0001628280-20-015824 | 10-Q | XBRL Viewer | Take TWO Interactive Software INC

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COVER - shares	6 Months Ended
COVER - shares	Sep. 30, 2020	Oct. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-34003
Entity Registrant Name	TAKE-TWO INTERACTIVE SOFTWARE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0350842
Entity Address, Address Line One	110 West 44th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	536-2842
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	TTWO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,021,621
Entity Central Index Key	0000946581
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,345,099	$ 1,357,664
Short-term investments	1,040,786	644,003
Restricted cash and cash equivalents	450,145	546,604
Accounts receivable, net of allowances of $448 and $443 at September 30, 2020 and March 31, 2020, respectively	787,818	592,555
Inventory	26,934	19,108
Software development costs and licenses	73,714	40,316
Deferred cost of goods sold	15,410	19,598
Prepaid expenses and other	192,192	273,503
Total current assets	3,932,098	3,493,351
Fixed assets, net	133,404	131,888
Right-of-use assets	156,310	154,284
Software development costs and licenses, net of current portion	403,390	401,778
Goodwill	521,000	386,494
Other intangibles, net	126,392	51,260
Deferred tax assets	117,692	116,676
Long-term restricted cash and cash equivalents	289,536	89,124
Other assets	156,332	123,977
Total assets	5,836,154	4,948,832
Current liabilities:
Accounts payable	85,103	65,684
Accrued expenses and other current liabilities	1,148,617	1,169,884
Deferred revenue	1,063,064	777,784
Lease liabilities	29,051	25,187
Total current liabilities	2,325,835	2,038,539
Non-current deferred revenue	32,880	28,339
Non-current lease liabilities	150,793	152,059
Non-current software development royalties	302,435	104,417
Other long-term liabilities	122,929	86,234
Total liabilities	2,934,872	2,409,588
Commitments and contingencies (See Note 13)
Stockholders' equity:
Preferred stock, $.01 par value, 5,000 shares authorized; no shares issued and outstanding at September 30, 2020 and March 31, 2020	0	0
Common stock, $.01 par value, 200,000 shares authorized; 137,349 and 135,927 shares issued and 114,928 and 113,506 outstanding at September 30, 2020 and March 31, 2020, respectively	1,373	1,359
Additional paid-in capital	2,285,394	2,134,748
Treasury stock, at cost; 22,421 common shares at September 30, 2020 and March 31, 2020	(820,572)	(820,572)
Retained earnings	1,469,911	1,282,085
Accumulated other comprehensive loss	(34,824)	(58,376)
Total stockholders' equity	2,901,282	2,539,244
Total liabilities and stockholders' equity	$ 5,836,154	$ 4,948,832

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 448	$ 443
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	137,349,000	135,927,000
Common stock, shares outstanding (in shares)	114,928,000	113,506,000
Treasury stock, shares (in shares)	22,421,000	22,421,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net revenue	$ 841,142	$ 857,841	$ 1,672,452	$ 1,398,300
Cost of goods sold	432,505	468,248	909,194	709,717
Gross profit	408,637	389,593	763,258	688,583
Selling and marketing	113,691	149,566	198,470	241,387
General and administrative	91,433	76,659	193,606	151,492
Research and development	74,216	76,197	147,324	145,160
Depreciation and amortization	13,691	12,024	26,109	23,281
Business reorganization	239	327	239	713
Total operating expenses	293,270	314,773	565,748	562,033
Income from operations	115,367	74,820	197,510	126,550
Interest and other, net	2,706	8,054	10,924	18,479
Loss on long-term investments	655	0	655	0
Income before income taxes	117,418	82,874	207,779	145,029
Provision for income taxes	18,097	11,059	19,953	26,934
Net income	$ 99,321	$ 71,815	$ 187,826	$ 118,095
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.87	$ 0.63	$ 1.65	$ 1.05
Diluted earnings per share (in dollars per share)	$ 0.86	$ 0.63	$ 1.63	$ 1.04

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 99,321	$ 71,815	$ 187,826	$ 118,095
Other comprehensive income (loss):
Foreign currency translation adjustment	18,861	(12,567)	23,562	(21,364)
Cash flow hedges:
Change in unrealized gains	0	5,889	(3,817)	6,092
Reclassification to earnings	0	(4,490)	(1,333)	(3,408)
Tax effect on effective cash flow hedges	0	696	845	687
Change in fair value of effective cash flow hedge	0	2,095	(4,305)	3,371
Change in fair value of available for sale securities	(1,554)	(2)	4,295	720
Other comprehensive income (loss)	17,307	(10,474)	23,552	(17,273)
Comprehensive income	$ 116,628	$ 61,341	$ 211,378	$ 100,822

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net income	$ 187,826	$ 118,095
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and impairment of software development costs and licenses	92,664	72,505
Depreciation	25,826	23,037
Amortization and impairment of intellectual property	11,801	10,627
Stock-based compensation	98,719	113,199
Other, net	(2,631)	4,325
Changes in assets and liabilities:
Accounts receivable	(189,477)	(463,019)
Inventory	(7,266)	(12,064)
Software development costs and licenses	(127,290)	(51,932)
Prepaid expenses and other assets	65,296	(131,055)
Deferred revenue	284,441	66,148
Deferred cost of goods sold	4,753	15,287
Accounts payable, accrued expenses and other liabilities	182,083	379,005
Net cash provided by operating activities	626,745	144,158
Investing activities:
Change in bank time deposits	(218,239)	6,720
Proceeds from available-for-sale securities	260,729	137,071
Purchases of available-for-sale securities	(435,511)	(141,244)
Purchases of fixed assets	(25,021)	(25,532)
Purchases of long-term investments	(9,100)	(4,500)
Business acquisitions	(75,482)	(8,715)
Net cash used in investing activities	(502,624)	(36,200)
Financing activities:
Tax payment related to net share settlements on restricted stock awards	(48,202)	(61,478)
Issuance of common stock	6,503	0
Net cash used in financing activities	(41,699)	(61,478)
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	8,966	(8,063)
Net change in cash, cash equivalents, and restricted cash and cash equivalents	91,388	38,417
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year	1,993,392	1,391,986
Cash, cash equivalents, and restricted cash and cash equivalents, end of period	$ 2,084,780	$ 1,430,403

