee stock purchase plan | |||||||
Share-based compensation | |||||||
Shares which remained available for future grants (in shares) | 900,000 | ||||||
2005 Plan | |||||||
Share-based compensation | |||||||
Duration of stock options granted | 5 years | ||||||
Share-based compensation expense | $ 5,400,000 | ||||||
Common Stock Repurchase Program | |||||||
Share-based compensation | |||||||
Stock repurchase program, authorized amount | $ 1,100,000,000 | $ 100,000,000 | |||||
Acquisition of treasury stock (in shares) | 2,100,000 | 6,100,000 | 1,300,000 | ||||
Acquisition of treasury stock | $ 60,500,000 | $ 150,000,000 | $ 58,600,000 | ||||
Treasury stock, at cost (in shares) | 37,700,000 | ||||||
Treasury stock, at cost | $ 942,700,000 | ||||||
Stock repurchase program, remaining amount | $ 157,300,000 |
STOCKHOLDERS' EQUITY AND STOC_4
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Stock-based Compensation Activity, by Award Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based compensation | |||
Total non-cash stock-based compensation included in the consolidated statements of operations | $ 71,304 | $ 125,800 | $ 87,257 |
Total non-cash stock-based compensation included in the consolidated statements of equity | 68,057 | 117,351 | 71,180 |
Stock options | |||
Share-based compensation | |||
Share-based compensation expense | 1,014 | 968 | 1,935 |
Restricted stock units | Time-Vesting | |||
Share-based compensation | |||
Share-based compensation expense | 56,583 | 105,147 | 49,217 |
Restricted stock units | Performance Based Vesting | |||
Share-based compensation | |||
Share-based compensation expense | 7,403 | 6,796 | 6,791 |
Restricted stock units | Diablo.AI, Inc. | |||
Share-based compensation | |||
Share-based compensation expense | 0 | 1,126 | 794 |
Restricted stock units | Habu | |||
Share-based compensation | |||
Share-based compensation expense | 144 | 0 | 0 |
Consideration holdback | Habu | |||
Share-based compensation | |||
Share-based compensation expense | 813 | 0 | 0 |
Consideration holdback | Data Plus Math Corporation | |||
Share-based compensation | |||
Share-based compensation expense | 0 | 2,031 | 8,122 |
Consideration holdback | DataFleets, Ltd | |||
Share-based compensation | |||
Share-based compensation expense | 2,266 | 5,611 | 6,043 |
Pacific Data Partners, LLC Agreement Plan | Pacific Data Partners LLC | |||
Share-based compensation | |||
Share-based compensation expense | 0 | 0 | 9,101 |
Acuity performance plan | Acuity Data | |||
Share-based compensation | |||
Share-based compensation expense | 165 | 815 | 1,912 |
Employee stock purchase plan | |||
Share-based compensation | |||
Share-based compensation expense | 1,666 | 2,051 | 1,803 |
Directors stock-based compensation | |||
Share-based compensation | |||
Share-based compensation expense | 1,250 | 1,255 | 1,539 |
Liability-based equity awards | |||
Share-based compensation | |||
Total non-cash stock-based compensation included in the consolidated statements of operations | $ (3,247) | $ (8,449) | $ (16,077) |
STOCKHOLDERS' EQUITY AND STOC_5
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Effect of Stock-based Compensation Expense on Income, by Financial Statement Line Item (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based compensation | |||
Total non-cash stock-based compensation included in the consolidated statements of operations | $ 71,304 | $ 125,800 | $ 87,257 |
Cost of revenue | |||
Share-based compensation | |||
Total non-cash stock-based compensation included in the consolidated statements of operations | 3,553 | 6,317 | 4,111 |
Research and development | |||
Share-based compensation | |||
Total non-cash stock-based compensation included in the consolidated statements of operations | 27,189 | 55,407 | 32,112 |
Sales and marketing | |||
Share-based compensation | |||
Total non-cash stock-based compensation included in the consolidated statements of operations | 18,948 | 29,429 | 28,586 |
General and administrative | |||
Share-based compensation | |||
Total non-cash stock-based compensation included in the consolidated statements of operations | $ 21,614 | $ 34,647 | $ 22,448 |
STOCKHOLDERS' EQUITY AND STOC_6
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Stock-based Compensation Expense and Stock Options Activity (Details) - Restricted stock units - Share-based Payment Arrangement, Tranche Three shares in Millions, $ in Millions | 1 Months Ended |
