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UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549 

FORM 10-K 

(Mark One) 

☒☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the fiscal year ended March 31, 2017 

OR 

☐☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the transition period from                      to                      

Commission file number 0-13163 

ACXIOM CORPORATION(Exact name of registrant as specified in its charter)

 

DELAWARE 71-0581897(State or Other Jurisdiction of Incorporation 

or Organization)(I.R.S. Employer Identification No.)

 

301 E. Dave Ward Drive, 72032Conway, Arkansas 

(Address of Principal Executive Offices)(Zip Code)

 

(501) 342-1000(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class      Name of each exchange on which registeredCommon Stock, $.10 Par Value   The NASDAQ Global Select Market

 

Securities registered pursuant to Section 12(g) of the Act: None 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes [X]      No [  ]

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.Yes [  ]      No [X]

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]      No [  ] 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted andposted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitand post such files).

Yes [X]      No [  ] 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, tothe best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] 

Indicate by check mark whether the registrant  is a large accelerated filer,  an accelerated filer,  a non-accelerated filer,  or a smaller reporting company. See the definitions of“large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer [X] Accelerated filer [  ]Non-accelerated filer [  ] Smaller reporting company [  ]

(Do not check if a smaller reporting company) Emerging growth company [  ] 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ] 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes [  ]        No [X]

 

The aggregate market value of the voting stock held by non-affiliates of the registrant, based upon the closing sale price of the registrant’s Common Stock, $.10 par value pershare,  as  of  the  last  business  day  of  the  registrant’s  most  recently  completed  second  fiscal  quarter  as  reported  on  the  NASDAQ Global  Select  Market  was  approximately$1,768,143,599. (For purposes of determination of the above stated amount only, all directors, executive officers and 10% or more shareholders of the registrant are presumedto be affiliates.) 

The number of shares of Common Stock, $.10 par value per share, outstanding as of May 22, 2017, was 78,507,559.  

 

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Table of Contents   PageDocuments Incorporated by Reference   3

Part I    Availability of SEC Filings and Corporate Governance Information; Cautionary Statements   3Item 1.    Business   5Item 1A.    Risk Factors   17Item 1B.    Unresolved Staff Comments   26Item 2.    Properties   26Item 3.    Legal Proceedings   27Item 4.    Mine Safety Disclosures   27

Part II    Item 5.    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

Securities   27Item 6.    Selected Financial Data   30Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations   30Item 7A.    Quantitative and Qualitative Disclosures About Market Risk   30Item 8.    Financial Statements and Supplementary Data   30Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure   30Item 9A. Controls and Procedures   31Item 9B. Other Information   32

Part III    Item 10.  Directors, Executive Officers and Corporate Governance   33Item 11.  Executive Compensation   33Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   33Item 13.  Certain Relationships and Related Transactions, and Director Independence   34Item 14.  Principal Accountant Fees and Services   34

Part IV    Item 15.  Exhibits and Financial Statement Schedules   35Signatures   39Financial Supplement   F- 1 - F- 69 

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DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the 2017 Annual Meeting of Stockholders (“2017 Proxy Statement”) of Acxiom Corporation(“Acxiom,” the “Company,” “we”, “us”, or “our”) are incorporated by reference into Part III of this Form 10-K.

 PART I

 AVAILABILITY OF SEC FILINGS AND CORPORATE GOVERNANCE INFORMATION

 Our website address is www.acxiom.com, where copies of documents which we have filed with the Securities and ExchangeCommission (“SEC”) may be obtained free of charge as soon as reasonably practicable after being filed electronically.  Includedamong those documents are our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K,and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, asamended (“Exchange Act”).  Copies may also be obtained through the SEC’s EDGAR site, or by sending a written request forcopies to Acxiom Investor Relations, 100 Redwood Shores Parkway, Redwood City, California 94065.  Copies of all our SECfilings were available on our website during the past fiscal year covered by this Form 10-K.  In addition, at the “CorporateGovernance” section of our website, we have posted copies of our Corporate Governance Principles, the charters for theAudit/Finance, Compensation, Executive, and Governance/Nominating Committees of the Board of Directors, the codes of ethics  applicable to directors, financial personnel and all employees, and other information relating to the governance of theCompany.  Although referenced herein, information contained on or connected to our corporate website is not incorporated byreference into this annual report on Form 10-K and should not be considered part of this report or any other filing we make withthe SEC. 

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K, including, without limitation, the items set forth on pages F-3 – F-23 in Management’sDiscussion and Analysis of Financial Condition and Results of Operations, contains and may incorporate by reference certainstatements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation ReformAct of 1995, as amended (the “PSLRA”), and that are intended to enjoy the protection of the safe harbor for forward-lookingstatements provided by the PSLRA.  These statements, which are not statements of historical fact, may contain estimates,assumptions, projections and/or expectations regarding the Company’s financial position, results of operations, market position,product development, growth opportunities, economic conditions, and other similar forecasts and statements ofexpectation.  Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,”“expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof.  These forward-lookingstatements are not guarantees of future performance and are subject to a number of factors and uncertainties that could causethe Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in theforward-looking statements. Forward-looking statements may include but are not limited to the following: 

· management’s expectations about the macro economy; · statements containing a projection of revenues, income (loss), earnings (loss) per share, capital expenditures, dividends,

capital structure, or other financial items; · statements of the plans and objectives of management for future operations, including, but not limited to, those statements

contained under the heading “Acxiom’s Growth Strategy” in Part I, Item 1 of this Annual Report on Form 10-K; · statements of future economic performance, including, but not limited to, those statements contained in Management’s

Discussion and Analysis of Financial Condition and Results of Operations contained in this Annual Report on Form 10-K;

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 · statements containing any assumptions underlying or relating to any of the above statements; and · statements containing a projection or estimate. 

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed insuch forward-looking statements are the following: 

· the risk factors described in Part I, “Item 1A. Risk Factors” and elsewhere in this report and those described from time totime in our future reports filed with the SEC;

 · the possibility that in the event a change of control of the Company is sought that certain clients may attempt to invoke

provisions in their contracts allowing for termination upon a change in control, which may result in a decline in revenue andprofit;

 · the possibility that the integration of acquired businesses may not be as successful as planned; · the possibility that the fair value of certain of our assets may not be equal to the carrying value of those assets now or in

future time periods; · the possibility that sales cycles may lengthen; · the possibility that we will not be able to properly motivate our sales force or other associates; · the possibility that we may not be able to attract and retain qualified technical and leadership associates, or that we may

lose key associates to other organizations; · the possibility that we will not be able to continue to receive credit upon satisfactory terms and conditions; · the possibility that competent, competitive products, technologies or services will be introduced into the marketplace by

other companies; · the possibility that there will be changes in consumer or business information industries and markets that negatively impact

the Company; · the possibility that we will not be able to protect proprietary information and technology or to obtain necessary licenses on

commercially reasonable terms; · the possibility that there will be changes in the legislative, accounting, regulatory and consumer environments affecting our

business, including but not limited to litigation, legislation, regulations and customs impairing our ability to collect, manage,aggregate and use data;

 · the possibility that data suppliers might withdraw data from us, leading to our inability to provide certain products and

services; 

· the possibility that data purchasers will reduce their reliance on us by developing and using their own, or alternative,sources of data generally or with respect to certain data elements or categories;

 · the possibility that we may enter into short-term contracts which would affect the predictability of our revenues; · the possibility that the amount of ad hoc, volume-based and project work will not be as expected; · the possibility that we may experience a loss of data center capacity or interruption of telecommunication links or power

sources;

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 · the possibility that we may experience failures or breaches of our network and data security systems, leading to potential

adverse publicity, negative customer reaction, or liability to third parties; · the possibility that our clients may cancel or modify their agreements with us; · the possibility that we will not successfully complete customer contract requirements on time or meet the service levels

specified in the contracts, which may result in contract penalties or lost revenue; · the possibility that we experience processing errors which result in credits to customers, re-performance of services or

payment of damages to customers; and · general and global negative economic conditions. 

With respect to the provision of products or services outside our primary base of operations in the United States, all of the abovefactors apply, along with the difficulty of doing business in numerous sovereign jurisdictions due to differences in scale,competition, culture, laws and regulations. Other factors are detailed from time to time in periodic reports and registration statements filed with the SEC.  The Companybelieves that it has the product and technology offerings, facilities, associates and competitive and financial resources forcontinued business success, but future revenues, costs, margins and profits are all influenced by a number of factors, includingthose discussed above, all of which are inherently difficult to forecast. In light of these risks, uncertainties and assumptions, the Company cautions readers not to place undue reliance on any forward-looking statements.  Forward-looking statements and such risks, uncertainties and assumptions speak only as of the date of thisAnnual Report on Form 10-K, and the Company expressly disclaims any obligation or undertaking to update or revise anyforward-looking statements contained herein, to reflect any change in our expectations with regard thereto, or any other changebased on the occurrence of future events, the receipt of new information or otherwise , except to the extent otherwise required bylaw. Item 1.  Business Acxiom Corporation is a global technology and enablement services company with a vision to transform data into value foreveryone. Through a simple, open approach to connecting systems and data, we provide the data foundation for the world’s bestmarketers. By making it safe and easy to activate, validate, enhance, and unify data, we provide marketers with the ability todeliver relevant messages at scale and tie those messages back to actual results. Our products and services enable people-based marketing, allowing our clients to generate higher return on investment and drive better omni-channel customerexperiences. Acxiom is a Delaware corporation founded in 1969 in Conway, Arkansas. Our common stock is listed on the NASDAQ GlobalSelect Market under the symbol “ACXM.” We serve a global client base from locations in the United States, Europe, and the Asia-Pacific (“APAC”) region. Our client list includes many of the world’s largest and best known brands across most major industryverticals, including but not limited to financial, insurance and investment services, automotive, retail, telecommunications, hightech, healthcare, travel, entertainment, non-profit, and government. We excel in relationships with organizations that view the activation, management, and application of data as an integralcomponent of their business. We generate our revenue from the following business segments, which are aligned consistently withthe Company’s long-term strategy: 

· Connectivity. Our Connectivity segment enables clients to build an omni-channel view of the customer and activate thatunderstanding across the open marketing ecosystem.

 · Audience Solutions. Our Audience Solutions segment helps clients validate the accuracy of their people-based data,

enhance it with additional insights, and keep it up to date, enabling them to reach audiences with highly relevantmessages.

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 · Marketing Services. Our Marketing Services segment helps clients unify data at the individual level in a privacy-safe

environment and use it to achieve data-driven results. Across these segments, we leverage a common set of technical capabilities, each of which delivers increasing value withscale.  We provide the largest number of integrations to marketing platforms and data providers in the digital marketingecosystem, enabling our clients to innovate through their preferred choice of technology, data, and services providers. Ourindustry-leading recognition and data assets power best-in-class consumer identification and linking with the highest level ofaccuracy.  And, our expertise in data stewardship enables us to process large volumes ethically and securely in accordance withregional data protection requirements.  Together, our products and services form the “power grid” for data, the critical foundation for people-based marketing that brandsneed to engage consumers across today’s highly fragmented landscape of channels and devices. Industry Trends Overwhelming Complexity in Digital Marketing Ecosystem Marketing has evolved significantly in recent years driven by rapid innovation and an explosion of data, channels, devices, andapplications. Historically, brands interacted with consumers through a limited number of channels, with limited visibility into theactivities taking place. Today, companies interact with consumers across a growing number of touchpoints, including online,social, mobile and point-of-sale. The billions of interactions that take place each day between brands and consumers create atrove of valuable data that can be collected and analyzed. However, most companies are unable to cut through the complexity toeffectively harness and leverage this data. Increasing Fragmentation Today, customer journeys span multiple channels and devices over time, resulting in data silos and fragmented identities. Asconsumers engage with brands across various touchpoints – over the web, mobile devices and applications, by email andtelevision, and in physical stores – they may not be represented as single unique individuals with complex behaviors, appearinginstead as disparate data points with dozens of different identifiers. Becky Smith who lives at 123 Main Street may appear asbeckys@acme.com when she uses Facebook, becky@yahoo.com when she signs into Yahoo Finance, cookie 123 when shebrowses msn.com, cookie ABC when she browses aol.com, and so on. As a result, marketers struggle to understand the cross-channel, cross-device habits of consumers and the different steps they take on their path to conversion. More specifically, datasilos and fragmented identities prevent brands from being able to resolve all relevant data to a specific individual; this poses achallenge to formation of accurate, actionable insights about a brand’s consumers or campaigns. Marketing Waste Every day, brands spend billions of dollars on advertising and marketing, yet many of the messages they deliver are irrelevant,repetitive, mistimed, or simply reach the wrong audience. In addition, as the marketing landscape continues to grow and splinteracross a growing array of online and offline channels, it is increasingly difficult to attribute marketing spend to a measurableoutcome, such as an in-store visit or sale. Wasted marketing spend is largely driven by the fragmented ecosystem of brands, dataproviders, marketing applications, media providers, and agencies that are involved in the marketing process, but operate withoutcohesion. Without a common understanding of consumer identity to unify otherwise siloed data, brands are unable to defineaccurate audience segments and derive insights that would enable better decision making. Heightened Privacy and Security Concerns Diligence in the areas of consumer privacy and security is and will continue to be paramount. Consumer understanding of thebenefits of marketing technology often lags the pace of innovation, inspiring new

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demands from government agencies and consumer advocacy groups across the world. These factors compound the liability everycompany faces when managing and activating consumer data. The New Era of People-Based Marketing Historically, marketers were forced to cast a wide net to reach a desired audience. They might, for example, have run a televisioncommercial during a specific program or placed generic advertising alongside certain types of web content, often exposing theirmessage to millions of consumers outside their target audience. Today, however, rich data opens the door to granular audiencetargeting and better, more engaging customer experiences. For example, digital publishers like Facebook and Twitter now providemarketers with the ability to target very specific audiences – males, over the age of 30, who live in zip code 94123, and own pets,for instance. Consumers are demanding personalization, and every piece of marketing content served has the potential to be individuallyrelevant, addressable, and measurable. By understanding which devices, email addresses, and postal addresses relate to thesame individual, marketers can deliver seamless experiences as consumers engage a brand across touchpoints. At the sametime, by targeting consumers at the individual level, organizations can reduce marketing waste and more easily attribute theirmarketing spend to actual results. People-Based Marketing is Complex and Challenging to Navigate Innovation has fueled the growth of a highly-fragmented technology landscape, forcing brands to contend with thousands ofmarketing technologies and data silos. To make every customer experience relevant across channels and devices, organizationsneed a data foundation and common network that can break down those silos, make data portable, and accurately recognizepeople throughout the customer journey. Marketing is becoming more audience-centric, automated, and optimized. However, anumber of important factors make people-based marketing in the digital era complex and challenging to navigate:

 · Recognition. For organizations to target audiences at the individual level, they must be able to recognize consumers

across all channels and devices, and link multiple identifiers and data elements back to a persistent identifier to create asingle view of the customer.

 · Scaled Data Assets. Quality, depth, and  recency of data matters when deriving linkages between identifiers.

Organizations must have access to an extensive set of data and be able to match that data with a high degree of accuracyto perform true cross-device audience targeting.

 · Integrations. The fragmented marketing landscape creates a need for a common network of integrations that make it

easy and safe to match and activate data anywhere in the ecosystem. · Walled Gardens. Walled gardens, or marketing platforms that restrict the use of data outside of their walls, are becoming

more pervasive and can result in loss of control, lack of transparency, and fragmented brand experiences. Organizationsneed a solution that enables an open ecosystem and ensures complete control over customer data, along with theflexibility to choose a diversified approach to meeting marketing goals.

 · Big Data Challenges. The volume of data available to optimize marketing performance is enormous and continues to

grow. Organizations   will continue to struggle with the management, activation, retrieval, and ability to unify data acrosschannels and formats.

 · Privacy and Compliance. Preserving brand integrity and delivering positive customer experiences is a top priority for

every marketer. Organizations must be able to manage large sets of complex data ethically, securely, within legalboundaries, and in a way that protects consumers.

 · Technical Expertise. Organizing, managing, and deriving insight from large sets of consumer data is complicated.

Consequently, brands must rely on technical expertise and know-how in the form of third party services to remove thebarriers to effectively managing their data and leveraging its full value.

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 Acxiom: Solutions That Power People-Based Marketing Our products and services provide the data foundation brands need to power people-based marketing. We make it safe and easyto activate, validate, enhance, and unify data, enabling marketers to deliver relevant messages at scale and link their campaignsto actual results. We help our clients generate higher return on investment and drive better customer interactions andexperiences. As noted above, Acxiom has three business segments, each helping our clients address the inherent challenges associated withpeople-based marketing in a digital era. Connectivity As shown in the illustration below, our Connectivity segment enables our clients to build an omni-channel view of the customerand activate that understanding across the marketing ecosystem. 

 Through integrations with more than 500 leading digital marketing platforms and data providers, we have become a key point ofentry into the digital ecosystem, helping our clients eliminate data silos and unlock greater value from the marketing tools they useevery day. We provide a foundational identity resolution layer enabling our clients to identify and reach consumers acrosschannels and measure the impact of marketing on sales, using the marketing platform of their choice. Today, our primary Connectivity offering is LiveRamp IdentityLink™, an identity resolution service that ties data back to realpeople and makes it possible to onboard that data for people-based marketing initiatives across digital channels. LeveragingAbiliTec® and the LiveRamp identity graph, IdentityLink first resolves a client’s first-, second-, and third-party, exposure, andtransaction data to persistent anonymous consumer identifiers that represent real people in a privacy-safe way. This omni-channelview of the consumer can then be onboarded to and between any of the 500 plus partners in our ecosystem to support targeting,personalization and measurement use cases.

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Targeting Personalization Measurement

Example Example ExampleClients can upload known data fromfirst-, second-, and third-party datasources, resolve it to an omnichannelprivacy-safe link with IdentityLink,then onboard to one of 500+LiveRamp partners to deploy targetedads to known customers.

Clients can deliver highlyrelevant content the moment viewersvisit their website landing page, no loginrequired. Leveraging IdentityLink,clients can resolve customer segmentdata to devices and digital IDs, onboardthat data to a personalization platformand provide one-to-one experienceswithout compromising user privacy.

Clients can connect exposure datawith first- and third-party purchasedata across channels by resolving allcustomer devices back to thecustomers to which they belong. Then,clients can onboard that data to ameasurement platform to clearlyestablish cause, effect and impact.

 IdentityLink operates in an Acxiom SafeHaven® certified environment with technical, operational, and personnel controls designedto ensure our clients’ data is kept private and secure. IdentityLink is sold to brands and the companies brands partner to execute their marketing including marketing technologyproviders, data providers, publishers and agencies. 

· IdentityLink for Brands and Agencies. IdentityLink allows brands and their agencies to execute people-basedmarketing by creating an omni-channel understanding of the consumer and activating that understanding acrosstheirchoiceofbest-of-breeddigitalmarketingplatforms. 

· IdentityLink for Marketing Technology Providers. IdentityLink provides marketing technology providers with the abilityto offer people-based targeting, measurement and personalization within their platforms. This adds value for brands byincreasing reach, as well as the speed at which they can activate their marketing data.

 · IdentityLink for Data Owners. IdentityLink allows data owners to easily connect their data to the digital ecosystem and

better monetize it. Data can be distributed to clients or made available through the IdentityLink Data Store feature. Thisadds value for brands as it allows them to augment their understanding of consumers, and increase both their reachagainst and understanding of customers and prospects.

 · IdentityLink for Publishers. IdentityLink allows publishers to offer people-based marketing on their properties. This adds

value for brands by providing direct access to their customers and prospects in the publisher’s premium inventory. 

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Audience Solutions Our Audience Solutions segment helps clients validate the accuracy of their data, enhance it with additional insight, and keep it upto date, enabling clients to reach desired audiences with highly relevant messages. Leveraging our recognition and data assets,clients can identify, segment, and differentiate their audiences for more effective marketing and superior customer experiences.Audience Solutions’ offerings include InfoBase®, our large consumer data store that serves as the basis for Acxiom’s consumerdemographics products, and AbiliTec, our patented identity resolution technology that assists our clients in reconciling andmanaging variations of customer identity over time and across multiple channels. 

· InfoBase. With more than 1,500 demographic, socio-economic and lifestyle data elements and several thousandpredictive models, our InfoBase products provide marketers with the ability to identify and reach the right audience with theright message across both traditional and digital channels. Through partnerships with over 100 online publishers anddigital marketing platforms, including Facebook, Google, Twitter, 4INFO, AOL, eBay and MSN, marketers can useInfoBase data to create and target specific audiences. Data can be accessed directly or through the Acxiom AudienceCloud, a web-based, self-service tool that makes it easy to build and distribute third-party custom data segments. 

· AbiliTec. As shown in the illustration below, AbiliTec helps brands recognize individuals and households using a numberof different input variables and connect identities online and offline. 

 By identifying and linking multiple identifiers and data elements back to a persistent ID, our clients are able to create asingle view of the customer, which allows them to perform more effective audience targeting and deliver better, morerelevant customer experiences.

 Marketing Services Our Marketing Services segment helps clients unify data at the individual level in a privacy-safe environment, so they can executepeople-based marketing campaigns, tie back to real results, and drive a continual cycle of optimization. We help architect thefoundation for data-driven marketing by delivering solutions that integrate customer and prospect data across the enterprise,thereby enabling clients to establish a single view of the customer. We also support our clients in navigating the complexities ofconsumer privacy regulation, making it easy and safe for them to use innovative technology, maintain choice in channels andmedia, and stay agile in this competitive era of the consumer. These services allow our clients to generate higher return onmarketing investments and, at the same time, drive better, more relevant customer experiences. 

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Our Marketing Services segment includes the following service offerings: Marketing Database Services and Strategy andAnalytics. The Marketing Services segment also included Impact Email Platform and Services until the disposition of the businessin August 2016. 

· Marketing Database Services. Our Marketing Database offering provides solutions that unify consumer data across anenterprise, enabling clients to execute relevant, people-based marketing and activate data across the marketingecosystem. Our consumer marketing databases, which we design, build, and manage for our clients, make it possible forclients to collect and analyze information from all sources, thereby increasing customer acquisition, retention, and loyalty.Through our growing partner network, clients are able to integrate their data with best-of-breed marketing solutions whilerespecting and protecting consumer privacy.

 · Strategy and Analytics. Our Strategy and Analytics group is comprised of marketing strategists and data scientists who

leverage industry knowledge and advanced analytics to assist our clients with identifying growth opportunities, addressingmarketing data and technology needs, and adopting best practices. In addition, we help our clients identify and addresstheir data privacy and governance requirements

 · Impact Email Platform and Services. Until the August 2016 disposition, Acxiom Impact provided email and cross-

channel data-driven marketing solutions, including a proprietary marketing platform and agency services. 

Together, these products and services form the “power grid” for data that brands need to perform people-based marketing. Weprovide integrations with the largest number of marketing platforms and data providers in the digital marketing ecosystem,enabling our clients to innovate through their preferred choice of technology, data, and services providers. Our industry-leading recognition and data assets power best-in-class consumer identification and linking across channels anddevices. And, our integrated services offering provides the expertise required to manage large sets of data legally, ethically,securely, and in a way that protects consumer privacy.  Competitive Strengths Our competitive strengths include core capabilities that enable brands to execute effective people-based marketing. 

· Most Advanced Consumer-Level Recognition. Acxiom’s proprietary, patented recognition technology draws upon anextensive historical reference base to identify and link together multiple consumer records and identifiers. We use thepioneering algorithms of AbiliTec and deterministic matching to link individuals and households to the right cookies, mobiledevice IDs, and user accounts at social networks. As a result, we are able match online and offline data with a high degreeof speed and accuracy.

 · Scale Leader in Data Onboarding and Connectivity. We created the category of Data Connectivity and we are the

largest provider of data onboarding services. We match records with the highest level of accuracy and offer the mostflexibility for activating data through our extensive set of integrations. Today, we work with over 400 direct customers andonboard the data of more than 1,000 companies through our partner and reseller relationships.

 · Extensive Coverage. We activate data across an ecosystem of more than 500 partners, representing the largest network

of connections in the digital marketing space. We use 100% deterministic matching, resulting in the strongest combinationof reach and accuracy. We offer multi-sourced insight into approximately 700 million consumers worldwide, and our dataproducts contain over 5,000 data elements from hundreds of sources with permissioning rights.

 · Unique Position in Marketing Ecosystem. We are a neutral data infrastructure provider. We provide the connectivity

required to build best-of-breed integrated marketing stacks, allowing our clients to

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innovate through their preferred choice of data, technology, and services providers. We strive to make every marketingapplication more valuable by providing access to more customer data. We enable the open marketing stack and power theopen garden.

 · Standard Bearer for Privacy and Security. For more than 45 years, Acxiom has been a leader in the area of data

stewardship, as evidenced by: 

o The industry’s first Chief Privacy Officer role created in 1991 whose sole focus is the protection and responsibleuse of consumer data

 o The use of a data SafeHaven®, a privacy-compliant environment that allows marketers and partners to connect

different types of data while protecting and governing its use o Industry-leading expertise in safely connecting data across the online and offline worlds o The creation of aboutthedata.com®, the first-of-its-kind consumer portal that provides consumers with more

transparency and understanding about how their data is gathered and used for marketing purposes 

· Expertise in Big Data. We currently manage large datasets for leading marketing organizations around the world,executing more than 1 trillion global data transactions per week. This data includes both customer and prospect records aswell as core campaign and engagement logs used for measurement and analytics.

 · Strong Client Relationships. We serve more than 2,500 clients directly, and tens of thousands of companies around the

world use our data. We manage data for more than 40% of the Fortune 100 and have deep relationships with companiesand business-to-consumer marketing leaders in key industries, including financial services, retail, telecommunications,media, insurance, health care, automotive, technology, and travel and entertainment.

 Growth Strategy While the terms “big data” and “data management platforms,” or “DMPs,” have recently become more common, for more than 45years, Acxiom has been a thought leader and innovator in solving large-scale data problems and improving marketing results forour clients. Key elements of our growth strategy include: 

· Continue to Innovate and Extend Leadership Position in Data Connectivity. We intend to continue to makesubstantial investments in our Connectivity solutions and extend our market leadership through innovation. Ourinvestments will focus on automation, speed, higher match rates, expanded partner integrations, and new productdevelopment.

 · Establish the Standard for Recognition and User Identification in the Marketing Ecosystem. We intend to establish

AbiliTec as the standard for consumer-level recognition across the marketing ecosystem, providing a single source foruser identification and audience targeting.

 · Continue to Grow Our Client Base and Expand Existing Client Relationships. We plan to acquire an increasing

number of new customers through the expansion of our direct sales teams. In addition, we intend to increase revenue fromexisting customers, many of whom are new Connectivity customers who have data infrastructure needs our AudienceSolutions and Marketing Services businesses can help address.

 · Expand Global Presence. We believe significant opportunities exist for us to expand our Connectivity offerings in key

geographic markets where we already operate, such as Europe, China, Japan, and Australia. We intend to leverageexisting infrastructure and expand operations to launch and grow our Connectivity business in those key markets.

 

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· Build an Enduring Business. We are focused on operational excellence, constantly improving tools, processes, andresource allocation to ensure we have superior products and services. We define our culture around “PACT” – Passion,Accountability, Creativity and Teamwork – to achieve a high-performance organization. 