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Mar. 31, 2019		134,602		(22,421)
Beginning balance at Mar. 31, 2019	$ 2,040,580	$ 1,346	$ 2,019,369	$ (820,572)	$ 877,626	$ (37,189)
Increase (Decrease) in Stockholders' Equity
Net income	118,095				118,095
Change in cumulative foreign currency translation adjustment	(21,364)					(21,364)
Change in unrealized gains on cash flow hedge, net	3,371					3,371
Net unrealized gain on available-for-sale securities, net of taxes	720					720
Stock-based compensation	96,706		96,706
Issuance of restricted stock, net of forfeitures and cancellations (in shares)		1,503
Issuance of restricted stock, net of forfeitures and cancellations	0	$ 15	(15)
Net share settlement of restricted stock awards (in shares)		(551)
Net share settlement of restricted stock awards	(61,478)	$ (6)	(61,472)
Employee share purchase plan settlement (in shares)		62
Employee share purchase plan settlement	5,133	$ 1	5,132
Ending balance (in shares) at Sep. 30, 2019		135,616		(22,421)
Ending balance at Sep. 30, 2019	2,181,763	$ 1,356	2,059,720	$ (820,572)	995,721	(54,462)
Beginning balance (in shares) at Jun. 30, 2019		135,527		(22,421)
Beginning balance at Jun. 30, 2019	2,086,327	$ 1,355	2,025,626	$ (820,572)	923,906	(43,988)
Increase (Decrease) in Stockholders' Equity
Net income	71,815				71,815
Change in cumulative foreign currency translation adjustment	(12,567)					(12,567)
Change in unrealized gains on cash flow hedge, net	2,095					2,095
Net unrealized gain on available-for-sale securities, net of taxes	(2)					(2)
Stock-based compensation	43,455		43,455
Issuance of restricted stock, net of forfeitures and cancellations (in shares)		164
Issuance of restricted stock, net of forfeitures and cancellations	0	$ 2	(2)
Net share settlement of restricted stock awards (in shares)		(75)
Net share settlement of restricted stock awards	(9,360)	$ (1)	(9,359)
Employee share purchase plan settlement	0
Ending balance (in shares) at Sep. 30, 2019		135,616		(22,421)
Ending balance at Sep. 30, 2019	2,181,763	$ 1,356	2,059,720	$ (820,572)	995,721	(54,462)
Beginning balance (in shares) at Mar. 31, 2020		135,927		(22,421)
Beginning balance at Mar. 31, 2020	2,539,244	$ 1,359	2,134,748	$ (820,572)	1,282,085	(58,376)
Increase (Decrease) in Stockholders' Equity
Net income	187,826				187,826
Change in cumulative foreign currency translation adjustment	23,562					23,562
Change in unrealized gains on cash flow hedge, net	(4,305)					(4,305)
Net unrealized gain on available-for-sale securities, net of taxes	4,295					4,295
Stock-based compensation	94,712		94,712
Issuance of restricted stock, net of forfeitures and cancellations (in shares)		1,094
Issuance of restricted stock, net of forfeitures and cancellations	0	$ 11	(11)
Net share settlement of restricted stock awards (in shares)		(341)
Net share settlement of restricted stock awards	(48,202)	$ (4)	(48,198)
Employee share purchase plan settlement (in shares)		65
Employee share purchase plan settlement	6,503	$ 1	6,502
Issuance of shares related to Playdots, Inc. acquisition (in shares)		604
Issuance of shares related to Playdots, Inc. acquisition	97,647	$ 6	97,641
Ending balance (in shares) at Sep. 30, 2020		137,349		(22,421)
Ending balance at Sep. 30, 2020	2,901,282	$ 1,373	2,285,394	$ (820,572)	1,469,911	(34,824)
Beginning balance (in shares) at Jun. 30, 2020		136,689		(22,421)
Beginning balance at Jun. 30, 2020	2,651,028	$ 1,367	2,151,774	$ (820,572)	1,370,590	(52,131)
Increase (Decrease) in Stockholders' Equity
Net income	99,321				99,321
Change in cumulative foreign currency translation adjustment	18,861					18,861
Net unrealized gain on available-for-sale securities, net of taxes	(1,554)					(1,554)
Stock-based compensation	45,675		45,675
Issuance of restricted stock, net of forfeitures and cancellations (in shares)		115
Issuance of restricted stock, net of forfeitures and cancellations	0	$ 1	(1)
Net share settlement of restricted stock awards (in shares)		(59)
Net share settlement of restricted stock awards	(9,696)	$ (1)	(9,695)
Employee share purchase plan settlement	0
Issuance of shares related to Playdots, Inc. acquisition (in shares)		604
Issuance of shares related to Playdots, Inc. acquisition	97,647	$ 6	97,641
Ending balance (in shares) at Sep. 30, 2020		137,349		(22,421)
Ending balance at Sep. 30, 2020	$ 2,901,282	$ 1,373	$ 2,285,394	$ (820,572)	$ 1,469,911	$ (34,824)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Take-Two Interactive Software, Inc. (the "Company," "we," "us," or similar pronouns) was incorporated in the state of Delaware in 1993. We are a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. We develop and publish products principally through Rockstar Games, 2K, Private Division, Social Point, and Playdots. Our products are designed for console systems and personal computers, including smart phones and tablets, and are delivered through physical retail, digital download, online platforms, and cloud streaming services. Basis of Presentation The accompanying Condensed Consolidated Financial Statements are unaudited and include the accounts of the Company and its wholly-owned subsidiaries and, in our opinion, reflect all normal and recurring adjustments necessary for the fair presentation of our financial position, results of operations, and cash flows. Interim results may not be indicative of the results that may be expected for the full fiscal year. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of these Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in these Condensed Consolidated Financial Statements and accompanying notes. As permitted under U.S. GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions when appropriate. Actual results could differ materially from those estimates, including as a result of the COVID-19 pandemic, which may affect economic conditions in a number of different ways and result in uncertainty and risk. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"), although we believe that the disclosures are adequate to make the information presented not misleading. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with our annual Consolidated Financial Statements and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Certain immaterial reclassifications have been made to prior period amounts to conform to the current period presentation. Recently Adopted Accounting Pronouncements Accounting for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. We adopted this update effective April 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements. Accounting for Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that will require the reflection of expected credit losses and will also require consideration of a broader range of reasonable and supportable information to determine credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. For most financial instruments, the standard will require the use of a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which will generally result in the earlier recognition of credit losses on financial instruments. We adopted this update effective April 1, 2020 under a modified retrospective basis. No adjustment to retained earnings was recorded as a result of the adoption of this standard, which did not have a material impact on our Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements Accounting for Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. The guidance includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This guidance is effective immediately and is only available through December 31, 2022. We are currently evaluating the potential impact of adopting this guidance on our Consolidated Financial Statements. Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2020 (April 1, 2021 for the Company), with early adoption permitted. We are currently evaluating the potential impact of adopting this guidance on our Consolidated Financial Statements.

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of revenue

Product revenue

Product revenue is primarily comprised of the portion of revenue from software products that is recognized when the customer takes control of the product (i.e., upon delivery of the software product).

Service and other revenue

Service and other revenue is primarily comprised of revenue from game related services, virtual currency transactions, and in-game purchases which are recognized over an estimated service period.

Net revenue by product revenue and service and other was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
Service and other	$	551,576	$	421,747	$	1,083,626	$	846,132
Product	289,566		436,094		588,826		552,168
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Full game and other revenue

Full game and other revenue primarily includes the initial sale of full game software products, which may include offline and/or significant game related services.

Recurrent consumer spending revenue

Recurrent consumer spending revenue is generated from ongoing consumer engagement and includes revenue from virtual currency, add-on content, and in-game purchases.

Net revenue by full game and other revenue and recurrent consumer spending was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
Recurrent consumer spending	$	495,724	$	318,468	$	975,129	$	633,326
Full game and other	345,418		539,373		697,323		764,974
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Geography

We attribute net revenue to geographic regions based on software product destination. Net revenue by geographic region was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
United States	$	503,583	$	494,661	$	974,073	$	825,140
International	337,559		363,180		698,379		573,160
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Platform

Net revenue by platform was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
Console	$	641,269	$	651,818	$	1,252,954	$	1,086,632
PC and other	199,873		206,023		419,498		311,668
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Distribution channel

Our products are delivered through digital online services (digital download, online platforms, and cloud streaming) and physical retail and other. Net revenue by distribution channel was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
Digital online	$	711,299	$	615,774	$	1,437,525	$	1,043,555
Physical retail and other	129,843		242,067		234,927		354,745
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Deferred Revenue

We record deferred revenue when payments are due or received in advance of the fulfillment of our associated performance obligations. Deferred revenue, including current and non-current balances as of September 30, 2020 and March 31, 2020 were $1,095,944 and $806,123, respectively. For the three months ended September 30, 2020, the additions to our deferred revenue balance were due primarily to cash payments received or due in advance of satisfying our performance obligations, while the reductions to our deferred revenue balance were due primarily to the recognition of revenue upon fulfillment of our performance obligations, both of which were in the ordinary course of business.

During the three months ended September 30, 2020 and 2019, $241,732 and $234,411, respectively, of revenue was recognized that was included in the deferred revenue balance at the beginning of the respective period. During the six months ended September 30, 2020 and 2019, $612,946 and $564,833, respectively, of revenue was recognized that was included in the deferred revenue balance at the beginning of the respective period. As of September 30, 2020, the aggregate amount of contract revenue allocated to unsatisfied performance obligations is $1,223,304, which includes our deferred revenue balances and amounts to be invoiced and recognized in future periods. We expect to recognize approximately $1,092,423 of this balance as revenue over the next 12 months, and the remainder thereafter. This balance does not include an estimate for variable consideration arising from sales-based royalty license revenue in excess of the contractual minimum guarantee.

As of September 30, 2020 and March 31, 2020, our contract asset balances were $98,053 and $81,625, respectively, which are recorded within Prepaid expenses and other in our Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

MANAGEMENT AGREEMENT

6 Months Ended

Sep. 30, 2020

MANAGEMENT AGREEMENT

MANAGEMENT AGREEMENT

In November 2017, we entered into a new management agreement (the "2017 Management Agreement"), with ZelnickMedia Corporation ("ZelnickMedia") that replaces our previous agreement with ZelnickMedia and pursuant to which ZelnickMedia provides financial and management consulting services through March 31, 2024. The 2017 Management Agreement became effective January 1, 2018. As part of the 2017 Management Agreement, Strauss Zelnick, the President of ZelnickMedia, continues to serve as Executive Chairman and Chief Executive Officer of the Company, and Karl Slatoff, a partner of ZelnickMedia, continues to serve as President of the Company. The 2017 Management Agreement provides for an annual management fee of $3,100 over the term of the agreement and a maximum annual bonus opportunity of $7,440 over the term of the agreement, based on the Company achieving certain performance thresholds.

In consideration for ZelnickMedia's services, we recorded consulting expense (a component of General and administrative expenses) of $2,605 and $1,705 during the three months ended September 30, 2020 and 2019, respectively, and $5,270 and $3,375 during the six months ended September 30, 2020 and 2019, respectively. We recorded stock-based compensation expense for restricted stock units granted to ZelnickMedia, which is included in General and administrative expenses, of $6,887 and $5,956 during the three months ended September 30, 2020 and 2019, respectively, and $13,657 and $11,501 during the six months ended September 30, 2020 and 2019, respectively.

In connection with the 2017 Management Agreement, we have granted restricted stock units as follows:


	Six Months Ended September 30,
	2020	2019
Time-based	79	92
Market-based(1)	145	168
Performance-based(1)
IP	24	28
Recurrent Consumer Spending ("RCS")	24	28
Total—Performance-based	48	56
Total Restricted Stock Units	272	316

_______________________________________________________________________________

(1)Represents the maximum number of shares eligible to vest.

