Company Quick10K Filing
Quick10K
Acxiom
10-Q 2018-12-31 Quarter: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-K 2018-03-31 Annual: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-K 2017-03-31 Annual: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-K 2016-03-31 Annual: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-K 2015-03-31 Annual: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-K 2014-03-31 Annual: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-03-21 Sale of Shares, Other Events, Exhibits
8-K 2019-02-21 Sale of Shares, Other Events, Exhibits
8-K 2019-02-11 Earnings, Other Events, Exhibits
8-K 2019-02-06 Officers
8-K 2019-01-22 Sale of Shares, Other Events, Exhibits
8-K 2018-12-21 Sale of Shares, Other Events, Exhibits
8-K 2018-11-21 Sale of Shares, Other Events, Exhibits
8-K 2018-10-29 Earnings, Other Events, Exhibits
8-K 2018-10-22 Sale of Shares, Other Events, Exhibits
8-K 2018-09-21 Sale of Shares, Other Events, Exhibits
8-K 2018-08-21 Sale of Shares, Other Events, Exhibits
8-K 2018-08-09 Earnings, Other Events, Exhibits
8-K 2018-07-23 Sale of Shares, Other Events, Exhibits
8-K 2018-07-02 Enter Agreement, Shareholder Rights, Exhibits
8-K 2018-06-21 Sale of Shares, Other Events, Exhibits
8-K 2018-05-21 Sale of Shares, Other Events, Exhibits
8-K 2018-05-16 Earnings, Exhibits
8-K 2018-04-23 Sale of Shares, Other Events, Exhibits
8-K 2018-04-13 Officers
8-K 2018-03-31 Officers, Other Events, Exhibits
8-K 2018-03-21 Sale of Shares, Other Events, Exhibits
8-K 2018-02-21 Sale of Shares, Other Events, Exhibits
8-K 2018-02-06 Earnings, Exhibits
8-K 2018-01-22 Sale of Shares, Other Events, Exhibits
T AT&T 235,110
BLK BlackRock 72,530
JWN Nordstrom 6,740
GRA WR Grace 5,180
GSKY Greensky 2,730
SNCR Synchronoss 241
SACH Sachem Capital 76
QHC Quorum Health 34
STLT Spotlight Innovation 0
KBLB Kraig Biocraft Laboratories 0
ACXM 2018-12-31
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a2019q3exhibit311.htm
EX-31.2 a2019q3exhibit312.htm
EX-32.1 a2019q3exhibit321.htm
EX-32.2 a2019q3exhibit322.htm

Acxiom Earnings 2018-12-31

ACXM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
LIVERAMP HOLDINGS, INC.December 31, 2018FALSEYesLarge Accelerated 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One) 
[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended December 31, 2018 
 
OR 
[  ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ----- to -----
 
Commission file number 1-38669
LiveRamp Holdings, Inc. 
(Exact Name of Registrant as Specified in Its Charter) 
DELAWARE
(State or Other Jurisdiction of
Incorporation or Organization)
83-1269307
(I.R.S. Employer
Identification No.)
225 Bush Street, Seventeenth Floor
San Francisco, CA
(Address of Principal Executive Offices)
94104
(Zip Code)
(866) 352-3267
(Registrant's Telephone Number, Including Area Code)
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes  [X]               No  [ ]
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 
Yes  [X]               No  [ ]
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer [X]
Accelerated filer   [ ]
Non-accelerated filer [ ]
Smaller reporting company [ ]
(Do not check if a smaller reporting company)
Emerging growth company [ ]
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes  [ ]               No  [X]
 
The number of shares of common stock, $ 0.10 par value per share, outstanding as of February 6, 2019 was 68,203,284.





LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
INDEX
REPORT ON FORM 10-Q
December 31, 2018 
 
Page No.




PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands) 
December 31, 2018March 31, 2018
ASSETS 
Current assets: 
Cash and cash equivalents $1,546,774 $140,018 
Trade accounts receivable, net 71,906 52,047 
Refundable income taxes  9,977 
Other current assets 27,366 20,173 
Assets held for sale  138,374 
Total current assets 1,646,046 360,589 
Property and equipment, net of accumulated depreciation and amortization 24,587 32,340 
Software, net of accumulated amortization 8,027 13,970 
Goodwill 204,671 203,639 
Deferred income taxes 149 10,703 
Deferred commissions, net 9,478  
Other assets, net 34,560 37,854 
Assets held for sale  550,402 
$1,927,518 $1,209,497 
LIABILITIES AND EQUITY 
Current liabilities: 
Current installments of long-term debt $ $1,583 
Trade accounts payable 25,125 18,759 
Accrued payroll and related expenses 13,960 13,774 
Other accrued expenses 55,135 39,624 
Deferred revenue 2,929 4,506 
Income taxes payable443,590  
Liabilities held for sale  100,353 
Total current liabilities 540,739 178,599 
Long-term debt  227,837 
Deferred income taxes 178 40,243 
Other liabilities 26,985 10,016 
Other liabilities held for sale 3,707 
Commitments and contingencies 
Stockholders' equity: 
Common stock 14,084 13,609 
Additional paid-in capital 1,366,221 1,235,679 
Retained earnings 1,715,066 628,331 
Accumulated other comprehensive income 7,891 10,767 
Treasury stock, at cost (1,743,646)(1,139,291)
Total equity 1,359,616 749,095 
$1,927,518 $1,209,497 
 
See accompanying notes to condensed consolidated financial statements.



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
For the three months ended 
December 31, 
20182017
Revenues $80,021 $59,121 
Cost of revenue 34,838 24,526 
Gross profit 45,183 34,595 
Operating expenses: 
Research and development 20,469 14,311 
Sales and marketing 40,054 27,832 
General and administrative 27,828 20,929 
Gains, losses and other items, net 5,043 (788)
Total operating expenses 93,394 62,284 
Loss from operations (48,211)(27,689)
Total other income 10,404 432 
Loss from continuing operations before income taxes (37,807)(27,257)
Income taxes (benefit) (22,546)(29,791)
Net earnings (loss) from continuing operations (15,261)2,534 
Earnings from discontinued operations, net of tax 1,071,661 20,407 
Net earnings $1,056,400 $22,941 
Basic earnings (loss) per share: 
Continuing operations $(0.20)$0.03 
Discontinued operations 13.85 0.26 
Net earnings $13.65 $0.29 
Diluted earnings (loss) per share: 
Continuing operations $(0.20)$0.03 
Discontinued operations 13.85 0.25 
Net earnings $13.65 $0.28 
 

See accompanying notes to condensed consolidated financial statements.




LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
 
For the nine months ended 
December 31, 
20182017
Revenues $207,304 $159,891 
Cost of revenue 82,958 72,596 
Gross profit 124,346 87,295 
Operating expenses: 
Research and development 54,379 44,750 
Sales and marketing 109,317 77,904 
General and administrative 71,128 68,240 
Gains, losses and other items, net 5,534 2,042 
Total operating expenses 240,358 192,936 
Loss from operations (116,012)(105,641)
Total other income 10,479 115 
Loss from continuing operations before income taxes (105,533)(105,526)
Income taxes (benefit) (21,274)(54,980)
Net loss from continuing operations (84,259)(50,546)
Earnings from discontinued operations, net of tax 1,158,267 68,851 
Net earnings $1,074,008 $18,305 
Basic earnings (loss) per share: 
Continuing operations $(1.09)$(0.64)
Discontinued operations 14.99 0.87 
Net earnings $13.90 $0.23 
Diluted earnings (loss) per share: 
Continuing operations $(1.09)$(0.64)
Discontinued operations 14.99 0.87 
Net earnings $13.90 $0.23 
 
See accompanying notes to condensed consolidated financial statements.




LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands)
 
For the three months ended 
December 31, 
20182017
Net earnings $1,056,400 $22,941 
Other comprehensive income (loss): 
Change in foreign currency translation adjustment (2,301)416 
Comprehensive income $1,054,099 $23,357 
 
See accompanying notes to condensed consolidated financial statements.




LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands)
 
For the nine months ended 
December 31, 
20182017
Net earnings $1,074,008 $18,305 
Other comprehensive income (loss): 
Change in foreign currency translation adjustment (2,876)1,827 
Comprehensive income $1,071,132 $20,132 
 
See accompanying notes to condensed consolidated financial statements.




LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
NINE MONTHS ENDED DECEMBER 31, 2018 
(Unaudited)
(Dollars in thousands)
 
Accumulated 
Common Stock Additional other Treasury Stock 
Number paid-in Retained comprehensive Number Total 
of shares Amount Capital earnings income (loss) of shares Amount Equity 
Balances at March 31, 2018 136,079,676 $13,609 $1,235,679 $628,331 $10,767 (58,304,917)$(1,139,291)$749,095 
Cumulative-effect adjustment from adoption of ASU 2014-09 — — — 12,727 — — — 12,727 
Employee stock awards, benefit plans and other issuances1,122,879 112 17,243 — — (953,523)(36,906)(19,551)
Non-cash stock-based compensation334,225 33 113,680 — — — — 113,713 
Restricted stock units vested3,300,959 330 (330)— — — —  
Warrant exercises— — (51)— — 3,488 51  
Acquisition of treasury stock— — — — — (2,253,265)(64,107)(64,107)
Acquisition of treasury stock from tender offer— — — — — (11,235,955)(503,393)(503,393)
Comprehensive income:
Foreign currency translation— — — — (2,876)— — (2,876)
Net earnings— — — 1,074,008 — — — 1,074,008 
Balances at December 31, 2018140,837,739 $14,084 $1,366,221 $1,715,066 $7,891 (72,744,172)$(1,743,646)$1,359,616 
 
See accompanying notes to condensed consolidated financial statements




LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the nine months ended 
December 31, 
20182017
Cash flows from operating activities: 
Net earnings $1,074,008 $18,305 
Earnings from discontinued operations, net of tax (1,158,267)(68,851)
Adjustments to reconcile net earnings to net cash used in operating activities: 
Depreciation and amortization 25,274 28,255 
Loss on disposal or impairment of assets 3,345 2,303 
Provision for doubtful accounts1,259 322 
Accelerated deferred debt costs  720 
Deferred income taxes 20,723 (19,425)
Non-cash stock compensation expense 61,547 38,844 
Changes in operating assets and liabilities: 
Accounts receivable, net (35,011)(9,818)
Deferred commissions (3,035) 
Other assets654 2,365 
Accounts payable and other liabilities (29,274)1,786 
Deferred revenue (1,555)439 
Net cash used in operating activities (40,332)(4,755)
Cash flows from investing activities: 
Capitalized software development costs (1,322)(1,720)
Capital expenditures (3,973)(5,249)
Equity investments (2,500)(1,000)
Net cash received from disposition  4,000 
Net cash used in investing activities (7,795)(3,969)
Cash flows from financing activities: 
Proceeds from debt  230,000 
Payments of debt (233,293)(226,732)
Fees for debt refinancing (300)(4,001)
Sale of common stock 17,355 15,309 
Shares repurchased for tax withholdings upon vesting of stock-based awards (36,906)(10,202)
Acquisition of treasury stock(64,107)(39,441)
Acquisition of treasury stock from tender offer (503,393) 
Net cash used in financing activities (820,644)(35,067)
Net cash used in continuing operations $(868,771)$(43,791)
 




LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
(Dollars in thousands)


For the nine months ended
December 31,
20182017
Cash flows from discontinued operations:
From operating activities40,980 81,369 
From investing activities2,236,530 (30,934)
Effect of exchange rate changes on cash(172)175 
Net cash provided by discontinued operations2,277,338 50,610 
Net cash provided by continuing and discontinued operations1,408,567 6,819 
Effect of exchange rate changes on cash(1,811)868 
Net change in cash and cash equivalents1,406,756 7,687 
Cash and cash equivalents at beginning of period140,018 168,680 
Cash and cash equivalents at end of period$1,546,774 $176,367 


Supplemental cash flow information: 
Cash (received) during the period for:     
Income taxes (239)(362)
Non-cash investing and financing activities:
Leasehold improvements paid directly by lessor  978 


See accompanying notes to condensed consolidated financial statements.







LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
 
On September 20, 2018, we implemented a holding company reorganization, as a result of which Acxiom Holdings, Inc. became the successor issuer to Acxiom Corporation. On October 1, 2018, we changed our name to LiveRamp Holdings, Inc. ("LiveRamp"). References to "we", "us", "our", "Registrant", or the "Company" for events that occurred prior to September 20, 2018 refer to Acxiom Corporation and its subsidiaries; for events that occurred from September 20, 2018 to October 1, 2018, to Acxiom Holdings, Inc. and its subsidiaries; and after October 1, 2018, to LiveRamp Holdings, Inc. and its subsidiaries.