Privacy Considerations The growth of the online advertising and e-commerce industries are converging, with consumers expecting a seamlessexperience across all channels, in real time.   This challenges marketing organizations to balance the deluge of data anddemands of the consumer with responsible, privacy-compliant methods of managing data internally and with advertisingtechnology intermediaries.  We have policies and operational practices governing Acxiom’s use of data that we believe reflect leading best practices andactively promote a set of effective privacy guidelines for digital advertising and direct marketing via all channels of addressablemedia, e-commerce, risk management and information industries as a whole.  We remain certified under the European Union(“EU”)-U.S. Safe Harbor and are preparing for its potential replacement, the EU-US Privacy Shield.  We also are operating asapplicable under EU model contract clauses and contractually comply with other international data protection requirements in aneffort to ensure our continued ability to process information across borders. We have a dedicated team in place to oversee ourcompliance with the privacy regulations that govern our business activities in the various countries in which we operate.  The U.S. Congress continues to debate privacy legislation, and there are many different types of privacy legislation pending at thestate level. In all of the non-U.S. locations in which we do business, laws and regulations governing the collection and use ofpersonal data either exist or are being contemplated. We expect the trend of enacting and revising data protection laws to continue and that new and expanded privacy legislation invarious forms will be implemented in the U.S. and in other countries around the globe.  We are supportive of legislation thatcodifies the current industry guidelines of meaningful transparency for the individual and appropriate choices regarding whetherinformation related to that individual is shared with independent third parties for marketing purposes. We also support legislationrequiring all custodians of sensitive information to deploy reasonable information security safeguards to protect that information. Clients Our client base consists primarily of Fortune 1000 companies and organizations in the financial services, insurance, informationservices, direct marketing, retail, consumer packaged goods, technology, automotive, healthcare, travel and communicationsindustries as well as in non-profit and government sectors.  We seek to maintain long-term relationships with our clients, many ofwhich typically operate under contracts with initial terms of at least two years.  We have historically experienced high retentionrates among our clients. Our ten largest clients represented approximately 36% of our revenues in fiscal year 2017 but no single client accounted for morethan 10% of our revenues as a whole.    Sales and Marketing The process of buying marketing services has become more complex and therefore requires a more collaborative decisionprocess between client and provider.  As such, our approach to sales and marketing is strategy-led and client-intimate.  Utilizing aproprietary maturity model, we employ both a diagnostic approach, guided by gaps between a client’s current and desired state,and a prescriptive approach, focused on proven solutions and approaches to close those gaps. Our sales teams focus on new business development across all markets – sales to new clients and sales of new lines of businessto existing clients, as well as revenue growth within existing accounts.  We organize our client relationships around industryverticals, as we believe that understanding and speaking to the nuances of each industry is the most effective way to positivelyimpact our clients’ businesses. 

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Our partner organization focuses on enabling key media partners, agencies and software providers who can help drive value forour clients or who benefit from using Acxiom for data, analytics and audience management. The focus of our marketing efforts is to disseminate our thought leadership.  We do this by promoting topical points of view acrossmultiple touch points and by fueling our sales efforts with prescriptive insights. Research and Development Research and development expense was $82.1 million in fiscal 2017, compared to $74.2 million in fiscal 2016, and $74.2 millionin fiscal 2015.  Management expects to maintain investment spending at similar levels in fiscal 2018. Competition Competitors for our Connectivity services are typically also members of our partner ecosystem, creating a paradigm where co-opetition is the norm. Our primary competitors are companies that sell data onboarding as part of a suite of marketing applicationsor services. Walled gardens that offer a direct interface for matching CRM data compete for a portion of our services, particularlyamongst marketers that have not yet adopted in-house platforms for programmatic marketing or attribution. Some providers of tagmanagement, data management, and cross-device marketing solutions have adopted positioning similar to our Connectivitybusiness and compete for mindshare.  Our traditional competitors for our Audience Solutions and Marketing Services offerings have been database marketing servicesproviders. We find that the competitive landscape is becoming more complex and now includes a range of players. Our primarycompetitors tend to be database marketing services providers, data companies and data distributors. In-house IT departmentsprovide a secondary source of competition for portions of our offerings. Other types of companies such as technology consultants,business process outsourcers, analytics consultants, and management consultants participate to a lesser extent in portions of ourmarket space. Different types of competitors have different core competencies and assets that they bring to bear. We compete for both broad-based and specific solutions. Our competitors can vary depending on the type of solution we are competing for. Generally,competition is based on the quality and reliability of the offering, whether the strategy will deliver the desired business results forthe client, historical success and market presence. Competition for more granular offerings is based on variables that are morespecific. With regard to data products, for example, we compete with two types of firms: data providers and list providers.Competition is based on the quality and comprehensiveness of the information provided, the ability to deliver the information inproducts and formats that our clients need, and, to a lesser extent, pricing. In local markets outside the United States, we face both global players as well as local market players. Local market players varybetween those offering a range of services and those who may compete with us in more limited areas, such as for data productsor data integration services. We continue to focus on levers to increase our competitiveness   and   believe that investing in the product and technologyplatform of our business is a key to our continued success. Further, we believe that enabling a broad partner ecosystem will helpus to continue to provide competitive differentiation. Seasonality and Inflation Although we cannot accurately determine the amounts attributable to inflation, we are affected by inflation through increased costsof compensation and other operating expenses.  If inflation were to increase over the low levels of recent years, the impact in theshort run would be to cause increases in costs, which we would attempt to pass on to our clients, although there is no assurancethat we would be able to do so.  Generally, the effects of inflation in recent years have been offset by technological advances,economies of scale and other operational efficiencies. 

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Our traditional direct marketing operations typically experience their lowest revenue in the first quarter of the fiscal year, withhigher revenue in the second, third, and fourth quarters.  To minimize the impact of these fluctuations, we continue to seek long-term arrangements with more predictable revenues. Pricing Given the diverse nature of the markets and industries in which our clients operate, we deploy a number of pricing techniquesdesigned to yield acceptable margins and returns on invested capital.  In our Marketing Services segment, the majority of revenueis generated from highly customized, outsourced solutions in which prices are dictated by the scope, complexity, nature of assetsdeployed and service levels required. These solutions are generally provided under long-term contracts and our revenue consistsprimarily of recurring monthly billings, and to a lesser extent, other volume and variable based billings. In our Audience Solutionssegment, revenue is generated from licensing fees, which are typically in the form of recurring monthly billings, as well astransactional revenue based on volume or one-time usage. In addition, Audience Solutions generates digital data revenue fromcertain publishers and addressable television providers in the form of revenue-sharing agreements. Finally, our Connectivitysegment primarily generates revenue from monthly recurring subscription fees sold on an annual basis. To a lesser extent, it alsogenerates revenue from data providers and certain digital publishers  in the form of revenue-sharing agreements. Examples ofAcxiom pricing techniques are value based recurring revenue models, transactional models, subscription or license models, andprofessional services models, among others. Employees Acxiom employs approximately 3,260 employees (associates) worldwide.  No U.S. associates are represented by a labor union orare the subject of a collective bargaining agreement.  To the best of management’s knowledge, approximately 15 associates areelected members of work councils or trade unions representing Acxiom associates in the European Union.   Acxiom has neverexperienced a work stoppage, and we believe that our employee relations are good. Executive Officers of the Registrant Acxiom’s executive officers, their current positions, ages and business experience are listed below.  They are elected by the boardof directors annually or as necessary to fill vacancies or to fill new positions.  There are no family relationships among any of theofficers or directors of the Company. Scott E. Howe , age 49, joined the Company in 2011 as its Chief Executive Officer and President.  He currently serves on andchairs the Executive Committee of the Company’s board of directors.  Prior to joining Acxiom, he served as corporate vicepresident of Microsoft Advertising Business Group from 2007–2010.  In this role, he managed a multi-billion dollar businessencompassing all emerging businesses related to online advertising, including search, display, ad networks, in-game, mobile,digital cable and a variety of enterprise software applications.  In 2010, he co-founded and served as interim CEO and presidentof King of the Web, Inc., a portfolio of online game shows.  Mr. Howe was employed from 1999–2007 as an executive and later asa corporate officer at aQuantive, Inc. where he managed three lines of business, including Avenue A|Razorfish (a leading Seattle -based global consultancy in digital marketing and technology), DRIVE Performance Media (now Microsoft Media Network), andAtlas International (an adserving technology now owned by Facebook).  Earlier in his career, he was with The Boston ConsultingGroup and Kidder, Peabody & Company, Inc.  He previously served on the boards of Blue Nile, Inc. (NASDAQ: NILE), a leadingonline retailer of diamonds and fine jewelry, the Internet Advertising Bureau (IAB) and the Center for Medical Weight Loss.  He isa magna cum laude graduate of Princeton University, where he earned a degree in economics, and he holds an MBA fromHarvard University. Warren C. Jenson , age 60, is the Company’s Chief Financial Officer & Executive Vice President.  He also serves as President ofAcxiom International.  He joined Acxiom in 2012 and is responsible for all aspects of Acxiom’s financial management and theCompany’s business operations outside the United States.  Prior to joining Acxiom, he served as COO at Silver Spring Networks,a successful start-up specializing in smart grid networking technology, where he had responsibility for the company’s servicedelivery, operations and manufacturing organizations.  From 2002 - 2008 he was CFO at Electronic Arts Inc., a leading global

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interactive entertainment software company.  He has more than 30 years of experience in operational finance and has been CFOof some of the most important success stories of the last two decades including Amazon.com, NBC and Electronic Arts.  Inaddition, he was twice designated one of the “Best CFOs in America” by Institutional Investor magazine, and he was also honoredas Bay Area Venture CFO of the Year in 2010.  He also has significant experience in mergers, acquisitions and in thedevelopment and formulation of strategic partnerships.  His board experience includes Digital Globe (NYSE: DGI), Tapjoy, andMarshall School of Business at the University of Southern California.  Mr. Jenson received both an undergraduate degree inaccounting and a Master of Accountancy from Brigham Young University. Jerry C. Jones , age 61, is the Company’s Chief Ethics and Legal Officer, Executive Vice President & Assistant Secretary.  Hejoined Acxiom in 1999 and oversees legal and privacy matters. He also assists in the strategy and execution of mergers andalliances and the Company’s strategic initiatives.  Previously, he was employed for 19 years as an attorney with the Rose LawFirm in Little Rock, Arkansas, representing a broad range of business interests.  He is a member of the board of directors ofAgilysys, Inc. (NASDAQ: AGYS), a leading developer and marketer of proprietary enterprise software, services and solutions tothe hospitality and retail industries, where he serves on the Audit Committee and the Nominating and Governance Committee.  Healso serves on the board of directors of Heifer International and on the University of Arkansas at Little Rock Board of Visitors, andis a co-founder of uhire U.S.  He is a Special Advisor to the Club de Madrid, an organization composed of over 100 formerPresidents and Prime Ministers from more than 60 democratic countries.  He was a member of the board of directors of Entrust,Inc. until it was purchased by private investors in 2009 and is former chairman of the board of the Arkansas Virtual Academy.  Mr.Jones holds a juris doctorate degree and a bachelor’s degree in public administration from the University of Arkansas. Richard E. Erwin , age 50, joined Acxiom in 2015 as President and General Manager of Acxiom’s Audience Solutions Divisionand is responsible for driving the strategy, growth and profitability of Acxiom’s industry-leading data products and services.  Withover two decades in the data-driven marketing industry, he is a leading voice in the field of omnichannel marketing and anoutspoken advocate for the value of data in the global economy.  Prior to joining Acxiom, Mr. Erwin spent 10 years at the largeglobal information company Experian, most recently as president of the Consumer Insights and Targeting Division of ExperianMarketing Services.  During his tenure, he led the turnaround and growth of seven legacy data and analytics businesses andestablished the company as a force in the digital marketing services industry.  Prior to Experian, he held numerous seniormanagement roles in his 12-year career at RR Donnelley.   He is a director of the Internet Advertising Bureau, and a foundingdirector of the IAB’s Data Center of Excellence.  He is also highly active as a board trustee of Shedd Aquarium in Chicago.  He isa past vice chairman and treasurer of the Data Marketing Association (DMA), and a past board director at Chicago Youth Centersand RevSpring, Inc.  Mr. Erwin received a master’s degree in business administration from Northwestern University (Kellogg) anda bachelor’s degree in marketing from Michigan State University.  S. Travis May , age 29, is President and General Manager of Acxiom's Connectivity Division. He is responsible for all aspects ofthe Connectivity line of business, which includes the LiveRamp Connect product suite in the digital marketing ecosystem. Hejoined Acxiom in 2014 through its acquisition of LiveRamp, Inc. and initially served as Senior Vice President of Products,overseeing all product management for Acxiom. Prior to joining Acxiom, Mr. May was Vice President at LiveRamp, where he ledproduct, partnerships, and business operations from the company's early ideational stages through its acquisition. Prior toLiveRamp, Mr. May was co-founder and CEO of Campus Venture Network, Inc., a software-as-a-service platform for businessplan competitions acquired by the Ewing M. Kauffman Foundation in 2009. He graduated with  Phi Beta Kappa and  magna cumlaude  honors with degrees in economics and mathematics from Harvard College. Dennis D. Self , age 51, is President and General Manager of Acxiom's Marketing Services Division.  He joined Acxiom in 2013and provides strategic leadership to the teams that serve Acxiom’s Marketing Services clients, including Sales and AccountManagement, Strategy Consulting and Analytical Services, Product Management and Engineering, and Delivery and OperationalServices.  As a member of Acxiom’s Executive Committee, he helps execute on the Company’s overall strategic imperatives.Previously, Mr. Self was Senior Vice President for the Marketing Services Delivery organization and Chief Information Officer forAcxiom.  Prior to joining Acxiom, he served as Vice President and CIO at Gilead Sciences, Inc. from 2011-2013. Prior

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to Gilead Sciences, Inc. he served as CIO at Electronic Arts for four years.  His previous experience includes serving as an ITstrategy consultant for Deloitte Consulting, HP, A.T. Kearney and Andersen Consulting.  Mr. Self holds a bachelor of sciencedegree in Management Information Systems from Old Dominion University and an MBA from the University of Chicago. Terilyn Juarez Monroe , age 50, is the Company’s Chief People & Culture Officer, Senior Vice President of Human Resources.She joined Acxiom in 2015.  In her role, she oversees areas that drive a high performing culture including: Talent Acquisition andDevelopment, Total Rewards, Organization and Talent Performance, Associate Relations, Engagement, CommunityRelations/Philanthropy, and HR Operations.  In 2015, Ms. Monroe was named one of the Top 50 Global Diversity Professionals inIndustry by The Economist , a list that recognizes the achievements of individuals who have made the practice of diversity andinclusion a focus of their careers. Prior to joining Acxiom, Ms. Monroe served as Intuit’s Chief Diversity Officer and Director ofEngagement which included oversight for the Intuit Foundation. During Ms. Monroe’s 13-year tenure at Intuit, she developed abreadth and depth of experience resulting from rotational assignments and increasing leadership and business partnershipresponsibilities across most areas of HR. She also sat on several organization boards and task forces throughout her tenure. Priorto joining Intuit she worked for Nortel Networks, Bay Networks, Amdocs and Amdahl in the areas of executive communication andcoaching, strategic business planning, mergers and acquisitions, community relations, learning and development, employeecommunications, and global events management. Ms. Monroe graduated from San Jose State University with a bachelor of arts inpublic relations and a minor in business.  Item 1A.  Risk Factors The risks described below could materially and adversely affect our business, financial condition and results of future operations.   Failure to keep up with rapidly changing technologies and marketing practices could cause our products and services tobecome less competitive or obsolete, which could result in loss of market share and decreased revenues and netincome. Advances in information technology are changing the way our clients use and purchase information products andservices.  Maintaining the technological competitiveness of our data products, processing functionality, software systems andservices is key to our continued success.  However, the complexity and uncertainty regarding the development of newtechnologies and the extent and timing of market acceptance of innovative products and services create difficulties in maintainingthis competitiveness.  Without the timely introduction of new products, services and enhancements, our products and services willbecome technologically or commercially obsolete over time, in which case our revenue and operating results would suffer. Consumer needs and the business information industry as a whole are in a constant state of change.  For example, in recentyears, we have seen a decline in the use of direct mail marketing and an increase in the use of alternative marketing channelssuch as online advertising.  Our ability to continually improve our current processes and products in response to changes intechnology and to develop new products and services are essential in maintaining our competitive position, preserving our marketshare and meeting the increasingly sophisticated requirements of our clients.  If we fail to enhance our current products andservices or fail to develop new products in light of emerging technologies and industry standards, we could lose clients to currentor future competitors, which could result in impairment of our growth prospects, loss of market share and decreased revenues. A significant breach of the confidentiality of the information we hold or of the security of our or our customers’,suppliers’, or other partners’ computer systems could be detrimental to our business, reputation and results ofoperations. Our business requires the storage, transmission and utilization of data, including personally identifiable information, much of whichmust be maintained on a confidential basis.  Although we have extensive physical and cyber security and associated procedures,our databases have in the past been and in the future may be subject to unauthorized access by third parties.  In recent years, thefrequency, severity, sophistication and public awareness of cyber attacks or other intentional misconduct by computer hackershas significantly

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increased, and government agencies and security experts have warned about the growing risks of hackers, cyber criminals andother potential attacks targeting information technology systems.  Such third parties could attempt to gain entry to our systems forthe purpose of stealing data or disrupting the systems.  Third parties may also attempt to fraudulently induce employees orcustomers into disclosing sensitive information such as user names, passwords or other information to gain access to ourcustomers’ data or our data, including intellectual property and other confidential business information.  We believe we have takenappropriate measures to protect our systems from intrusion, but we cannot be certain that advances in criminal capabilities,discovery of new vulnerabilities in our systems and attempts to exploit those vulnerabilities, physical system or facility break-insand data thefts or other developments will not compromise or breach the technology protecting our systems and the informationwe possess.   Furthermore, we face increasing cyber security risks as we receive and collect data from new sources, such as social media, andas we and our customers continue to develop and operate in cloud-based information technology environments.  In the event thatour protection efforts are unsuccessful and we experience an unauthorized disclosure of confidential information or the security ofsuch information or our systems are compromised, we could suffer substantial harm.  Any breach could result in one or more thirdparties obtaining unauthorized access to our customers’ data or our data, including personally identifiable information, intellectualproperty and other confidential business information.  Such a security breach could result in operational disruptions that impair ourability to meet our clients’ requirements, which could result in decreased revenues.  Also, whether there is an actual or aperceived breach of our security, our reputation could suffer irreparable harm, causing our current and prospective clients to rejectour products and services in the future and deterring data suppliers from supplying us data.  Further, we could be forced toexpend significant resources in response to a security breach, including repairing system damage, increasing cyber securityprotection costs by deploying additional personnel and protection technologies, and litigating and resolving legal claims, all ofwhich could divert the attention of our management and key personnel away from our business operations.  In any event, asignificant security breach could materially harm our business, financial condition and operating results. Our customers, suppliers and other partners are primarily responsible for the security of their information technologyenvironments, and we rely heavily on them and other third parties to supply clean data content and/or to utilize our products andservices in a secure manner. Each of these third parties may face risks relating to cyber security, which could disrupt theirbusinesses and therefore materially impact ours. While we provide guidance and specific requirements in some cases, we do notdirectly control any of such parties’ cyber security operations, or the amount of investment they place in guarding against cybersecurity threats. Accordingly, we are subject to any flaw in or breaches to their systems, which could materially impact ourbusiness, operations and financial results. Changes in legislative, judicial, regulatory, or cultural environments relating to information collection and use may limitour ability to collect and use data.  Such developments could cause revenues to decline, increase the cost andavailability of data and adversely affect the demand for our products and services. In the U.S., the US Congress and state legislatures, along with federal regulatory authorities have recently increased theirattention on matters concerning the collection and use of consumer data.  The regulatory framework for privacy issues worldwideis currently evolving and is likely to remain uncertain for the foreseeable future.  The occurrence of unanticipated events oftenrapidly drives the adoption of legislation or regulation affecting the use of data and the manner in which we conduct ourbusiness.  Restrictions could be placed upon the collection, management, aggregation and use of information, which could resultin a material increase in the cost of collecting certain kinds of data.  In all of the non-U.S. locations in which we do business,legislation restricting the collection and use of personal data already exists or is presently contemplated.  For example, on April14, 2016, the European Parliament formally adopted the General Data Protection Regulation (the “GDPR”), which will establish anew framework for data protection in Europe when it becomes effective in May 2018.  The GDPR will impose more stringentoperational requirements for entities processing personal information, such as stronger safeguards for data transfers to countriesoutside the European Union (“EU”), reliance on express consent from data subjects (as opposed to assumed or implied consent),a right to require data processors to delete personal data, and stronger enforcement authorities and mechanisms.  Between nowand the time that the GDPR becomes effective, we may need to modify our

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platform or our business to comply with new requirements contained in the GDPR or to address client concerns relating to theGDPR, and any such measures may result in costs and expenses, and any failure to achieve required data protection standardsmay result in lawsuits, regulatory fines, or other actions or liability, all of which may harm our operating results.  In the U.S., non-sensitive data about a consumer is generally usable under current rules and regulations so long as the person does notaffirmatively “opt-out” of the collection of such data.  In Europe, the reverse is true.  If the European “opt-in” model were to beadopted in the U.S., less data would be available and the cost of data would be higher.  Decreased availability and increasedcosts of information could adversely affect our ability to meet our clients’ requirements and could result in decreased revenues.  In addition to government regulation, privacy advocacy and industry groups may propose new and different self-regulatorystandards that either legally or contractually apply to us or our clients. In addition, with regard to transfers of personal data from our employees and clients from the EU to the U.S., we historically haverelied upon adherence to the U.S. Department of Commerce’s Safe Harbor Privacy Principles and compliance with the U.S.-EUand U.S.-Swiss Safe Harbor Frameworks agreed to by the U.S. Department of Commerce and the EU and Switzerland, whichestablished a means for legitimizing the transfer of personal data by U.S. companies from the European Economic Area (the“EEA”), to the United States.  The U.S.-EU Safe Harbor Framework was invalidated in October 2015 by a decision of theEuropean Court of Justice (the “ECJ Ruling”). Because of the ECJ Ruling, the Swiss data protection regulator has questioned thestatus of the U.S.-Swiss Safe Harbor Framework. Further, a potential replacement for the U.S.-EU Safe Harbor, the EU-U.S.Privacy Shield, is still under negotiation and though we anticipate the final result to be materially similar to the invalid U.S.-EUSafe Harbor program, it is not yet clear what the EU-U.S. Privacy Shield will require or whether it will formally becomeeffective.  In light of these matters, we are engaging in measures designed to legitimize our transfers of personal data from theEEA to the United States, and may find it necessary or desirable to make other changes to our personal data handling. We maybe unsuccessful in establishing legitimate means for our transfer of personal data from the EEA or otherwise responding to theECJ Ruling, and we may experience reluctance or refusal by current or prospective European clients to use our solutions. Ourresponse to the ECJ Ruling may cause us to assume additional liabilities or incur additional expenses for implementingcompliance requirements, and the ECJ Ruling and our response could adversely affect our billings. Additionally, we and ourclients may face a risk of enforcement actions by data protection authorities in the EEA until the time, if any, that personal datatransfers to us and by us from the EEA are legitimized under applicable EU data protection law. Because the interpretation and application of privacy and data protection laws, regulations and standards are uncertain, it ispossible that these laws, regulations and standards may be interpreted and applied in a manner that is inconsistent with our datamanagement practices or the technological features of our solutions. If so, in addition to the possibility of fines, investigations,lawsuits and other claims and proceedings, it may be necessary or desirable for us to fundamentally change our businessactivities and practices or modify our software, which could have an adverse effect on our business. We may be unable to makesuch changes or modifications in a commercially reasonable manner or at all. Any inability to adequately address privacyconcerns, even if unfounded, or any actual or perceived failure to comply with applicable privacy or data protection laws,regulations, standards and policies, could result in additional cost and liability to us, damage our reputation, inhibit sales and harmour business. Furthermore, the costs of compliance with, and other burdens imposed by, the laws, regulations, standards andpolicies that are applicable to the businesses of our clients may limit the use and adoption of, and reduce the overall demand for,our platform. Privacy concerns, whether valid or not valid, may inhibit market adoption of our platform particularly in certainindustries and foreign countries. Unfavorable publicity and negative public perception about our industry could adversely affect our business andoperating results. With the growth of online advertising and e-commerce, there is increasing awareness and concern among the general public,privacy advocates, mainstream media, governmental bodies and others regarding marketing, advertising, and privacy matters,particularly as they relate to individual privacy interests and the global reach of the online marketplace.   See “Item 1. Business –Privacy Considerations” in this Form 10-K.  Any unfavorable publicity or negative public perception about us, our industry or evenour competitors can affect our business and results of operations, and may lead to additional regulatory scrutiny or lawmaking that

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affects us or our industry.  For example, in recent years, consumer advocates, mainstream media and elected officials haveincreasingly and publicly criticized the data and marketing industry for its collection, storage and use of personal data.  This publicscrutiny may lead to general distrust of our industry, consumer reluctance to share and permit use of personal data and increasedconsumer opt-out rates, any of which could negatively influence, change or reduce our current and prospective clients’ demandfor our products and services and adversely affect our business and operating results.  Industry consolidations may increase competition for our products and services, which could negatively impact ourfinancial condition and operating results. We compete against numerous providers of products and services in several separate markets.  See “Item 1. Business -Competition” in this Form 10-K.   Since we offer a larger variety of products and services than many of these competitors, we havebeen able to successfully compete.  However, the dynamics of the marketplace would be significantly altered if several of theseproviders were to combine with each other to offer a wider variety of products and services that more directly compete with ourportfolio of products and services. If our competitors were to combine forces to create a single-source provider of multipleproducts and services to the markets in which we compete, we could experience increased price competition, lower demand forour products and services, and loss of market share, each of which could negatively affect our operating results. Significant system disruptions, loss of data center capacity or interruption of telecommunication links could adverselyaffect our business and results of operations. Our business is heavily dependent upon highly complex data processing capability.  Our ability to protect our data centers againstdamage or interruption from fire, flood, tornadoes, power loss, telecommunications or equipment failure or other disasters andevents beyond our control is critical to our continued success.  The online services we provide are dependent on links totelecommunication providers.  We believe we have taken reasonable precautions to protect our data centers andtelecommunication links from events that could interrupt our operations.  Any damage to our data centers or any failure of ourtelecommunications links that causes loss of data center capacity or otherwise causes interruptions in our operations, however,could materially adversely affect our ability to quickly and effectively respond to our clients’ requirements, which could result inloss of their confidence, adversely impact our ability to attract new clients and force us to expend significant resources to repairthe damage.  Such events could have a material adverse effect on our business, financial condition and operating results. Each of our business segments is subject to substantial competition from a diverse group of competitors.  Newproducts and pricing strategies introduced by these competitors in the markets where our products and services areoffered could decrease our market share or cause us to lower our prices in a manner that reduces our operating marginand the profitability of our products. Each of our business segments faces significant competition in all its offerings and within each of its markets.  See “Item 1.Business - Competition” in this Form 10-K.   Our competitors include database marketing services providers, DMPs (DataManagement Platforms), data companies and data distributors, some of whom may have significantly greater financial, technical,marketing or other resources allocated to serving customers.  Other types of companies such as technology consultants, businessprocess outsourcers, analytics consultants and management consultants participate to a lesser extent in portions of our marketspace.  Additionally, we compete with the in-house IT departments of some of our existing and prospective clients that havedeveloped or are developing the in-house capacity to perform the services we provide.  Maintaining technological competitivenessin our data products, processing functionality, software systems and services, continually improving our current processes, anddeveloping and introducing new products and services are necessary to maintain our competitive position.  If we fail to do so, wecould lose clients to current or future competitors, which could result in decreased revenues, net income and earnings per share.  The resources we allocate to each market in which we compete vary, as do the number and size of our competitors across thesemarkets.  These competitors may be in a better position to develop new products and pricing strategies that more quickly andeffectively respond to changes in customer requirements in these markets.  Some of our competitors may choose to sell productsor services competitive to ours at lower prices