Mar. 31, 2023 USD ($) shares | |
Share-based compensation | |
Forfeited in period (in shares) | shares | 1.5 |
Compensation costs | $ 22.6 |
Incremental compensation cost | 0.4 |
Accelerated original grant date fair value compensation cost | $ 22.1 |
STOCKHOLDERS' EQUITY AND STOC_7
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Future Expense, by Award Type (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Share-based compensation | |
Expected future expense | $ 152,157 |
2025 | |
Share-based compensation | |
Expected future expense | 92,730 |
2026 | |
Share-based compensation | |
Expected future expense | 44,101 |
2027 | |
Share-based compensation | |
Expected future expense | 15,224 |
2028 | |
Share-based compensation | |
Expected future expense | 102 |
Stock options | |
Share-based compensation | |
Stock options | 7,101 |
Stock options | 2025 | |
Share-based compensation | |
Stock options | 3,260 |
Stock options | 2026 | |
Share-based compensation | |
Stock options | 2,488 |
Stock options | 2027 | |
Share-based compensation | |
Stock options | 1,251 |
Stock options | 2028 | |
Share-based compensation | |
Stock options | 102 |
Restricted stock units | |
Share-based compensation | |
Future share-based compensation expense expected | 129,758 |
Restricted stock units | 2025 | |
Share-based compensation | |
Future share-based compensation expense expected | 83,397 |
Restricted stock units | 2026 | |
Share-based compensation | |
Future share-based compensation expense expected | 36,461 |
Restricted stock units | 2027 | |
Share-based compensation | |
Future share-based compensation expense expected | 9,900 |
Restricted stock units | 2028 | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Habu restricted stock awards | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 1,136 |
Habu restricted stock awards | 2025 | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 857 |
Habu restricted stock awards | 2026 | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 273 |
Habu restricted stock awards | 2027 | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 6 |
Habu restricted stock awards | 2028 | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Habu acquisition consideration holdback | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 13,825 |
Habu acquisition consideration holdback | 2025 | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 4,879 |
Habu acquisition consideration holdback | 2026 | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 4,879 |
Habu acquisition consideration holdback | 2027 | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 4,067 |
Habu acquisition consideration holdback | 2028 | Habu | |
Share-based compensation | |
Future share-based compensation expense expected | 0 |
Employee stock purchase plan | |
Share-based compensation | |
Future share-based compensation expense expected | 337 |
Expected future expense | 300 |
Employee stock purchase plan | 2025 | |
Share-based compensation | |
Future share-based compensation expense expected | 337 |
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 |
Employee stock purchase plan | 2028 | |
Share-based compensation | |
Future share-based compensation expense expected | $ 0 |
STOCKHOLDERS' EQUITY AND STOC_8
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based compensation | ||||
Exercised (in dollars per share) | $ 19.24 | |||
Exercised | $ 898 | |||
Habu | ||||
Share-based compensation | ||||
Total fair value of the replacement stock options issued | $ 25,000 | 7,500 | ||
Pre-combination service | 300 | |||
Stock options | ||||
Share-based compensation | ||||
Exercised | $ 900 | $ 3,700 | $ 4,300 | |
Stock options | Habu | ||||
Share-based compensation | ||||
Shares issued in period (in shares) | 252,364 | |||
Exercised (in dollars per share) | $ 8.91 | |||
Total fair value of the replacement stock options issued | $ 7,900 |
STOCKHOLDERS' EQUITY AND STOC_9
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Stock Option Activity - Number of Shares | |
Outstanding at beginning of the period (in shares) | shares | 524,911 |
Grants in period (in shares) | shares | 252,364 |
Exercised (in shares) | shares | (152,743) |
Forfeited or cancelled (in shares) | shares | (2,410) |
Outstanding at end of the period (in shares) | shares | 622,122 |
Exercisable at the end of the period (in shares) | shares | 388,741 |