Time-based restricted stock units granted in fiscal year 2021 will vest on April 13, 2022, and those granted in fiscal year 2020 will vest on April 13, 2021, in each case provided that the 2017 Management Agreement has not been terminated prior to such vesting date.

Market-based restricted stock units granted in fiscal year 2021 are eligible to vest on April 13, 2022, and those granted in fiscal year 2020 are eligible to vest on April 13, 2021, in each case provided that the 2017 Management Agreement has not been terminated prior to such vesting date. Market-based restricted stock units are eligible to vest based on the Company's Total Shareholder Return (as defined in the relevant grant agreement) relative to the Total Shareholder Return (as defined in the relevant grant agreement) of the companies that constitute the NASDAQ Composite Index as of the grant date measured over a two-year period. To earn the target number of market-based restricted stock units (which represents 50% of the number of the market-based restricted stock units set forth in the table above), the Company must perform at the 50th percentile, with the maximum number of market-based restricted stock units earned if the Company performs at the 75th percentile.

Performance-based restricted stock units granted in fiscal year 2021 are eligible to vest on April 13, 2022, and those granted in fiscal year 2020 are eligible to vest on April 13, 2021, in each case provided that the 2017 Management Agreement has not been terminated prior to such vesting date. The performance-based restricted stock units, of which 50% are tied to "IP" and 50% to "RCS" (as defined in the relevant grant agreement), are eligible to vest based on the Company's achievement of certain performance metrics (as defined in the relevant grant agreement) of either individual product releases of "IP" or "RCS" measured over a two-year period. The target number of performance-based restricted stock units that may be earned pursuant to these grants is equal to 50% of the grant amounts set forth in the above table (the numbers in the table represent the maximum number of performance-based restricted stock units that may be earned). At the end of each reporting period, we assess the probability of each performance metric and upon determination that certain thresholds are probable, we record expense for the unvested portion of the shares of performance-based restricted stock units.

The unvested portion of time-based, market-based and performance-based restricted stock units held by ZelnickMedia were 588 and 613 as of September 30, 2020 and March 31, 2020, respectively. During the three and six months ended September 30, 2020, 297 restricted stock units previously granted to ZelnickMedia vested, and no restricted stock units were forfeited by ZelnickMedia.

FAIR VALUE MEASUREMENTS

6 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, prepaid expenses and other, accounts payable, and accrued expenses and other current liabilities, approximate fair value because of their short maturities.

We follow a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of "observable inputs" and minimize the use of "unobservable inputs." The three levels of inputs used to measure fair value are as follows:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.

The table below segregates all assets and liabilities that are measured at fair value on a recurring basis (which is measured at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.


	September 30, 2020		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)		Balance Sheet Classification
Money market funds	$	638,313	$	638,313	$	—	$	—	Cash and cash equivalents
Bank-time deposits	204,000		204,000		—		—		Cash and cash equivalents
Commercial paper	33,229		—		33,229		—		Cash and cash equivalents

Corporate bonds	4,133		—		4,133		—		Cash and cash equivalents
Corporate bonds	519,645		—		519,645		—		Short-term investments
Bank-time deposits	409,239		409,239		—		—		Short-term investments
US Treasuries	33,197		33,197		—		—		Short-term investments
Asset-backed securities	950		—		950		—		Short-term investments
Commercial paper	77,755		—		77,755		—		Short-term investments
Money market funds	435,771		435,771		—		—		Restricted cash and cash equivalents
Bank-time deposits	533		533		—		—		Restricted cash and cash equivalents
Money market funds	289,536		289,536		—		—		Long-term restricted cash and cash equivalents
Private equity	5,564		—		—		5,564		Other assets
Foreign currency forward contracts	(204)		—		(204)		—		Accrued expenses and other current liabilities
Total recurring fair value measurements, net	$	2,651,661	$	2,010,589	$	635,508	$	5,564


	March 31, 2020		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)		Balance Sheet Classification
Money market funds	$	497,861	$	497,861	$	—	$	—	Cash and cash equivalents
Bank-time deposits	313,757		313,757		—		—		Cash and cash equivalents
Commercial paper	97,544		—		97,544		—		Cash and cash equivalents
Corporate bonds	9,888		—		9,888		—		Cash and cash equivalents
Money market funds	546,604		546,604		—		—		Restricted cash and cash equialents
Corporate bonds	334,631		—		334,631		—		Short-term investments
Bank-time deposits	191,000		191,000		—		—		Short-term investments
US Treasuries	30,819		30,819		—		—		Short-term investments
Commercial paper	87,553		—		87,553		—		Short-term investments
Cross-currency swap	11,275		—		11,275		—		Prepaid expenses and other
Money market funds	89,124		89,124		—		—		Long-term restricted cash and cash equivalents
Private equity	2,759		—		—		2,759		Other assets
Foreign currency forward contracts	(11)		—		(11)		—		Accrued and other current liabilities
Total recurring fair value measurements, net	$	2,212,804	$	1,669,165	$	540,880	$	2,759

We did not have any transfers between Level 1 and Level 2 fair value measurements, nor did we have any transfers into or out of Level 3 during the six months ended September 30, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SHORT-TERM INVESTMENTS

6 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

SHORT-TERM INVESTMENTS

Our Short-term investments consisted of the following:


	September 30, 2020
			Gross Unrealized
	Cost or Amortized Cost		Gains		Losses		Fair Value
Short-term investments
Bank time deposits	$	409,239	$	—	$	—	$	409,239
Available-for-sale securities:
Corporate bonds	517,663		2,193		(211)		519,645
US Treasuries	33,035		162		—		33,197
Asset-backed securities	945		5		—		950
Commercial paper	77,755		—		—		77,755
Total Short-term investments	$	1,038,637	$	2,360	$	(211)	$	1,040,786


	March 31, 2020
			Gross Unrealized
	Cost or Amortized Cost		Gains		Losses		Fair Value
Short-term investments
Bank time deposits	$	191,000	$	—	$	—	$	191,000
Available-for-sale securities:
Corporate bonds	337,752		307		(3,428)		334,631
US Treasuries	30,481		338		—		30,819
Commercial paper	87,553		—		—		87,553
Total short-term investments	$	646,786	$	645	$	(3,428)	$	644,003

The following table summarizes the contracted maturities of our short-term investments at September 30, 2020:


	September 30, 2020
	Amortized Cost		Fair Value
Short-term investments
Due in 1 year or less	$	828,987	$	830,369
Due in 1 - 2 years	208,705		209,467
Due in 2 - 3 years	945		950
Total short-term investments	$	1,038,637	$	1,040,786

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Our risk management strategy includes the use of derivative financial instruments to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. We do not enter into derivative financial contracts for speculative or trading purposes. We recognize derivative instruments as either assets or liabilities on our Consolidated Balance Sheets, and we measure those instruments at fair value. We classify cash flows from derivative transactions as cash flows from operating activities in our Consolidated Statements of Cash Flows.

Foreign currency forward contracts

The following table shows the gross notional amounts of foreign currency forward contracts:


	September 30, 2020		March 31, 2020
Forward contracts to sell foreign currencies	$	193,693	$	122,024
Forward contracts to purchase foreign currencies	71,783		52,596

For the three months ended September 30, 2020 and 2019, we recorded a loss of $1,029 and a gain of $2,210, respectively, and for the six months ended September 30, 2020 and 2019 we recorded a loss of $3,685 and a loss of $1,087, respectively, related to foreign currency forward contracts in Interest and other, net in our Condensed Consolidated Statements of Operations. Our foreign currency exchange forward contracts are not designated as hedging instruments under hedge accounting and are used to reduce the impact of foreign currency on certain balance sheet exposures and certain revenue and expense. These instruments are generally short-term in nature, with typical maturities of less than one year, and are subject to fluctuations in foreign exchange rates.

Cross-currency swap

In August 2017, we entered into a cross-currency swap agreement related to an intercompany loan that has been designated and accounted for as a cash flow hedge of foreign currency exchange risk. During the three months ended June 30, 2020, we settled the intercompany loan and cross-currency swap, thereby discontinuing the cash flow hedge. As a result, we reclassified $3,109 from Accumulated other comprehensive income (loss) to earnings as an increase to Interest and other, net on our Condensed Consolidated Statement of Operations. We also received $7,420 in cash to settle our corresponding derivative asset.

INVENTORY

6 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

INVENTORY

Inventory balances by category were as follows:


	September 30, 2020		March 31, 2020
Finished products	$	24,660	$	17,984
Parts and supplies	2,274		1,124
Inventory	$	26,934	$	19,108

Estimated product returns included in inventory at September 30, 2020 and March 31, 2020 were $425 and $506, respectively.