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by accepting lower margins and profitability, or may be able to sell products or services competitive to ours at lower prices givenproprietary ownership of data, technical superiority or economies of scale.  Such introduction of competent, competitive products,pricing strategies or other technologies by our competitors that are superior to or that achieve greater market acceptance than ourproducts and services could adversely affect our business.  In such event, we could experience a decline in market share and beforced to reduce our prices, resulting in lower profit margins for the Company. Engagements with certain clients, particularly those with long-term, fixed price agreements, may prove to be costlierthan anticipated, thereby adversely impacting future operating results. The pricing and other terms of our client contracts, are based on estimates and assumptions we make at the time we enter intothese contracts.  These estimates reflect our best judgments regarding the nature of the engagement and our expected costs toprovide the contracted services and could differ from actual results.  Any increased or unexpected costs or unanticipated delays inconnection with the performance of these engagements, including delays caused by factors outside our control, could make thesecontracts less profitable or unprofitable, which would have an adverse effect on our profit margin.  Our exposure to this riskincreases generally in proportion to the scope of the client contract and is higher in the early stages of such a contract.   Ourfailure to meet a client’s expectations in any type of contract may result in an unprofitable engagement, which could adverselyaffect our operating results and result in future rejection of our products and services by current and prospective clients. The failure to recruit and retain qualified personnel could hinder our ability to successfully manage our business, whichcould have a material adverse effect on our financial position and operating results.  Our growth strategy and future success depend in large part on our ability to attract and retain technical, client services, sales,consulting, research and development, marketing, administrative and management personnel. The complexity of our dataproducts, processing functionality, software systems and services requires highly trained professionals.  While we presently havea sophisticated, dedicated and experienced team of associates who have a deep understanding of our business and in manycases have been with Acxiom for decades, the labor market for these individuals has historically been very competitive due to thelimited number of people available with the necessary technical skills and understanding, compensation strategies, generaleconomic conditions and various other factors.  As the business information and marketing industries continue to become moretechnologically advanced, we anticipate increased competition for qualified personnel.  The loss or prolonged absence of theservices of highly trained personnel like the Company’s current team of associates, or the inability to recruit and retain additional,qualified associates, could have a material adverse effect on our business, financial position or operating results.  Processing errors or delays in completing service level requirements could result in loss of client confidence, harm toour reputation and negative financial consequences. Processing errors, or significant errors and defects in our products, can be harmful to our business and result in increases inoperating costs.  Such errors may result in the issuance of credits to clients, re-performance of work, payment of damages, futurerejection of our products and services by current and prospective clients and irreparable harm to our reputation.  Likewise, thefailure to meet contractual service level requirements or to meet specified goals within contractual timeframes could result inmonetary penalties or lost revenue.  Taken together, these issues could result in loss of revenue and decreases in profit marginsas service and support costs increase. Data suppliers may withdraw data that we have previously collected or withhold data from us in the future, leading to ourinability to provide products and services to our clients, which could lead to a decrease in revenue and loss of clientconfidence. Much of the data that we use is either purchased or licensed from third-party data suppliers, and we are dependent upon ourability to obtain necessary data licenses on commercially reasonable terms.  We compile the remainder of the data that we usefrom public record sources.  We could suffer material adverse consequences if our data suppliers were to withhold their data fromus, which could occur either because we

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fail to maintain sufficient relationships with the suppliers or if they decline to provide, or are prohibited from providing, such data tous due to legal, contractual, privacy, competition or other economic concerns.  For example, data suppliers could withhold theirdata from us if there is a competitive reason to do so, if we breach our contract with a supplier, if they are acquired by one of ourcompetitors, if legislation is passed restricting the use or dissemination of the data they provide or if judicial interpretations areissued restricting use of such data.  Additionally, we could terminate relationships with our data suppliers if they fail to adhere toour data quality standards.  If a substantial number of data suppliers were to withdraw or withhold their data from us, or if we severties with our data suppliers based on their inability to meet our data standards, our ability to provide products and services to ourclients could be materially adversely impacted, which could result in decreased revenues, net income and earnings per share. A failure in the integrity or a reduction in the quality of our data could harm our brand and result in a loss of revenue andan increase in legal claims. The reliability of our solutions depends upon the integrity and quality of the data in our database.  A failure in the integrity of ourdatabase, whether inadvertently or through the actions of a third party, or a reduction in the quality of our data could harm us byexposing us to client or third-party claims or by causing a loss of client confidence in our solutions. We may experience anincrease in risks to the integrity of our database and quality of our data as we move toward real-time, non-identifiable, consumer-powered data through our Enterprise Data Management Platform. We must continue to invest in our database to improve andmaintain the quality, timeliness and coverage of the data if we are to maintain our competitive position and retain our clients’confidence.  Failure to do so could result in significant harm to our reputation and growth prospects, as well as a loss of revenue. The loss of a contract upon which we rely for a significant portion of our revenues could adversely affect our operatingresults.  Our ten largest clients represented approximately 36% of our revenues in fiscal year 2017, but no single client accounted for morethan 10% of the revenues of the Company as a whole.  The loss of, or decrease in revenue from, any of our significant clients forany reason could have a material adverse effect on our revenue and operating results. While a significant amount of our total revenue is currently derived from clients who have long-term contracts (defined ascontracts with initial terms of two years or more), these contracts have been entered into at various times, and some of them arein the latter part of their terms and are approaching their originally scheduled expiration dates.  In addition, many of thesecontracts contain provisions allowing the client to terminate prior to the end of the term upon giving advance notice.  Even ifrenewed by these clients, the terms of the renewal contracts may not have a term as long as, or may otherwise be on terms lessfavorable than, the original contract.  Revenue from clients with long-term contracts is not necessarily “fixed” or guaranteed asportions of the revenue from these clients is volume-driven or project-related.  With respect to the portion of our business that isnot under long-term contract, revenues are even less predictable and are almost completely volume-driven or project-related.  Therefore, we must engage in continual sales efforts to maintain revenue stability and future growth with all our clients orour operating results will suffer.  If a significant client fails to renew a contract, or renews the contract on terms less favorable to usthan before, our business could be negatively impacted if additional business were not obtained to replace or supplement thatwhich was lost. Acquisition and divestiture activities may disrupt our ongoing business and may involve increased expenses, and wemay not realize the financial and strategic goals contemplated at the time of a transaction, all of which could adverselyaffect our business and growth prospects. Historically, we have engaged in acquisitions to grow our business. To the extent we find suitable and attractive acquisitioncandidates and business opportunities in the future, we may continue to acquire other complementary businesses, products andtechnologies and enter into joint ventures or similar strategic relationships.  While we believe we will be able to successfullyintegrate newly acquired businesses into our existing operations, there is no certainty that future acquisitions or alliances will beconsummated on acceptable terms or that we will be able to integrate successfully the services, content, products and personnelof any such transaction into our operations.  In addition, any future acquisitions, joint ventures or

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similar relationships may cause a disruption in our ongoing business and distract our management.  Further, we may be unable torealize the revenue improvements, cost savings and other intended benefits of any such transaction.  The occurrence of any ofthese events could result in decreased revenues, net income and earnings per share. We have also divested assets in the past and may do so again in the future.  As with acquisitions, divestitures involve significantrisks and uncertainties, such as: 

· disruption of our ongoing business; · reductions of our revenues or earnings per share; · unanticipated liabilities, legal risks and costs; · the potential loss of key personnel; · distraction of management from our ongoing business; and · impairment of relationships with employees and clients because of migrating a business to new owners.

 Because acquisitions and divestitures are inherently risky, transactions we undertake may not be successful and may have amaterial adverse effect on our business, results of operations, financial condition or cash flows. Our balance sheet includes significant amounts of goodwill, and we have experienced goodwill impairment charges inthe past. The impairment of a significant portion of this asset would negatively affect our business, financial condition,and results of operations. Goodwill is a significant portion of our total assets. Goodwill accounted for approximately 48% of the total assets on ourconsolidated balance sheet as of March 31, 2017. We may not realize the full carrying value of our goodwill. Goodwill is measuredand tested for impairment on an annual basis in the first quarter of the Company’s fiscal year and between annual tests if an eventoccurs or changes in circumstances suggest a potential decline in the fair value of goodwill. A significant amount of judgment isinvolved in determining if an indicator or change in circumstances relating to impairment has occurred. If testing indicates thatimpairment has occurred, we would be required to write off the impaired portion of goodwill, resulting in a change to our earnings.An impairment of a significant portion of goodwill could have a material adverse effect on our operating results and financialcondition. Our business is directly dependent upon and correlates closely to the marketing levels and ongoing business activitiesof our existing clients.  If material adverse developments in domestic and global economic and market conditionsadversely affect our clients’ businesses, our business and results of operations could equally suffer. We serve clients from locations in the Asia-Pacific region, Europe and the United States. Our client list includes many of thelargest organizations in these regions across most major industry verticals, including but not limited to financial, insurance andinvestment services, automotive, retail, telecommunications, high tech, healthcare, travel, entertainment, non-profit andgovernment.  Our results of operations are affected directly by the level of business activity of our clients, which in turn is affectedby the level of economic activity in the industries and markets that they serve.   Future widespread economic slowdowns in any ofthese markets, particularly in the United States, may negatively affect the businesses, purchasing decisions and spending of ourclients and prospective clients, which could result in reductions in our existing business as well as our new businessdevelopment.  In the event of such widespread economic downturn, we will likely experience a reduction in current projects,longer sales cycles, deferral or delay of purchase commitments for our data products, processing functionality, software systemsand services, and increased price competition, all of which could adversely affect our revenue and operating results. 

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Our operations outside the U.S. are subject to risks that may harm the Company’s business, financial condition orresults of operations.  During the last fiscal year, we received approximately 8% of our revenues from business outside the United States.  The cost ofexecuting our business plan in non-U.S. locations is increasingly expensive.  In those non-U.S. locations where legislationrestricting the collection and use of personal data currently exists, less data is available and at a much higher cost.  In someforeign markets, the types of products and services we offer have not been generally available and thus are not fully understoodby prospective clients.  Upon entering these markets, we must educate and condition the markets, increasing the cost anddifficulty of successfully executing our business plan in these markets.  Additionally, each of our foreign locations is generallyexpected to fund its own operations and cash flows, although periodically funds may be loaned or invested from the U.S. to theforeign subsidiaries.  Because of such loan or investment, exchange rate movements of foreign currencies may have an impacton our future costs of, or future cash flows from, foreign investments.  We have not entered into any foreign currency forwardexchange contracts or other derivative instruments to hedge the effects of adverse fluctuations in foreign currency exchangerates. Additional risks inherent in our non-U.S. business activities generally include, among others, potentially longer accountsreceivable payment cycles, the costs and difficulties of managing international operations, potentially adverse tax consequences,and greater difficulty enforcing intellectual property rights.  The various risks which are inherent in doing business in the U.S. arealso generally applicable to doing business outside of the U.S., but such risks may be exaggerated by factors normally associatedwith international operations, such as differences in culture, laws and regulations, especially restrictions on collection,management, aggregation and use of information.  Failure to effectively manage the risks facing our non-U.S. business activitiescould materially adversely affect our operating results. In addition, when operating in foreign jurisdictions, we must comply with complex foreign and U.S. laws and regulations, such asthe U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and other local laws prohibiting corrupt payments to governmentofficials, as well as anti-competition regulations and data protection laws and regulations. Violations of these laws and regulationscould result in fines and penalties, criminal sanctions, restrictions on our business conduct and on our ability to offer our productsand services in one or more countries.  Such violations could also adversely affect our reputation with existing and prospectiveclients, which could negatively impact our operating results and growth prospects. Our products and services have long and variable sales cycles due to their nature as enterprise-wide solutions.  Failureto accurately predict these sales cycles could impair our ability to forecast operating results, which could result in adecline in the market value of our stock. When purchasing our products and services, our clients and prospects are often faced with a significant commitment of capital,the need to integrate new software and/or hardware platforms across multiple business units and other changes in company-wideoperational procedures, all of which result in cautious deliberation and evaluation by prospective clients, longer sales cycles anddelays in completing transactions.  Additional delays result from the significant up-front expenses and substantial time, effort andother resources necessary of our clients to implement our solutions.  For example, depending on the size of a prospective client’sbusiness and its needs, a sales cycle can range from two weeks to nine months.   Because of these longer sales cycles, revenuesand operating results may vary significantly from period to period.  As a result, it is often difficult to accurately forecast ourrevenues on a quarterly basis as it is not always possible for us to predict the quarter in which sales will actually becompleted.  This difficulty in predicting revenue, combined with the revenue fluctuations we may experience from quarter toquarter, can adversely affect and cause substantial fluctuations in our stock price. Third parties may claim that we are infringing their intellectual property and we could suffer significant litigation orlicensing expenses or be prevented from selling products or services. Additionally, third parties may infringe ourintellectual property and we may suffer competitive injury or expend significant resources enforcing our rights. As our business is focused on data-driven results and analytics, we rely heavily on proprietary information technology, processesand other protectable intellectual property rights.  From time to time, third parties may

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claim that one or more of our products or services infringe their intellectual property rights. We analyze and take action inresponse to such claims on a case-by-case basis. Any dispute or litigation regarding patents or other intellectual property could becostly and time-consuming due to the complexity of our technology and the uncertainty of intellectual property litigation, whichcould divert the attention of our management and key personnel away from our business operations. A claim of intellectualproperty infringement could force us to enter into a costly or restrictive license agreement, which might not be available underacceptable terms or at all, or could subject us to significant damages or to an injunction against development and sale of certain ofour products or services.  Our proprietary portfolio consists of various intellectual property rights, including patents, copyrights, database rights, sourcecode, trademarks, trade secrets, know-how, confidentiality provisions and licensing arrangements.  The extent to which suchrights can be protected varies from jurisdiction to jurisdiction. If we do not enforce our intellectual property rights vigorously andsuccessfully, our competitive position may suffer which could harm our operating results. Our brand and reputation are key assets and competitive strengths of our Company, and our business may be adverselyaffected if events occur that could cause us to be negatively perceived in the marketplace. For over 45 years, Acxiom has been a thought leader and innovator in solving large-scale data problems and improving marketingresults through high-performance, highly scalable, highly secured and privacy-compliant marketing solutions, with a track recordof building strong technology and being an innovator in the marketing services space.  Our brand and reputation earned overthese years are key assets of the Company.  Our ability to attract and retain clients is highly dependent upon the externalperceptions of our level of data quality, our ability to deliver consumer insights, our enterprise data management and analyticalcapabilities, the competence of our current associate team, and our ability to meet contractual service level requirements in atimely manner.  Negative perceptions or publicity regarding these matters could damage our reputation with prospective clientsand the public generally. Adverse developments with respect to our industry may also, by association, negatively impact ourreputation, or result in higher regulatory or legislative scrutiny. Any damage to our brand or reputation could have a materialadverse effect on our business and operating results. Failure to recover significant, up-front capital investments required by certain client contracts could be harmful to theCompany’s financial condition and operating results. Certain of our client contracts require significant investment in the early stages, which we expect to recover through billings overthe life of the contract.  These contracts may involve the construction of new computer systems and communications networks orthe development and deployment of new technologies.  Substantial performance risk exists in each contract with thesecharacteristics, and some or all elements of service delivery under these contracts are dependent upon successful completion ofthe development, construction and deployment phases.  Failure to successfully meet our contractual requirements under thesecontracts over their life increases the possibility that we may not recover our capital investments in these contracts.  Failure torecover our capital investments could be detrimental to the profitability of the particular engagement as well as our operatingresults. The decline in direct mail business could occur more rapidly than we are able to offset with new revenues frominvestments in new products and services, which could, in turn, negatively impact revenue, net income and profitmargins.  Postal rate increases are expected to continue.  As postal costs continue to rise, we expect to see increased pressure on directmailers to leverage digital and other forms of online communication and to mail fewer pieces.  The concerns of direct mailers arefurther exacerbated by the on-going financial struggles of the United States Postal Service (“USPS”).  In recent years, the USPShas incurred significant financial losses and may, as a result, implement significant changes to the breadth or frequency of its maildelivery.  USPS cost cutting measures have included, among other things, consolidation of USPS’s mail processing network andchanges to USPS’s service standards for market-dominant mail products.  These ongoing changes are expected to increase mailprocessing time and slow delivery frequency, which in turn may decrease

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marketers and the general public’s willingness to continue to use traditional mail, which may negatively impact our direct mailclients and thus the Company’s revenue derived from our traditional direct marketing business.  Additionally, those in thetraditional direct mail business, as well as the USPS, are under growing pressure to reduce their impact on the environment.  It isuncertain at this time what either marketers or the USPS will do to lessen their impact.  From a postal service perspective, theactions to be taken may involve changing certain aspects of mail service that would negatively affect direct marketers.  From amarketer’s perspective, such actions could have the same effect as increased rates, thereby causing them to mail fewer pieces,which may negatively impact the Company’s revenue derived from our traditional direct marketing business.   Item 1B.  Unresolved Staff Comments Not applicable. Item 2.  Properties Acxiom is headquartered in Conway, Arkansas with additional locations around the United States.    We also have operations inEurope  and  Asia-Pacific.    In  general,  our  facilities  are  in  good  condition,  and  we  believe  that  they  are  adequate  to  meet  ourcurrent  needs.    The table below sets  forth  the location,  form of  ownership and general  use of  our  principal  properties  currentlybeing used by each business segment. 

Location      Held      Use      Business Segment  United States:                             Conway, Arkansas

 

Ten facilities held in fee

 

Data center; office space

 

Marketing Services, Audience Solutions, Connectivity  

               Little Rock, Arkansas

 

One building held infee

 

Data center

 

Marketing Services, Audience Solutions, Connectivity  

               Redwood City, California

 

Lease

 

Office space

 

Marketing Services, Audience Solutions, Connectivity  

               San Francisco, California  

Lease 

Data center; Office space Connectivity

                Downers Grove, Illinois  

Lease 

Office space Marketing Services, Audience Solutions  

               New York, New York

 

Lease

 

Office space

 

Marketing Services, Audience Solutions, Connectivity  

               Austin, Texas

 Lease

 Office space

 Marketing Services, Audience Solutions  

 

  

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Location      Held      Use      Business Segment  Europe:                             London, England

 

Lease

 

Office space

 

Marketing Services, Audience Solutions, Connectivity  

               Normanton, England   Lease   Data center; office space   Audience Solutions                 Paris, France

 Lease

 Data center; office space

 Audience Solutions, Connectivity  

               Frankfurt, Germany   Lease   Office space   Audience Solutions                 Munich, Germany   Lease   Office space   Audience Solutions                 Gdansk, Poland

 Lease

 Office space

 Marketing Services, Audience Solutions  

               China:                             Shanghai, China

 

Lease

 

Office space

 

Marketing Services, Audience Solutions, Connectivity  

               Nantong, China

 

Lease

 

Data center; office space

 

Marketing Services, Audience Solutions, Connectivity  

 

  Item 3.  Legal Proceedings There are currently no matters pending against the Company or its subsidiaries for which the potential exposure is consideredmaterial to the Company’s condensed consolidated financial statements.  Item 4.  Mine Safety Disclosures Not applicable. 

PART II Item 5.  Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities   Market Information The outstanding shares of Acxiom’s common stock are listed and traded on the NASDAQ Global Select Market under the symbol“ACXM.”  The following table reflects the range of high and low sales prices of Acxiom’s common stock as reported by NASDAQfor each quarter in fiscal 2017 and 2016. Fiscal 2017      High      Low  Fourth Quarter   $ 30.40   $ 24.74  Third Quarter     27.70     22.72  Second Quarter     27.24     21.25  First Quarter     23.57     19.11   

 

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Fiscal 2016      High      Low  Fourth Quarter   $ 22.22   $ 17.32  Third Quarter     23.42     19.32  Second Quarter     21.47     16.67  First Quarter     19.46     15.78   Holders As of May 22, 2017, the approximate number of record holders of the Company’s common stock was 1,926. Dividends The Company has not paid dividends on its common stock in the past two fiscal years.  The Board of Directors may considerpaying dividends in the future but has no plans to pay dividends in the short term.  Performance Graph  The graph below matches Acxiom Corporation's cumulative 5-Year total shareholder return on common stock with the cumulativetotal returns of the NASDAQ Composite index and the NASDAQ Computer & Data

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Processing index. The graph tracks the performance of a $100 investment in our common stock and in each index (with thereinvestment of all dividends) from 3/31/2012 to 3/31/2017.  

 3/12 3/13 3/14 3/15 3/16 3/17

Acxiom Corporation 100.00 138.96 234.30 125.95 146.05 193.94NASDAQ Composite 100.00 107.47 141.36 165.74 166.19 202.57NASDAQ Computer & Data Processing 100.00 103.21 146.32 163.51 197.02 233.91  The performance graph and the related chart and text, are being furnished solely to accompany this Annual Report on Form 10-Kpursuant to Item 201(e) of Regulation S-K, and are not being filed for purposes of Section 18 of the Securities Exchange Act of1934, as amended, and are not to be incorporated by reference into any filing of ours, whether made before or after the datehereof, regardless of any general incorporation language in such filing. The stock price performance included in this graph is notnecessarily indicative of future stock price performance. 

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Purchases of Equity Securities by the Issuer and Affiliated Purchasers The table below provides information regarding purchases by Acxiom of its common stock during the periods indicated. 

Period

TotalNumberofShares

Purchased

AveragePricePaidPerShare

TotalNumberofSharesPurchasedasPartofPublicly

AnnouncedPlansorPrograms

MaximumNumber(orApproximateDollarValue)ofSharesthatMayYet

BePurchasedUnderthePlansorPrograms

1/1/17 - 1/31/17 — n/a — $ 114,250,9782/1/17 - 2/28/17 — n/a — —3/1/17 - 3/31/17 — n/a — —

Total — n/a — $ 114,250,978 The repurchases listed above were made pursuant to a repurchase program adopted by the Board of Directors on August 29,2011.  That program was subsequently modified and expanded, most recently on July 28, 2016.  Under the modified commonstock repurchase program, the Company may purchase up to $400.0 million of its common stock through the period ending June30, 2018. Through March 31, 2017, the Company had repurchased 16.8 million shares of its stock for $285.7 million, leavingremaining capacity of $114.3 million under the stock repurchase program. Item 6.  Selected Financial Data For information pertaining to selected financial data of Acxiom, refer to page F-2 of the Financial Supplement, which is attachedhereto and incorporated herein by reference. Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations The information required by this item appears in the Financial Supplement at pages F-3 – F-23, which is attached hereto andincorporated herein by reference. Item 7A.  Quantitative and Qualitative Disclosures About Market Risk Acxiom’s earnings are affected by changes in short-term interest rates primarily because of its term loan agreement and itsrevolving credit agreement, which bear interest at a floating rate.  Acxiom used an interest rate swap agreement to mitigate theinterest rate risk on $50 million of its floating-rate debt, which expired March 31, 2017.  Risk can be estimated by measuring theimpact of a near-term adverse movement of one percentage point in short-term market interest rates.  If short-term market interestrates increase one percentage point during the next four quarters compared to the previous four quarters, there would be nomaterial adverse impact on Acxiom’s results of operations.  Acxiom has no material future earnings or cash flow expenses fromchanges in interest rates related to its other long-term debt obligations, as substantially all of Acxiom’s remaining long-term debtinstruments have fixed rates.  At both March 31, 2017 and 2016, the fair value of the Company’s fixed rate long-term obligationsapproximated carrying value. Acxiom has a presence in the United Kingdom, France, Germany, Poland, Australia and China.  In general, each of the foreignlocations is expected to fund its own operations and cash flows, although funds may be loaned or invested from the U.S. to theforeign subsidiaries.  Therefore, exchange rate movements of foreign currencies may have an impact on Acxiom’s future costs oron future cash flows from foreign investments.  Acxiom has not entered into any foreign currency forward exchange contracts orother derivative instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates. Item 8.  Financial Statements and Supplementary Data The financial statements required by this item appear in the Financial Supplement at pages F-25 – F-69, which is attached heretoand incorporated herein by reference.  Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None.

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 Item 9A.  Controls and Procedures Disclosure Controls and Procedures Our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and ChiefFinancial Officer, the effectiveness of our disclosure controls and procedures as of March 31, 2017.  Based on their evaluation asof March 31, 2017, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls andprocedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) were effectiveat the reasonable assurance level to ensure that the information required to be disclosed by us in the Annual Report on Form 10-K was (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and(ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allowtimely decisions regarding required disclosure. Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controlsand procedures or our internal controls over financial reporting will prevent all errors and all fraud.  A control system, no matterhow well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control systemare met.  Further the design of a control system must reflect the fact that there are resource constraints and the benefits ofcontrols must be considered relative to their costs.  Because of the inherent limitations in all control systems, no evaluation ofcontrols can provide absolute assurance that all control issues and instances of fraud, if any, with Acxiom have been detected. 

Management’s Report on Internal Control Over Financial Reporting The management of Acxiom Corporation (the Company) is responsible for establishing and maintaining adequate internal controlover financial reporting (as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934, as amended). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements for external purposes in accordance with generallyaccepted accounting principles, and includes those policies and procedures that: 

· Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions anddispositions of the assets of the Company; 

· Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statementsin accordance with generally accepted accounting principles, and that receipts and expenditures of the Company arebeing made only in accordance with authorizations of management and directors of the Company; and 

· Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition ofthe Company’s assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also,projections of any evaluations of effectiveness to future periods are subject to the risk that controls may become inadequatebecause of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The Company’s management, with participation of the Chief Executive Officer and Chief Financial Officer, assessed theeffectiveness of the Company’s internal control over financial reporting as of March 31, 2017.  In making this assessment, theCompany’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission(COSO) in Internal Control-Integrated Framework (2013) .

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 Based on management’s assessment and those criteria, the Company’s management determined that the Company’s internalcontrol over financial reporting was effective as of March 31, 2017. KPMG LLP, the Company’s independent registered public accounting firm, has audited the Company’s internal control overfinancial reporting, as stated in their report, which is included herein. Item 9B.  Other Information Not applicable.

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PART III Item 10.  Directors, Executive Officers and Corporate Governance Please see the information concerning our executive officers contained in Part I of this Annual Report on Form 10-K under thecaption “Executive Officers of the Registrant” which is included there pursuant to Instruction 3 to Item 401(b) of the SEC’sRegulation S-K. The Acxiom Board of Directors has adopted codes of ethics applicable to our principal executive, financial and accounting officersand all other persons performing similar functions.  Copies of these codes of ethics are posted on Acxiom’s website atwww.acxiom.com under the “About – Codes of Ethics” section of the site.  The remaining information required by this itemappears under the captions “Election of Directors,” “Corporate Governance” and “Section 16(a) Beneficial Ownership ReportingCompliance” in Acxiom's 2017 Proxy Statement, which information is incorporated herein by reference.  Item 11.  Executive Compensation The information required by this item appears under the heading “Executive Compensation” in Acxiom's 2017 Proxy Statement,which information is incorporated herein by reference. Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   Securities Authorized for Issuance Under Equity Compensation Plans The following table contains information about our common stock which may be issued upon the exercise of options under ourexisting equity compensation plans as of the end of fiscal 2017 (March 31, 2017): 

              Number of securities      Number of         available for future      securities         issuance      to be issued upon         under equity      exercise of   Weighted-average   compensation      outstanding   exercise price of   plans (excluding      options,   outstanding options,  securities  Plan category     warrants and rights     warrants and rights      reflected in column (a))     (a)   (b)   (c)  Equity compensation plans approvedby shareholders   2,811,965 $ 13.10   2,481,688  

Equity compensation plans notapproved by shareholders   221,106   13.74   217,559  

Total   3,033,071   $ 13.14   2,699,247  

1 This figure represents stock options issued under shareholder-approved stock option plans, of which 459,275 were assumedin connection with our fiscal 2015 acquisition of LiveRamp, 283,981 were assumed in connection with our fiscal 2017acquisition of Arbor, and 61,499 were assumed in connection with our fiscal 2017 acquisition of Circulate.