Weighted-average exercise price per share | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 18.39 |
Grants in period (in dollars per share) | $ / shares | 8.91 |
Exercised (in dollars per share) | $ / shares | 19.24 |
Forfeited or cancelled (in dollars per share) | $ / shares | 5.21 |
Outstanding at the end of the period (in dollars per share) | $ / shares | 14.39 |
Exercisable at the end of the period (in dollars per share) | $ / shares | $ 17.67 |
Weighted average remaining contractual term | 4 years |
Exercisable at the end of the period | 1 year 3 months 18 days |
Exercised | $ | $ 898 |
Outstanding at the end of the period | $ | 12,213 |
Exercisable at the end of the period | $ | $ 6,354 |
STOCKHOLDERS' EQUITY AND STO_10
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Schedule of Options (Details) | 12 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Stock options outstanding and exercisable by exercise price range | |
Options outstanding (in shares) | shares | 622,122 |
Options outstanding - Weighted-average remaining contractual life | 4 years |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 14.39 |
Options exercisable (in shares) | shares | 388,741 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 17.67 |
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 | 274,869 |
Options outstanding - Weighted-average remaining contractual life | 8 years 2 months 12 days |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 8.26 |
Options exercisable (in shares) | shares | 41,488 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 4.58 |
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 1 month 6 days |
Options outstanding - Weighted-average exercise price per share (in dollars per share) | $ 17.49 |
Options exercisable (in shares) | shares | 182,603 |
Options exercisable - Weighted-average exercise price per share (in dollars per share) | $ 17.49 |
Range of exercise price per share from $20.00 to $24.99 | |
Stock options outstanding and exercisable by exercise price range | |
Exercise price per share, low end of range (in dollars per share) | 20 |
Exercise price per share, high end of range (in dollars per share) | $ 24.99 |
Options outstanding (in shares) | shares | 164,650 |
Options outstanding - Weighted-average remaining contractual life | 3 months 18 days |
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 |
STOCKHOLDERS' EQUITY AND STO_11
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Habu | ||||
Share-based compensation | ||||
Pre-combination service | $ 0.3 | |||
Total fair value of the replacement stock options issued | $ 25 | 7.5 | ||
Restricted Stock | ||||
Share-based compensation | ||||
Vested in period, fair value | $ 0 | $ 0.6 | $ 0.8 | |
Restricted Stock | Habu | ||||
Share-based compensation | ||||
Conversion of convertible securities (in shares) | 36,118 | |||
Conversion of convertible securities | $ 1.4 | |||
Pre-combination service | 0.1 | |||
Total fair value of the replacement stock options issued | $ 1.3 | |||
Restricted Stock | Diablo.AI, Inc. | ||||
Share-based compensation | ||||
Conversion of convertible securities (in shares) | 40,600 | |||
Conversion of convertible securities | $ 1.9 |
STOCKHOLDERS' EQUITY AND STO_12
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Time-Vesting Restricted Stock Unit Activity (Details) - Restricted Stock | 12 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Non-vested restricted stock unit activity, Number of Shares | |
Outstanding at the beginning of the period (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Outstanding at the end of the period (in shares) | shares | 36,118 |
Non-vested restricted stock units, Weighted average fair value per share at grant date | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 0 |
Vested (in dollars per share) | $ / shares | 0 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 39.48 |
Weighted average remaining contractual term (in years) | 1 year 3 months 18 days |
Habu | |
Non-vested restricted stock unit activity, Number of Shares | |
Diablo replacement restricted stock award (in shares) | shares | 36,118 |
Non-vested restricted stock units, Weighted average fair value per share at grant date | |
Habu replacement restricted stock award (in dollars per share) | $ / shares | $ 39.48 |
STOCKHOLDERS' EQUITY AND STO_13
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Restricted Stock Unit Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jan. 31, 2024 | Dec. 13, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Habu | |||||