SOFTWARE DEVELOPMENT COSTS AND LICENSES

6 Months Ended

Sep. 30, 2020

SOFTWARE DEVELOPMENT COSTS AND LICENSES

SOFTWARE DEVELOPMENT COSTS AND LICENSES

Details of our capitalized software development costs and licenses were as follows:


	September 30, 2020				March 31, 2020
	Current		Non-current		Current		Non-current
Software development costs, internally developed	$	51,998	$	309,160	$	17,367	$	305,970
Software development costs, externally developed	12,087		91,205		10,971		92,908
Licenses	9,629		3,025		11,978		2,900
Software development costs and licenses	$	73,714	$	403,390	$	40,316	$	401,778

During the three months ended September 30, 2020 and 2019, we did not record any software development impairment charges (a component of Cost of goods sold). During the six months ended September 30, 2020 and 2019, we recorded $19,695 and $0, respectively, of software development impairment charges (a component of Cost of goods sold). The impairment charge recorded during the six months ended September 30, 2020 related to unamortized capitalized costs for the development of a title, which were anticipated to exceed the net realizable value of the asset at the time they were impaired.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Sep. 30, 2020

Liabilities, Current [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


	September 30, 2020		March 31, 2020
Software development royalties	$	713,928	$	822,416
Licenses	133,563		57,651
Compensation and benefits	95,379		81,791
Refund liability	63,435		77,829
Marketing and promotions	33,089		40,797
Other	109,223		89,400
Accrued expenses and other current liabilities	$	1,148,617	$	1,169,884

DEBT

6 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

DEBT

Credit Agreement

On February 8, 2019, we entered into an unsecured Credit Agreement (the “Credit Agreement”) that runs through February 8, 2024. The Credit Agreement provides for an unsecured five-year revolving credit facility with commitments of $200,000, including sublimits for (i) the issuance of letters of credit in an aggregate face amount of up to $25,000 and (ii) borrowings and letters of credit denominated in Pounds Sterling, Euros, and Canadian Dollars in an aggregate principal amount of up to $25,000. In addition, the Credit Agreement contains uncommitted incremental capacity permitting the incurrence of up to an additional $250,000 in term loans or revolving credit facilities.

Loans under the Credit Agreement will bear interest at a rate of (a) 0.250% to 0.750% above a certain base rate (3.25% at September 30, 2020) or (b) 1.125% to 1.750% above LIBOR (approximately 1.48% at September 30, 2020), which rates are determined by reference to our consolidated total net leverage ratio. We had no outstanding borrowings at September 30, 2020.

Information related to availability on our Credit Agreement was as follows:


	September 30, 2020		March 31, 2020
Available borrowings	$	198,336	$	198,336
Outstanding letters of credit	1,664		1,664

We recorded interest expense and fees related to the Credit Agreement of $82 and $84 for the three months ended September 30, 2020 and 2019, respectively, and $164 and $166 for the six months ended September 30, 2020 and 2019, respectively. The Credit Agreement also includes, among other terms and conditions, maximum leverage ratio, minimum cash reserves and, in certain circumstances, minimum interest coverage ratio financial covenants, as well as limitations on us and each of our subsidiaries’ ability to: create, incur, assume or be liable for indebtedness; dispose of assets outside the ordinary course; acquire, merge or consolidate with or into another person or entity; create, incur or allow any lien on any of its property; make investments; or pay dividends or make distributions, in each case subject to certain exceptions. In addition, the Credit Agreement provides for certain events of default such as nonpayment of principal and interest when due thereunder, breaches of representations and warranties, noncompliance with covenants, acts of insolvency and default on indebtedness held by third parties (subject to certain limitations and cure periods).

EARNINGS PER SHARE ("EPS")

6 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE ("EPS")

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Computation of Basic earnings per share:
Net income	$	99,321	$	71,815	$	187,826	$	118,095
Weighted average shares outstanding—basic	114,444		113,117		114,153		112,869
Basic earnings per share	$	0.87	$	0.63	$	1.65	$	1.05

Computation of Diluted earnings per share:
Net income	$	99,321	$	71,815	$	187,826	$	118,095



Weighted average shares outstanding—basic	114,444		113,117		114,153		112,869
Add: dilutive effect of common stock equivalents	970		960		1,092		1,056
Weighted average common shares outstanding—diluted	115,414		114,077		115,245		113,925

Diluted earnings per share	$	0.86	$	0.63	$	1.63	$	1.04

During the six months ended September 30, 2020, 1,112 restricted stock awards vested, we granted 729 unvested restricted stock awards, and 18 unvested restricted stock awards were forfeited.

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Sep. 30, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table provides the components of accumulated other comprehensive loss:


	Six Months Ended September 30, 2020
	Foreign currency translation adjustments		Unrealized gain (loss) on forward contracts		Unrealized gain (loss) on cross-currency swap		Unrealized gain (loss) on available-for- sales securities		Total
Balance at March 31, 2020	$	(60,535)	$	600	$	4,305	$	(2,746)	$	(58,376)
Other comprehensive income (loss) before reclassifications	23,562		—		(2,972)		4,295		24,885
Amounts reclassified from accumulated other comprehensive loss	—		—		(1,333)		—		(1,333)
Balance at September 30, 2020	$	(36,973)	$	600	$	—	$	1,549	$	(34,824)


	Six Months Ended September 30, 2019
	Foreign currency translation adjustments		Unrealized gain (loss) on derivative instruments		Unrealized gain (loss) on cross-currency swap		Unrealized gain (loss) on available-for- sales securities		Total
Balance at March 31, 2019	$	(33,090)	$	600	$	(5,285)	$	586	$	(37,189)
Other comprehensive income (loss) before reclassifications	(21,364)		—		6,779		720		(13,865)
Amounts reclassified from accumulated other comprehensive loss	—		—		(3,408)		—		(3,408)
Balance at September 30, 2019	$	(54,454)	$	600	$	(1,914)	$	1,306	$	(54,462)

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We have entered into various agreements in the ordinary course of business that require substantial cash commitments over the next several years. Other than agreements entered into in the ordinary course of business and in addition to the agreements requiring known cash commitments as reported in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, we did not have any significant changes to our commitments since March 31, 2020. Legal and Other Proceedings We are, or may become, subject to demands and claims (including intellectual property and employment related claims) and are involved in routine litigation in the ordinary course of business which we do not believe to be material to our business or financial condition or results of operations. We have appropriately accrued amounts related to certain of these claims and legal and other proceedings. While it is reasonably possible that a loss may be incurred in excess of the amounts accrued in our financial statements, we believe that such losses, unless otherwise disclosed, would not be material.

BUSINESS REORGANIZATION	6 Months Ended
BUSINESS REORGANIZATION	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
BUSINESS REORGANIZATION	BUSINESS REORGANIZATIONIn the first quarter of fiscal year 2018, we announced and initiated actions to implement a strategic reorganization at one of our labels (the "2018 Plan"). In connection with this initiative, we recorded expense of $239 and $327 for business reorganization during the three months ended September 30, 2020 and 2019, respectively, and $239 and $713 during the six months ended September 30, 2020 and 2019, respectively, due to updating estimates for employee separation costs. During the six months ended September 30, 2020, we made payments of $3,500 related to these reorganization activities. As of September 30, 2020, $3,096 remained accrued in Accrued expenses and other current liabilities. Although we may record additional expense or benefit in future periods to true-up estimates, we do not expect to incur additional reorganization costs in connection with the 2018 Plan.

INCOME TAXES	6 Months Ended
INCOME TAXES	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe provision for income taxes for the three months ended September 30, 2020 is based on our projected annual effective tax rate for fiscal year 2021, adjusted for specific items that are required to be recognized in the period in which they are incurred. The provision for income taxes was $18,097 for the three months ended September 30, 2020 as compared to $11,059 for the prior year period. When compared to the statutory rate of 21%, the effective tax rate of 15.4% for the three months ended September 30, 2020 was due primarily to a tax benefit of $5,730 due to tax credits, excess tax benefits of $2,321 from employee stock-based compensation, and the geographic mix of earnings. The provision for income taxes for the six months ended September 30, 2020 is based on our projected annual effective tax rate for fiscal year 2021, adjusted for specific items that are required to be recognized in the period in which they are incurred. The provision for income taxes was $19,953 for the six months ended September 30, 2020 as compared to $26,934 for the prior year period. When compared to the statutory rate of 21%, the effective tax rate of 9.6% for the six months ended September 30, 2020 was due primarily to a tax benefit of $10,662 due to tax credits and excess tax benefits of $10,188 from employee stock-based compensation. We are regularly examined by domestic and foreign taxing authorities. Examinations may result in tax assessments in excess of amounts claimed and the payment of additional taxes. We believe our tax positions comply with applicable tax law, and that we have adequately provided for reasonably foreseeable tax assessments. It is possible that settlement of audits or the expiration of the statute of limitations may have an impact on our effective tax rate in future periods.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

ACQUISITIONS

6 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

ACQUISITIONS

On September 4, 2020, we completed the acquisition of privately-held Playdots, Inc. ("Playdots"), a New York City based free-to-play mobile game developer, for consideration of $97,846 in cash and 603,843 shares of our common stock. The cash portion was funded from our cash on hand. Of the cash consideration, $13,440 was contractually deferred and accrued for within Accrued expenses and other current liabilities within our Condensed Consolidated Balance Sheet.