 2 Issued pursuant to the Company’s 2011 Nonqualified Equity Compensation Plan described below, which does not require

shareholder approval under the exception provided for in NASDAQ Marketplace Rule 5635(c)(4). Equity Compensation Plan Not Approved by Security Holders  The Company adopted the 2011 Nonqualified Equity Compensation Plan of Acxiom Corporation (the “2011 Plan”) for the purposeof making equity grants to induce new key executives to join the Company.  The awards that may be made under the 2011 Planinclude stock options, stock appreciation rights, restricted

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stock awards, RSU awards, performance awards, or other stock unit awards.  To receive such an award, a person must be newlyemployed with the Company with the award being provided as an inducement material to their employment, provided the award isfirst properly approved by the board of directors or an independent committee of the board.  The board of directors and itscompensation committee are the administrators of the 2011 Plan, and as such, determine all matters relating to awards grantedunder the 2011 Plan, including the eligible recipients, whether and to what extent awards are to be granted, the number of sharesto be covered by each grant and the terms and conditions of the awards.  The 2011 Plan has not been approved by theCompany’s shareholders. The remaining information required by this item appears under the heading “Stock Ownership” in Acxiom's 2017 Proxy Statement,which information is incorporated herein by reference. Item 13.  Certain Relationships and Related Transactions, and Director Independence The information required by this item appears under the headings “Related-Party Transactions” and “Corporate Governance -Board and Committee Matters” in Acxiom's 2017 Proxy Statement, which information is incorporated herein by reference. Item 14.  Principal Accountant Fees and Services The information required by this item appears under the heading “Ratification of Independent Registered Public Accountant - FeesBilled for Services Rendered by Independent Auditor” in Acxiom's 2017 Proxy Statement, which information is incorporated hereinby reference. 

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PART IV Item 15.  Exhibits, Financial Statement Schedules (a) The following documents are filed as a part of this report: 1.  Financial Statements.

 The following consolidated financial statements of the registrant and its subsidiaries included in the Financial Supplementand the Independent Auditors' Reports thereof are attached hereto.  Page references are to page numbers in the FinancialSupplement.

PageReports of Independent Registered Public Accounting Firm   F-24Consolidated Balance Sheets as of March 31, 2017 and 2016   F-25Consolidated Statements of Operations for the years ended March 31, 2017, 2016 and 2015   F-26Consolidated Statements of Comprehensive Income (Loss) for the years ended March 31, 2017,2016, and 2015  

F-27

Consolidated Statements of Stockholders’ Equity for the years ended March 31, 2017, 2016 and 2015 

F-28

Consolidated Statements of Cash Flows for the years ended March 31, 2017, 2016 and 2015   F-29 - F-30Notes to the Consolidated Financial Statements   F-31 - F-69

 2.  Financial Statement Schedules. 

All schedules are omitted because they are not applicable or not required or because the required information is included inthe consolidated financial statements or notes thereto.

 3.  Exhibits.

 The following exhibits are filed with this report or are incorporated by reference to previously filed material:

 Exhibit No.   2.1        Merger Agreement, dated May 12, 2014, by and among Acxiom Corporation, Big Sky Sub Acquisition, Inc., LiveRamp,

Inc., and The Brenner Group (previously filed on May 14, 2014, as Exhibit 2.1 to Acxiom Corporation’s Current Report onForm 8-K, and incorporated herein by reference)

 2.2        Contribution and Stock Purchase Agreement, dated as of May 19, 2015, by and among Aspen Holdco, Inc., Acxiom

Corporation, Acxiom IT Outsourcing, Inc., Acxiom Limited, Aspen Hivedown Limited, Acxiom Global Service CenterPolska sp. z.o.o., Acxiom Polska sp. z.o.o. w likwidacji, and Acxiom ITO Polska sp. z.o.o. (previously filed on May 20,2015, as Exhibit 2.1 to Acxiom Corporation’s Current Report on Form 8-K, and incorporated herein by reference)

 2.3        Amendment dated July 31, 2015, to the Contribution and Stock Purchase Agreement dated as of May 19, 2015, by and

among Aspen Holdco, Inc., Acxiom Corporation, Acxiom IT Outsourcing, Inc., Acxiom Limited, Aspen Hivedown Limited,Acxiom Global Service Center Polska sp. z.o.o., Acxiom Polska sp. z.o.o. w likwidacji, and Acxiom ITO Polska sp. z.o.o.(previously filed on August 6, 2015, as Exhibit 2.1 to Acxiom Corporation’s Current Report on Form 8-K, and incorporatedherein by reference)

 3.1        Amended and Restated Certificate of Incorporation 3.2        Amended and Restated Bylaws (previously filed on March 31, 2017, as Exhibit 3(a) to Acxiom Corporation’s Current

Report on Form 8-K, and incorporated herein by reference) 

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10.1       Amended and Restated  Key  Associate  Stock  Option  Plan  of  Acxiom Corporation  (previously  filed  as  Exhibit  10(e)  toAcxiom’s  Annual  Report  on  Form  10-K  for  the  fiscal  year  ended  March  31,  2000,  Commission  File  No.  0-13163,  andincorporated herein by reference)

 10.2         2005 Stock Purchase Plan of Acxiom Corporation 10.3        First Amendment to the 2005 Stock Purchase Plan of Acxiom Corporation (previously filed as Exhibit 10.2 to  Acxiom

Corporation’s Annual Report on Form  10‑K for the fiscal year ended March 31, 2015, Commission File No. 0‑13163, andincorporated herein by reference)

 10.4       Amended and Restated 2005 Equity Compensation Plan of Acxiom Corporation (previously filed on August 21, 2015,

as Exhibit 10.1 to Acxiom Corporation’s Current Report on Form 8-K, and incorporated herein by reference) 10.5       Acxiom Corporation Non-Qualified Deferral  Plan, amended and restated effective January 1, 2009 (previously filed as

Exhibit  10.27  to  Acxiom  Corporation’s  Annual  Report  on  Form  10-K  for  the  fiscal  year  ended  March  31,  2013,  andincorporated herein by reference)

 10.6        First  Amendment  to  the  Acxiom  Corporation  Non-Qualified  Deferral  Plan,  effective  July  1,  2009  (previously  filed  as

Exhibit  10.28  to  Acxiom  Corporation’s  Annual  Report  on  Form  10-K  for  the  fiscal  year  ended  March  31,  2013,  andincorporated herein by reference)

 10.7        Acxiom  Corporation  Non-Qualified  Matching  Contribution  Plan,  amended  and  restated  effective  January  1,  2009

(previously filed as Exhibit 10.29 to Acxiom Corporation's Annual Report on Form 10-K for the fiscal year ended March31, 2013, and incorporated herein by reference)

 10.8        First  Amendment  to  the  Acxiom  Corporation  Non-Qualified  Matching  Contribution  Plan,  effective  July  1,  2009

(previously filed as Exhibit 10.30 to Acxiom Corporation's Annual Report on Form 10-K for the fiscal year ended March31, 2013, and incorporation herein by reference)

 10.9       Amended and Restated 2010 Executive Cash Incentive Plan of Acxiom Corporation (previously filed as Exhibit 10.6 to

Acxiom  Corporation’s  Annual  Report  on  Form  10‑K  for  the  fiscal  year  ended  March  31,  2015,  Commission  File  No.0‑13163, and incorporated herein by reference)

 10.10     Amended  and  Restated  2010  Executive  Officer  Severance  Policy  (previously  filed  as  Exhibit  10.7  to  Acxiom

Corporation’s Annual Report on Form 10‑K for the fiscal year ended March 31, 2015, Commission File No. 0‑13163, andincorporated herein by reference)

 10.11     2011 Nonqualified Equity Compensation Plan of Acxiom Corporation (previously filed on July 27, 2011, as Exhibit 10.2

to Acxiom Corporation’s Current Report on Form 8-K, and incorporated herein by reference) 10.12     LiveRamp,  Inc.  2006  Equity  Incentive  Plan  (previously  filed  as  Exhibit  99.1  to  Acxiom  Corporation’s  Registration

Statement on Form S-8, Commission File No. 333-197463, and incorporated herein by reference) 10.13    Arbor  Equity  Compensation  Plan  (previously  filed  as  Exhibit  10.2  to  Acxiom  Corporation’s  Registration  Statement  on

Form S-8, Commission File No. 333-214926, and incorporated herein by reference) 10.14     Circulate Equity Compensation Plan (previously filed as Exhibit 10.4 to Acxiom Corporation’s Registration Statement on

Form S-8, Commission File No. 333-214926, and incorporated herein by reference) 10.15     Form  of  Performance  Unit  Award  Agreement  under  the  Amended  and  Restated  2005  Equity  Compensation  Plan  of

Acxiom Corporation

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10.16      Form of  Stock Option Grant  Agreement  under the Amended and Restated 2005 Equity Compensation Plan of  AcxiomCorporation

 10.17     Form of Restricted Stock Unit Award Agreement under the Amended and Restated 2005 Equity Compensation Plan of

Acxiom Corporation 10.18     Form of Restricted Stock Unit Award under the 2011 Nonqualified Equity Compensation Plan of Acxiom Corporation 10.19     Form of Restricted Stock Unit Award under the Arbor Equity Compensation Plan 10.20     Fifth Amended and Restated Credit Agreement dated as of October 9, 2013, among Acxiom Corporation, a Delaware

corporation, the lenders party thereto and JPMorgan Chase Bank, N.A. (previously filed on October 15, 2013, as Exhibit10.1 to Acxiom Corporation’s Current Report on Form 8-K, and incorporated herein by reference)

 10.21    Amendment No. 1 to Fifth Amended and Restated Credit Agreement, effective as of May 19, 2015, by and among Acxiom

Corporation, the lenders party thereto and JPMorgan Chase Bank, N.A. (previously filed on May 21, 2015, as Exhibit 10.1to Acxiom Corporation’s Current Report on Form 8-K, and incorporated herein by reference) 

 10.22     Employment Agreement by and between Acxiom Corporation and Scott E. Howe dated as of July 26, 2014 (previously

filed on May 27, 2014 as Exhibit 10.1 to Acxiom Corporation’s Current Report on Form 8-K, and incorporated herein byreference)

 10.23     Employment Agreement by and between Acxiom Corporation and Warren C. Jenson dated as of March 27, 2015

(previously filed on March 27, 2015 as Exhibit 10.1 to Acxiom Corporation’s Current Report on Form 8-K, andincorporated herein by reference)

 10.24     Equity Agreement by and between Acxiom Corporation and Travis May dated as of November 11, 2014 (previously filed

on August 5, 2016 as Exhibit 10.1 to Acxiom Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30,2016, and incorporated herein by reference)

 10.25     Form of Director Indemnity Agreement 10.26     Form of Officer and Key Employee Indemnity Agreement 21          Subsidiaries of Acxiom Corporation 23          Consent of KPMG LLP 24          Powers of Attorney 31.1      Certification of Chief Executive Officer pursuant to SEC Rule 13a-14(a)/15d-14(a), as adopted pursuant to Sections 302

and 404 of the Sarbanes-Oxley Act of 2002

 31.2       Certification of Chief Financial Officer pursuant to SEC Rule 13a-14(a)/15d-14(a), as adopted pursuant to Sections 302

and 404 of the Sarbanes-Oxley Act of 2002

 32.1       Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002 32.2       Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002 

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101       The following financial information from our Annual Report on Form 10-K for the fiscal year ended March 31, 2017,formatted in XBRL: (i) Consolidated Balance Sheets as of March 31, 2017 and 2016; (ii) Consolidated Statements ofOperations for the fiscal years ended March 31, 2017, 2016 and 2015; (iii) Consolidated Statements of ComprehensiveIncome (Loss) for the fiscal years ended March 31, 2017, 2016 and 2015; (iv) Consolidated Statements of Stockholders’Equity for the fiscal years ended March 31, 2017, 2016 and 2015; (v)  Consolidated Statements of Cash Flows for thefiscal years ended March 31, 2017, 2016 and 2015; and (vi) Notes to the Consolidated Financial Statements

 

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SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused thisreport to be signed on its behalf by the undersigned, thereunto duly authorized.

     ACXIOM CORPORATION       Date:  May 26, 2017   By: /s/ Warren C. Jenson      Warren C. Jenson      Chief Financial Officer & Executive Vice President Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following personson behalf of the registrant and in the capacities and on the dates indicated. Signature                       John L. Battelle*   Director   May 26, 2017John L. Battelle                 Timothy R. Cadogan*   Director   May 26, 2017Timothy R. Cadogan                 William T. Dillard II*   Director   May 26, 2017William T. Dillard II                 Richard P. Fox*   Director   May 26, 2017Richard P. Fox         Jerry D. Gramaglia*  

 Director (Non-Executive Chairman of  

 May 26, 2017

Jerry D. Gramaglia   the Board)             William J. Henderson*   Director   May 26, 2017William J. Henderson         Scott E. Howe*  

 Director, CEO & President (principal  

 May 26, 2017

Scott E. Howe   executive officer)             Clark M. Kokich*   Director   May 26, 2017Clark M. Kokich                 Debora B. Tomlin*   Director   May 26, 2017Debora B. Tomlin         /s/ Warren C. Jenson  

 Chief Financial Officer & Executive  

 May 26, 2017

Warren C. Jenson 

Vice President (principal financial andaccounting officer)  

  

 *By: /s/ Catherine L. Hughes    Catherine L. Hughes  Attorney-in-Fact 

          

 

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ACXIOM CORPORATIONINDEX TO FINANCIAL SUPPLEMENTTO ANNUAL REPORT ON FORM 10-K

FOR THE YEAR ENDED MARCH 31, 2017 Selected Financial Data   F-2Management’s Discussion and Analysis of Financial Condition and Results of Operations   F-3Report of Independent Registered Public Accounting Firm   F-24Annual Financial Statements:  

Consolidated Balance Sheets as of March 31, 2017 and 2016   F-25Consolidated Statements of Operations for the years ended March 31, 2017, 2016 and 2015   F-26Consolidated Statements of Comprehensive Income (Loss) for the years ended March 31, 2017, 2016 and 2015  F-27

Consolidated Statements of Stockholders’ Equity for the years ended March 31, 2017, 2016 and 2015   F-28Consolidated Statements of Cash Flows for the years ended March 31, 2017, 2016 and 2015   F-29Notes to Consolidated Financial Statements   F-31

 

 

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ACXIOM CORPORATIONSELECTED FINANCIAL DATA

(In thousands, except per share data) 

Year ended March 31,       2017      2016      2015      2014      2013  Statement of operations data:                                

Revenues   $ 880,247   $ 850,088   $ 804,911   $ 805,153   $ 792,689  Net earnings (loss) from continuing operations   $ 4,108   $ (8,648)  $ (26,542)  $ (17,340)  $ 30,645  Net earnings from discontinued operations, net oftax      —     15,351     15,511     26,143     26,474  

Net earnings (loss)   $ 4,108   $ 6,703   $ (11,031)  $ 8,803   $ 57,119  Net earnings (loss) attributable to Acxiom   $ 4,108   $ 6,703   $ (11,031)  $ 8,863   $ 57,607  

Basic earnings (loss) per share:                           Net earnings (loss) from continuing operations   $ 0.05   $ (0.11)  $ (0.34)  $ (0.23)  $ 0.41  Net earnings from discontinued operations      —     0.20     0.20     0.35     0.35  Net earnings (loss)   $ 0.05   $ 0.09   $ (0.14)  $ 0.12   $ 0.76  Net earnings (loss) attributable to Acxiom   $ 0.05   $ 0.09   $ (0.14)  $ 0.12   $ 0.77  

Diluted earnings (loss) per share:                           Net earnings (loss) from continuing operations   $ 0.05   $ (0.11)  $ (0.34)  $ (0.23)  $ 0.40  Net earnings from discontinued operations      —     0.20     0.20     0.35     0.35  Net earnings (loss)   $ 0.05   $ 0.09   $ (0.14)  $ 0.12   $ 0.75  Net earnings (loss) attributable to Acxiom   $ 0.05   $ 0.09   $ (0.14)  $ 0.12   $ 0.75  

 Acxiom has not paid cash dividends for any of the periods reported. As of March 31,      2017      2016      2015      2014      2013  Balance sheet data:                           

Current assets   $ 368,519   $ 376,010   $ 511,404   $ 656,056   $ 447,715  Current liabilities   $ 230,427   $ 224,000   $ 283,792   $ 249,469   $ 224,576  Total assets   $1,234,538   $1,149,849   $1,294,087   $1,310,497   $1,174,306  Long-term debt, excluding current installments   $ 189,241   $ 157,897   $ 244,753   $ 275,976   $ 225,082  Total equity   $ 738,980   $ 698,968   $ 703,257   $ 682,857   $ 619,368  

 The selected financial data for the periods reported above has been derived from the consolidated financial statements and,unless otherwise indicated, reflect the Company’s continuing operations.  Refer to Note 4 – Discontinued Operations andDispositions for additional information regarding discontinued operations.  This information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results ofOperations” and the historical financial statements and related notes contained in this report. The historical results are notnecessarily indicative of results to be expected in any future period. 

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Management’s Discussion and Analysis of Financial Condition and Results of Operations We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations with an overview of ouroperating segments and summary results and notable events. This overview is followed by a summary of our critical accountingpolicies and estimates that we believe are important to understanding the assumptions and judgments incorporated in ourreported financial results. We then provide a more detailed analysis of our results of operations and financial condition. Unless otherwise indicated, we refer to captions such as earnings (loss), and earnings (loss) per share from continuing operationsattributable to the Company simply as “earnings (loss)”, and “earnings (loss) per share” throughout this Management’s Discussionand Analysis.  Similarly, discussion of other matters in our consolidated financial statements relates to continuing operationsunless otherwise indicated. Introduction and Overview Acxiom Corporation is a global technology and enablement services company with a vision to transform data into value foreveryone. Through a simple, open approach to connecting systems and data, we provide the data foundation for the world’s bestmarketers. By making it safe and easy to activate, validate, enhance, and unify data, we provide marketers with the ability todeliver relevant messages at scale and tie those messages back to actual results. Our products and services enable people-based marketing, allowing our clients to generate higher return on investment and drive better omni-channel customerexperiences. Acxiom is a Delaware corporation founded in 1969 in Conway, Arkansas. Our common stock is listed on the NASDAQ GlobalSelect Market under the symbol “ACXM.” We serve a global client base from locations in the United States, Europe, and the Asia-Pacific (“APAC”) region. Our client list includes many of the world’s largest and best known brands across most major industryverticals, including but not limited to financial, insurance and investment services, automotive, retail, telecommunications, hightech, healthcare, travel, entertainment, non-profit, and government. Operating Segments Our operating segments provide management with a comprehensive view of our key businesses based on how we manage ouroperations and measure results. Additional information related to our operating segments and geographic information is containedin Note 18 – Segment Information of the Notes to Consolidated Financial Statements. Connectivity As shown in the illustration below, our Connectivity segment enables our clients to build an omni-channel view of the consumerand activate that understanding across the marketing ecosystem. 

 

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Through integrations with more than 500 leading digital marketing platforms and data providers, we have become a key point ofentry into the digital ecosystem, helping our clients eliminate data silos and unlock greater value from the marketing tools they useevery day. We provide a foundational identity resolution layer enabling our clients to identify and reach consumers acrosschannels and measure the impact of marketing on sales, using the marketing platform of their choice.  Today, our primary Connectivity offering is LiveRamp IdentityLink, an identity resolution service that ties data back to real peopleand makes it possible to onboard that data for people-based marketing initiatives across digital channels. Leveraging AbiliTec andthe LiveRamp identity graph, IdentityLink first resolves a client’s first-, second-, and third-party, exposure, and transaction data topersistent anonymous consumer identifiers that represent real people in a privacy-safe way. This omni-channel view of theconsumer can then be onboarded to and between any of the 500 plus partners in our ecosystem to support targeting,personalization and measurement use cases. 

Targeting Personalization Measurement

Example Example ExampleClients can upload known data fromfirst-, second-, and third-party datasources, resolve it to an omnichannelprivacy-safe link with IdentityLink,then onboard to one of 500+LiveRamp partners to deploy targetedads to known customers.

Clients can deliver highlyrelevant content the moment viewersvisit their website landing page, no loginrequired. Leveraging IdentityLink,clients can resolve customer segmentdata to devices and digital IDs, onboardthat data to a personalization platformand provide one-to-one experienceswithout compromising user privacy.

Clients can connect exposure datawith first- and third-party purchasedata across channels by resolving allcustomer devices back to thecustomers to which they belong. Then,clients can onboard that data to ameasurement platform to clearlyestablish cause, effect and impact.

 IdentityLink operates in an Acxiom SafeHaven® certified environment with technical, operational, and personnel controls designedto ensure our clients’ data is kept private and secure. IdentityLink is sold to brands and the companies brands partner to execute their marketing including marketing technologyproviders, data providers, publishers and agencies. 

· IdentityLink for Brands and Agencies. IdentityLink allows brands and their agencies to execute people-basedmarketing by creating an omni-channel understanding of the consumer and activating that understanding acrosstheirchoiceofbest-of-breeddigitalmarketingplatforms. 

· IdentityLink for Marketing Technology Providers. IdentityLink provides marketing technology providers with the abilityto offer people-based targeting, measurement and personalization within their platforms. This adds value for brands byincreasing reach, as well as the speed at which they can activate their marketing data.

 

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· IdentityLink for Data Owners. IdentityLink allows data owners to easily connect their data to the digital ecosystem andbetter monetize it. Data can be distributed directly to clients or made available through the IdentityLink Data Storefeature. This adds value for brands as it allows them to augment their understanding of consumers, and increase boththeir reach against and understanding of customers and prospects.

 · IdentityLink for Publishers. IdentityLink allows publishers to offer people-based marketing on their properties. This adds

value for brands by providing direct access to their customers and prospects in the publisher’s premium inventory. 

Our Connectivity revenue consists primarily of monthly recurring subscription fees sold on an annual basis. To a lesser extent, wegenerate revenue from data providers and certain digital publishers in the form of revenue-sharing agreements. Audience Solutions (“AS”) Our AS segment helps clients validate the accuracy of their data, enhance it with additional insight, and keep it up to date,enabling clients to reach desired audiences with highly relevant messages. Leveraging our recognition and data assets, clientscan identify, segment, and differentiate their audiences for more effective marketing and superior customer experiences. ASofferings include InfoBase, our large consumer data store that serves as the basis for Acxiom’s consumer demographics products,and AbiliTec, our patented identity resolution technology that assists our clients in reconciling and managing variations ofcustomer identity over time and across multiple channels. 

InfoBase. With more than 1,500 demographic, socio-economic and lifestyle data elements and several thousandpredictive models, our InfoBase products provide marketers with the ability to identify and reach the right audiencewith the right message across both traditional and digital channels. Through partnerships with over 100 onlinepublishers and digital marketing platforms, including Facebook, Google, Twitter, 4INFO, AOL, eBay and MSN,marketers can use InfoBase data to create and target specific audiences. Data can be accessed directly or throughthe Acxiom Audience Cloud, a web-based, self-service tool that makes it easy to build and distribute third-partycustom data segments. 

· AbiliTec. As shown in the illustration below, AbiliTec helps brands recognize individuals and households using anumber of different input variables and connects identities online and offline.

  

 By identifying and linking multiple identifiers and data elements back to a persistent ID, our clients are able to createa single view of the customer, which allows them to perform more effective audience targeting and deliver better,more relevant customer experiences.

 Our AS revenue includes licensing fees, which are typically in the form of recurring monthly billings, as well as transactionalrevenue based on volume or one-time usage. In addition, AS generates digital data revenue from certain digital publishers andaddressable television providers in the form of revenue sharing agreements. Our Marketing Database clients are a significantchannel for our AS offerings. 

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Marketing Services (“MS”) Our MS segment helps clients unify data at the individual level in a privacy-safe environment, so they can execute people-basedmarketing campaigns, tie back to real results, and drive a continual cycle of optimization. We help architect the foundation fordata-driven marketing by delivering solutions that integrate customer and prospect data across the enterprise, thereby enablingour clients to establish a single view of the customer. We also support our clients in navigating the complexities of consumerprivacy regulation, making it easy and safe for them to use innovative technology, maintain choice in channels and media, andstay agile in this competitive era of the consumer. These services allow our clients to generate higher return on marketinginvestments and, at the same time, drive better, more relevant customer experiences. The MS segment includes the following service offerings: Marketing Database Services and Strategy and Analytics.  The MSsegment also included Impact Email Platform and Services until the disposition of the business in August 2016. 

· Marketing Database Services. Our Marketing Database offering provides solutions that unify consumer data across anenterprise, enabling clients to execute relevant, people-based marketing and activate data across the marketingecosystem. Our consumer marketing databases, which we design, build, and manage for our clients, make it possible forour clients to collect and analyze information from all sources, thereby increasing customer acquisition, retention, andloyalty. Through our growing partner network, clients are able to integrate their data with best-of-breed marketingsolutions while respecting and protecting consumer privacy.

 Marketing Database Services are generally provided under long-term contracts. Our revenue consists primarily ofrecurring monthly billings, and to a lesser extent, other volume and variable based billings.

 · Strategy and Analytics . Our Strategy and Analytics offering consists of marketing strategists and data scientists who

leverage industry knowledge and advanced analytics to assist our clients with identifying growth opportunities, addressingmarketing data and technology needs, and adopting best practices. In addition, we help our clients identify and addresstheir data privacy and governance requirements.

 Strategy and Analytics revenue consists primarily of project-based fees.

 · Impact Email Platform and Services. Until the August 2016 disposition, Acxiom Impact™ provided email and cross-

channel data-driven marketing solutions for enterprise marketers, including a proprietary marketing platform and agencyservices.

 Acxiom Impact  revenue consists of (1) volume-based fees for the use of the Impact email platform and (2) project-based and retainer-based fees for associated agency services.     

 

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Summary Together, our products and services form the “power grid” for data, the critical foundation for people-based marketing that brandsneed to engage consumers across today’s highly fragmented landscape of channels and devices. We provide integrations with the largest number of marketing platforms and data providers in the digital marketing ecosystem,enabling our clients to innovate through their preferred choice of technology, data, and services providers. Our industry-leadingrecognition and data assets power best-in-class consumer identification and linking across channels and devices. And, ourintegrated services offering provides the expertise required to manage large sets of data legally, ethically, securely, and in a waythat protects consumer privacy. Summary Results and Notable Events During fiscal 2017, the Company acquired all of the outstanding shares of Arbor Technologies, Inc. (“Arbor”) and Circulate.com,Inc. (“Circulate”). Arbor and Circulate help publishers connect people-based data to the marketing ecosystem. Because of theseacquisitions, Arbor and Circulate are now wholly-owned subsidiaries of the Company included in the Connectivity segment, andincrease the scale of the Company’s omni-channel identity graph and network. The Company has included the financial results ofArbor and Circulate in the consolidated financial statements from the dates of acquisition. The consideration paid for theoutstanding shares and vested stock options was approximately $137.4 million, net of cash acquired of approximately $9.5 million.The consideration paid for unvested stock options has an estimated fair value of $9.2 million. These options are not part of thepurchase price and will be expensed as non-cash compensation over the applicable vesting periods. During fiscal 2017, the Company completed the sale of its Impact email business to Zeta Interactive for total consideration of$22.0 million, including a $4.0 million subordinated promissory note with interest accruing at a rate of 6.0% per annum. The noteis payable on the 12-month anniversary of the closing date.  The Company also entered into a separate multi-year contract toprovide Zeta Interactive with Connectivity and Audience Solutions services.  Prior to the disposition, the Impact email businesswas included in the Marketing Services segment results. During fiscal 2016, the Company completed the sale of its ITO business to Charlesbank Capital Partners and M/C Partners. Thebusiness qualified for treatment as discontinued operations during fiscal 2016. Accordingly, the results of operations, cash flows,and the balance sheet amounts pertaining to ITO, for all periods reported, have been classified as discontinued operations in theconsolidated financial statements. At the closing of the transaction, the Company received total consideration of $131.0 million ($140.0 million stated sales price lessclosing adjustments and transaction costs of $9.0 million). The Company may also receive up to a maximum of $50 million incontingent payments in future periods through 2020 subject to certain conditions. Due to the uncertainty of contingent payments,income will be recorded upon receipt of payment as a component of income from discontinued operations. In addition, theCompany has the right to participate in distributions of the divested entity above a defined amount. The Company reported a gainof $9.3 million on the sale which is included in earnings from discontinued operations, net of tax. The Company used $55.0 millionof proceeds from the sale to repay outstanding Company indebtedness in order to comply with the Company’s existing creditagreement. The remaining proceeds from the sale were used to fund expansion of its common stock repurchase program and forgeneral corporate purposes.