These condensed consolidated financial statements have been prepared by LiveRamp, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).  In the opinion of the Registrant’s management, all adjustments necessary for a fair presentation of the results for the periods included have been made, and the disclosures are adequate to make the information presented not misleading.  All such adjustments are of a normal recurring nature.  Certain note information has been omitted because it has not changed significantly from that reflected in Notes 1 through 18 of the Notes to Consolidated Financial Statements filed as part of Item 8 of the Registrant’s annual report on Form 10-K for the fiscal year ended March 31, 2018 (“2018 Annual Report”), as filed with the SEC on May 25, 2018.  This quarterly report and the accompanying condensed consolidated financial statements should be read in connection with the 2018 Annual Report.  The financial information contained in this quarterly report is not necessarily indicative of the results to be expected for any other period or for the full fiscal year ending March 31, 2019.
 
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”).  Actual results could differ from those estimates.  Certain of the accounting policies used in the preparation of these condensed consolidated financial statements are complex and require management to make judgments and/or significant estimates regarding amounts reported or disclosed in these financial statements.  Additionally, the application of certain of these accounting policies is governed by complex accounting principles and their interpretation.  A discussion of the Company’s significant accounting principles and their application is included in Note 1 of the Notes to Consolidated Financial Statements and in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the Company’s 2018 Annual Report.
 
Accounting Pronouncements Adopted During the Current Year
 
In May 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-09, "Compensation-Stock Compensation (Topic 719): Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 clarifies when changes to the terms or conditions of a stock-based payment award must be accounted for as modifications. ASU 2017-09 will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. Under ASU 2017-09, an entity will not apply modification accounting to a stock-based payment award if the award's fair value, vesting conditions and classification as an equity or liability instrument are the same immediately before and after the change. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. ASU 2017-09 is effective for the Company beginning in fiscal 2019. We adopted the standard in the current fiscal year, and adoption of this guidance did not have a material impact on our condensed consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016 and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, respectively. Topic 606 supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of the new guidance is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted Topic 606 as of April 1, 2018 using the modified retrospective method. See Note 2 for further details.




Recent Accounting Pronouncements Not Yet Adopted

In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"), which eliminates step two from the goodwill impairment test. Under ASU 2017-04, an entity should recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods within those fiscal years; earlier adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), as a comprehensive new standard that amends various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. The new standard will require lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases except short-term leases. For lessees, leases will continue to be classified as either operating or financing in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. Subsequently, the FASB has issued various ASU's to provide further clarification around aspects of Topic 842, including an alternative method that permits application of the new guidance at the beginning of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, in addition to the method of applying the new guidance retrospectively to each prior reporting period presented.  ASU 2016-02 is effective for annual periods beginning after December 15, 2018 (fiscal 2020 for the Company), including interim periods within those fiscal years, with early adoption permitted. We will adopt the new standard on April 1, 2019 using the modified retrospective approach. The Company is continuing to evaluate the impact of the adoption of this guidance on its consolidated financial statements and related disclosures. We plan to take advantage of the transition package of practical expedients permitted within the new standard, which will allow us to carry forward the historical lease classification, to not reassess whether any existing contracts are or contain leases and to not reassess initial direct costs for any existing leases. We also plan to make policy elections not to apply the balance sheet recognition requirements for qualifying short-term leases and not to separate non-lease components, as applicable, to our facility leases. We are currently assessing whether to elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases.
 
The Company does not anticipate that the adoption of any other recent accounting pronouncements will have a material impact on the Company's consolidated financial position, results of operations or cash flows.

2. TOPIC 606 ADOPTION IMPACT AND REVENUE FROM CONTRACTS WITH CUSTOMERS:

On April 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of April 1, 2018. Results for reporting periods beginning after April 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic reporting under Topic 605.

Under Topic 606, revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. The Company determines 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
Recognition of revenue when, or as, the Company satisfies a performance obligation




We recorded a net increase to our opening retained earnings of $12.7 million, net of tax, due to the cumulative impact of adopting Topic 606, with the impact primarily related to the capitalization of costs of obtaining customer contracts.

The details of the significant changes and quantitative impact of the changes are disclosed below.

Costs of Obtaining Customer Contracts
The Company previously recognized commission payments made for obtaining a contract as an operating expense when incurred. Under Topic 606, the Company capitalizes incremental costs to acquire contracts and amortizes them over the expected period of benefit, which we have determined to be four years. As of December 31, 2018, the remaining unamortized contract costs were $9.5 million and are included in deferred commissions, net, in the condensed consolidated balance sheet. Net capitalized costs of $3.0 million were recorded as a reduction to operating expense for the nine months ended December 31, 2018. No impairment was recognized for the nine months ended December 31, 2018.