We acquired Playdots as part of our ongoing strategy to expand selectively our portfolio of owned intellectual property and to diversify and strengthen further our mobile offerings.

The acquisition-date fair value of the consideration totaled $195,493, which consisted of the following:


	Fair value of purchase consideration
Cash	$	97,846
Common stock (603,843 shares)	97,647
Total	$	195,493

We used the acquisition method of accounting and recognized assets at their fair value as of the date of acquisition, with the excess recorded to goodwill. The preliminary fair values of net tangible and intangible assets are management’s estimates based on the information available at the acquisition date and may change over the measurement period, which will end no later than one year from the acquisition date, as additional information is received. The following table summarizes the preliminary acquisition date fair value of net tangible and intangible assets acquired, net of liabilities assumed from Playdots:


	Fair Value		Weighted average useful life
Cash acquired	$	12,098	N/A
Other tangible net assets	8,206		N/A
Other liabilities assumed	(24,680)		N/A
Intangible Assets
Developed game technology	69,000		6
User base	6,200		1
Branding and trade names	3,400		8
Game engine technology	2,200		4
Goodwill	119,069		N/A
Total	$	195,493

Goodwill, which is not deductible for U.S. income tax purposes, is primarily attributable to the assembled workforce of the acquired business and expected synergies at the time of the acquisition.

The amounts of revenue and earnings of Playdots included in our Consolidated Statement of Operations from the acquisition date to the period ending September 30, 2020 are as follows:


	September 4, 2020 to September 30, 2020
Net revenue	$	1,234
Net income (loss)	$	(6,049)

The following table summarizes the pro-forma consolidated results of operations (unaudited) for the three and six months ended September 30, 2020 and 2019, as though the acquisition had occurred on April 1, 2019, the beginning of Fiscal 2020, and Playdots had been included in our consolidated results for the entire periods subsequent to that date.


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Pro-forma Net revenue	$	849,872	$	862,096	$	1,693,352	$	863,431
Pro-forma Net income	$	95,147	$	60,705	$	177,250	$	47,435

The unaudited pro-forma consolidated results above are based on the historical financial statements of the Company and Playdots and not necessarily indicative of the results of operations that would have been achieved if the acquisition was completed at the beginning of Fiscal 2020 and are not indicative of the future operating results of the combined company. The financial information for Playdots prior to the acquisition has been included in the pro-forma results of operations and includes certain adjustments to the historical consolidated financial statements of Playdots to align with the Company's accounting policies. The pro-forma consolidated results of operations also include the business combination accounting effects resulting from the acquisition, including amortization expense related to finite-lived intangible assets acquired and the related tax effects assuming that the business combination occurred on April 1, 2019.

Transaction costs of $2,512 for the three and six months ended September 30, 2020, which have been recorded within General and administrative expense in our Condensed Consolidated Statements of Operations, have been excluded from the above pro-forma consolidated results of operations due to their non-recurring nature.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements are unaudited and include the accounts of the Company and its wholly-owned subsidiaries and, in our opinion, reflect all normal and recurring adjustments necessary for the fair presentation of our financial position, results of operations, and cash flows. Interim results may not be indicative of the results that may be expected for the full fiscal year. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of these Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in these Condensed Consolidated Financial Statements and accompanying notes. As permitted under U.S. GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions when appropriate. Actual results could differ materially from those estimates, including as a result of the COVID-19 pandemic, which may affect economic conditions in a number of different ways and result in uncertainty and risk. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"), although we believe that the disclosures are adequate to make the information presented not misleading. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with our annual Consolidated Financial Statements and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Certain immaterial reclassifications have been made to prior period amounts to conform to the current period presentation.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Accounting for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. We adopted this update effective April 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements. Accounting for Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that will require the reflection of expected credit losses and will also require consideration of a broader range of reasonable and supportable information to determine credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. For most financial instruments, the standard will require the use of a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which will generally result in the earlier recognition of credit losses on financial instruments. We adopted this update effective April 1, 2020 under a modified retrospective basis. No adjustment to retained earnings was recorded as a result of the adoption of this standard, which did not have a material impact on our Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements Accounting for Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. The guidance includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This guidance is effective immediately and is only available through December 31, 2022. We are currently evaluating the potential impact of adopting this guidance on our Consolidated Financial Statements. Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2020 (April 1, 2021 for the Company), with early adoption permitted. We are currently evaluating the potential impact of adopting this guidance on our Consolidated Financial Statements.

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Net Revenue by Product Platform

Net revenue by product revenue and service and other was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
Service and other	$	551,576	$	421,747	$	1,083,626	$	846,132
Product	289,566		436,094		588,826		552,168
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Net revenue by full game and other revenue and recurrent consumer spending was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
Recurrent consumer spending	$	495,724	$	318,468	$	975,129	$	633,326
Full game and other	345,418		539,373		697,323		764,974
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Net revenue by platform was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
Console	$	641,269	$	651,818	$	1,252,954	$	1,086,632
PC and other	199,873		206,023		419,498		311,668
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Net revenue by distribution channel was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
Digital online	$	711,299	$	615,774	$	1,437,525	$	1,043,555
Physical retail and other	129,843		242,067		234,927		354,745
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

Net Revenue by Geographic Region

We attribute net revenue to geographic regions based on software product destination. Net revenue by geographic region was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net revenue recognized:
United States	$	503,583	$	494,661	$	974,073	$	825,140
International	337,559		363,180		698,379		573,160
Total net revenue	$	841,142	$	857,841	$	1,672,452	$	1,398,300

MANAGEMENT AGREEMENT (Tables)

6 Months Ended

Sep. 30, 2020

MANAGEMENT AGREEMENT

Schedule of Restricted Stock Units Granted

In connection with the 2017 Management Agreement, we have granted restricted stock units as follows:


	Six Months Ended September 30,
	2020	2019
Time-based	79	92
Market-based(1)	145	168
Performance-based(1)
IP	24	28
Recurrent Consumer Spending ("RCS")	24	28
Total—Performance-based	48	56
Total Restricted Stock Units	272	316

_______________________________________________________________________________

(1)Represents the maximum number of shares eligible to vest.

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Segregation of All Assets and Liabilities Measured at Fair Value on a Recurring Basis


	September 30, 2020		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)		Balance Sheet Classification
Money market funds	$	638,313	$	638,313	$	—	$	—	Cash and cash equivalents
Bank-time deposits	204,000		204,000		—		—		Cash and cash equivalents
Commercial paper	33,229		—		33,229		—		Cash and cash equivalents

Corporate bonds	4,133		—		4,133		—		Cash and cash equivalents
Corporate bonds	519,645		—		519,645		—		Short-term investments
Bank-time deposits	409,239		409,239		—		—		Short-term investments
US Treasuries	33,197		33,197		—		—		Short-term investments
Asset-backed securities	950		—		950		—		Short-term investments
Commercial paper	77,755		—		77,755		—		Short-term investments
Money market funds	435,771		435,771		—		—		Restricted cash and cash equivalents
Bank-time deposits	533		533		—		—		Restricted cash and cash equivalents
Money market funds	289,536		289,536		—		—		Long-term restricted cash and cash equivalents
Private equity	5,564		—		—		5,564		Other assets
Foreign currency forward contracts	(204)		—		(204)		—		Accrued expenses and other current liabilities
Total recurring fair value measurements, net	$	2,651,661	$	2,010,589	$	635,508	$	5,564


	March 31, 2020		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)		Balance Sheet Classification
Money market funds	$	497,861	$	497,861	$	—	$	—	Cash and cash equivalents
Bank-time deposits	313,757		313,757		—		—		Cash and cash equivalents
Commercial paper	97,544		—		97,544		—		Cash and cash equivalents
Corporate bonds	9,888		—		9,888		—		Cash and cash equivalents
Money market funds	546,604		546,604		—		—		Restricted cash and cash equialents
Corporate bonds	334,631		—		334,631		—		Short-term investments
Bank-time deposits	191,000		191,000		—		—		Short-term investments
US Treasuries	30,819		30,819		—		—		Short-term investments
Commercial paper	87,553		—		87,553		—		Short-term investments
Cross-currency swap	11,275		—		11,275		—		Prepaid expenses and other
Money market funds	89,124		89,124		—		—		Long-term restricted cash and cash equivalents
Private equity	2,759		—		—		2,759		Other assets
Foreign currency forward contracts	(11)		—		(11)		—		Accrued and other current liabilities
Total recurring fair value measurements, net	$	2,212,804	$	1,669,165	$	540,880	$	2,759

SHORT-TERM INVESTMENTS (Tables)

6 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments

Our Short-term investments consisted of the following:


	September 30, 2020
			Gross Unrealized
	Cost or Amortized Cost		Gains		Losses		Fair Value
Short-term investments
Bank time deposits	$	409,239	$	—	$	—	$	409,239
Available-for-sale securities:
Corporate bonds	517,663		2,193		(211)		519,645
US Treasuries	33,035		162		—		33,197
Asset-backed securities	945		5		—		950
Commercial paper	77,755		—		—		77,755
Total Short-term investments	$	1,038,637	$	2,360	$	(211)	$	1,040,786