 A summary of the most recently completed fiscal year is presented below. 

· Revenues of $880.2 million, a 3.5% increase from $850.1 million in fiscal 2016. 

· Cost of revenue of $477.7 million, a 2.2% decrease from $488.4 million in fiscal 2016. 

· Gross margin increased to 45.7% from 42.5% in fiscal 2016. 

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· Total operating expenses of $386.9 million, a 3.2% increase from $374.8 million in fiscal 2016. 

· Cost of revenue and operating expenses for fiscal 2017 and 2016 include the following items: 

o Non-cash stock compensation of $49.1 million and $31.5 million, respectively (cost of revenue and operatingexpenses)

 o Purchased intangible asset amortization of $18.6 million and $15.5 million, respectively (cost of revenue)

 o Separation and transformation costs of $8.6 million and $20.8 million, respectively (operating expenses)

 o Restructuring and merger charges, impairment and other adjustments of $8.4 million and $19.0 million,

respectively (operating expenses) 

· Net earnings from continuing operations of $4.1 million, a $12.8 million improvement from a loss of $8.6 million in fiscal2016.

 · Net cash provided by operating activities of $115.8 million, a 2% increase from $113.6 million in fiscal 2016.

 · The Company acquired $30.5 million of its stock under the Company’s common stock repurchase program.

 The summary highlights significant events and transactions of the Company during the fiscal years ended March 31, 2017 and2016.  However, this summary is not intended to be a full discussion of the Company’s results. This summary should be read inconjunction with the following discussion of Results of Operations and Capital Resources and Liquidity and with the Company’sconsolidated financial statements and footnotes accompanying this report. Critical Accounting Policies We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) asset forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and we consider thevarious staff accounting bulletins and other applicable guidance issued by the United States Securities and ExchangeCommission (“SEC”). GAAP, as set forth within the ASC, requires management to make certain estimates, judgments andassumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based uponinformation available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgmentsand assumptions can affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities asof the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.  Note 1to the accompanying consolidated financial statements includes a summary of significant accounting policies used in thepreparation of Acxiom’s consolidated financial statements. Of those policies, we have identified the following as the most criticalbecause they are both important to the portrayal of the Company’s financial condition and operating results, and they may requiremanagement to make judgments and estimates about inherently uncertain matters: 

· Revenue Recognition 

· Business Combinations 

· Valuation of Goodwill 

· Software, Purchased Software Licenses, and Research and Development Costs  

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· Restructuring 

· Accounting for Income Taxes Revenue Recognition  The Company’s policy follows the guidance from ASC 605, Revenue Recognition . The Company provides marketing database services under long-term arrangements.  These arrangements may require theCompany to perform setup activities such as the design and build of a database, and may include other products and servicespurchased at the same time, or within close proximity of one another (referred to as multiple element arrangements). Eachelement within a multiple element arrangement is accounted for as a separate unit of accounting provided the following criteria aremet: the delivered products or services have value to the customer on a standalone basis; and for an arrangement that includes ageneral right of return relative to the delivered products or services, delivery or performance of the undelivered product or serviceis considered probable and is substantially controlled by us. We consider a deliverable to have standalone value if the product orservice is sold separately by us or another vendor or could be resold by the customer. Further, our revenue arrangementsgenerally do not include a general right of return related to the delivered products. Where the aforementioned criteria for aseparate unit of accounting are not met, the deliverable is combined with the undelivered element(s) and treated as a single unitof accounting for purposes of allocation of the arrangement consideration and revenue recognition. For our multiple-element arrangements, we allocate revenue to each element based on a selling price hierarchy at thearrangement’s inception. The relative selling price for each unit of accounting in a multiple-element arrangement is establishedusing vendor-specific objective evidence (VSOE), if available, third-party evidence (TPE), if available, or management’s bestestimate of stand-alone selling price (BESP).  In most cases, the Company has neither VSOE nor TPE and therefore uses BESP.The total arrangement consideration is allocated to each separate unit of accounting for each of the deliverables using the relativeselling prices of each unit based on the aforementioned selling price hierarchy. We limit the amount of revenue recognized fordelivered elements to an amount that is not contingent upon future delivery of additional products or services or meeting anyspecified performance conditions. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold ona stand-alone basis.  Management’s BESP is determined by considering multiple factors including actual contractual selling priceswhen the item is sold on a stand-alone basis, as well as market conditions, competition, internal costs, profit objectives and pricingpractices.  As pricing and marketing strategies evolve, we may modify our pricing practices in the future, which could result inchanges to BESP, or to the development of VSOE or TPE for individual products or services.  As a result, future revenuerecognition for multiple-element arrangements could differ from recognition in the current period.  Our relative selling prices areanalyzed on an annual basis or more frequently if we experience significant changes in selling prices. Revenues are recognized when: (1) persuasive evidence of an arrangement exists; (2) we deliver the products and services; (3)the sale price is fixed or determinable; and (4) collection is reasonably assured. Revenues that are not recognized at the time ofsale because the foregoing conditions are not met are recognized when those conditions are subsequently met. Whereapplicable, we reduce revenue for certain incentive programs where we can sufficiently estimate the effects of these items. Insome cases, the arrangements also contain provisions requiring customer acceptance of the setup activities prior tocommencement of the ongoing services arrangement.  Up-front fees billed during the setup phase for these arrangements aredeferred and setup costs that are direct and incremental to the contract are capitalized.  Revenue recognition does not begin untilafter customer acceptance in cases where contracts contain acceptance provisions.  Once the setup phase is complete andcustomer acceptance occurs, the Company recognizes revenue and the related costs for each element as delivered.  In situationswhere the arrangement does not require customer acceptance before the Company begins providing services, revenue isrecognized for each element as delivered and no costs are deferred. 

 

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The Company evaluates its marketing database arrangements to determine whether the arrangement contains a lease.  If thearrangement is determined to contain a lease, applicable accounting standards require the Company to account for the leasecomponent separately from the remaining components of the arrangement.  In cases where marketing database arrangementsare determined to include a lease, the lease is evaluated to determine whether it is a capital lease or operating lease andaccounted for accordingly.  These lease revenues are not significant to the Company’s consolidated financial statements. Sales of third-party software, hardware and certain other equipment are recognized when delivered.  If such sales are part of amultiple-element arrangement, they are recognized as a separate element unless collection of the sales price is dependent upondelivery of other products or services.  Additionally, the Company evaluates revenue from the sale of data, software, hardwareand equipment in accordance with accounting standards to determine whether such revenue should be recognized on a gross ora net basis.  All the factors in the accounting standards are considered with the primary factor being whether the Company is theprimary obligor in the arrangement.  “Out-of-pocket” expenses incurred by, and reimbursed to, the Company in connection withcustomer contracts are recorded as gross revenue. The Company also performs services on a project basis outside of, or in addition to, the scope of long-term arrangements.  TheCompany recognizes revenue from these services as the services are performed. All taxes assessed on revenue-producing transactions described above are presented on a net basis, or excluded from revenues. Revenues from the licensing of data are recognized upon delivery of the data to the customer.  Revenue from the licensing of datato the customer in circumstances where the license agreement contains a volume cap is recognized in proportion to the totalrecords to be delivered under the arrangement.  Revenue from the sale of data on a per-record basis is recognized as the recordsare delivered. Revenues from Connectivity services are primarily recorded as monthly recurring subscription fees, and to a lesser extent fromdata providers and certain digital publishers in the form of revenue-sharing agreements. Accounts receivable include amounts billed to clients as well as unbilled amounts recognized in accordance with the Company’srevenue recognition policies.  Unbilled amounts included in accounts receivable were $14.1 million and $14.3 million at March 31,2017 and 2016, respectively. Included in the Company’s consolidated balance sheets are deferred revenues resulting from billings and/or client payments inadvance of revenue recognition.  Deferred revenue at March 31, 2017 was $37.1 million and $44.5 million at March 31, 2016.  Business Combinations We apply the provisions of ASC 805, Business Combinations , in accounting for its acquisitions. It requires us to recognizeseparately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of theacquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of theassets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assetsacquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, our estimatesare inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year fromthe acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset togoodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilitiesassumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statement of operations. Accounting for business combinations requires our management to make significant estimates and assumptions, especially at theacquisition date, including our estimates for intangible assets. Although we believe the assumptions and estimates we have madein the past have been reasonable and appropriate, they are based in part on historical experience and information obtained fromthe management of the acquired companies and are inherently uncertain.

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 Examples of critical estimates in valuing certain of the intangible assets we have acquired include but are not limited to: 

· future expected cash flows from Connectivity sales;· expected costs to develop the in-process research and development into commercially viable products and estimated

cash flows from the products when completed;· the acquired company’s brand and competitive position, as well as assumptions about the period of time the acquired

brand will continue to be used in the combined company’s product portfolio; and· discount rates.

 Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates oractual results. In addition, uncertain tax positions and tax related valuation allowances in connection with a business combination are initiallyestimated as of the acquisition date. We reevaluate these items quarterly based upon facts and circumstances that existed as ofthe acquisition date with any judgments to our preliminary estimates being recorded to goodwill if identified within themeasurement period. Subsequent to the measurement period or our final determination of the uncertain tax positions and taxrelated valuation allowances, whichever comes first, changes to these tax estimates will affect our provision for income taxes inour consolidated statement of operations and could have a material impact on our results of operations and financial position. Valuation of Goodwill  Goodwill is measured and tested for impairment on an annual basis in the first quarter of the Company’s fiscal year in accordancewith ASC 350, Intangibles—Goodwill and Other , or more frequently if indicators of impairment exist.  Triggering events for interimimpairment testing include indicators such as adverse industry or economic trends, restructuring actions, downward revisions toprojections of financial performance, or a sustained decline in market capitalization. According to ASC 350, we can opt to performa qualitative assessment to test a reporting unit’s goodwill for impairment or we can directly perform the two-step impairment test.Based on our qualitative assessment, if we determine that the fair value of a reporting unit is more likely than not (i.e., a likelihoodof more than 50 percent) to be less than its carrying amount, the two-step impairment test prescribed by ASC 350 will beperformed. The first step requires comparing the estimated fair value of a reporting unit to its net book value, including goodwill.  Apotential impairment exists if the estimated fair value of the reporting unit is lower than its net book value.  The second step of theimpairment test involves assigning the estimated fair value of the reporting unit to its identifiable assets, with any residual fairvalue being assigned to goodwill.  If the carrying value of an individual indefinite-lived intangible asset (including goodwill)exceeds its estimated fair value, such asset is written down by an amount equal to the excess, and a corresponding amount isrecorded as a charge to operations for the period in which the impairment test is completed.  Completion of the Company’s annualimpairment test during the first quarter of fiscal 2017 indicated no impairment of its goodwill balances. During the fourth quarter of fiscal 2016, a triggering event occurred which required the Company to test the recoverability ofgoodwill associated with its APAC Marketing Services and Audience Solutions reporting units. The triggering event was theCompany’s decision to focus efforts in Australia exclusively on the Connectivity business; as a result, the Company plans to wind-down the Marketing Services and Audience Solutions operations in Australia. In addition to testing the recoverability of goodwill,the Company also tested certain other long-lived assets in these units for impairment. The results of the two-step test indicatedcomplete impairment of the APAC Audience Solutions goodwill as well as impairment for certain other long-lived assets. Theamount of impairment was $6.1 million, of which $5.4 million was goodwill and $0.7 million related to other long-lived assets,primarily property and equipment. The impairment test also indicated a reduced fair value for the APAC Marketing Servicescomponent, but the fair value was still in excess of the carrying value resulting in no impairment. During the third quarter of fiscal 2016, management determined that results for the APAC component were lower than had beenprojected in the previous goodwill test in part due to an economic slowdown in Asia.

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Management further determined that the failure of the APAC component to meet expectations, combined with the expectation thatfuture projections would also be lowered, constituted a triggering event, requiring an interim goodwill impairment test. Theimpairment test indicated a reduced fair value, but the fair value was still in excess of the carrying value resulting in noimpairment. During the second quarter of fiscal 2016, a triggering event occurred which required the Company to test the recoverability ofgoodwill associated with its Brazil Marketing Services and Audience Solutions reporting unit.  The triggering event was theannounced closure of the Company’s Brazil operation.  In addition to testing the recoverability of goodwill, the Company alsotested certain other long-lived assets in this unit for impairment.  The results of the impairment testing indicated completeimpairment of the goodwill as well as impairment for certain other long-lived assets.  The amount of impairment was $0.7 million,of which $0.5 million was goodwill and $0.2 million related to other long-lived assets, primarily property and equipment. To estimate the fair value for each of the components, management uses an income approach based on a discounted cash flowmodel together with valuations based on an analysis of public company market multiples and a similar transactions analysis. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projectionsand terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to changeas they require significant management judgment. Discount rates are determined by using a weighted average cost of capital(“WACC”). The WACC considers market and industry data as well as company-specific risk factors for each reporting unit indetermining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return aninvestor would expect to receive for investing in such a business. Management, considering industry and company-specifichistorical and projected data, develops growth rates and cash flow projections for each reporting unit. Terminal value ratedetermination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the lastprojected period assuming a constant WACC and low long-term growth rates. The public company market multiple method is used to estimate values for each of the components by looking at market valuemultiples to revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) for selected public companiesthat are believed to be representative of companies that marketplace participants would use to arrive at comparable multiples forthe individual component being tested.  These multiples are then used to develop an estimated value for each respectivecomponent. The similar transactions method compares multiples based on acquisition prices of other companies believed to be those thatmarketplace participants would use to compare to the individual component being tested.  Those multiples are then used todevelop an estimated value for that component. To arrive at an estimated value for each component, management uses a weighted-average approach to combine the results ofeach analysis.  Management believes that using multiple valuation approaches and then weighting them appropriately is atechnique that a marketplace participant would use.  As a final test of the annual valuation results, the total of the values of the components is reconciled to the actual market value ofAcxiom common stock as of the valuation date.  Management believes this control premium is reasonable compared to historicalcontrol premiums observed in actual transactions. Management believes that the estimated valuations are reasonable and consistent with what other marketplace participants woulduse in valuing the Company’s components.  However, management cannot give any assurance that these market values will notchange in the future.  For example, if discount rates demanded by the market increase, this could lead to reduced valuationsunder the income approach.  If the Company’s projections are not achieved in the future, this could lead management to reassesstheir assumptions and lead to reduced valuations under the income approach.  If the market price of the Company’s stockdecreases, this could cause the Company to reassess the reasonableness of the implied control premium, which might causemanagement to assume a higher discount rate under the income approach which could lead to reduced valuations.  If futuresimilar transactions exhibit lower multiples than those observed in the past, this could lead to reduced valuations under the similartransactions approach. 

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And finally, if there is a general decline in the stock market and particularly in those companies selected as comparable to theCompany’s components, this could lead to reduced valuations under the public company market multiple approach.  TheCompany’s next annual impairment test will be performed during the first quarter of fiscal 2018.  The fair value of the Company’scomponents could deteriorate which could result in the need to record impairment charges in future periods.  The Companycontinues to monitor potential triggering events including changes in the business climate in which it operates, attrition of keypersonnel, the volatility in the capital markets, the Company’s market capitalization compared to its book value, the Company’srecent operating performance, and the Company’s financial projections.  The occurrence of one or more triggering events couldrequire additional impairment testing, which could result in impairment charg es. Software , Purchased Software Licenses, and Research and Development Costs  Costs of internally developed software are capitalized in accordance with ASC 350-40, Internal Use Software . The standard generally requires that research and development costs incurred prior to the beginning of the applicationdevelopment stage of software products are charged to operations as such costs are incurred.  Once the application developmentstage has begun, costs are capitalized until the software is available for general release.  Costs of internally developed software are amortized on a straight-line basis over the remaining estimated economic life of thesoftware product, generally two to five years. The Company recorded amortization expense related to internally developedcomputer software of $27.5 million, $30.7 million, and $29.0 million for fiscal 2017, 2016 and 2015, respectively, including $11.8million, $10.0 million, and $7.5 million, respectively, related to internally developed software acquired as part of the Arbor,Circulate, and LiveRamp acquisitions.  Amortization expense in fiscal 2016 and fiscal 2015 also included $1.8 million and $4.3million, respectively, of accelerated amortization expense resulting from adjusting the remaining lives of certain capitalizedsoftware products because of the LiveRamp acquisition.    Costs of purchased software licenses are amortized on a straight-line basis over the estimated economic life of the license,generally not to exceed five years.  The Company recorded amortization expense related to purchased software licenses of $3.0million, $3.8 million and $5.0 million in 2017, 2016 and 2015, respectively.  Capitalized software, including both purchased and internally developed, is reviewed when facts and circumstances indicate thecarrying amount may not be recoverable and, if necessary, the Company reduces the carrying value of each product to its fairvalue.  Restructuring The Company records costs associated with employee terminations and other exit activity in accordance with ASC 420, Exit orDisposal Cost Obligations , depending on whether the costs relate to exit or disposal activities under the accounting standards, orwhether they are other post-employment termination benefits.  Under applicable accounting standards for exit or disposal costs,the Company records employee termination benefits as an operating expense when the benefit arrangement is communicated tothe employee and no significant future services are required.  Under the accounting standards related to post employmenttermination benefits the Company records employee termination benefits when the termination benefits are probable and can beestimated.  The Company recognizes the present value of facility lease termination obligations, net of estimated sublease incomeand other exit costs, when the Company has future payments with no future economic benefit or a commitment to pay thetermination costs of a prior commitment. In future periods the Company will record accretion expense to increase the liability to anamount equal to the estimated future cash payments necessary to exit the leases. This requires judgment and managementestimation to determine the expected time frame for securing a subtenant, the amount of sublease income to be received and theappropriate discount rate to calculate the present value of the future cash flows. Should actual lease exit costs differ fromestimates, the Company may be required to adjust the restructuring charge which will impact net income in the period anyadjustment is recorded. 

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Income Taxes The Company makes estimates and judgments in determining the provision for income taxes for financial statement purposes.These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certaintax assets and liabilities that arise from differences in the timing of recognition of revenue and expense for tax and financialstatement purposes, as well as the interest and penalties related to uncertain tax positions. Significant changes in these estimatesmay result in an increase or decrease to the tax provision in a subsequent period. The Company assesses the likelihood that it willbe able to recover its deferred tax assets. If recovery is not likely, the Company increases the provision for taxes by recording avaluation allowance against the deferred tax assets that it estimates will not ultimately be recoverable.  The Company believesthat the deferred tax assets recorded on the consolidated balance sheets will be ultimately recovered. However, should a changeoccur in the Company’s ability to recover its deferred tax assets, its tax provision would increase in the period in which theCompany determined that the recovery was not likely. The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. TheCompany recognizes liabilities for uncertain tax positions based on a two-step process pursuant to ASC 740, Income Taxes . Thefirst step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it ismore likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, ifany. If the Company determines that a tax position will more likely than not be sustained on audit, the second step requires theCompany to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimatesettlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability ofvarious possible outcomes. The Company re-evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors such aschanges in facts or circumstances, changes in tax law, new audit activity, and effectively settled issues. Determining whether anuncertain tax position is effectively settled requires judgment. Such a change in recognition or measurement would result in therecognition of a tax benefit or an additional charge to the tax provision. Results of Operations A summary of selected financial information for each of the years reported is presented below (dollars in thousands, except pershare amounts):                                 % Change     % Change      2017   2016   2015   2017-2016   2016-2015  Revenues   $ 880,247  $ 850,088  $ 804,911    4 %    6 %Cost of revenue     477,686     488,382     494,037   (2)   (1)  Gross profit     402,561     361,706     310,874   11   16  Operating expenses     386,872     374,769     343,558    3    9  Income (loss) from operations     15,689     (13,063)     (32,684)   220   60  Net earnings (loss) from continuing operations     4,108     (8,648)     (26,542)   148   67  Diluted earnings (loss) per share from continuing operations   $ 0.05  $ (0.11)  $ (0.34)   146   68   

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RevenuesThe Company’s revenues by reporting segment for each of the years reported is presented below (dollars in thousands):                                 % Change     % Change      2017   2016   2015   2017-2016   2016-2015  Revenues                            

Marketing Services   $410,840   $449,772   $446,103   (9)%    1 %Audience Solutions     322,065     297,846     303,836    8   (2) Connectivity     147,342     102,470     54,972   44   86  

Total revenues   $880,247   $850,088   $804,911    4 %    6 % Total revenues were $880.2 million in fiscal 2017, a $30.2 million, or 3.5%, increase from fiscal 2016. The revenue growth wasdue to strong AS and Connectivity results. The year over year growth was negatively impacted by several items totaling $52.6million:  the disposition of the Acxiom Impact business ($39.8 million), the unfavorable impact of exchange rates ($5.8 million), thetransition of the Australia operations business to a Connectivity focused business ($4.6 million reduction in MS and AS), and theexit from Brazil during fiscal year 2016 ($2.3 million). Total revenues were $850.1 million in fiscal 2016, a $45.2 million, or 5.6%, increase from fiscal 2015. Excluding the unfavorableimpact of exchange rates ($8.1 million), total revenues increased 6.6%. MS revenue was $410.8 million in fiscal 2017, a $38.9 million, or 8.7%, decrease compared to fiscal 2016. On a geographic basis,U.S. MS revenue decreased $31.2 million, or 7.6%, due largely to the sale of Acxiom Impact ($39.8 million). International MSrevenue decreased $7.7 million, or 20.3%.  Excluding the unfavorable impact of exchange rates ($3.3 million), International MSrevenue decreased $4.4 million and was impacted by the Australia restructure and Brazil exit. By line of business, increases inMarketing Database ($15.4 million) were offset by declines in Strategy and Analytics ($10.4 million) and the sale of Acxiom Impact($39.8 million). MS revenue was $449.8 million in fiscal 2016, a $3.7 million, or 0.8%, increase compared to fiscal 2015. On a geographic basis,U.S. MS revenue increased $11.3 million, or 2.8%, from fiscal 2015, due to increases in new and existing client business offset bya few contract terminations. International MS revenue decreased $7.6 million, or 16.6%.  Excluding the unfavorable impact ofexchange rates ($2.9 million), International MS revenue decreased $4.7 million, primarily due to contract and volume reductions inEurope ($2.9 million) and APAC ($1.8 million).  By line of business, increases in Marketing Database ($12.2 million) were offset bydeclines in Acxiom Impact ($7.8 million).  Marketing Database increases were primarily in the U.S. and were partially offset byreductions in APAC of $0.7 million. Acxiom Impact declines were primarily from lost contracts and volume reductions in the U.S.($4.4 million), Europe ($2.0 million) and APAC ($1.5 million). AS revenue was $322.1 million in fiscal 2017, a $24.2 million, or 8.1%, increase compared to fiscal 2016. On a geographic basis,U.S. AS revenue increased $25.8 million, or 9.8%, due to increases in Digital Data business with new and existing customers.International AS revenue decreased $1.6 million, or 4.6%.  International AS revenue increases in Europe ($2.4 million) were offsetby decreases in Brazil ($1.2 million) and ANZ ($3.2 million) due to restructuring. By line of business, AS revenue growth in DigitalData through our publisher and digital partner network ($28.3 million) were offset by declines in Consumer Data ($3.1 million). Asthe digital data business model evolves, some revenue sharing arrangements will convert to license arrangements and certainpublishers will decide to seek alternative data arrangements. These changes could impact AS growth rates in the future. AS revenue was $297.8 million in fiscal 2016, a $6.0 million, or 2.0%, decrease compared to fiscal 2015. On a geographic basis,U.S. AS revenue increased $2.9 million, or 1.1%, from fiscal 2015, due to increases in new business and client upsell offset by acontract termination. International AS revenue decreased $8.9 million, or 20.4%.  International AS revenue was impacted byunfavorable exchange rates ($4.7 million) and the exit from the Europe transactional data business in fiscal year 2015 ($5.1million).  By line of business, AS revenue increases in Digital Data through the publisher and digital partner network ($16.4 million)were offset by declines in Enrichment ($11.6 million) and Recognition ($10.0 million). Enrichment and Recognition

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revenue was impacted by the exit from the Europe business, unfavorable exchange rates, lower volumes in Australia and aterminated contract in the U.S. Connectivity revenue was $147.3 million in fiscal 2017, a $44.9 million, or 43.8%, increase compared to fiscal 2016.  The increasewas related to LiveRamp including the acquisitions of Arbor and Circulate, partially offset by a $6.1 million decrease from therevenue-sharing arrangements due to a lost customer. On a geographic basis, U.S. Connectivity revenue increased $41.9 million,or 44.0%, from fiscal 2016. International Connectivity revenue increased $3.0 million, or 41.1%.  Connectivity revenue was $102.5 million in fiscal 2016, a $47.5 million, or 86.4%, increase compared to fiscal 2015.  The increasewas related to LiveRamp new customer additions, and a full year of LiveRamp operations in fiscal 2016 versus nine months infiscal 2015. On a geographic basis, U.S. Connectivity revenue increased $46.8 million, or 96.6%, from fiscal 2015. InternationalConnectivity revenue increased $0.7 million, or 10.3%. Cost of revenue and Gross profitThe Company’s cost of revenue and gross profit for each of the years reported is presented below (dollars in thousands):                                 % Change     % Change     2017   2016   2015   2017-2016   2016-2015 Cost of revenue   $477,686   $488,382   $494,037   (2)%   (1)%Gross profit     402,561     361,706     310,874   11   16  Gross margin     45.7 %    42.5 %    38.6 %    8 %   10 % Cost of revenue: Includes all direct costs of sales such as data and other third-party costs directly associated with revenue. Costof revenue also includes expenses for each of the Company’s operations functions including client services, accountmanagement, agency, strategy and analytics, IT, data acquisition, and products operations. Finally, cost of revenue includesamortization of internally developed software and other acquisition related intangibles. Cost of revenue was $477.7 million in fiscal 2017, a $10.7 million, or 2.2%, decrease from fiscal 2016, due primarily to thedisposition of Acxiom Impact ($25.4 million). Gross margins increased to 45.7% compared to 42.5% in the prior year. The grossmargin increase is due to the AS and Connectivity revenue increases and cost efficiencies. U.S. gross margins increased to47.0% in the current year from 43.8% in the prior year due to the AS and Connectivity revenue growth. International grossmargins increased to 32.0% in the current year from 30.4% in the prior year due to Connectivity revenue growth and costefficiencies. Cost of revenue was $488.4 million in fiscal 2016, a $5.7 million, or 1.1%, decrease from fiscal 2015, and gross margin increasedto 42.5% compared to 38.6% in the prior year. The gross margin increase is due to the Connectivity revenue increases and costefficiencies. U.S. gross margins increased to 43.8% in fiscal 2016 from 39.0% in the prior year due to the Connectivity revenueincreases and AS revenue growth and cost reductions. International gross margins decreased to 30.4% in fiscal 2016 from 35.5%in the prior year due to the revenue reductions in Europe and APAC, as well as recent Connectivity investments. Operating ExpensesThe Company’s operating expenses for each of the years reported is presented below (dollars in thousands):                              % Change    % Change     2017   2016   2015   2017-2016   2016-2015 Operating expenses                            

