DISCONTINUED OPERATIONS:

12 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Acxiom Marketing Solutions ("AMS") business

During fiscal 2019, the Company completed the sale of its AMS business to The Interpublic Group of Companies, Inc. (“IPG”) for $2.3 billion in cash. The business qualified for treatment as discontinued operations during fiscal 2019. At the closing of the transaction, the Company received total consideration of $2.3 billion ($2.3 billion stated sales price less closing adjustments, transaction costs and other items of $49.0 million). Additionally, the Company applied $230.5 million of proceeds from the sale to repay outstanding Company debt and related interest. The Company reported a gain of $1.7 billion on the sale, which was included in earnings from discontinued operations, net of tax.

Summary results of operations for AMS for the fiscal years ended March 31, 2020 and 2019 are segregated and included in earnings from discontinued operations, net of tax, in the 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):


	Year ended March 31,
	2020		2019
Revenues	$	—	$	332,185
Cost of revenue	—		213,512
Gross profit	—		118,673
Operating expenses:
Research and development	—		21,621
Sales and marketing	—		60,743
General and administrative	—		71,500
Gains, losses and other items, net	(957)		(1,673,636)
Total operating expenses	(957)		(1,519,772)
Income from discontinued operations	957		1,638,445
Interest expense	—		(5,702)
Other, net	—		97
Earnings from discontinued operations before income taxes	957		1,632,840
Income taxes	207		470,346
Earnings from discontinued operations, net of tax	$	750	$	1,162,494