	March 31, 2020
			Gross Unrealized
	Cost or Amortized Cost		Gains		Losses		Fair Value
Short-term investments
Bank time deposits	$	191,000	$	—	$	—	$	191,000
Available-for-sale securities:
Corporate bonds	337,752		307		(3,428)		334,631
US Treasuries	30,481		338		—		30,819
Commercial paper	87,553		—		—		87,553
Total short-term investments	$	646,786	$	645	$	(3,428)	$	644,003

Summary of the Contracted Maturities of Short-Term Investments

The following table summarizes the contracted maturities of our short-term investments at September 30, 2020:


	September 30, 2020
	Amortized Cost		Fair Value
Short-term investments
Due in 1 year or less	$	828,987	$	830,369
Due in 1 - 2 years	208,705		209,467
Due in 2 - 3 years	945		950
Total short-term investments	$	1,038,637	$	1,040,786

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gross Notional Amounts of Foreign Currency Forward Contracts

The following table shows the gross notional amounts of foreign currency forward contracts:


	September 30, 2020		March 31, 2020
Forward contracts to sell foreign currencies	$	193,693	$	122,024
Forward contracts to purchase foreign currencies	71,783		52,596

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

INVENTORY (Tables)

6 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory Balances by Category

Inventory balances by category were as follows:


	September 30, 2020		March 31, 2020
Finished products	$	24,660	$	17,984
Parts and supplies	2,274		1,124
Inventory	$	26,934	$	19,108

SOFTWARE DEVELOPMENT COSTS AND LICENSES (Tables)

6 Months Ended

Sep. 30, 2020

SOFTWARE DEVELOPMENT COSTS AND LICENSES

Schedule of Capitalized Software Development Costs and Licenses

Details of our capitalized software development costs and licenses were as follows:


	September 30, 2020				March 31, 2020
	Current		Non-current		Current		Non-current
Software development costs, internally developed	$	51,998	$	309,160	$	17,367	$	305,970
Software development costs, externally developed	12,087		91,205		10,971		92,908
Licenses	9,629		3,025		11,978		2,900
Software development costs and licenses	$	73,714	$	403,390	$	40,316	$	401,778

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Sep. 30, 2020

Liabilities, Current [Abstract]

Schedule of Components of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	September 30, 2020		March 31, 2020
Software development royalties	$	713,928	$	822,416
Licenses	133,563		57,651
Compensation and benefits	95,379		81,791
Refund liability	63,435		77,829
Marketing and promotions	33,089		40,797
Other	109,223		89,400
Accrued expenses and other current liabilities	$	1,148,617	$	1,169,884

DEBT (Tables)

6 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Information Related to Availability on Credit Agreement

Information related to availability on our Credit Agreement was as follows:


	September 30, 2020		March 31, 2020
Available borrowings	$	198,336	$	198,336
Outstanding letters of credit	1,664		1,664

EARNINGS PER SHARE ("EPS") (Tables)

6 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Loss Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Computation of Basic earnings per share:
Net income	$	99,321	$	71,815	$	187,826	$	118,095
Weighted average shares outstanding—basic	114,444		113,117		114,153		112,869
Basic earnings per share	$	0.87	$	0.63	$	1.65	$	1.05

Computation of Diluted earnings per share:
Net income	$	99,321	$	71,815	$	187,826	$	118,095



Weighted average shares outstanding—basic	114,444		113,117		114,153		112,869
Add: dilutive effect of common stock equivalents	970		960		1,092		1,056
Weighted average common shares outstanding—diluted	115,414		114,077		115,245		113,925

Diluted earnings per share	$	0.86	$	0.63	$	1.63	$	1.04

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Sep. 30, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The following table provides the components of accumulated other comprehensive loss:


	Six Months Ended September 30, 2020
	Foreign currency translation adjustments		Unrealized gain (loss) on forward contracts		Unrealized gain (loss) on cross-currency swap		Unrealized gain (loss) on available-for- sales securities		Total
Balance at March 31, 2020	$	(60,535)	$	600	$	4,305	$	(2,746)	$	(58,376)
Other comprehensive income (loss) before reclassifications	23,562		—		(2,972)		4,295		24,885
Amounts reclassified from accumulated other comprehensive loss	—		—		(1,333)		—		(1,333)
Balance at September 30, 2020	$	(36,973)	$	600	$	—	$	1,549	$	(34,824)


	Six Months Ended September 30, 2019
	Foreign currency translation adjustments		Unrealized gain (loss) on derivative instruments		Unrealized gain (loss) on cross-currency swap		Unrealized gain (loss) on available-for- sales securities		Total
Balance at March 31, 2019	$	(33,090)	$	600	$	(5,285)	$	586	$	(37,189)
Other comprehensive income (loss) before reclassifications	(21,364)		—		6,779		720		(13,865)
Amounts reclassified from accumulated other comprehensive loss	—		—		(3,408)		—		(3,408)
Balance at September 30, 2019	$	(54,454)	$	600	$	(1,914)	$	1,306	$	(54,462)

ACQUISITIONS (Tables)

6 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The acquisition-date fair value of the consideration totaled $195,493, which consisted of the following:


	Fair value of purchase consideration
Cash	$	97,846
Common stock (603,843 shares)	97,647
Total	$	195,493

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary acquisition date fair value of net tangible and intangible assets acquired, net of liabilities assumed from Playdots:


	Fair Value		Weighted average useful life
Cash acquired	$	12,098	N/A
Other tangible net assets	8,206		N/A
Other liabilities assumed	(24,680)		N/A
Intangible Assets
Developed game technology	69,000		6
User base	6,200		1
Branding and trade names	3,400		8
Game engine technology	2,200		4
Goodwill	119,069		N/A
Total	$	195,493

Business Acquisition, Pro Forma Information

The amounts of revenue and earnings of Playdots included in our Consolidated Statement of Operations from the acquisition date to the period ending September 30, 2020 are as follows:


	September 4, 2020 to September 30, 2020
Net revenue	$	1,234
Net income (loss)	$	(6,049)


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Pro-forma Net revenue	$	849,872	$	862,096	$	1,693,352	$	863,431
Pro-forma Net income	$	95,147	$	60,705	$	177,250	$	47,435

REVENUE FROM CONTRACTS WITH CUSTOMERS (Disaggregated Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from External Customer [Line Items]
Total net revenue	$ 841,142	$ 857,841	$ 1,672,452	$ 1,398,300
Service and other
Revenue from External Customer [Line Items]
Total net revenue	551,576	421,747	1,083,626	846,132
Product
Revenue from External Customer [Line Items]
Total net revenue	289,566	436,094	588,826	552,168
Recurrent consumer spending
Revenue from External Customer [Line Items]
Total net revenue	495,724	318,468	697,323	764,974
Full game and other
Revenue from External Customer [Line Items]
Total net revenue	345,418	539,373	975,129	633,326
Console
Revenue from External Customer [Line Items]
Total net revenue	641,269	651,818	1,252,954	1,086,632
PC and other
Revenue from External Customer [Line Items]
Total net revenue	199,873	206,023	419,498	311,668
Digital online
Revenue from External Customer [Line Items]
Total net revenue	711,299	615,774	1,437,525	1,043,555
Physical retail and other
Revenue from External Customer [Line Items]
Total net revenue	$ 129,843	$ 242,067	$ 234,927	$ 354,745

REVENUE FROM CONTRACTS WITH CUSTOMERS (Geographical) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total net revenue	$ 841,142	$ 857,841	$ 1,672,452	$ 1,398,300
United States
Disaggregation of Revenue [Line Items]
Total net revenue	503,583	494,661	974,073	825,140
International
Disaggregation of Revenue [Line Items]
Total net revenue	$ 337,559	$ 363,180	$ 698,379	$ 573,160

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Topic 280
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE FROM CONTRACTS WITH CUSTOMERS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with liability	$ 1,095,944		$ 1,095,944		$ 806,123
Contract with liability recognized	241,732	$ 234,411	612,946	$ 564,833
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining obligation	1,223,304		1,223,304
Contract asset	98,053		98,053		$ 81,625
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining obligation	$ 1,092,423		$ 1,092,423
Remaining obligation period	12 months		12 months