Research and development   $ 82,109   $ 74,247   $ 74,201   11 %  — %Sales and marketing     166,676     146,176     116,494   14   26  General and administrative     129,714     135,385     130,263   (4)   4  Impairment of goodwill and other      —     6,829      —   (81)   —  Gains, losses and other items, net     8,373     12,132     22,600   (42)  (46) 

Total operating expenses   $386,872   $374,769   $343,558    3 %  9 % 

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Research and development (“R&D”): Includes operating expenses for the Company’s engineering and product/projectmanagement functions supporting research, new development, and related product enhancement. R&D expenses were $82.1 million in fiscal 2017, an increase of $7.9 million, or 10.6%, compared to fiscal 2016, and is 9.3% oftotal revenues compared to 8.7% in fiscal 2016. Connectivity and AS investments ($9.5 million and $2.2 million, respectively) werepartially offset by cost reductions in MS ($6.3 million). R&D expenses were $74.2 million in fiscal 2016, or flat compared to fiscal 2015, and is 8.7% of total revenues compared to 9.2%in fiscal 2015. The net change includes cost savings realized by the combination of the LiveRamp and AOS development teamsoffset partially by additional investment in AS R&D of approximately $9.0 million.   Sales and marketing (“S&M”): Includes operating expenses for the Company’s sales, marketing, and product marketing functions. S&M expenses were $166.7 million in fiscal 2017, an increase of $20.5 million, or 14.0%, compared to fiscal 2016, and is 18.9%of total revenues compared to 17.2% in fiscal 2016. The increase is due to Connectivity and U.S. headcount investments and non-cash stock compensation. S&M expenses were $146.2 million in fiscal 2016, an increase of $29.7 million, or 25.5%, compared to fiscal 2015, and is 17.2%of total revenues compared to 14.5% in fiscal 2015. The increase is due to headcount investments in U.S. Connectivity and ASsales, the full year impact of the LiveRamp acquisition, as well as higher incentive compensation costs from increased revenue.These increases were partially offset by reductions in International operations, partially due to exchange rates. General and administrative (G&A): Represents operating expenses for all corporate functions, including finance, humanresources, legal, corporate IT, and the corporate office. G&A expenses were $129.7 million in fiscal 2017, a decrease of $5.7 million, or 4.2%, compared to fiscal 2016, and is 14.7% oftotal revenues compared to 15.9% in fiscal 2016. The decrease is due to a $12.2 million decline in separation and transformationcosts, offset partially by an increase in non-cash stock based compensation. G&A expenses were $135.4 million in fiscal 2016, an increase of $5.1 million, or 3.9%, compared to fiscal 2015, and is 15.9% oftotal revenues compared to 16.2% in fiscal 2015. The increase is due to higher incentive compensation levels, higher legal andthird party fees, and increased facility costs with new offices, offset partially from cost savings primarily in corporate informationtechnology as well as lower separation and transformation costs.  Impairment of goodwill and other: Represents the amount of impairment related to goodwill and other related long-lived assets. Impairment of goodwill and other was $1.3 million in fiscal 2017, representing the write-off of accumulated foreign currencytranslation related to Brazil. Impairment of goodwill and other was $6.8 million in fiscal 2016, representing the impairment of APAC AS ($6.1 million) and BrazilMS and AS ($0.7 million). Gains, losses, and other items, net: Represents restructuring costs and other adjustments. Gains, losses and other items, net of $8.4 million in fiscal 2017 decreased $3.8 million, or 31.0%, compared to fiscal 2016.  Thefiscal 2017 amount includes a $5.1 million charge related to the restructuring of the Redwood City, California lease, a $1.3 millioncharge representing the write-off of accumulated foreign currency translation related to Brazil, a $2.2 million gain on the sale ofthe Little Rock, Arkansas Rivermarket building, $1.4 million in merger related expenses related to the Arbor and Circulateacquisitions, and a $0.3 million gain on sale of the Acxiom Impact business.

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 Gains, losses and other items, net of $12.1 million in fiscal 2016 decreased $10.5 million, or 46.3%, compared to fiscal 2015.  Thefiscal 2016 amount included severance and other associate-related charges of $8.6 million for the termination of associates in theU.S., Europe, Brazil and Australia, $3.0 million related to lease restructurings, and the write off of leasehold improvements $0.4million. Income (Loss) from Operations and Profit (Loss) MarginsThe Company’s income (loss) from operations and margin by segment for each of the years reported is presented below (dollarsin thousands):    2017      2016      2015  Operating income (loss) and margin:                    

Marketing Services  $ 80,622   $ 74,371   $ 81,247        19.6 %     16.5 %     18.2 %

Audience Solutions     123,238     109,598     115,078        38.3 %     36.8 %     37.9 %

Connectivity     5,333     (3,298)    (40,069)       3.6 %     (3.2)%     (72.9)%

Less:                 Corporate     117,342     127,844     126,570  Purchased intangible asset amortization     18,644     15,466     11,454  Non-cash stock compensation     49,145     31,463     28,316  Impairment of goodwill and other      —     6,829      —  Gains, losses and other items, net     8,373     12,132     22,600  

Income (loss) from operations  $ 15,689   $ (13,063)  $ (32,684) Total operating margin     1.8 %     (1.5)%     (4.1)% Income from operations was $15.7 million in fiscal 2017 compared to a loss of $13.1 million in fiscal 2016. Operating margin was1.8% compared to a negative 1.5%. The improvement in income from operations of $28.8 million and the improvement inoperating margin of 330 basis points was due primarily to an increase in each of the segment’s income from operations and lowerbusiness separation and transformation costs in Corporate, lower gains, losses and other items, net, offset partially by an increasein non-cash stock based compensation.  Loss from operations was $13.1 million in fiscal 2016 compared to a loss of $32.7 million in fiscal 2015. Operating margin was anegative 1.5% compared to a negative 4.1%. The improvement in loss from operations of $19.6 million and the improvement inoperating margin of 260 basis points was due primarily to improving Connectivity profitability.  MS income from operations was $80.6 million, a 19.6% margin, in fiscal 2017 compared to $74.4 million, a 16.5% margin, in fiscal2016.  U.S. margins increased to 20.9% in the current period from 17.7% due to R&D and S&M cost reductions. Internationalmargins decreased to 3.4% from 3.7% due to the revenue decrease.  MS income from operations was $74.4 million, a 16.5% margin, in fiscal 2016 compared to $81.2 million, an 18.2% margin, infiscal 2015.  U.S. margins decreased to 17.7% in the current period from 19.2% due to higher variable compensation.International margins decreased to 3.7% from 9.6% due to lower performance in Europe and APAC.  AS income from operations was $123.2 million, a 38.3% margin, in fiscal 2017 compared to $109.6 million, a 36.8% margin, infiscal 2016. U.S. margins decreased to 39.9% in the current period from 40.1% due to ongoing R&D and S&M investments.International margins increased to 24.2% from 11.6% due to expanding gross profit margins. AS income from operations was $109.6 million, a 36.8% margin, in fiscal 2016 compared to $115.1 million, a 37.9% margin, infiscal 2015. U.S. margins decreased to 40.1% in the current period from 43.4% due to ongoing R&D and S&M investments.International margins increased to 11.6% from 4.9% due to S&M cost reductions. 

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Connectivity income from operations was $5.3 million, a 3.6% margin, in fiscal 2017 compared to a loss of $3.3 million, a negative3.2% margin, in fiscal 2016, due to an increase in gross profit offset partially by continued R&D and S&M investments. Connectivity loss from operations was $3.3 million, a negative 3.2% margin, in fiscal 2016 compared to a loss of $40.1 million, anegative 72.9% margin, in fiscal 2015. The improvement is due to revenue from new customers and upsell to existing customersand cost savings realized by the combination of the LiveRamp and AOS development teams. Other Income (Expense), Income Taxes and Other ItemsInterest expense was $7.4 million in fiscal 2017 compared to $7.7 million in fiscal 2016.  The decrease is primarily related to thereduction in the term loan balance offset by $0.7 million of new interest expense on line of credit borrowings. The average balanceof the term loan and line of credit decreased approximately $40 million and the average rate remained approximately flat.    Interest expense was $7.7 million in fiscal 2016, or flat compared to fiscal 2015.  On July 31, 2015, the Company used $55.0million of proceeds from the ITO disposition to repay outstanding Company indebtedness as required by the Company’s existingcredit agreement.  The Company allocated interest expense associated with the $55.0 million repayment of Companyindebtedness to the ITO discontinued operating business. Allocated interest expense was $0.4 million in fiscal 2016 and $1.3million in fiscal 2015. Including this allocated interest, total interest expense was $8.1 million in fiscal 2016 and $9.0 million infiscal 2015. The decrease is due primarily to the reduction in the term loan balance.    Other income was $0.3 million in fiscal 2017 compared to $0.5 million in fiscal 2016 and other expense of $1.0 million in fiscal2015. Other, net primarily consists of foreign currency transaction gains and losses, and interest and investment income. The fiscal 2017 effective tax rate was 52.5%. Fiscal 2017 included a $4.5 million federal and state tax benefit, net of associatedvaluation allowance, related to the Acxiom Impact disposition. Fiscal 2017 also included a net $2.3 million income tax benefitrelated to research and development tax credits. In addition, nondeductible share-based compensation, primarily related to theArbor Holdback Agreement and incentive stock options issued in connection with the LiveRamp acquisition, had a $3.3 millionunfavorable impact on income tax expense. The fiscal 2016 effective tax rate was 57.4%.  Fiscal 2016 included a net $3.6 million tax benefit related to the release of adeferred tax valuation allowance in a certain foreign jurisdiction. Fiscal 2016 also included a net $4.0 million income tax benefitrelated to research and development tax credits. In addition, nondeductible share-based compensation, primarily related toincentive stock options issued in connection with the LiveRamp acquisition, had a $1.9 million unfavorable impact on income taxexpense. The fiscal 2015 effective tax rate was 35.8%.  Fiscal 2015 included a net $3.1 million income tax benefit principally related to newstate research and development tax credits which were partially offset by other state deferred tax activity.  In addition,nondeductible incentive stock options issued in connection with the LiveRamp acquisition had a $2.3 million unfavorable impacton income tax expense.  The effective tax rates for all periods were impacted by losses in foreign jurisdictions.  The Company does not record the incometax benefit of certain of those losses due to uncertainty of future utilization. Discontinued operationsIn fiscal 2016, the Company completed the sale of its ITO operations.  As a result, the ITO business qualified for treatment asdiscontinued operations.  The results of operations, cash flows, and the balance sheet amounts pertaining to ITO have beenclassified as discontinued operations in the consolidated financial statements.  

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Summary results of operations of ITO for the fiscal years ended March 31, 2016 and 2015 are segregated and included inearnings from discontinued operations, net of tax, in the Company’s consolidated statements of operations and are as follows(dollars in thousands):       2016      2015  Revenues   $ 69,410   $ 215,148               Earnings from discontinued operations before income taxes   $ 10,050   $ 29,368  Gain on sale of discontinued operations before income taxes     9,349      —  Income taxes     3,598     11,973  

Earnings from discontinued operations, net of tax   $ 15,801   $ 17,395   In fiscal 2015, the Company completed the sale of its U.K. call center operation, 2Touch.  As a result, the 2Touch businessqualified for treatment as discontinued operations.  The results of operations, cash flows, and the balance sheet amountspertaining to 2Touch have been classified as discontinued operations in the consolidated financial statements.  Summary results of operations of 2Touch for the fiscal years ended March 31, 2016 and 2015 are segregated and included inearnings from discontinued operations, net of tax, in the Company’s consolidated statements of operations and are as follows(dollars in thousands):       2016      2015  Revenues   $  —   $ 8,484                Earnings (loss) from discontinued operations before income taxes   $ (450)  $  4  Loss on sale of discontinued operations before income taxes      —     (1,888)  

Loss from discontinued operations, net of tax   $ (450)  $ (1,884)   Capital Resources and Liquidity Working Capital and Cash FlowWorking capital at March 31, 2017 totaled $138.1 million, a $13.9 million decrease when compared to $152.0 million at March 31,2016, due primarily to net cash paid of $137.4 million for the Arbor and Circulate acquisitions, offset partially by the $70.0 millionin proceeds of debt related to these acquisitions. The Company’s cash is primarily located in the United States.  Approximately $20.0 million of the total cash balance of $170.3million, or approximately 11.7%, is located outside of the United States.  The Company has no current plans to repatriate this cashto the United States. Accounts receivable days sales outstanding, from continuing operations, was 57 days at March 31, 2017 and 56 days at March31, 2016, respectively, and is calculated as follows (dollars in thousands):        March 31,       March 31,       2017   2016  Numerator – trade accounts receivable, net   $ 142,768   $ 138,650  Denominator:            

Quarter revenue     224,867     224,655  Number of days in quarter     90     91  

Average daily revenue   $ 2,499   $ 2,469  Days sales outstanding     57     56   Net cash provided by operating activities was $115.8 million in fiscal 2017 compared to $113.6 million and $61.1 million in fiscal2016 and 2015, respectively.  The $2.2 million increase in fiscal 2017 resulted primarily from an increase in cash earnings of$26.5 million offset by unfavorable changes in working capital. The $52.5 million increase in fiscal 2016 resulted primarily from adecrease in net loss from continuing operations ($17.7 million) and the net increase in working capital. Investing activities used cash of $159.3 million in fiscal 2017 compared to $69.2 million and $343.1 million in fiscal 2016 and2015, respectively. The increase for fiscal 2017 related primarily to the $137.4 million of net

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cash paid in the Arbor and Circulate acquisitions and $1.0 million for a long-term investment, offset partially by proceeds from thesales of assets of $25.5 million and the sale of Acxiom Impact of $17.0 million. Additional fiscal 2017 investing activitiesacquisitions consisted of capital expenditures of $48.0 million, capitalization of software of $14.5 million and $0.9 million of dataacquisition costs. The primary decrease for fiscal 2016 compared to fiscal 2015 relates to net cash paid in acquisitions: $5.4million for certain addressable television net assets of Allant in fiscal 2016 compared to $265.7 million for LiveRamp in fiscal 2015.Fiscal 2016 investing activities in addition to the net cash paid in acquisitions consisted of capital expenditures of $47.4 million,capitalization of software of $14.9 million and $1.6 million of data acquisition costs. Financing activities provided cash of $25.8 million in fiscal 2017, due primarily to the proceeds from debt of $70.0 million topartially fund the Arbor and Circulate acquisitions. Fiscal 2017 financing activities also included $15.7 million in proceeds from thesale of common stock and $2.9 million excess tax benefits from stock-based compensation, offset by $32.2 million in payments ofdebt and $30.5 million to acquire treasury stock. Fiscal 2016 financing activities included $10.4 million in proceeds from the sale ofcommon stock and $3.6 million excess tax benefits from stock-based compensation, offset by $87.2 million in payments of debt,including the $55.0 million prepayment as a result of the ITO sale, and $52.8 million to acquire treasury stock. Financing activitiesused $26.8 million of cash in fiscal 2015. Fiscal 2015 financing activities included $5.0 million in proceeds from the sale ofcommon stock and $4.6 million excess tax benefits from stock-based compensation, offset by $26.6 million in payments of debtand $9.9 million to acquire treasury stock.    On August 29, 2011, the board of directors adopted a common stock repurchase program. That program was subsequentlymodified and expanded, most recently on July 28, 2016 (see Note 13 – Stockholders’ Equity). Under the modified common stockrepurchase program, the Company may purchase up to $400 million of its common stock through the period ending June 30,2018. During the fiscal year ended March 31, 2017, the Company repurchased 1.3 million shares of its common stock for $30.5million.  During the fiscal year ended March 31, 2016, the Company repurchased 2.6 million shares of its common stock for $52.8million.  During the fiscal year ended March 31, 2015, the Company repurchased 0.5 million shares of its common stock for $9.9million.  Through March 31, 2017, the Company had repurchased 16.8 million shares of its stock for $285.7 million, leavingremaining capacity of $114.3 million under the stock repurchase program. Net cash provided by discontinued operations was $130.6 million in fiscal 2016, primarily from net cash received of $130.2 millionfor the sale of ITO. Discontinued operations provided $32.8 million in fiscal year 2015. Credit and Debt FacilitiesSee Note 10 – “Long-Term Debt” of the Notes to Consolidated Financial Statements for further details related to the Company’samended and restated credit agreement and interest rate swap agreement. Based on our current expectations, we believe our liquidity and capital resources will be sufficient to operate our business.However, we may take advantage of opportunities to generate additional liquidity or refinance existing debt through capital markettransactions. The amount, nature, and timing of any capital market transactions will depend on our operating performance andother circumstances; our then-current commitments and obligations; the amount, nature, and timing of our capital requirements;any limitations imposed by our current credit arrangements; and overall market conditions. Off-Balance Sheet Items and Commitments In connection with the Impact email disposition, the Company assigned a facility lease to the buyer of the business.  TheCompany guaranteed the facility lease as required by the asset disposition agreement.  Should the assignee default, theCompany would be required to perform under the terms of the facility lease, which runs through September 2021.  At March 31,2017, the Company’s maximum potential future rent payments under this guarantee totaled $2.7 million. There were no material outstanding letters of credit, which would reduce the borrowing capacity under the Company’s revolvingcredit facility, at March 31, 2017.  Outstanding letters of credit were $2.1 million at March 31, 2016.

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 Contractual CommitmentsThe following tables present Acxiom’s contractual cash obligations, exclusive of interest, and purchase commitments at March 31,2017.  The table does not include the future payment of liabilities related to uncertain tax positions of $6.5 million as the Companyis not able to predict the periods in which these payments will be made (dollars in thousands):    For the years ending March 31,          2018      2019      2020      2021      2022      Thereafter      Total  Term loan   $ 37,500   $ 117,500   $  —   $  —   $  —   $  —   $ 155,000  Revolving credit borrowings      —     70,000      —      —      —      —     70,000  Other debt and long-termliabilities     2,319     1,583     1,362     348      —      —     5,612  

Total long-term and otherdebt     39,819     189,083     1,362     348      —      —     230,612  

Operating lease payments     18,669     12,467     12,032     11,673     11,326     16,677     82,844  Total contractual cashobligations   $ 58,488   $ 201,550   $ 13,394   $ 12,021   $ 11,326   $ 16,677   $ 313,456   

      For the years ending March 31,          2018      2019      2020      2021      2022      Thereafter      Total  Total purchasecommitments   $ 38,357  $ 19,688  $ 15,398  $ 7,825  $ 834  $  —  $ 82,102  

 Purchase commitments include contractual commitments for the purchase of data and open purchase orders for equipment,paper, office supplies, construction and other items.  Purchase commitments in some cases will be satisfied by entering into futureoperating leases, capital leases, or other financing arrangements, rather than payment of cash.  The above commitments relatingto long-term obligations do not include future payments of interest. The Company estimates interest payments on debt for fiscal2018 of $10.5 million. The following are contingencies or guarantees under which the Company could be required, in certain circumstances, to makecash payments as of March 31, 2017 (dollars in thousands): Lease guarantees      $ 2,688  Surety bonds     405   While the Company does not have any other material contractual commitments for capital expenditures, certain levels ofinvestments in facilities and computer equipment continue to be necessary to support the growth of the business.  In some cases,the Company also licenses software and sells hardware to clients.  Management believes that the Company’s existing availabledebt and cash flow from operations will be sufficient to meet the Company’s working capital and capital expenditure requirementsfor the foreseeable future.  The Company also evaluates acquisitions from time to time, which may require up-front payments ofcash.  For a description of certain risks that could have an impact on results of operations or financial condition, including liquidity andcapital resources, see “Risk Factors” contained in Part I, Item 1A, of this Annual Report.

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Key Trends and Uncertainties The following is a summary of selected trends, events or uncertainties that the Company believes may have a significant impacton its future performance. 

· The macroeconomic environment has a direct impact on overall marketing and advertising expenditures in the U.S. andabroad.  As marketing budgets are often more discretionary in nature, they are easier to reduce in the short term ascompared to other corporate expenses.  Future widespread economic slowdowns in any of the industries or markets ourclients serve, particularly in the United States, could reduce the marketing expenditures of our clients and prospectivecustomers. 

· With the growth of online advertising and e-commerce, there is increasing awareness and concern among the generalpublic, privacy advocates, mainstream media, governmental bodies and others regarding marketing and privacy matters,particularly as they relate to individual privacy interests and global reach of the online marketplace.   Negative publicityand/or increased restrictions on the collection, management, aggregation and use of information could result in reduceddemand for our products or services, decreased availability of certain kinds of data and/or a material increase in the costof collecting certain kinds of data. 

· In recent years, we have witnessed an ongoing shift from direct marketing to alternative marketing channels. We believethis trend will continue and that, in the long term, a substantial portion of overall marketing and advertising expenditureswill be moved to alternative marketing channels.

 Seasonality and Inflation Although we cannot accurately determine the amounts attributable to inflation, we are affected by inflation through increasedcompensation costs and other operating expenses.  If inflation were to increase over the low levels of recent years, the impact inthe short run would be to cause increases in costs, which we would attempt to pass on to clients, although there is no assurancethat we would be able to do so.  Generally, the effects of inflation in recent years have been offset by technological advances,economies of scale and other operational efficiencies. Our traditional direct marketing operations typically experience their lowest revenue in the first quarter of the fiscal year, withhigher revenue in the second, third, and fourth quarters.  To minimize the impact of these fluctuations, we continue to seek long-term arrangements with more predictable revenues. Non-U.S. Operations The Company has a presence in the United Kingdom, France, Germany, Poland, Australia and China.   Most of the Company’sexposure to exchange rate fluctuation is due to translation gains and losses as there are no material transactions that causeexchange rate impact.  In general, each of the foreign locations is expected to fund its own operations and cash flows, althoughfunds may be loaned or invested from the U.S. to the foreign subsidiaries subject to limitations in the Company’s revolving creditfacility.  These advances are considered long-term investments, and any gain or loss resulting from changes in exchange rates aswell as gains or losses resulting from translating the foreign financial statements into U.S. dollars are included in accumulatedother comprehensive income (loss).  Exchange rate movements of foreign currencies may have an impact on the Company’sfuture costs or on future cash flows from foreign investments.  The Company has not entered into any foreign currency forwardexchange contracts or other derivative instruments to hedge the effects of adverse fluctuations in foreign currency exchangerates.    Recent Accounting Pronouncements – See “Adoption of New Accounting Standards” and “Recent Accounting Pronouncements” under Note 1, “Summary of SignificantAccounting Policies,” of the Notes to Consolidated Financial Statements for a discussion of certain accounting standards thathave been issued during fiscal 2017 and 2016.  

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Report of Independent Registered Public Accounting Firm The Board of Directors and StockholdersAcxiom Corporation: We have audited the accompanying consolidated balance sheets of Acxiom Corporation and Subsidiaries as of March 31, 2017and 2016, and the related consolidated statements of  operations,  comprehensive income (loss),  stockholders’  equity,  and cashflows for each of the years in the three-year period ended March 31, 2017. We also have audited Acxiom Corporation’s internalcontrol  over  financial  reporting  as  of  March  31,  2017,  based on criteria  established in  Internal Control – Integrated Framework(2013) issued  by  the  Committee  of  Sponsoring  Organizations  of  the  Treadway  Commission  (COSO).  Acxiom  Corporation’smanagement  is  responsible  for  these  consolidated  financial  statements,  for  maintaining  effective  internal  control  over  financialreporting,  and  for  its  assessment  of  the  effectiveness  of  internal  control  over  financial  reporting,  included in  the  accompanyingManagement’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express anopinion  on  these  consolidated  financial  statements  and  an  opinion  on  the  Company’s  internal  control  over  financial  reportingbased on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those  standards  require  that  we  plan  and  perform  the  audits  to  obtain  reasonable  assurance  about  whether  the  financialstatements are free of material misstatement and whether effective internal control over financial reporting was maintained in allmaterial  respects.  Our audits  of  the consolidated financial  statements  included examining,  on a test  basis,  evidence supportingthe amounts  and disclosures  in  the consolidated financial  statements,  assessing  the accounting  principles  used and significantestimates  made by  management,  and evaluating  the  overall  financial  statement  presentation.  Our  audit  of  internal  control  overfinancial  reporting  included  obtaining  an  understanding  of  internal  control  over  financial  reporting,  assessing  the  risk  that  amaterial  weakness  exists,  and  testing  and  evaluating  the  design  and  operating  effectiveness  of  internal  control  based  on  theassessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. Webelieve that our audits provide a reasonable basis for our opinions. A  company’s  internal  control  over  financial  reporting  is  a  process  designed  to  provide  reasonable  assurance  regarding  thereliability  of  financial  reporting  and  the  preparation  of  financial  statements  for  external  purposes  in  accordance  with  generallyaccepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositionsof the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparationof  financial  statements  in  accordance  with  generally  accepted  accounting  principles,  and  that  receipts  and  expenditures  of  thecompany are being made only in accordance with authorizations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’sassets that could have a material effect on the financial statements. Because  of  its  inherent  limitations,  internal  control  over  financial  reporting  may  not  prevent  or  detect  misstatements.  Also,projections  of  any  evaluation  of  effectiveness  to  future  periods  are  subject  to  the  risk  that  controls  may  become  inadequatebecause of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial positionof Acxiom Corporation and subsidiaries as of March 31, 2017 and 2016, and the results of their operations and their cash flows foreach  of  the  years  in  the  three-year  period  ended  March  31,  2017,  in  conformity  with  U.S.  generally  accepted  accountingprinciples.  Also  in  our  opinion,  Acxiom  Corporation  maintained,  in  all  material  respects,  effective  internal  control  over  financialreporting  as of  March 31,  2017,  based on criteria  established in  Internal Control – Integrated Framework (2013) issued by  theCommittee of Sponsoring Organizations of the Treadway Commission (COSO). 

KPMG LLP 

Dallas, Texas May 26, 2017

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 ACXIOM CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETSMARCH 31, 2017 AND 2016

(Dollars in thousands, except per share data)     March 31,    March 31,          2017      2016  

ASSETS             Current assets:            Cash and cash equivalents   $ 170,343   $ 189,629  Trade accounts receivable, net     142,768     138,650  Refundable income taxes     7,098     9,834  Other current assets     48,310     37,897  Total current assets     368,519     376,010               

Property and equipment, net of accumulated depreciation and amortization     155,974     183,043  Software, net of accumulated amortization of $288,122 in 2017 and $286,387 in 2016     47,638     55,735  Goodwill     592,731     492,745  Purchased software licenses, net of accumulated amortization of $72,403 in 2017 and$98,222 in 2016     7,972     10,116  Deferred income taxes     10,261     6,885  Other assets, net     51,443     25,315      $ 1,234,538   $ 1,149,849  

LIABILITIES AND EQUITY            Current liabilities:            Current installments of long-term debt   $ 39,819   $ 32,243  Trade accounts payable     40,208     37,717  Accrued payroll and related expenses     53,238     61,309  Other accrued expenses     59,861     48,254  Deferred revenue     37,087     44,477  Total current liabilities     230,213     224,000  

             Long-term debt     189,241     157,897  Deferred income taxes     58,374     53,964  Other liabilities     17,730     15,020  Commitments and contingencies            Equity:            Common stock, $0.10 par value (authorized 200 million shares; issued 132.9 million and130.4 million shares at March 31, 2017 and 2016, respectively)     13,288     13,039  Additional paid-in capital     1,154,429     1,082,220  Retained earnings     602,609     598,501  Accumulated other comprehensive income     7,999     8,590  Treasury stock, at cost (54.6 million and 53.0 million shares at March 31, 2017 and 2016,respectively)     (1,039,345)    (1,003,382) Total equity     738,980     698,968  

    $ 1,234,538   $ 1,149,849   See accompanying notes to consolidated financial statements.