Impacts on Financial Statements
Condensed Consolidated Balance Sheet Impact of changes in accounting policies 
As reported December 31, 2018 Adjustments Balances without adoption of Topic 606 
Deferred income taxes 149 2,256 2,405 
Deferred commissions, net 9,478 (9,478) 
Others 1,917,891  1,917,891 
Total assets $1,927,518 $(7,222)$1,920,296 
Total liabilities 567,902  567,902 
Retained earnings 1,715,066 (7,222)1,707,844 
Other equity (355,450) (355,450)
Total equity 1,359,616 (7,222)1,352,394 
Total liabilities and equity $1,927,518 $(7,222)$1,920,296 


Condensed Consolidated Statement of Operations Impact of changes in accounting policies 
As reported for the nine months ended December 31, 2018 Adjustments Balances without adoption of Topic 606 
Revenues $207,304 $ $207,304 
Cost of revenue 82,958  82,958 
Gross profit $124,346 $ $124,346 
Operating expenses: 
Sales and marketing $109,317 $3,035 $112,352 
Other operating expenses 131,041  131,041 
Total operating expenses 240,358 3,035 243,393 
Loss from operations (116,012)(3,035)(119,047)
Total other income 10,479  10,479 
Loss from continuing operations before income taxes (105,533)(3,035)(108,568)
Income taxes (benefit) (21,274)(722)(21,996)
Net loss from continuing operations $(84,259)$(2,313)$(86,572)





Condensed Consolidated Statement of Comprehensive Income Impact of changes in accounting policies 
As reported for the nine months ended December 31, 2018 Adjustments Balances without adoption of Topic 606 
Net earnings $1,074,008 $(2,313)$1,071,695 
Other comprehensive loss: 
Change in foreign currency translation adjustment (2,876) (2,876)
Comprehensive income $1,071,132 $(2,313)$1,068,819 


Condensed Consolidated Statement of Cash Flows Impact of changes in accounting policies 
As reported for the nine months ended December 31, 2018Adjustments Balances without adoption of Topic 606 
Net earnings$1,074,008 $(2,313)$1,071,695 
Earnings from discontinued operations(1,158,267) (1,158,267)
Adjustments for:
Deferred income taxes20,723 (722)20,001 
Others91,425  91,425 
Changes in:
Accounts receivable, net(35,011) (35,011)
Deferred commissions(3,035)3,035  
Other assets654  654 
Accounts payable and other liabilities(29,274) (29,274)
Deferred revenue(1,555) (1,555)
Net cash from operating activities(40,332) (40,332)
Net cash from investing activities(7,795) (7,795)
Net cash from financing activities(820,644) (820,644)
Net cash from discontinued operations2,277,338  2,277,338 
Effect of exchange rate changes on cash(1,811) (1,811)
Net change in cash and cash equivalents1,406,756  1,406,756 
Cash and cash equivalents at beginning of period140,018  140,018 
Cash and cash equivalents at end of period$1,546,774 $ $1,546,774 

Disaggregation of Revenue



In the following table, revenue is disaggregated by primary geographical market and major service offerings (dollars in thousands).
For the nine months ended
December 31,
Primary Geographical Markets20182017
United States $189,997 $143,937 
Europe 13,858 12,916 
APAC 3,449 3,038 
$207,304 $159,891 
Major Offerings/Services 
Subscription 171,184 125,157 
Marketplace and Other 36,120 34,734 
$207,304 $159,891 

Transaction Price Allocated to the Remaining Performance Obligations
We have performance obligations associated with fixed commitments in customer contracts for future services that have not yet been recognized in our condensed consolidated financial statements. The amount of fixed revenue not yet recognized was $335.1 million as of December 31, 2018. The Company expects to recognize revenue on substantially all of these remaining performance obligations by March 31, 2021 with the balance recognized thereafter.




3. EARNINGS PER SHARE AND STOCKHOLDERS’ EQUITY:
 
Earnings Per Share
 
A reconciliation of the numerator and denominator of basic and diluted earnings per share is shown below (in thousands, except per share amounts): 
For the three months ended For the nine months ended 
December 31, December 31, 
2018201720182017
Basic earnings per share: 
Net earnings (loss) from continuing operations $(15,261)$2,534 $(84,259)$(50,546)
Earnings from discontinued operations, net of tax 1,071,661 20,407 1,158,267 68,851 
Net earnings$1,056,400 $22,941 $1,074,008 $18,305 
Basic weighted-average shares outstanding 77,398 79,043 77,260 78,983 
Continuing operations $(0.20)$0.03 $(1.09)$(0.64)
Discontinued operations 13.85 0.26 14.99 0.87 
Basic earnings per share $13.65 $0.29 $13.90 $0.23 
Diluted earnings per share: 
Basic weighted-average shares outstanding 77,398 79,043 77,260 78,983 
Dilutive effect of common stock options, warrants, and restricted stock as computed under the treasury stock method  2,826   
Diluted weighted-average shares outstanding 77,398 81,869 77,260 78,983 
Continuing operations $(0.20)$0.03 $(1.09)$(0.64)
Discontinued operations 13.85 0.25 14.99 0.87 
Diluted earnings per share $13.65 $0.28 $13.90 $0.23 
 