Share-based compensation | |||||
Vesting period | 3 years | ||||
Total fair value of the replacement stock options issued | $ 25 | $ 7.5 | |||
Restricted stock units | Rakam consideration holdback | |||||
Share-based compensation | |||||
Granted (in shares) | 2,600,000 | ||||
Vesting period | 4 years | ||||
Restricted stock units | Vesting in Four Years | |||||
Share-based compensation | |||||
Granted (in shares) | 1,783,478 | ||||
Aggregate fair value of restricted stock units granted | $ 48.6 | ||||
Vesting period | 3 years | 4 years | |||
Restricted stock units | Time Based Vesting | |||||
Share-based compensation | |||||
Granted (in shares) | 1,783,478 | 4,352,078 | 3,037,440 | ||
Aggregate fair value of restricted stock units granted | $ 107.2 | $ 143.4 | |||
Weighted average remaining contractual term (in years) | 1 year 7 months 20 days | 2 years 2 months 12 days | |||
Vested in period, fair value | $ 45.3 | $ 71.5 | $ 30.3 | ||
Restricted stock units | Time Based Vesting | Rakam consideration holdback | |||||
Share-based compensation | |||||
Granted (in shares) | 55,927 | ||||
Aggregate fair value of restricted stock units granted | $ 2.6 | ||||
Restricted stock units | Time Based Vesting | Habu | |||||
Share-based compensation | |||||
Granted (in shares) | 410,853 | ||||
Total fair value of the replacement stock options issued | $ 16.2 | ||||
Weighted average remaining contractual term (in years) | 2 years 9 months 18 days | ||||
Restricted stock units | Time Based Vesting | Data Plus Math Corporation | |||||
Share-based compensation | |||||
Granted (in shares) | 98,442 | ||||
Aggregate fair value of restricted stock units granted | $ 4.7 | ||||
Restricted stock units | Time-Based Vesting Over Three Years | |||||
Share-based compensation | |||||
Granted (in shares) | 999,987 | ||||
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 |
STOCKHOLDERS' EQUITY AND STO_14
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Non-vested Performance-based Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Time Based Vesting | |||
Non-vested restricted stock unit activity, Number of Shares | |||
Outstanding at the beginning of the period (in shares) | 4,009,759 | ||
Granted (in shares) | 1,783,478 | 4,352,078 | 3,037,440 |
Units vested under the Company's March 2023 acceleration plan (in shares) | 410,853 | ||
Vested (in shares) | (1,366,265) | ||
Forfeited or cancelled (in shares) | (436,312) | ||
Outstanding at the end of the period (in shares) | 4,401,513 | 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) | 27.26 | ||
Vested (in dollars per share) | 32.20 | ||
Units vested under the Company's March 2023 acceleration plan (in dollars per share) | 39.48 | ||
Forfeited or cancelled (in dollars per share) | 33.32 | ||
Outstanding at the end of the period (in dollars per share) | $ 31.10 | $ 32.57 | |
Weighted average remaining contractual term (in years) | 1 year 7 months 20 days | 2 years 2 months 12 days | |
Performance stock | |||
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 | 249,152 | |
Vested (in shares) | (57,114) | ||
Forfeited or cancelled (in shares) | (223,223) | ||
Outstanding at the end of the period (in shares) | 1,095,748 | 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) | 47.12 | ||
Forfeited or cancelled (in dollars per share) | 40.46 | ||
Outstanding at the end of the period (in dollars per share) | $ 31.15 | $ 34.97 | |
Weighted average remaining contractual term (in years) | 1 year 7 months 9 days | 1 year 4 months 17 days |
STOCKHOLDERS' EQUITY AND STO_15
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Performance-based Restricted Stock Units, Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 shares | Mar. 31, 2024 USD ($) plan shares | Mar. 31, 2023 USD ($) plan shares | Mar. 31, 2022 USD ($) plan shares | |
Share-based compensation | ||||
Number of performance plans | plan | 2 | 2 | 3 | |
Performance Based Stock Units | ||||
Share-based compensation | ||||
Granted (in shares) | 406,501 | |||
Aggregate fair value of restricted stock units granted | $ | $ 10 | |||
Restricted stock units | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Granted (in shares) | 58,312 | |||
Award vesting rights percentage | 59% | |||
Forfeited in period (in shares) | 39,211 | |||
Vesting in period (in shares) | 67,283 | |||