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ACXIOM CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONSYEARS ENDED MARCH 31, 2017, 2016 AND 2015(Dollars in thousands, except per share amounts)

        2017      2016      2015                       Revenues   $ 880,247   $ 850,088   $ 804,911                    Cost of revenue      477,686     488,382     494,037  

Gross profit     402,561     361,706     310,874  Operating expenses:                    Research and development     82,109     74,247     74,201  Sales and marketing     166,676     146,176     116,494  General and administrative     129,714     135,385     130,263  Impairment of goodwill and other assets      —     6,829      —  Gains, losses and other items, net     8,373     12,132     22,600  Total operating expenses     386,872     374,769     343,558  

Income (loss) from operations     15,689     (13,063)    (32,684) Other income (expense):                 Interest expense     (7,381)    (7,669)    (7,672) Other, net     334     452     (991) Total other expense     (7,047)    (7,217)    (8,663) 

Income (loss) from continuing operations before income taxes     8,642     (20,280)    (41,347) Income taxes (benefit)     4,534     (11,632)    (14,805) 

Net earnings (loss) from continuing operations     4,108     (8,648)    (26,542) Earnings from discontinued operations, net of tax      —     15,351     15,511  

Net earnings (loss)   $ 4,108   $ 6,703   $ (11,031)                   Basic earnings (loss) per share:                 

Net earnings (loss) from continuing operations   $ 0.05   $ (0.11)  $ (0.34) Net earnings from discontinued operations      —     0.20     0.20  

Net earnings (loss)   $ 0.05   $ 0.09   $ (0.14)                   Diluted earnings (loss) per share:                 

Net earnings (loss) from continuing operations   $ 0.05   $ (0.11)  $ (0.34) Net earnings from discontinued operations      —     0.20     0.20  

Net earnings (loss)   $ 0.05   $ 0.09   $ (0.14)  See accompanying notes to consolidated financial statements.

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ACXIOM CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

YEARS ENDED MARCH 31, 2017, 2016 AND 2015(Dollars in thousands)

        2017      2016      2015                       Net earnings (loss)   $ 4,108   $ 6,703   $ (11,031) 

Other comprehensive income (loss):Change in foreign currency translation adjustment     (706)    (907)    (4,074) Unrealized gain (loss) on interest rate swap     115     84     (175) 

Other comprehensive loss (591) (823) (4,249)

Comprehensive income (loss) $ 3,517 $ 5,880 $ (15,280) See accompanying notes to consolidated financial statements. 

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ACXIOM CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

YEARS ENDED MARCH 31, 2017, 2016 AND 2015(Dollars in thousands)

                              Accumulated                      Common Stock   Additional         other   Treasury Stock        

    Number         paid-in   Retained   comprehensive  Number         Total          of shares      Amount      Capital      earnings      income      of shares      Amount      Equity  

Balances at March 31, 2014 125,843,608 $ 12,584 $ 981,985 $ 602,829 $ 13,662 (49,203,507) $ (928,203) $ 682,857Employee stock awards, benefit plans and otherissuances   1,028,524     103     12,153      —      —   (370,299)    (7,217)    5,039  Tax impact of stock options, warrants and restrictedstock    —      —     4,645      —      —    —      —     4,645  Non-cash stock-based compensation from continuingoperations   33,693      4     28,298      —      —    —     14     28,316  Non-cash stock-based compensation fromdiscontinued operations    —      —     570      —      —    —      —     570  Restricted stock units vested   1,032,972     103     (103)     —      —    —      —      —  Acquisition of treasury stock    —      —      —      —      —   (528,918)    (9,868)    (9,868) LiveRamp replacement stock options    —      —     6,978      —      —    —      —     6,978  Comprehensive loss:                                      Foreign currency translation    —      —      —      —     (4,074)   —      —     (4,074) Unrealized loss on interest rate swap    —      —      —      —     (175)   —      —     (175) Net loss    —      —      —     (11,031)     —    —      —     (11,031) 

Balances at March 31, 2015 127,938,797 $ 12,794 $1,034,526 $ 591,798 $ 9,413 (50,102,724) $ (945,274) $ 703,257Employee stock awards, benefit plans and otherissuances   1,338,663     134     15,627      —      —   (294,522)    (5,344)    10,417  Tax impact of stock options and restricted stock    —      —     (293)     —      —    —      —     (293) Non-cash stock-based compensation from continuingoperations   61,464      6     31,457      —      —    —      —     31,463  Non-cash stock-based compensation fromdiscontinued operations    —      —     1,008                       1,008  Restricted stock units vested   1,051,182     105     (105)     —      —    —      —      —  Acquisition of treasury stock    —      —      —      —      —   (2,633,436)    (52,764)    (52,764) Comprehensive income (loss):                                      Foreign currency translation    —      —      —      —     (907)   —      —     (907) Unrealized gain on interest rate swap    —      —      —      —     84    —      —     84  Net earnings    —      —      —     6,703      —    —      —     6,703  

Balances at March 31, 2016 130,390,106 $ 13,039 $1,082,220 $ 598,501 $ 8,590 (53,030,682) $ (1,003,382) $ 698,968Employee stock awards, benefit plans and otherissuances   1,233,566     123     21,007      —      —   (236,870)    (5,421)    15,709  Tax impact of stock options and restricted stock    —      —     2,183      —      —    —      —     2,183  Non-cash stock-based compensation   236,162     24     49,121      —      —    —      —     49,145  Restricted stock units vested   1,015,539     102     (102)     —      —    —      —      —  Acquisition of treasury stock    —      —      —      —      —   (1,314,840)    (30,542)    (30,542) Comprehensive income (loss):                                      Foreign currency translation    —      —      —      —     (706)   —      —     (706) Unrealized gain on interest rate swap    —      —      —      —     115    —      —     115  Net earnings    —      —      —     4,108      —    —      —     4,108  

Balances at March 31, 2017 132,875,373 $ 13,288 $1,154,429 $ 602,609 $ 7,999 (54,582,392) $ (1,039,345) $ 738,980 See accompanying notes to consolidated financial statements. 

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ACXIOM CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSYEARS ENDED MARCH 31, 2017, 2016 AND 2015

(Dollars in thousands)    2017      2016      2015  Cash flows from operating activities:                   Net earnings (loss)  $ 4,108   $ 6,703   $ (11,031) Earnings from discontinued operations, net of tax     —     (15,351)    (15,511) Adjustments to reconcile net earnings (loss) to net cash provided by operatingactivities:                Depreciation and amortization    82,690     85,463     80,447  Loss on disposal of assets    3,040     232     1,700  Impairment of goodwill and other assets     —     6,829      —  Deferred income taxes    (8,818)    (11,664)    (4,965) Non-cash stock-based compensation expense    49,145     31,463     28,316  Changes in operating assets and liabilities:                Accounts receivable, net    (11,161)    (13,014)    3,744  Other assets    (172)    (13,632)    12,867  Accounts payable and other liabilities    4,302     25,529     (28,129) Deferred revenue    (7,304)    11,084     (6,307) Net cash provided by operating activities    115,830     113,642     61,131  

                 Cash flows from investing activities:                

Capitalized software development costs    (14,477)    (14,880)    (18,587) Capital expenditures    (47,993)    (47,423)    (56,952) Data acquisition costs    (881)    (1,553)    (1,871) Proceeds from sales of assets    25,494      —      —  Equity investments    (1,000)     —      —  Cash paid in acquisitions, net of cash acquired    (137,383)    (5,386)    (265,672) Net cash received in dispositions    16,988      —      —  Net cash used in investing activities    (159,252)    (69,242)    (343,082) 

                 Cash flows from financing activities:                

Proceeds from debt    70,000      —      —  Payments of debt    (32,243)    (87,231)    (26,601) Sale of common stock, net of stock acquired for withholding taxes    15,709     10,417     5,039  Excess tax benefits from stock-based compensation    2,852     3,551     4,645  Acquisition of treasury stock    (30,542)    (52,764)    (9,868) Net cash provided by (used in) financing activities    25,776     (126,027)    (26,785) Net cash used in continuing operations    (17,646)    (81,627)    (308,736) 

                 Cash flows from discontinued operations:                

Net cash provided by operating activities     —     6,323     43,853  Net cash provided by (used in) investing activities     —     124,506     (9,254) Net cash used in financing activities     —     (206)    (1,820) Net cash provided by discontinued operations     —     130,623     32,779  

Net cash provided by (used in) continuing and discontinued operations    (17,646)    48,996     (275,957) Effect of exchange rate changes on cash    (1,640)    (377)    (1,619)                  Net change in cash and cash equivalents    (19,286)    48,619     (277,576) Cash and cash equivalents at beginning of period    189,629     141,010     418,586  Cash and cash equivalents at end of period  $ 170,343   $ 189,629   $ 141,010   See accompanying notes to consolidated financial statements

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ACXIOM CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

YEARS ENDED MARCH 31, 2017, 2016 AND 2015(Dollars in thousands)

                          2017      2016      2015  Supplemental cash flow information:                  

Cash paid during the period for:                 Interest   $ 7,779   $ 8,145   $ 8,673  Income taxes, net of refunds     6,866     6,100     (3,845) Prepayment of debt      —     55,000      —  Payments on capital leases and installment payment arrangements      —      —     3,823  

 See accompanying notes to consolidated financial statements. 

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ACXIOM CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017, 2016 AND 2015 1.ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Description of Business - Acxiom is a global technology and enablement services company with a vision to transform data into value for everyone. Througha simple, open approach to connecting systems and data, we provide the data foundation for the world’s best marketers. Bymaking it safe and easy to activate, validate, enhance, and unify data, we provide marketers with the ability to deliver relevantmessages at scale and tie those messages back to actual results. Our products and services enable people-based marketing,allowing our clients to generate higher return on investment and drive better omni-channel customer experiences. Acxiom is a Delaware corporation founded in 1969 in Conway, Arkansas. Our common stock is listed on the NASDAQ GlobalSelect Market under the symbol “ACXM.” We serve a global client base from locations in the United States, Europe, and the Asia-Pacific (“APAC”) region. Our client list includes many of the world’s largest and best known brands across most major industryverticals, including but not limited to financial, insurance and investment services, automotive, retail, telecommunications, hightech, healthcare, travel, entertainment, non-profit, and government. Basis of Presentation and Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompanybalances and transactions have been eliminated in consolidation. We have prepared the accompanying consolidated financialstatements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as set forth inthe Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and we consider the variousstaff accounting bulletins and other applicable guidance issued by the United States Securities and Exchange Commission. Use of Estimates - Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilitiesand the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity withGAAP.  Estimates are used in determining, among other items, the fair value of acquired assets and assumed liabilities, estimatedselling price in certain revenue arrangements, projected cash flows associated with recoverability of assets, restructuring andimpairment accruals, litigation and facilities lease loss accruals, amortization of software development costs, and the recognitionand measurement of current and deferred income taxes, including the measurement of uncertain tax positions. Actual resultscould differ from those estimates. Discontinued Operations - Discontinued operations comprise those activities that have been disposed of during the period or which have been classified asheld for sale at the end of the period, and represent a separate major line of business or geographical area that can be clearlydistinguished for operational and financial reporting purposes. In fiscal 2016, the Company sold its IT Infrastructure Managementbusiness (“ITO”) and began reporting the results of operations, cash flows and the balance sheet amounts pertaining to ITO as acomponent of discontinued operations in the consolidated financial statements. In fiscal 2015, Acxiom identified its U.K. call centeroperation, 2Touch, as a component of the Company that is reported as discontinued operations because of its disposal. Refer toNote 4, Discontinued Operations, for more information. Unless otherwise indicated, information in the notes to the consolidated financial statements relates to continuing operations.

  

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Significant Accounting Policies Cash and Cash Equivalents - The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. Accounts Receivable - Accounts receivable includes amounts billed to customers as well as unbilled amounts recognized in accordance with theCompany’s revenue recognition policies, as stated below.  Unbilled amounts included in accounts receivable, which generallyarise from the delivery of data and performance of services to customers in advance of billings, were $14.1 million at March 31,2017 and $14.3 million March 31, 2016. Accounts receivable are presented net of allowance for doubtful accounts.  The Company evaluates its allowance for doubtfulaccounts based on a combination of factors at each reporting date.  Each account or group of accounts is evaluated based onspecific information known to management regarding each customer’s ability or inability to pay, as well as historical experience foreach customer or group of customers, the length of time the receivable has been outstanding, and current economic conditions inthe customer’s industry.  Accounts receivable that are determined to be uncollectible are charged against the allowance fordoubtful accounts. Property and Equipment - Property and equipment are stated at cost.  Depreciation and amortization are calculated on the straight-line method over theestimated useful lives of the assets as follows: buildings and improvements, up to 30 years; data processing equipment, 2 - 5years, and office furniture and other equipment, 3 - 7 years. Property held under capitalized lease arrangements is included in property and equipment, and the associated liabilities areincluded in long-term debt.  Amortization of property under capitalized leases is included in depreciation and amortizationexpense.  Property and equipment taken out of service and held for sale is recorded at the lower of depreciated cost or netrealizable value and depreciation is ceased. Leases - Rent expense on operating leases is recorded on a straight-line basis over the term of the lease agreement. Software, Purchased Software Licenses, and Research and Development Costs – Costs of internally developed software are capitalized in accordance with ASC 350-40, Internal Use Software . The standard generally requires that research and development costs incurred prior to the beginning of the applicationdevelopment stage of software products are charged to operations as such costs are incurred. Once the application developmentstage has begun, costs are capitalized until the software is available for general release.  Costs of internally developed softwareare amortized on a straight-line basis over the remaining estimated economic life of the software product, generally two to fiveyears (see Note 8 – Software Costs). Costs of purchased software licenses are amortized on a straight-line basis over the estimated economic life of the license,generally not to exceed five years (see Note 8 – Software Costs). Capitalized software, including both purchased and internally developed, is reviewed when facts and circumstances indicate thecarrying amount may not be recoverable and, if necessary, the Company reduces the carrying value of each product to its fairvalue.  

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Business Combinations – We apply the provisions of ASC 805, Business Combinations , in accounting for its acquisitions. It requires us to recognizeseparately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of theacquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of theassets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assetsacquired and liabilities assumed at the acquisition date as well as any contingent consideration, where applicable, our estimatesare inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year fromthe acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset togoodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilitiesassumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statement of operations. Accounting for business combinations requires our management to make significant estimates and assumptions, especially at theacquisition date, including our estimates for intangible assets. Although we believe the assumptions and estimates we have madein the past have been reasonable and appropriate, they are based in part on historical experience and information obtained fromthe management of the acquired companies and are inherently uncertain. Examples of critical estimates in valuing certain of the intangible assets we have acquired include but are not limited to: 

· future expected cash flows from Connectivity sales;· expected costs to develop the in-process research and development into commercially viable products and estimated

cash flows from the products when completed;· the acquired company’s brand and competitive position, as well as assumptions about the period of time the acquired

brand will continue to be used in the combined company’s product portfolio; and· discount rates.

 Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates oractual results. In addition, uncertain tax positions and tax related valuation allowances in connection with a business combination are initiallyestimated as of the acquisition date. We reevaluate these items quarterly based upon facts and circumstances that existed as ofthe acquisition date with any judgments to our preliminary estimates being recorded to goodwill if identified within themeasurement period. Subsequent to the measurement period or our final determination of the uncertain tax positions and taxrelated valuation allowances, whichever comes first, changes to these tax estimates will affect our provision for income taxes inour consolidated statement of operations and could have a material impact on our results of operations and financial position. Goodwill - Goodwill is measured and tested for impairment on an annual basis in the first quarter of the Company’s fiscal year in accordancewith ASC 350, Intangibles—Goodwill and Other , or more frequently if indicators of impairment exist.  Triggering events for interimimpairment testing include indicators such as adverse industry or economic trends, restructuring actions, downward revisions toprojections of financial performance, or a sustained decline in market capitalization. According to ASC 350, we can opt to performa qualitative assessment to test a reporting unit’s goodwill for impairment or we can directly perform the two-step impairment test.Based on our qualitative assessment, if we determine that the fair value of a reporting unit is more likely than not (i.e., a likelihoodof more than 50 percent) to be less than its carrying amount, the two-step impairment test prescribed by ASC 350 will beperformed. The first step requires comparing the estimated fair value of a reporting unit to its net book value, including goodwill.  Apotential impairment exists if the estimated fair value of the reporting unit is lower than its net book value.  The second step of theimpairment test involves assigning the estimated fair value of the reporting unit to its identifiable assets, with any residual fairvalue being assigned to goodwill.  If the carrying value of an individual indefinite-lived

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intangible asset (including goodwill) exceeds its estimated fair value, such asset is written down by an amount equal to theexcess, and a corresponding amount is recorded as a charge to operations for the period in which the impairment test iscompleted.  Completion of the Company’s annual impairment test during the first quarter of fiscal 2017 indicated no impairment ofits goodwill balances. During the fourth quarter of fiscal 2016, a triggering event occurred which required the Company to test the recoverability ofgoodwill associated with its APAC Marketing Services and Audience Solutions reporting units. The triggering event was theCompany’s decision to focus efforts in Australia exclusively on the Connectivity business; as a result, the Company plans to wind-down the Marketing Services and Audience Solutions operations in Australia. In addition to testing the recoverability of goodwill,the Company also tested certain other long-lived assets in these units for impairment. The results of the two-step test indicatedcomplete impairment of the APAC Audience Solutions goodwill as well as impairment for certain other long-lived assets. Theamount of impairment was $6.1 million, of which $5.4 million was goodwill and $0.7 million related to other long-lived assets,primarily property and equipment. The impairment test also indicated a reduced fair value for the APAC Marketing Servicescomponent, but the fair value was still in excess of the carrying value resulting in no impairment. During the third quarter of fiscal 2016, management determined that results for the APAC component were lower than had beenprojected in the previous goodwill test in part due to an economic slowdown in Asia. Management further determined that thefailure of the APAC component to meet expectations, combined with the expectation that future projections would also belowered, constituted a triggering event, requiring an interim goodwill impairment test. The impairment test indicated a reduced fairvalue, but the fair value was still in excess of the carrying value resulting in no impairment. During the second quarter of fiscal 2016, a triggering event occurred which required the Company to test the recoverability ofgoodwill associated with its Brazil Marketing Services and Audience Solutions reporting unit.  The triggering event was theannounced closure of the Company’s Brazil operation.  In addition to testing the recoverability of goodwill, the Company alsotested certain other long-lived assets in this unit for impairment.  The results of the impairment testing indicated completeimpairment of the goodwill as well as impairment for certain other long-lived assets.  The amount of impairment was $0.7 million,of which $0.5 million was goodwill and $0.2 million related to other long-lived assets, primarily property and equipment. To estimate the fair value for each of the components, management uses an income approach based on a discounted cash flowmodel together with valuations based on an analysis of public company market multiples and a similar transactions analysis. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projectionsand terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to changeas they require significant management judgment. Discount rates are determined by using a weighted average cost of capital(“WACC”). The WACC considers market and industry data as well as company-specific risk factors for each reporting unit indetermining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return aninvestor would expect to receive for investing in such a business. Management, considering industry and company-specifichistorical and projected data, develops growth rates and cash flow projections for each reporting unit. Terminal value ratedetermination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the lastprojected period assuming a constant WACC and low long-term growth rates. The public company market multiple method is used to estimate values for each of the components by looking at market valuemultiples to revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) for selected public companiesthat are believed to be representative of companies that marketplace participants would use to arrive at comparable multiples forthe individual component being tested.  These multiples are then used to develop an estimated value for each respectivecomponent. The similar transactions method compares multiples based on acquisition prices of other companies believed to be those thatmarketplace participants would use to compare to the individual component being tested.  Those multiples are then used todevelop an estimated value for that component.

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 To arrive at an estimated value for each component, management uses a weighted-average approach to combine the results ofeach analysis.  Management believes that using multiple valuation approaches and then weighting them appropriately is atechnique that a marketplace participant would use.  As a final test of the annual valuation results, the total of the values of the components is reconciled to the actual market value ofAcxiom common stock as of the valuation date.  Management believes this control premium is reasonable compared to historicalcontrol premiums observed in actual transactions. Management believes that the estimated valuations are reasonable and consistent with what other marketplace participants woulduse in valuing the Company’s components.  However, management cannot give any assurance that these market values will notchange in the future.  For example, if discount rates demanded by the market increase, this could lead to reduced valuationsunder the income approach.  If the Company’s projections are not achieved in the future, this could lead management to reassesstheir assumptions and lead to reduced valuations under the income approach.  If the market price of the Company’s stockdecreases, this could cause the Company to reassess the reasonableness of the implied control premium, which might causemanagement to assume a higher discount rate under the income approach which could lead to reduced valuations.  If futuresimilar transactions exhibit lower multiples than those observed in the past, this could lead to reduced valuations under the similartransactions approach.  And finally, if there is a general decline in the stock market and particularly in those companies selectedas comparable to the Company’s components, this could lead to reduced valuations under the public company market multipleapproach.  The Company’s next annual impairment test will be performed during the first quarter of fiscal 2018.  The fair value ofthe Company’s components could deteriorate which could result in the need to record impairment charges in future periods.  TheCompany continues to monitor potential triggering events including changes in the business climate in which it operates, attritionof key personnel, the volatility in the capital markets, the Company’s market capitalization compared to its book value, theCompany’s recent operating performance, and the Company’s financial projections.  The occurrence of one or more triggeringevents could require additional impairment testing, which could result in impairment charg es. Impairment of Long-lived Assets - Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstancesindicate that the carrying amount of an asset may not be recoverable.  The Company considers factors such as operating losses,declining outlooks, and business conditions when evaluating the necessity for an impairment analysis.  Recoverability of assets tobe held and used is measured by a comparison of the carrying amount of an asset group to the undiscounted cash flows expectedto result from the use and eventual disposition of the asset group. If such assets are impaired, the impairment to be recognized ismeasured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During fiscal 2016, in conjunction with the goodwill impairment tests noted above, the Company also tested certain other long-lived assets in the affected units for impairment. The Company recorded impairment charges of $0.9 million related to other long-lived assets, primarily property and equipment. Data Acquisition Costs - The Company defers certain costs related to the acquisition or licensing of data for the Company’s proprietary databases whichare used in providing data products and services.  These costs are amortized over the useful life of the data, which is from two toseven years.  To estimate the useful life of any acquired data, the Company considers several factors including 1) the type of dataacquired, 2) whether the data becomes stale over time, 3) to what extent the data will be replaced by updated data over time, 4)whether the stale data continues to have value as historical data, 5) whether a license places restrictions on the use of the data,and 6) the term of the license. 

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Deferred Revenue - Deferred revenue consists of amounts billed in excess of revenue recognized.  Deferred revenues are subsequently recorded asrevenue when earned in accordance with the Company’s revenue recognition policies. Revenue Recognition - The Company’s policy follows the guidance from ASC 605, Revenue Recognition . The Company provides marketing database services under long-term arrangements.  These arrangements may require theCompany to perform setup activities such as the design and build of a database, and may include other products and servicespurchased at the same time, or within proximity of one another (referred to as multiple element arrangements). Each elementwithin a multiple element arrangement is accounted for as a separate unit of accounting provided the following criteria are met: thedelivered products or services have value to the customer on a standalone basis; and for an arrangement that includes a generalright of return relative to the delivered products or services, delivery or performance of the undelivered product or service isconsidered probable and is substantially controlled by us. We consider a deliverable to have standalone value if the product orservice is sold separately by us or another vendor or could be resold by the customer. Further, our revenue arrangementsgenerally do not include a general right of return related to the delivered products. Where the aforementioned criteria for aseparate unit of accounting are not met, the deliverable is combined with the undelivered element(s) and treated as a single unitof accounting for purposes of allocation of the arrangement consideration and revenue recognition. For our multiple-element arrangements, we allocate revenue to each element based on a selling price hierarchy at thearrangement’s inception. The relative selling price for each unit of accounting in a multiple-element arrangement is establishedusing vendor-specific objective evidence (VSOE), if available, third-party evidence (TPE), if available, or management’s bestestimate of stand-alone selling price (BESP).  In most cases, the Company has neither VSOE nor TPE and therefore uses BESP.The total arrangement consideration is allocated to each separate unit of accounting for each of the deliverables using the relativeselling prices of each unit based on the aforementioned selling price hierarchy. We limit the amount of revenue recognized fordelivered elements to an amount that is not contingent upon future delivery of additional products or services or meeting anyspecified performance conditions. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold ona stand-alone basis.  Management’s BESP is determined by considering multiple factors including actual contractual selling priceswhen the item is sold on a stand-alone basis, as well as market conditions, competition, internal costs, profit objectives and pricingpractices. As pricing and marketing strategies evolve, we may modify our pricing practices in the future, which could result inchanges to BESP, or to the development of VSOE or TPE for individual products or services.  As a result, future revenuerecognition for multiple-element arrangements could differ from recognition in the current period.  Our relative selling prices areanalyzed on an annual basis or more frequently if we experience significant changes in selling prices. Revenues are recognized when: (1) persuasive evidence of an arrangement exists; (2) we deliver the products and services; (3)the sale price is fixed or determinable; and (4) collection is reasonably assured. Revenues that are not recognized at the time ofsale because the foregoing conditions are not met are recognized when those conditions are subsequently met. Whereapplicable, we reduce revenue for certain incentive programs where we can sufficiently estimate the effects of these items. Insome cases, the arrangements also contain provisions requiring customer acceptance of the setup activities prior tocommencement of the ongoing services arrangement.  Up-front fees billed during the setup phase for these arrangements aredeferred and setup costs that are direct and incremental to the contract are capitalized.  Revenue recognition does not begin untilafter customer acceptance in cases where contracts contain acceptance provisions.  Once the setup phase is complete andcustomer acceptance occurs, the Company recognizes revenue and the related costs for each element as delivered.  In situationswhere the arrangement does not require customer acceptance before the Company begins providing services, revenue isrecognized for each element as delivered and no costs are deferred. 