Due to the net loss from continuing operations during the three months ended December 31, 2018, the dilutive effect of options, warrants and restricted stock units covering 3.3 million shares of common stock was excluded from the diluted loss per share calculation since the impact on the calculation was anti-dilutive. Due to the net loss from continuing operations during the nine months ended December 31, 2018 and 2017, respectively, the dilutive effect of options, warrants and restricted stock units covering 3.5 million and 2.6 million shares of common stock, respectively, was excluded from the diluted loss per share calculation since the impact on the calculation was anti-dilutive. 

Additional options, warrants to purchase shares of common stock, and restricted stock units that were outstanding during the periods presented but were not included in the computation of diluted loss per share because the effect was anti-dilutive are shown below (shares in thousands): 
For the three months ended For the nine months ended 
December 31, December 31, 
2018 2017 2018 2017 
Number of shares outstanding under options, warrants and restricted stock units plans 22 97 235 89 
Range of exercise prices for options N/A $32.85 N/A $32.85 
 



Stockholders’ Equity
 
On August 29, 2011, the board of directors adopted a common stock repurchase program.  That program was subsequently modified and expanded, most recently on October 25, 2018.  On that date, the board of directors authorized a $500 million increase to the existing common stock repurchase program. Under the modified common stock repurchase program, the Company may purchase up to $1 billion of its common stock through the period ending December 31, 2020.

During the nine months ended December 31, 2018, the Company repurchased 2.3 million shares of its common stock for $64.1 million under the stock repurchase program.  Through December 31, 2018, the Company had repurchased a total of 22.4 million shares of its stock for $438.7 million under the stock repurchase program, leaving remaining capacity of $561.3 million.

On October 25, 2018, the board of directors authorized a Dutch auction tender offer (the "Offer") to purchase shares of its outstanding common stock at an initial aggregate purchase price not to exceed $500 million, plus up to 2% of the Company's outstanding shares of common stock in accordance with the rules and regulations of the SEC. On December 13, 2018, the Company accepted for purchase 11,235,955 shares of its common stock at a price of $44.50 per share, for an aggregate cost of $503.4 million, including fees and expenses. These shares represented approximately 14.2% of the shares outstanding.
 
Accumulated Other Comprehensive Income
 
Accumulated other comprehensive income accumulated balances of $7.9 million and $10.8 million at December 31, 2018 and March 31, 2018, respectively, reflect accumulated foreign currency translation adjustments.
 
4. DISPOSITION:
 
On July 2, 2018, the Company entered into a definitive agreement to sell its Acxiom Marketing Solutions business (“AMS”) to The Interpublic Group of Companies, Inc. (“IPG”) for $2.3 billion in cash. As required regulatory approvals were being sought and received, the Company solicited and received shareholder approval for the transaction. Shareholder approval was received on September 20, 2018, and the Company began reporting the financial information pertaining to AMS as a component of discontinued operations in the condensed consolidated financial statements as of the second quarter of fiscal 2019. Prior to the discontinued operations classification, the AMS business was included in the AMS segment in the Company’s segment results.

The sale was completed on October 1, 2018. At the closing of the transaction, the Company received total consideration of $2.3 billion ($2.3 billion stated sales price less closing adjustments and transaction costs of $49.0 million). Additionally, the Company applied $230.5 million of proceeds from the sale to repay outstanding Company debt and interest. The Company reported a gain of $1.7 billion on the sale, which is included in earnings from discontinued operations, net of tax.  

Summary results of operations of AMS for the three and nine months ended December 31, 2018 and 2017, respectively, are segregated and included in earnings from discontinued operations, net of tax, in the condensed consolidated statements of operations.




The following is a reconciliation of the major classes of line items constituting earnings from discontinued operations, net of tax (dollars in thousands):
For the three months endedFor the nine months ended
December 31,December 31,
2018201720182017
Revenues$ $175,750