Outstanding at the end of the period (in shares) | 8,971 | |||
Restricted stock units | Performance stock | ||||
Share-based compensation | ||||
Granted (in shares) | 666,496 | 249,152 | ||
Aggregate fair value of restricted stock units granted | $ | $ 21 | $ 12.6 | ||
Forfeited in period (in shares) | 223,223 | |||
Vesting in period (in shares) | 57,114 | |||
Outstanding at the end of the period (in shares) | 1,095,748 | 709,589 | ||
The total fair value of performance-based restricted stock units | $ | $ 1.5 | $ 3 | $ 6.7 | |
Restricted stock units | Performance stock | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Granted (in shares) | 466,550 | 148,912 | ||
Aggregate fair value of restricted stock units granted | $ | $ 12.6 | $ 7.1 | ||
Restricted stock units | Performance stock | Minimum | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Award vesting rights percentage | 0% | |||
Restricted stock units | Performance stock | Maximum | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Award vesting rights percentage | 200% | |||
Restricted stock units | 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 | $ | $ 8.4 | |||
Restricted stock units | Performance Based Stock Units | ||||
Share-based compensation | ||||
Granted (in shares) | 101,931 | 121,951 | ||
Aggregate fair value of restricted stock units granted | $ | $ 3.7 | |||
Restricted stock units | Performance Based Stock Units Under Operating Metrics | ||||
Share-based compensation | ||||
Granted (in shares) | 237,837 | 284,550 | ||
Aggregate fair value of restricted stock units granted | $ | $ 6.3 | |||
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 | |||
Aggregate fair value of restricted stock units granted | $ | $ 1.7 | |||
Restricted stock units | ATS Performance Plan Vesting Total Shareholder Return | Minimum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 0% | |||
Restricted stock units | ATS Performance Plan Vesting Total Shareholder Return | Maximum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 100% | |||
Restricted stock units | 2022 Performance Shares That Will Vest Immediately | ||||
Share-based compensation | ||||
Award vesting rights percentage | 77% | |||
Forfeited in period (in shares) | 27,959 | |||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | ||||
Share-based compensation | ||||
Granted (in shares) | 63,815 | |||
Aggregate fair value of restricted stock units granted | $ | $ 3.8 | |||
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 | Minimum | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Award vesting rights percentage | 0% | |||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | Maximum | ||||
Share-based compensation | ||||
Award vesting rights percentage | 200% | 200% | ||
Restricted stock units | Performance Shares Vesting Total Shareholder Return | Maximum | Operating Metrics Performance Plan | ||||
Share-based compensation | ||||
Award vesting rights percentage | 200% | |||
Restricted stock units | 2021 Performance Shares That Will Vest In One Year | ||||
Share-based compensation | ||||
Granted (in shares) | 20,968 | |||
Award vesting rights percentage | 51% | |||
Forfeited in period (in shares) | 20,330 |
STOCKHOLDERS' EQUITY AND STO_16
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Other Stock Compensation Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2024 USD ($) numberOfExerciseMultiple | Dec. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) numberOfAnnualIncrement | |
Share-based compensation | ||||||
Future expense for performance stock option units | $ 152,157 | |||||
Accumulated other comprehensive income (loss), foreign currency translation adjustment | $ 4,000 | $ 4,500 | ||||
Employee stock purchase plan | ||||||
Share-based compensation | ||||||
Stock purchase offering period | 6 months | |||||
Exercise price as a percentage of the per-share market value of the Company's shares at the date of grant | 85% | |||||
Share-based compensation expense | $ 1,666 | $ 2,051 | $ 1,803 | |||
Stock issued during period, ESPP (in shares) | shares | 216,699 | 197,255 | 103,447 | |||
Shares issued, price per share (in dollars per share) | $ / shares | $ 19.76 | $ 20.38 | $ 41.44 | |||
Stock issued during period, ESPP, value | $ 4,300 | $ 4,000 | $ 4,300 | |||
Future expense for performance stock option units | 300 | |||||
Employee stock purchase plan | Qualified Employee Stock Purchase Plan | ||||||
Share-based compensation | ||||||
