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STOCK-BASED COMPENSATION: | 3 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION: | STOCK-BASED COMPENSATION: Stock-based Compensation Plans The Company has stock option and equity compensation plans for which a total of 42.3 million shares of the Company’s common stock have been reserved for issuance since the inception of the plans. At June 30, 2019, there were a total of 11.3 million shares available for future grants under the plans. Stock-based Compensation Expense The Company's stock-based compensation activity for the three months ended June 30, 2019, by award type, was (dollars in millions):
|  | For the three months ended |  |
|  | June 30, |  |
|  | 2019 |  | 2018
Stock options |  | $ | 0.7 |  | $ | 1.0
Performance stock options |  | — |  | 0.3
Restricted stock units |  | 11.1 |  | 8.5
Arbor acquisition consideration holdback |  | 2.6 |  | 3.8
Pacific Data Partners ("PDP) assumed performance plan |  | 3.9 |  | 3.9
Other non-employee stock-based compensation |  | 0.3 |  | 0.3
Total non-cash stock-based compensation included in the condensed consolidated statements of operations |  | 18.6 |  | 17.8
Less expense related to liability-based equity awards |  | (3.5) |  | (3.5)
Stock-based compensation of discontinued operations |  | — |  | 2.5
Total non-cash stock-based compensation included in the condensed consolidated statements of equity |  | $ | 15.1 |  | $ | 16.8
The effect of stock-based compensation expense on income, by financial statement line item, was (dollars in millions):
|  | For the three months ended |  |
|  | June 30, |  |
|  | 2019 |  | 2018
Cost of revenue |  | $ | 0.8 |  | $ | 0.7
Research and development |  | 4.0 |  | 4.4
Sales and marketing |  | 8.9 |  | 9.9
General and administrative |  | 4.9 |  | 2.8
Total non-cash stock-based compensation included in the condensed consolidated statements of operations |  | $ | 18.6 |  | $ | 17.8
The following table provides the expected future expense for all of the Company's outstanding equity awards at June 30, 2019, by award type. The amount for 2020 represents the remaining nine months ending March 31, 2020. All other periods represent fiscal years ending March 31 (dollars in millions).
|  | During the year ended: |  |  |  |  |  |  |  |  |  |
|  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Total
Stock options |  | $ | 1.4 |  | $ | 0.5 |  | $ | — |  | $ | — |  | $ | — |  | $ | 1.9
Restricted stock units |  | 41.2 |  | 43.6 |  | 32.8 |  | 18.5 |  | 1.8 |  | 137.9
PDP assumed performance plan |  | 11.8 |  | 15.8 |  | 15.7 |  | — |  | — |  | 43.3
|  | $ | 54.4 |  | $ | 59.9 |  | $ | 48.5 |  | $ | 18.5 |  | $ | 1.8 |  | $ | 183.1
Stock Option Activity Stock option activity for the three months ended June 30, 2019 was:
|  |  |  |  |  | Weighted-average |  |
|  |  |  | Weighted-average |  | remaining |  | Aggregate
|  | Number of |  | exercise price |  | contractual term |  | Intrinsic value
|  | shares |  | per share |  | (in years) |  | (in thousands)
Outstanding at March 31, 2019 |  | 1,374,430 |  | $ | 14.81 |  |  |  |
Exercised |  | (24,381) |  | $ | 5.68 |  |  |  | $ | 1,144
Forfeited or canceled |  | (2,340) |  | $ | 2.04 |  |  |  |
Outstanding at June 30, 2019 |  | 1,347,709 |  | $ | 15.00 |  | 4.2 |  | $ | 45,125
Exercisable at June 30, 2019 |  | 1,278,265 |  | $ | 15.73 |  | 4.0 |  | $ | 41,859
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 option holders exercised their options on June 30, 2019. This amount changes based upon changes in the fair market value of LiveRamp’s common stock. A summary of stock options outstanding and exercisable as of June 30, 2019 was:
|  |  |  |  |  | Options outstanding |  |  |  |  |  | Options exercisable |  |
Range of |  |  |  |  |  |  |  | Weighted-average |  | Weighted-average |  |  |  | Weighted-average
exercise price |  |  |  |  |  | Options |  | remaining |  | exercise price |  | Options |  | exercise price
per share |  |  |  |  |  | outstanding |  | contractual life |  | per share |  | exercisable |  | per share
$ | 0.61 |  | — |  | $ | 9.99 |  | 192,826 |  | 5.1 years |  | $ | 1.53 |  | 123,382 |  | $ | 1.57
$ | 10.00 |  | — |  | $ | 19.99 |  | 709,672 |  | 3.3 years |  | $ | 14.69 |  | 709,672 |  | $ | 14.69
$ | 20.00 |  | — |  | $ | 24.99 |  | 445,211 |  | 5.2 years |  | $ | 21.32 |  | 445,211 |  | $ | 21.32
|  |  |  |  |  | 1,347,709 |  | 4.2 years |  | $ | 15.00 |  | 1,278,265 |  | $ | 15.73
Performance Stock Option Unit Activity Performance stock option unit activity for the three months ended June 30, 2019 was:
|  |  |  |  |  | Weighted-average |  |
|  |  |  | Weighted-average |  | remaining |  | Aggregate
|  | Number |  | exercise price |  | contractual term |  | intrinsic value
|  | of shares |  | per share |  | (in years) |  | (in thousands)
Outstanding at March 31, 2019 |  | 130,154 |  | $ | 21.44 |  |  |  |
Forfeited or canceled |  | (130,154) |  | $ | 21.44 |  |  |  |
Outstanding at June 30, 2019 |  | — |  | $ | — |  |  |  | $ | —
Exercisable at June 30, 2019 |  | — |  | $ | — |  | — |  | $ | —