MANAGEMENT AGREEMENT (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
MANAGEMENT AGREEMENT (Details) - USD ($) $ in Thousands	Nov. 30, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Restricted stock units
Management Agreement
Stock-based compensation expense for non-employee awards		$ 6,887	$ 5,956	$ 13,657	$ 11,501
2017 Management Agreement \| Restricted stock units \| Maximum
Management Agreement
Vesting requirement for market-based restricted stock				75th
2017 Management Agreement \| Restricted stock awards
Management Agreement
Vested (in shares)		297,000
Forfeited (in shares)				0
Zelnick Media Corporation
Management Agreement
Consulting expense benefit		$ 2,605	$ 1,705	$ 5,270	$ 3,375
Zelnick Media Corporation \| 2017 Management Agreement
Management Agreement
Annual management fee	$ 3,100
Measurement period				2 years
Zelnick Media Corporation \| 2017 Management Agreement \| Maximum
Management Agreement
Bonus per fiscal year based on the achievement of certain performance thresholds	$ 7,440
Zelnick Media Corporation \| 2017 Management Agreement \| Time-based
Management Agreement
Granted (in shares)				79,000	92,000
Zelnick Media Corporation \| 2017 Management Agreement \| Market-based
Management Agreement
Granted (in shares)				145,000	168,000
Zelnick Media Corporation \| 2017 Management Agreement \| Performance-based
Management Agreement
Granted (in shares)				48,000	56,000
Percentage of grants earned				50.00%
Zelnick Media Corporation \| 2017 Management Agreement \| IP
Management Agreement
Granted (in shares)				24,000	28,000
Zelnick Media Corporation \| 2017 Management Agreement \| Recurrent Consumer Spending ("RCS")
Management Agreement
Granted (in shares)				24,000	28,000
Zelnick Media Corporation \| 2017 Management Agreement \| Restricted stock units
Management Agreement
Granted (in shares)				272,000	316,000
Unvested portion of the shares of restricted stock granted (in shares)		588,000		588,000		613,000
Zelnick Media Corporation \| 2017 Management Agreement \| Market-based restricted stock
Management Agreement
Vesting requirement for market-based restricted stock				50th

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Assets measured at fair value on a recurring basis
Short-term investments	$ 1,040,786	$ 644,003
Total recurring fair value measurements, net	2,651,661	2,212,804
Money market funds
Assets measured at fair value on a recurring basis
Cash and cash equivalents	638,313	497,861
Restricted cash and cash equivalents	435,771	546,604
Long-term restricted cash and cash equivalents	289,536	89,124
Bank time deposits
Assets measured at fair value on a recurring basis
Cash and cash equivalents	204,000	313,757
Short-term investments	409,239	191,000
Restricted cash and cash equivalents	533
Commercial paper
Assets measured at fair value on a recurring basis
Cash and cash equivalents	33,229	97,544
Short-term investments	77,755	87,553
Corporate bonds
Assets measured at fair value on a recurring basis
Cash and cash equivalents	4,133	9,888
Short-term investments	519,645	334,631
US Treasuries
Assets measured at fair value on a recurring basis
Short-term investments	33,197	30,819
Asset-backed securities
Assets measured at fair value on a recurring basis
Short-term investments	950
Cross-currency swap
Assets measured at fair value on a recurring basis
Prepaid expenses and other		11,275
Private equity
Assets measured at fair value on a recurring basis
Private equity	5,564	2,759
Foreign currency forward contracts
Assets measured at fair value on a recurring basis
Foreign currency forward contracts	(204)	(11)
Quoted prices in active markets for identical assets (level 1)
Assets measured at fair value on a recurring basis
Total recurring fair value measurements, net	2,010,589	1,669,165
Quoted prices in active markets for identical assets (level 1) \| Money market funds
Assets measured at fair value on a recurring basis
Cash and cash equivalents	638,313	497,861
Restricted cash and cash equivalents	435,771	546,604
Long-term restricted cash and cash equivalents	289,536	89,124
Quoted prices in active markets for identical assets (level 1) \| Bank time deposits
Assets measured at fair value on a recurring basis
Cash and cash equivalents	204,000	313,757
Short-term investments	409,239	191,000
Restricted cash and cash equivalents	533
Quoted prices in active markets for identical assets (level 1) \| Commercial paper
Assets measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Short-term investments	0	0
Quoted prices in active markets for identical assets (level 1) \| Corporate bonds
Assets measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Short-term investments	0	0
Quoted prices in active markets for identical assets (level 1) \| US Treasuries
Assets measured at fair value on a recurring basis
Short-term investments	33,197	30,819
Quoted prices in active markets for identical assets (level 1) \| Asset-backed securities
Assets measured at fair value on a recurring basis
Short-term investments	0
Quoted prices in active markets for identical assets (level 1) \| Cross-currency swap
Assets measured at fair value on a recurring basis
Prepaid expenses and other		0
Quoted prices in active markets for identical assets (level 1) \| Private equity
Assets measured at fair value on a recurring basis
Private equity	0	0
Quoted prices in active markets for identical assets (level 1) \| Foreign currency forward contracts
Assets measured at fair value on a recurring basis
Foreign currency forward contracts	0	0
Significant other observable inputs (level 2)
Assets measured at fair value on a recurring basis
Total recurring fair value measurements, net	635,508	540,880
Significant other observable inputs (level 2) \| Money market funds
Assets measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Long-term restricted cash and cash equivalents	0	0
Significant other observable inputs (level 2) \| Bank time deposits
Assets measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Short-term investments	0	0
Restricted cash and cash equivalents	0
Significant other observable inputs (level 2) \| Commercial paper
Assets measured at fair value on a recurring basis
Cash and cash equivalents	33,229	97,544
Short-term investments	77,755	87,553
Significant other observable inputs (level 2) \| Corporate bonds
Assets measured at fair value on a recurring basis
Cash and cash equivalents	4,133	9,888
Short-term investments	519,645	334,631
Significant other observable inputs (level 2) \| US Treasuries
Assets measured at fair value on a recurring basis
Short-term investments	0	0
Significant other observable inputs (level 2) \| Asset-backed securities
Assets measured at fair value on a recurring basis
Short-term investments	950
Significant other observable inputs (level 2) \| Cross-currency swap
Assets measured at fair value on a recurring basis
Prepaid expenses and other		11,275
Significant other observable inputs (level 2) \| Private equity
Assets measured at fair value on a recurring basis
Private equity	0	0
Significant other observable inputs (level 2) \| Foreign currency forward contracts
Assets measured at fair value on a recurring basis
Foreign currency forward contracts	(204)	(11)
Significant unobservable inputs (level 3)
Assets measured at fair value on a recurring basis
Total recurring fair value measurements, net	5,564	2,759
Significant unobservable inputs (level 3) \| Money market funds
Assets measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Long-term restricted cash and cash equivalents	0	0
Significant unobservable inputs (level 3) \| Bank time deposits
Assets measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Short-term investments	0	0
Restricted cash and cash equivalents	0
Significant unobservable inputs (level 3) \| Commercial paper
Assets measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Short-term investments	0	0
Significant unobservable inputs (level 3) \| Corporate bonds
Assets measured at fair value on a recurring basis
Cash and cash equivalents	0	0
Short-term investments	0	0
Significant unobservable inputs (level 3) \| US Treasuries
Assets measured at fair value on a recurring basis
Short-term investments	0	0
Significant unobservable inputs (level 3) \| Asset-backed securities
Assets measured at fair value on a recurring basis
Short-term investments	0
Significant unobservable inputs (level 3) \| Cross-currency swap
Assets measured at fair value on a recurring basis
Prepaid expenses and other		0
Significant unobservable inputs (level 3) \| Private equity
Assets measured at fair value on a recurring basis
Private equity	5,564	2,759
Significant unobservable inputs (level 3) \| Foreign currency forward contracts
Assets measured at fair value on a recurring basis
Foreign currency forward contracts	$ 0	$ 0

SHORT-TERM INVESTMENTS (Schedule of Short-Term Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	$ 1,038,637	$ 646,786
Gross Unrealized Gain	2,360	645
Gross Unrealized Losses	(211)	(3,428)
Fair Value	1,040,786	644,003
Bank time deposits
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	409,239	191,000
Gross Unrealized Gain	0	0
Gross Unrealized Losses	0	0
Fair Value	409,239	191,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	517,663	337,752
Gross Unrealized Gain	2,193	307
Gross Unrealized Losses	(211)	(3,428)
Fair Value	519,645	334,631
US Treasuries
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	33,035	30,481
Gross Unrealized Gain	162	338
Gross Unrealized Losses	0	0
Fair Value	33,197	30,819
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	945
Gross Unrealized Gain	5
Gross Unrealized Losses	0
Fair Value	950
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	77,755	87,553
Gross Unrealized Gain	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 77,755	$ 87,553

SHORT-TERM INVESTMENTS (Contracted Maturities of Short-Term Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract]
Amortized cost, Due in 1 year or less	$ 828,987
Amortized cost, Due in 1-2 years	208,705
Amortized cost, Due in 2 - 3 years	945
Cost or Amortized Cost	1,038,637	$ 646,786
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract]
Fair value, Due in 1 year or less	830,369
Fair value, Due in 1-2 years	209,467
Fair value, Due in 2 - 3 years	950
Total fair value	$ 1,040,786	$ 644,003

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Forward contracts to sell foreign currencies	$ 193,693		$ 193,693		$ 122,024
Forward contracts to purchase foreign currencies	71,783		71,783		$ 52,596
Derivative instrument not designated as hedging instruments, gain (loss), net	(1,029)	$ 2,210	$ (3,685)	$ (1,087)
Amount reclassified from accumulated other comprehensive income (loss) to earnings	3,109
Proceeds from settled derivative asset	$ 7,420