Share-based compensation expense | 1,700 | $ 2,100 | $ 1,800 | |||
Habu | ||||||
Share-based compensation | ||||||
Non-cash stock-based compensation expense | 800 | |||||
Business combination, contingent consideration, liability, expected costs | 4,900 | |||||
Holdback consideration transferred | $ 14,600 | |||||
Habu | Consideration holdback | ||||||
Share-based compensation | ||||||
Business combination, contingent consideration arrangements, number of annual increments | numberOfExerciseMultiple | 3 | |||||
Habu | Accrued Liabilities | ||||||
Share-based compensation | ||||||
Business combination, contingent consideration, liability | $ 800 | |||||
DataFleets, Ltd | ||||||
Share-based compensation | ||||||
Holdback consideration transferred | $ 18,100 | |||||
Holdback expenses, expected costs | $ 2,600 | |||||
DataFleets, Ltd | Consideration holdback | ||||||
Share-based compensation | ||||||
Business combination, contingent consideration arrangements, number of annual increments | numberOfAnnualIncrement | 3 |
INCOME TAX - Allocated Income T
INCOME TAX - Allocated Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Continuing operations | $ 24,270 | $ 5,252 | $ (1,242) |
Discontinued operations | (2,332) | (7,070) | 0 |
Total | $ 21,938 | $ (1,818) | $ (1,242) |
INCOME TAX - Income Tax Expense
INCOME TAX - Income Tax Expense (Benefit) Attributable to Earnings (Loss) From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Current: | |||
U.S. Federal | $ 21,014 | $ 6,325 | $ (1,227) |
Non-U.S. | 662 | 1,086 | 305 |
State | 3,384 | (2,274) | 1,220 |
Total current income tax expense (benefit) | 25,060 | 5,137 | 298 |
Deferred: | |||
U.S. Federal | (101) | 155 | (895) |
Non-U.S. | (387) | (83) | (608) |
State | (302) | 43 | (37) |
Total deferred income tax expense (benefit) | (790) | 115 | (1,540) |
Total | $ 24,270 | $ 5,252 | $ (1,242) |
INCOME TAX - Earnings (Loss) Be
INCOME TAX - Earnings (Loss) Before Income Tax Attributable to U.S. and non-U.S. Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 33,892 | $ (122,994) | $ (37,415) |
Non-U.S. | 469 | 4,140 | 2,340 |
Income (loss) from continuing operations before income taxes | $ 34,361 | $ (118,854) | $ (35,075) |
INCOME TAX - Reconciliation of
INCOME TAX - Reconciliation of Expected Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Computed expected income tax expense (benefit) | $ 7,216 | $ (24,959) | $ (7,366) |
Increase (reduction) in income taxes resulting from: | |||
State income taxes, net of federal benefit | 2,494 | (2,440) | 691 |
Research and other tax credits | (3,012) | (4,363) | (3,107) |
Nondeductible expenses | 2,169 | 669 | 673 |
Stock-based compensation | 2,013 | 3,486 | 5,576 |
Non-U.S. subsidiaries taxed at other rates | (1,036) | 491 | (364) |
Adjustment to valuation allowances | 14,209 | 33,197 | 2,520 |
Other, net | 217 | (829) | 135 |
Total | $ 24,270 | $ 5,252 | $ (1,242) |
INCOME TAX - Narrative (Details
INCOME TAX - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Examination [Line Items] | |||||
Deferred tax assets, valuation allowance | $ 81,284 | $ 61,152 | |||
Gross unrecognized tax benefits | 22,922 | $ 21,624 | $ 23,817 | $ 25,026 | |
Gross unrecognized tax benefits that would impact effective tax rate | 19,500 | ||||
Accrued interest and penalties related to tax positions on tax returns | 6,400 | ||||
Increase in accrued interest and penalties related to tax positions on tax returns | 1,600 | ||||
Federal tax authority | |||||
Income Tax Examination [Line Items] | |||||
Operating loss carryforwards | 35,200 | ||||
Credit carryforwards that will not expire | 16,600 | ||||
Tax credit carryforward, amount | 800 | ||||
State and Local Jurisdiction | |||||
Income Tax Examination [Line Items] | |||||
Operating loss carryforwards | 130,700 | ||||
Tax credit carryforward, amount | 12,600 | ||||
Foreign Tax Authority | |||||
Income Tax Examination [Line Items] | |||||
Foreign net operating loss carryforwards | 94,700 | ||||
Deferred tax assets, valuation allowance | 21,600 | ||||
Tax Year 2021 | |||||
Income Tax Examination [Line Items] | |||||
Income tax examination, refund adjustment from settlement with taxing authority | $ 29,000 | ||||
Tax Year 2020 | |||||
Income Tax Examination [Line Items] | |||||
Income tax examination, refund adjustment from settlement with taxing authority | $ 33,000 | ||||
Indefinite Tax Year | |||||
Income Tax Examination [Line Items] | |||||