The performance stock option units outstanding at March 31, 2019 reached maturity of the relevant performance period at March 31, 2019. The units attained a 0% attainment level, resulting in cancellation of the units in the current fiscal year. Restricted Stock Unit Activity During the three months ended June 30, 2019, the Company granted time-vesting restricted stock units covering 926,461 shares of common stock with a fair value at the date of grant of $51.4 million. Of the restricted stock units granted in the current period, 78,172 vest in equal annual increments over four years, and 848,289 vest 25% at the one-year anniversary and 75% in equal quarterly increments over the subsequent three years. Grant date fair value of these units is equal to the quoted market price for the shares on the date of grant. Time-vesting restricted stock unit activity for the three months ended June 30, 2019 was:
|  |  |  | Weighted-average |  |
|  |  |  | fair value per |  | Weighted-average
|  | Number |  | share at grant |  | remaining contractual
|  | of shares |  | date |  | term (in years)
Outstanding at March 31, 2019 |  | 3,054,750 |  | $ | 30.91 |  | 2.47
Granted |  | 926,461 |  | $ | 55.48 |  |
Vested |  | (144,917) |  | $ | 23.66 |  |
Forfeited or canceled |  | (142,708) |  | $ | 35.36 |  |
Outstanding at June 30, 2019 |  | 3,693,586 |  | $ | 37.18 |  | 2.65
The total fair value of time-vesting restricted stock units vested for the three months ended June 30, 2019 was $7.9 million and is measured as the quoted market price of the Company's common stock on the vesting date for the number of shares vested. During the three months ended June 30, 2019, the Company granted performance-based restricted stock units covering 202,818 shares of common stock having a fair value at the date of grant of $12.3 million. The grants were made under two separate performance plans. Under the first performance plan, units covering 60,844 shares of common stock were granted having a fair value at the date of grant of $4.4 million, determined using a Monte Carlo simulation model. The units vest subject to attainment of market conditions established by the compensation committee of the board of directors (“compensation committee”) and continuous employment through the vesting date. The 60,844 units may vest in a number of shares from 0% to 200% of the award, based on the total shareholder return of LiveRamp common stock compared to total shareholder return of the Russell 2000 market index for the period from April 1, 2019 to March 31, 2022. Under the second performance plan, units covering 141,974 shares of common stock were granted having a fair value at the date of grant of $7.9 million equal to the quoted market price for the shares on the date of grant. The units vest subject to attainment of performance criteria established by the compensation committee of the board of directors. The units may vest in three equal annual increments in a number of shares from 0% to 200% of the award, based on the attainment of year-over-year revenue growth targets of each annual period from April 1, 2019 to March 31, 2022. Non-vested performance-based restricted stock unit activity for the three months ended June 30, 2019 was:
|  |  |  | Weighted-average |  |
|  |  |  | fair value per |  | Weighted-average
|  | Number |  | share at grant |  | remaining contractual
|  | of shares |  | date |  | term (in years)
Outstanding at March 31, 2019 |  | 394,188 |  | $ | 43.88 |  | 3.23
Granted |  | 202,818 |  | $ | 60.65 |  |
Forfeited or canceled |  | (45,047) |  | $ | 34.89 |  |
Outstanding at June 30, 2019 |  | 551,959 |  | $ | 50.77 |  | 2.97
Consideration Holdback As part of the Company’s acquisition of Arbor in fiscal 2017, $38.3 million of the acquisition consideration otherwise payable with respect to shares of restricted Arbor common stock held by certain key employees was subject to holdback by the Company pursuant to agreements with those employees (each, a “Holdback Agreement”). The Holdback Agreement specifies the payment of the consideration in monthly installments using LiveRamp shares over a thirty month period, ending in the quarter ended June 30, 2019. At June 30, 2019, the Company had met its full obligation for the consideration holdback due to the Arbor key employees. Through June 30, 2019, the Company had recognized a total of $38.3 million expense related to the Holdback Agreements. PDP Assumed Performance Plan In connection with the fiscal 2018 acquisition of PDP, the Company assumed the outstanding performance compensation plan under the PDP 2018 Equity Compensation Plan ("PDP PSU plan"). Through June 30, 2019, the Company has recognized a total of $21.7 million related to the PDP PSU plan. At June 30, 2019, the recognized, but unpaid, balance related to the PDP PSU plan in other accrued expenses in the condensed consolidated balance sheet was $19.5 million.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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