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Inventory Disclosure [Abstract]
Finished products	$ 24,660	$ 17,984
Parts and supplies	2,274	1,124
Inventory	26,934	19,108
Estimated product returns included in inventory	$ 425	$ 506

SOFTWARE DEVELOPMENT COSTS AND LICENSES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Software development costs and licenses, Current	$ 73,714,000		$ 73,714,000		$ 40,316,000
Software development costs and licenses, Non-current	403,390,000		403,390,000		401,778,000
Impairment of software development	0	$ 0	19,695,000	$ 0
Software development costs, internally developed
Finite-Lived Intangible Assets [Line Items]
Software development costs and licenses, Current	51,998,000		51,998,000		17,367,000
Software development costs and licenses, Non-current	309,160,000		309,160,000		305,970,000
Software development costs, externally developed
Finite-Lived Intangible Assets [Line Items]
Software development costs and licenses, Current	12,087,000		12,087,000		10,971,000
Software development costs and licenses, Non-current	91,205,000		91,205,000		92,908,000
Licenses
Finite-Lived Intangible Assets [Line Items]
Software development costs and licenses, Current	9,629,000		9,629,000		11,978,000
Software development costs and licenses, Non-current	$ 3,025,000		$ 3,025,000		$ 2,900,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Liabilities, Current [Abstract]
Software development royalties	$ 713,928	$ 822,416
Licenses	133,563	57,651
Compensation and benefits	95,379	81,791
Refund liability	63,435	77,829
Marketing and promotions	33,089	40,797
Other	109,223	89,400
Accrued expenses and other current liabilities	$ 1,148,617	$ 1,169,884

DEBT (Details) - USD ($)		3 Months Ended		6 Months Ended
DEBT (Details) - USD ($)	Feb. 08, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Credit Agreement
Credit Agreement
Debt term	5 years
Maximum borrowing capacity	$ 200,000,000
Amount of additional borrowings by which maximum borrowing capacity may be increased	250,000,000
Available borrowings		$ 198,336,000		$ 198,336,000		$ 198,336,000
Outstanding letters of credit		1,664,000		1,664,000		$ 1,664,000
Interest expense and fees		82,000	$ 84,000	164,000	$ 166,000
Letter of Credit
Credit Agreement
Maximum borrowing capacity	$ 25,000,000
New Credit Agreement
Credit Agreement
Outstanding borrowings		$ 0		$ 0
New Credit Agreement \| Base rate
Credit Agreement
Interest rate at end of period		3.25%		3.25%
New Credit Agreement \| Base rate \| Minimum
Credit Agreement
Interest rate added to base rate	0.25%
New Credit Agreement \| Base rate \| Maximum
Credit Agreement
Interest rate added to base rate	0.75%
New Credit Agreement \| LIBOR
Credit Agreement
Interest rate at end of period		1.48%		1.48%
New Credit Agreement \| LIBOR \| Minimum
Credit Agreement
Interest rate added to base rate	1.125%
New Credit Agreement \| LIBOR \| Maximum
Credit Agreement
Interest rate added to base rate	1.75%

EARNINGS PER SHARE ("EPS") (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Computation of Basic earnings per share:
Net income	$ 99,321	$ 71,815	$ 187,826	$ 118,095
Weighted average shares outstanding—basic (in shares)	114,444	113,117	114,153	112,869
Basic earnings per share (in dollars per share)	$ 0.87	$ 0.63	$ 1.65	$ 1.05
Computation of Diluted earnings per share:
Net income	$ 99,321	$ 71,815	$ 187,826	$ 118,095
Weighted average shares outstanding—basic (in shares)	114,444	113,117	114,153	112,869
Add: dilutive effect of common stock equivalents (in shares)	970	960	1,092	1,056
Weighted average common shares outstanding—diluted (in shares)	115,414	114,077	115,245	113,925
Diluted earnings per share (in dollars per share)	$ 0.86	$ 0.63	$ 1.63	$ 1.04

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

EARNINGS PER SHARE ("EPS") (Narrative) (Details) - Restricted stock shares in Thousands	6 Months Ended
	Sep. 30, 2020 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock awards, vested (in shares)	1,112
Restricted stock awards, granted (in shares)	729
Restricted stock awards, canceled (in shares)	18

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Changes in accumulated other comprehensive loss
Beginning balance	$ 2,539,244	$ 2,040,580
Ending balance	2,901,282	2,181,763
Foreign currency translation adjustments
Changes in accumulated other comprehensive loss
Beginning balance	(60,535)	(33,090)
Other comprehensive income (loss) before reclassifications	23,562	(21,364)
Amounts reclassified from accumulated other comprehensive loss	0	0
Ending balance	(36,973)	(54,454)
Unrealized gain (loss) on forward contracts
Changes in accumulated other comprehensive loss
Beginning balance	600	600
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Ending balance	600	600
Unrealized gain (loss) on cross-currency swap
Changes in accumulated other comprehensive loss
Beginning balance	4,305	(5,285)
Other comprehensive income (loss) before reclassifications	(2,972)	6,779
Amounts reclassified from accumulated other comprehensive loss	(1,333)	(3,408)
Ending balance	0	(1,914)
Unrealized gain (loss) on available-for- sales securities
Changes in accumulated other comprehensive loss
Beginning balance	(2,746)	586
Other comprehensive income (loss) before reclassifications	4,295	720
Amounts reclassified from accumulated other comprehensive loss	0	0
Ending balance	1,549	1,306
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive loss
Beginning balance	(58,376)	(37,189)
Other comprehensive income (loss) before reclassifications	24,885	(13,865)
Amounts reclassified from accumulated other comprehensive loss	(1,333)	(3,408)
Ending balance	$ (34,824)	$ (54,462)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

BUSINESS REORGANIZATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
BUSINESS REORGANIZATION (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Business reorganization expense	$ 239	$ 327	$ 239	$ 713
Fiscal 2018 Plan
Restructuring Cost and Reserve [Line Items]
Business reorganization expense	239	$ 327	239	$ 713
Payments related to reorganization activities			3,500
Restructuring reserve, current	$ 3,096		$ 3,096

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 18,097	$ 11,059	$ 19,953	$ 26,934
Effective rate	15.40%		9.60%
Income tax rate reconciliation, tax credit	$ 5,730		$ 10,662
Income tax rate reconciliation, employee stock-based compensation	$ 2,321		$ 10,188

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

ACQUISITIONS (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
ACQUISITIONS (Narrative) (Details) - USD ($) $ in Thousands	Sep. 04, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Cash paid for business acquisition			$ 75,482	$ 8,715
PlayDots
Business Acquisition [Line Items]
Cash paid for business acquisition	$ 97,846
Cash consideration	$ 13,440
Transaction Costs		$ 2,512	$ 2,512
PlayDots \| Common Stock
Business Acquisition [Line Items]
Issuance of common stock in connection with acquisition (in shares)	603,843

ACQUISITIONS (Schedule of Consideration at Fair Value) (Details) - USD ($) $ in Thousands		6 Months Ended
	Sep. 04, 2020	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Cash		$ 75,482	$ 8,715
PlayDots
Business Acquisition [Line Items]
Cash	$ 97,846
Common stock (603,843 shares)	97,647
Total	$ 195,493
PlayDots \| Common Stock
Business Acquisition [Line Items]
Issuance of common stock in connection with acquisition (in shares)	603,843

ACQUISITIONS (Schedule of Assets and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Sep. 04, 2020	Sep. 30, 2020	Mar. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 119,069	$ 521,000	$ 386,494
PlayDots
Business Acquisition [Line Items]
Cash acquired	12,098
Other tangible net assets	8,206
Other liabilities assumed	(24,680)
Total	195,493
PlayDots \| Developed game technology
Business Acquisition [Line Items]
Intangible assets, excluding goodwill	$ 69,000
Weighted average useful life	6 years
PlayDots \| User base
Business Acquisition [Line Items]
Intangible assets, excluding goodwill	$ 6,200
Weighted average useful life	1 year
PlayDots \| Branding and trade names
Business Acquisition [Line Items]
Intangible assets, excluding goodwill	$ 3,400
Weighted average useful life	8 years
PlayDots \| Game engine technology
Business Acquisition [Line Items]
Intangible assets, excluding goodwill	$ 2,200
Weighted average useful life	4 years

ACQUISITIONS (Schedule of Revenue and Earnings Included in Statement of Operations) (Details) - PlayDots $ in Thousands	1 Months Ended
	Sep. 30, 2020 USD ($)
Business Acquisition [Line Items]
Net revenue	$ 1,234
Net income (loss)	$ (6,049)

ACQUISITIONS (Schedule of Pro Forma Information) (Details) - PlayDots - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Pro-forma Net revenue	$ 849,872	$ 862,096	$ 1,693,352	$ 863,431
Pro-forma Net income	$ 95,147	$ 60,705	$ 177,250	$ 47,435