Foreign net operating loss carryforwards | 83,200 | ||||
Indefinite Tax Year | State and Local Jurisdiction | |||||
Income Tax Examination [Line Items] | |||||
Tax credit carryforward, amount | $ 10,900 |
INCOME TAX - Reconciliation o_2
INCOME TAX - Reconciliation of Deferred Tax Assets/Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Deferred tax assets: | ||
Accrued expenses | $ 5,849 | $ 5,287 |
Lease liabilities | 10,107 | 11,613 |
Net operating loss carryforwards | 30,408 | 22,504 |
Stock-based compensation | 7,346 | 3,335 |
Nonqualified deferred compensation | 2,809 | 2,797 |
Property and equipment | 0 | 585 |
Tax credit carryforwards | 9,764 | 7,779 |
Capitalized research and development | 45,499 | 26,357 |
Other | 1,477 | 253 |
Total deferred tax assets | 113,259 | 80,510 |
Less valuation allowance | (81,284) | (61,152) |
Net deferred tax assets | 31,975 | 19,358 |
Deferred tax liabilities: | ||
Prepaid expenses | (2,821) | (2,411) |
Property and equipment | (1,976) | 0 |
Right-of-use assets | (6,186) | (6,011) |
Intangible assets | (7,118) | (829) |
Deferred commissions | (12,098) | (9,153) |
Other | (364) | 0 |
Total deferred tax liabilities | (30,563) | (18,404) |
Net deferred tax assets | $ 1,412 | $ 954 |
INCOME TAX - Unrecognized Tax B
INCOME TAX - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 21,624 | $ 23,817 | $ 25,026 |
Increases related to prior year tax positions | 741 | 93 | 411 |
Decreases related to prior year tax positions | (246) | (522) | 0 |
Increases related to current year tax positions | 1,179 | 2,229 | 990 |
Settlements with taxing authorities | 0 | (166) | 0 |
Lapse of statute of limitations | (376) | (3,827) | (2,610) |
Balance at end of period | $ 22,922 | $ 21,624 | $ 23,817 |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of match | 100% | ||
Employer matching contribution, percent of employees' gross pay | 6% | ||
Defined contribution plan cost | $ 12,100 | $ 11,600 | $ 10,100 |
Liabilities of non-qualified retirement plan | 14,284 | 12,110 | |
Supplemental Non-Qualified Deferred Compensation Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Assets of non-qualified retirement plan | 14,300 | 12,100 | |
Liabilities of non-qualified retirement plan | $ 14,300 | $ 12,100 |
FOREIGN OPERATIONS (Details)
FOREIGN OPERATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 659,661 | $ 596,583 | $ 528,657 |
Long-lived assets | 629,411 | 458,144 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 618,526 | 556,219 | 495,765 |
Long-lived assets | 626,639 | 452,555 | |
Group Of Foreign Countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 41,135 | 40,364 | 32,892 |
Long-lived assets | 2,772 | 5,589 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 34,109 | 32,210 | 26,373 |
Long-lived assets | 1,993 | 1,643 | |
Asia-Pacific ("APAC") | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 5,896 | 7,470 | 6,519 |
Long-lived assets | 656 | 3,946 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 1,130 | 684 | $ 0 |
Long-lived assets | $ 123 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value Measurements within the Fair Value Hierarchy (Details) - Fair value measurements on recurring basis - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | $ 336,867 | $ 464,448 |
Short-Term Investments | 32,045 | 32,807 |
Other Current Assets | 14,284 | 12,110 |
Total assets | 383,196 | 509,365 |
Cash | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 33,224 | 22,603 |
Short-Term Investments | 0 | 0 |
Other Current Assets | 0 | 0 |
Total assets | 33,224 | 22,603 |
Level 1: | Money market funds | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 303,643 | 439,853 |
Short-Term Investments | 0 | 0 |
Other Current Assets | 0 | 0 |
Total assets | 303,643 | 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 | 14,284 | 12,110 |
Total assets | 14,284 | 12,110 |
Level 1: | U.S. Treasury securities | ||
Fair value of assets and liabilities | ||
Cash and Cash Equivalents | 0 | 1,992 |
Short-Term Investments | 24,545 | 25,307 |
Other Current Assets | 0 | 0 |
Total assets | 24,545 | 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 | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Strategic investments without readily determinable fair values | $ 2,700,000 | $ 1,600,000 | ||
Impairment charges | $ 0 | 4,000,000 | $ 0 | |
Impairment losses on strategic investment | $ 4,000,000 | $ 4,000,000 |