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 The Company evaluates its marketing database arrangements to determine whether the arrangement contains a lease.  If thearrangement is determined to contain a lease, applicable accounting standards require the Company to account for the leasecomponent separately from the remaining components of the arrangement.  In cases where marketing database arrangementsare determined to include a lease, the lease is evaluated to determine whether it is a capital lease or operating lease andaccounted for accordingly.  These lease revenues are not significant to the Company’s consolidated financial statements. Sales of third-party software, hardware and certain other equipment are recognized when delivered.  If such sales are part of amultiple-element arrangement, they are recognized as a separate element unless collection of the sales price is dependent upondelivery of other products or services.  Additionally, the Company evaluates revenue from the sale of data, software, hardwareand equipment in accordance with accounting standards to determine whether such revenue should be recognized on a gross ora net basis.  All the factors in the accounting standards are considered with the primary factor being whether the Company is theprimary obligor in the arrangement.  “Out-of-pocket” expenses incurred by, and reimbursed to, the Company in connection withcustomer contracts are recorded as gross revenue. The Company also performs services on a project basis outside of, or in addition to, the scope of long-term arrangements.  TheCompany recognizes revenue from these services as the services are performed. All taxes assessed on revenue-producing transactions described above are presented on a net basis, or excluded from revenues. Revenues from the licensing of data are recognized upon delivery of the data to the customer.  Revenue from the licensing of datato the customer in circumstances where the license agreement contains a volume cap is recognized in proportion to the totalrecords to be delivered under the arrangement.  Revenue from the sale of data on a per-record basis is recognized as the recordsare delivered. Revenues from Connectivity services are primarily recorded as monthly recurring subscription fees, and to a lesser extent fromdata providers and certain digital publishers in the form of revenue-sharing agreements. Concentration of Credit Risk - Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade accounts,unbilled and notes receivable.  The Company’s receivables are from a large number of customers.  Accordingly, the Company’scredit risk is affected by general economic conditions.  The Company maintains deposits in federally insured financial institutionsmore than federally insured limits. Management, however, believes the Company is not exposed to significant credit risk due tothe financial position of the depository institutions in which those deposits are held. Income Taxes - The Company and its domestic subsidiaries file a consolidated federal income tax return.  The Company’s foreign subsidiaries fileseparate income tax returns in the countries in which their operations are based. The Company makes estimates and judgments in determining the provision for income taxes for financial statement purposes.These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certaintax assets and liabilities that arise from differences in the timing of recognition of revenue and expense for tax and financialstatement purposes, as well as the interest and penalties related to uncertain tax positions. Significant changes in these estimatesmay result in an increase or decrease to the tax provision in a subsequent period. The Company assesses the likelihood that it willbe able to recover its deferred tax assets. If recovery is not likely, the Company increases the provision for taxes by recording avaluation allowance against the deferred tax assets that it estimates will not ultimately be recoverable.  The Company believesthat the deferred tax assets recorded on the consolidated balance sheets will be ultimately recovered. However, should a changeoccur in the Company’s ability to recover its deferred tax assets, its tax provision would increase in the period in which theCompany determined that the recovery was not likely.

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 The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. TheCompany recognizes liabilities for uncertain tax positions based on a two-step process pursuant to ASC 740, Income Taxes . Thefirst step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it ismore likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, ifany. If the Company determines that a tax position will more likely than not be sustained on audit, the second step requires theCompany to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimatesettlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability ofvarious possible outcomes. The Company re-evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors such aschanges in facts or circumstances, changes in tax law, new audit activity, and effectively settled issues. Determining whether anuncertain tax position is effectively settled requires judgment. Such a change in recognition or measurement would result in therecognition of a tax benefit or an additional charge to the tax provision. Foreign Currency Translation - The reporting currency of the Company is the U.S. dollar. The functional currency of our foreign operations generally is theapplicable local currency for each foreign subsidiary. The balance sheets of the Company’s foreign subsidiaries are translated atperiod-end rates of exchange, and the statements of operations are translated at the weighted-average exchange rate for theperiod.  Gains or losses resulting from translating foreign currency financial statements are included in accumulated othercomprehensive income (loss) in the consolidated statements of stockholders’ equity and comprehensive income (loss). Advertising Expense - The Company expenses advertising costs as incurred.  Advertising expense was approximately $9.3 million, $5.9 million and $5.0million for the fiscal years ended March 31, 2017, 2016 and 2015, respectively.  Advertising expense is included in operatingexpenses on the accompanying consolidated statements of operations. Guarantees - The Company accounts for the guarantees of indebtedness of others under applicable accounting standards which require aguarantor to recognize, at the inception of the guarantee, a liability for the fair value of the obligation undertaken in issuing theguarantee.  A guarantor is also required to make additional disclosures in its financial statements about obligations under certainguarantees issued.  The Company’s liability for the fair value of guarantees is not material (see Note 12 – Commitments andContingencies). Loss Contingencies and Legal Expenses - The Company records a liability for loss contingencies when the liability is probable and reasonably estimable.  Legal feesassociated with loss contingencies are recorded when the legal fees are incurred. 

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Earnings (Loss) per Share - A reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share is shown below (in thousands,except per share amounts):       2017      2016      2015  Net earnings (loss) from continuing operations   $ 4,108   $ (8,648)  $ (26,542) Net earnings from discontinued operations, net of tax      —     15,351     15,511  Net earnings (loss)   $ 4,108   $ 6,703   $ (11,031) 

                  Basic earnings (loss) per share:                 Basic weighted-average shares outstanding     77,609     77,616     77,106  Basic earnings (loss) per share:                 

Continuing operations   $ 0.05   $ (0.11)  $ (0.34) Discontinued operations      —     0.20     0.20  Net earnings (loss)   $ 0.05   $ 0.09   $ (0.14) 

                  Diluted earnings (loss) per share:                 Basic weighted-average shares outstanding     77,609     77,616     77,106  

Dilutive effect of common stock options, warrants, and restricted stock ascomputed under the treasury stock method     2,239      —      —  

Diluted weighted-average shares outstanding     79,848     77,616     77,106  Diluted earnings (loss) per share:                 

Continuing operations   $ 0.05   $ (0.11)  $ (0.34) Discontinued operations      —     0.20     0.20  Net earnings (loss)   $ 0.05   $ 0.09   $ (0.14) 

 Due to the net loss from continuing operations in fiscal 2016 and 2015, the dilutive effect of options, warrants and restricted stockunits covering 1.5 million and 1.4 million shares, respectively, of common stock was excluded from the earnings per sharecalculation since the impact on the calculation was anti-dilutive. Additional options and warrants to purchase shares of commonstock and restricted stock units that were outstanding during the periods presented but were not included in the computation ofdiluted earnings (loss) per share because the effect was anti-dilutive are shown below (in thousands, except per share amounts):     2017      2016      2015  Number of shares outstanding under options, warrants andrestricted stock units     90     1,654     1,829  Range of exercise prices for options  $27.77 -$ 32.85   $17.49 -$ 62.06   $19.18 -$ 62.06   Share-based Compensation - The Company records share-based compensation expense according to the provisions of ASC Topic 718, “ Compensation –Stock Compensation .” ASC Topic 718 requires all share-based payments to employees, including grants of employee stockoptions, to be recognized in the statement of operations over the service period of the award based on their fair values. Under theprovisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing share-basedpayments and the amortization method for compensation cost. The Company has stock option plans and equity compensation plans (collectively referred to as the “share-based plans”)administered by the compensation committee (“compensation committee”) of the board of directors under which options andrestricted stock units were outstanding as of March 31, 2017. The Company’s equity compensation plan provides that all associates (employees, officers, directors, affiliates, independentcontractors or consultants) are eligible to receive awards (grant of any option, stock appreciation right, restricted stock award,restricted stock unit award, performance award, performance share, performance unit, qualified performance-based award, orother stock unit award) under the plan with the terms and conditions applicable to an award set forth in applicable grantdocuments. 

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Incentive stock option awards granted under the share-based plans cannot be granted with an exercise price less than 100% ofthe per-share market value of the Company’s shares at the date of grant and have a maximum duration of ten years from the dateof grant.  Board policy currently requires that nonqualified options also must be priced at or above the fair market value of thecommon stock at the time of grant with a maximum duration of ten years. Restricted stock units may be issued under the equity compensation plan and represent the right to receive shares in the future byway of an award agreement which includes vesting provisions.  Award agreements can further provide for forfeitures triggered bycertain prohibited activities, such as breach of confidentiality.  All restricted stock units will be expensed over the vesting period asadjusted for estimated forfeitures.  The vesting of some restricted stock units is subject to the Company’s achievement of certainperformance criteria, as well as the individual remaining employed by the Company for a period of years. The Company also has outstanding performance-based stock appreciation rights and performance-based stock units. These areexpensed over the vesting period of the award. The Company receives income tax deductions because of the exercise of nonqualified stock options and the vesting of otherstock-based awards.  The tax benefit of share-based compensation expense in excess of the book compensation expense isreflected as a financing cash inflow and operating cash outflow included in changes in operating assets and liabilities.  TheCompany has elected the short-cut method in accounting for the tax benefits of share-based payment awards. Derivatives and Hedging - Derivative financial instruments are valued in the market using regression analysis. Significant inputs to the derivative valuation forinterest rate swaps are observable in active markets and are classified as Level 2 in the fair value hierarchy. In fiscal 2014, the Company entered into an interest rate swap as a cash flow hedge against LIBOR interest rate movements onthe term loan.  All changes in fair value of the derivative were deferred and recorded in other comprehensive income (loss) untilthe related forecasted transaction was recognized in the consolidated statement of operations.  The interest rate swap matured infiscal 2017. Restructuring – The Company records costs associated with employee terminations and other exit activity in accordance with ASC 420, Exit orDisposal Cost Obligations , depending on whether the costs relate to exit or disposal activities under the accounting standards, orwhether they are other post-employment termination benefits.  Under applicable accounting standards for exit or disposal costs,the Company records employee termination benefits as an operating expense when the benefit arrangement is communicated tothe employee and no significant future services are required.  Under the accounting standards related to post employmenttermination benefits the Company records employee termination benefits when the termination benefits are probable and can beestimated.  The Company recognizes the present value of facility lease termination obligations, net of estimated sublease incomeand other exit costs, when the Company has future payments with no future economic benefit or a commitment to pay thetermination costs of a prior commitment. In future periods the Company will record accretion expense to increase the liability to anamount equal to the estimated future cash payments necessary to exit the leases. This requires judgment and managementestimation to determine the expected time frame for securing a subtenant, the amount of sublease income to be received and theappropriate discount rate to calculate the present value of the future cash flows. Should actual lease exit costs differ fromestimates, the Company may be required to adjust the restructuring charge which will impact net earnings (loss) in the period anyadjustment is recorded. Adoption of New Accounting Standards – In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15,Statement of Cash Flows: Clarification of Certain Cash Receipts and Cash Payments. The new standard eliminates the diversityin practice related to the classification of certain cash receipts and

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payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues, including paymentsfor debt prepayments or extinguishments. The early adoption of this standard did not result in any changes to our existingaccounting policies, presentation of items in our consolidated statements of cash flows, or any changes resulting from theretrospective application to all periods reported. Recent Accounting Pronouncements Not Yet Adopted – In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for GoodwillImpairment, which eliminates step two from the goodwill impairment test. Under the amendments in ASU 2017-04, an entityshould recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value;however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 iseffective for annual periods beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods withinthose fiscal years; earlier adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017.The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statementsand related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business,which provides guidance for evaluating whether certain transactions are to be accounted for as an acquisition (or disposal) ofeither a business or an asset. ASU 2017-01 is effective for annual periods beginning after December 15, 2017 (fiscal 2019 for theCompany), including interim periods within those fiscal years, and earlier adoption is permitted for transactions occurring after theissuance of ASU 2017-01 and not reported in the financial statements. The Company does not expect the adoption of thisguidance to have a material impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This standard isintended to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement of cash flows.The standard requires that restricted cash and restricted cash equivalents be included as components of total cash and cashequivalents as presented on the statement of cash flows. As a result, entities will no longer present transfers between cash andcash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 is effective forannual periods beginning after December 15, 2017 (fiscal 2019 for the Company), including interim periods within those fiscalyears; earlier adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on itsconsolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements toEmployee Share-Based Payment Accounting which modifies certain aspects of the accounting for share-based paymenttransactions, including income taxes, classification of awards, and classification in the statement of cash flows. Currently, excesstax benefits or deficiencies from the Company’s equity awards are recorded as additional paid-in capital in its ConsolidatedBalance Sheets. Upon adoption, the Company will record, on a prospective basis, any excess tax benefits or deficiencies from itsequity awards in its consolidated Statements of Operations in the reporting periods in which settlement occurs. As a result, afteradoption the Company’s income tax expense and associated effective tax rate will be impacted by fluctuations in stock pricesbetween the grant dates and settlement dates of equity awards. ASU 2016-09 is effective for annual periods beginning afterDecember 15, 2016 (fiscal 2018 for the Company). The Company is continuing to evaluate the impact of the adoption of thisguidance on its consolidated financial condition, results of operations and cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) as a comprehensive new leases standard that amendsvarious aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. It will requirelessees to recognize lease assets and lease liabilities for those leases classified as operating leases under previous guidance,ASC 840, Leases. ASU 2016-02 creates a new Topic, ASC 842, Leases. This new Topic retains a distinction between financeleases and operating leases. The classification criteria for distinguishing between finance leases and operating leases aresubstantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previousleases guidance. ASU 2016-02 is effective for annual periods beginning after December 15, 2018 (fiscal 2020 for the Company),including interim periods within those fiscal years; earlier adoption is

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permitted. In the financial statements in which the ASU is first applied, leases shall be measured and recognized at the beginningof the earliest comparative period presented with an adjustment to equity. The Company is continuing to evaluate the impact ofthe adoption of this guidance on its consolidated financial condition, results of operations and cash flows. In May 2014, the FASB issued update ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and issuedsubsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016 and December 2016 withinASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, respectively. Topic 606 supersedes nearly allexisting revenue recognition guidance under GAAP. The core principle of the new guidance is to recognize revenues whenpromised goods or services are transferred to customers in an amount that reflects the consideration that is expected to bereceived for those goods or services. The guidance defines a five-step process to achieve this core principle and, in doing so, it ispossible more judgment and estimates may be required within the revenue recognition process than are required under existingGAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include inthe transaction price and allocating the transaction price to each separate performance obligation, among others. Topic 606 alsoprovides guidance on the recognition of costs related to obtaining customer contracts. The effective date for the Company is thefirst quarter of fiscal 2018 or the first quarter of fiscal 2019 using either of two methods: (i) retrospective application to each priorreporting period presented with the option to elect certain practical expedients; or (ii) retrospective application with the cumulativeeffect recognized at the date of initial application and providing certain additional disclosures. The Company has completed itspreliminary assessment of the new standard and is continuing assessment as we complete implementation design activities.Preliminarily, we plan to adopt Topic 606 in the first quarter of fiscal 2019 pursuant to the aforementioned adoption method (ii) andwe do not believe there will be a material impact to our revenues upon adoption. We are continuing to evaluate the impact to ourrevenues related to our pending adoption of Topic 606 and our preliminary assessments are subject to change. We are alsocontinuing to evaluate the provisions of Topic 606 related to costs of obtaining customer contracts. The Company does not anticipate that the adoption of any other recent accounting pronouncements will have a material impact onthe Company's consolidated financial position, results of operations or cash flows. 2.RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: The following table summarizes the restructuring activity included in gains, losses and other items, net in the consolidatedstatements of operations for the fiscal years ended March 31, 2017, 2016 and 2015 (dollars in thousands):

      Associate-related      Lease           

    reserves   accruals   Total  March 31, 2014   $ 6,542   $ 1,513   $ 8,055  

Restructuring charges and adjustments     13,284     6,500     19,784  Payments     (12,615)    (2,785)    (15,400) 

March 31, 2015   $ 7,211   $ 5,228   $ 12,439  Restructuring charges and adjustments     8,630     3,002     11,632  Payments     (12,986)    (4,706)    (17,692) 

March 31, 2016   $ 2,855   $ 3,524   $ 6,379  Restructuring charges and adjustments     3,755     2,985     6,740  Payments     (4,210)    (2,201)    (6,411) 

March 31, 2017   $ 2,400   $ 4,308   $ 6,708   Restructuring Plans In fiscal 2017, the Company recorded a total of $8.9 million in restructuring charges and adjustments included in gains, losses andother items, net in the consolidated statement of operations. The expense included severance and other associate-relatedcharges of $3.8 million, lease accruals and adjustments of $3.0 million, and leasehold improvement write offs of $2.1 million. 

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The associate-related accruals of $3.8 million relate to the termination of associates in the United States and Europe and includea $1.3 million increase to the fiscal 2016 restructuring plans, primarily in Australia. Of the amount accrued for 2017, $1.2 millionremained accrued as of March 31, 2017. These costs are expected to be paid out in fiscal 2018. The lease accruals and adjustments of $3.0 million result from the Company’s exit from certain leased office facilities.  TheCompany intends to sublease the facilities to the extent possible. The liability will be satisfied over the remainder of the leasedproperties’ terms, which continue through November 2025.  Actual sublease receipts may differ from the estimates originally madeby the Company.  Any future changes in the estimates or in the actual sublease income could require future adjustments to theliabilities, which would impact net earnings (loss) in the period the adjustment is recorded.  Of the amount accrued for this facilityin 2017, $3.0 million remained accrued as of March 31, 2017. In fiscal 2016, the Company recorded a total of $12.0 million in restructuring charges and adjustments included in gains, lossesand other items, net in the consolidated statement of operations. The expense included severance and other associate-relatedcharges of $8.6 million, lease termination charges and accruals of $3.0 million, and leasehold improvement write offs of $0.4million. The associate-related accruals of $8.6 million relate to the termination of associates in the United States, Europe, Brazil andAustralia. Of the amount accrued for 2016, $1.0 million remained accrued as of March 31, 2017. These costs are expected to bepaid out in fiscal 2018. The lease termination charges and accruals of $3.0 million included a $1.4 million lease early-termination fee in France, a leaseaccrual of $0.2 million, and a $1.4 million increase to the fiscal 2015 lease restructuring plans.  The fiscal 2016 lease early-termination fee and lease accrual were fully paid during fiscal 2016. In fiscal 2015, the Company recorded a total of $21.8 million in restructuring charges and adjustments included in gains, lossesand other items, net in the consolidated statement of operations.  The expense included severance and other associate-relatedcharges of $13.3 million, lease accruals of $6.5 million, and the write-off of leasehold improvements of $2.0 million. The associate-related accruals of $13.3 million related to the termination of associates in the United States, Europe, Australia, andChina and included an increase of $0.7 million to the fiscal 2014 restructuring plan.  Of the amount accrued for 2015, $0.2 millionremained accrued as of March 31, 2017. These costs are expected to be paid out in fiscal 2018. The lease accruals of $6.5 million result from the Company’s exit from certain leased office facilities.  The Company intends tosublease the facilities to the extent possible.  The liability will be satisfied over the remainder of the leased properties’ terms,which continue through November 2025.  Actual sublease payments may differ from the estimates originally made by theCompany.  Any future changes in the estimates or in the actual sublease income could require future adjustments to the liabilities,which would impact net earnings (loss) in the period the adjustment is recorded.  Of the remaining amount accrued for 2015, $1.3million remained accrued as of March 31, 2017. Gains, Losses and Other Items Gains, losses and other items for each of the years presented are as follows (dollars in thousands):     2017   2016      2015  Restructuring plan charges and adjustments   $ 6,740  $ 11,632  $ 19,784  Other restructuring charges     2,125    381    1,976  Write-off of accumulated foreign currency translation in Brazil     1,315     —     —  Gain on disposition of assets     (2,986)      —      —  Acquisition-related costs     1,365      —     820  Other     (186)     119     20      $ 8,373  $ 12,132  $ 22,600   

 

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 3.ACQUISITIONS: Arbor and CirculateThe Company acquired all the outstanding shares of Arbor Technologies, Inc. (“Arbor”) and Circulate.com, Inc. (“Circulate”) onNovember 22, 2016 and November 29, 2016, respectively. Arbor and Circulate help publishers connect people-based data to themarketing ecosystem.  Because of these acquisitions, Arbor and Circulate are now wholly-owned subsidiaries of the Companyincluded in the Connectivity segment, and increase the scale of the Company’s omni-channel identity graph and network.  TheCompany has included the financial results of Arbor and Circulate in the consolidated financial statements from the dates ofacquisition. The consideration paid for the outstanding shares and vested stock options was approximately $137.4 million, net ofcash acquired of approximately $9.5 million. The consideration paid for unvested stock options had an estimated fair value of $9.2million.  These options are not part of the purchase price and will be expensed as non-cash stock compensation over theapplicable vesting periods. In connection with the Arbor acquisition, the Company agreed to pay $38.3 million to certain key employees (see “ConsiderationHoldback” in note 13).  The consideration holdback is payable over 30 equal, monthly increments and is settleable in shares ofCompany common stock.  The number of shares to be issued monthly will vary depending on the market price of the shares onthe date of issuance and will be recorded as non-cash stock compensation expense as the shares are issued.  The considerationholdback is not part of the purchase price as vesting is dependent on continued employment of the key employees. Following the closing of Arbor, the Company granted new awards of restricted stock units to select employees of Arbor to inducethem to accept employment with the Company (the “Arbor Inducement Awards”). The Arbor Inducement Awards had a grant datefair value of $10.4 million, and will vest over three years with 34% of the total vesting on the first anniversary of the closing dateand 8.25% vesting each three months thereafter, subject to the employee’s continued service through each vesting date.Following the closing of Circulate, the Company granted new awards of restricted stock units to select employees of Circulate toinduce them to accept employment with the Company (the “Circulate Inducement Awards”). The Circulate Inducement Awardshad a grant date fair value of $10.0 million. The Circulate Inducement Awards granted to certain key employees of Circulate willvest over two years with 50% of the total vesting on the first anniversary of the closing date and 12.5% vesting each three monthsthereafter, subject to the employee’s continued service through each vesting date and vesting acceleration upon a qualifyingtermination as set forth in the applicable employee’s offer letter with the Company. The Circulate Inducement Awards granted toall other Circulate employees will vest incrementally over four years with 25% of the total vesting on the first anniversary date ofthe closing, and 25% vesting each 12 months thereafter, subject to the employee’s continued service through each vesting date. On November 29, 2016, the Company delivered approximately $5.9 million of the cash consideration to an escrow agentaccording to the terms of the Circulate acquisition agreement.  The escrow deposit is restricted as to withdrawal or use by theCompany and is expected to be delivered to the sellers one year from the acquisition date.  The principal escrow amount is ownedby the Company until funds are delivered to the sellers.  All interest and earnings on the principal escrow amount remain propertyof the Company. The escrow deposit is included in other current assets (note 5), with an offsetting liability included in otheraccrued expenses (note 6), in the consolidated balance sheet. 

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The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of the acquisitions (dollarsin thousands):         Assets acquired:        

Cash   $ 9,495  Trade accounts receivable     3,352  Goodwill     105,670  Intangible assets (Other assets)     40,800  Other current and noncurrent assets     278  

Total assets acquired     159,595  Deferred income taxes     (8,093) Accounts payable and accrued expenses     (4,623) 

Net assets acquired     146,879  Less:        

Cash acquired     (9,495) Net cash paid   $ 137,384   The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recordedas goodwill and is primarily attributed to expectations of development of future technology and products, development of futurecustomer relationships, and the Arbor and Circulate assembled workforces.  The Company allocated the goodwill to the reportingunit that was expected to benefit from the acquired goodwill. The goodwill balance is not deductible for U.S. income tax purposes. The Company recognized the assets and liabilities acquired based on estimates of their acquisition date fair values.  Thedetermination of the fair values of the acquired assets and liabilities assumed (and the related determination of the estimated livesof depreciable tangible and identifiable intangible assets) requires significant judgement.  The Company believes that theinformation available at the date of acquisition provided a reasonable basis for estimating the fair values of the assets acquiredand the liabilities assumed. The amounts allocated to intangible assets in the table above included publisher relationships, developed technology, customerrelationships, and trade name.  Intangible assets will be amortized on a straight-line basis over the estimated useful lives of 1 to 6years. The following table presents the components of intangible assets acquired and their estimated useful lives as of theacquisition date (dollars in thousands):          Useful life         Fair value      (in years)  Publisher relationships   $ 23,800   6  Developed technology     9,300   2 to 4  Customer relationships     7,100   6  Trade name     600   1  

Total intangible assets  $ 40,800       The Company has omitted disclosures of revenue and net loss of the acquired companies from the acquisition dates of November22, 2016 and November 29, 2016, respectively, to March 31, 2017 as the amounts are not material.  During the year ended March 31, 2017, the Company incurred $1.4 million of acquisition costs related to the Arbor and Circulateacquisitions, which are included in gains, losses, and other items, net on the consolidated statement of operations (see Note 2 -Restructuring, Impairment and Other Charges).The unaudited pro forma financial information in the table below summarizes the combined results of operations for Acxiom, Arborand Circulate for the purposes of unaudited pro forma financial information disclosure as if the companies were combined as ofthe beginning of fiscal 2016. The unaudited pro forma financial information for all periods presented included the businesscombination accounting effects resulting from these acquisitions, including amortization charges from acquired intangible assets,stock-based compensation charges for unvested restricted stock-based awards and stock options assumed, if any, and therelated tax effects as though the aforementioned companies were combined as of the beginning of fiscal 2016. The unaudited proforma financial information as presented below is for

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informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if theacquisitions had taken place at the beginning of fiscal 2016.The unaudited pro forma financial information for the years ended March 31, 2017 and 2016, respectively, combined the historicalresults of Acxiom for the years ended March 31, 2017 and 2016 and the historical results of Arbor and Circulate for the yearsended December 31, 2016 and 2015 (adjusted due to differences in reporting periods) and the effects of the pro formaadjustments listed above. The unaudited pro forma financial information was as follows (dollars in thousands, except per sharedata):

    2017   2016  Revenues   $ 887,495   $ 853,249  Net loss from continuing operations   $ (17,025)  $ (38,903) Basic and diluted loss per share from continuing operations   $ (0.22)  $ (0.30)   Addressable Television Net Assets from Allant (“Allant”) On December 1, 2015, the Company acquired certain addressable television net assets from The Allant Group, Inc.  Theacquisition provides the Company additional consumer insight capabilities that enable clients to more effectively reach theirtelevision channel customer base and audiences.  The Company paid approximately $5.4 million in cash.  The Company hasomitted pro forma disclosures related to this acquisition as the pro forma effect of this acquisition is not material.  The results ofoperation for the acquisition are included in the Company’s consolidated results beginning December 1, 2015. The following table presents the purchase price allocation related to assets acquired and liabilities assumed (dollars inthousands):       December 1, 2015Assets acquired:      Trade accounts receivable   $ 499Goodwill     1,377Developed technology (Software)     2,700Other intangible assets (Other assets, net)     1,400Net assets acquired    5,976Accounts payable     (590)Net cash paid   $ 5,386 The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed were based on calculationsand valuations using management’s estimates and assumptions and were based on the information that was available as of thedate of acquisition. LiveRamp On July 1, 2014, the Company acquired all the outstanding shares of LiveRamp, Inc. (“LiveRamp”), a leading service provider foronboarding customer data into digital marketing applications.  The Company acquired LiveRamp to, among other things, provideclients with solutions for bringing offline customer data online with better matching, more connectivity, and faster onboarding.  TheCompany has included the financial results of LiveRamp in the consolidated financial statements from the date ofacquisition.  LiveRamp is included in the Connectivity segment. The acquisition date fair value of the consideration transferred forLiveRamp was approximately $272.7 million which consisted of the following (dollars in thousands):        July 1, 2014  Cash, net of $12.0 million cash acquired   $ 234,672  Restricted cash held in escrow     31,000  Fair value of stock options issued included in purchase price     6,978  

Total fair value of consideration transferred   $ 272,650   The fair value of the stock options issued by the Company was determined using a binomial lattice approach (see Note 13 –Stockholders’ Equity).  The total fair value of the stock options issued was $30.5 million of

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which $7.0 million was allocated to the purchase consideration and $23.5 million was allocated to future services and will beexpensed over the remaining service periods on a straight-line basis, net of any forfeitures. On the acquisition date, the Company delivered $31.0 million of cash to an escrow agent according to the terms of the purchaseagreement.  The cash was restricted as to withdrawal or use by the Company. The restricted cash was delivered to the LiveRampsellers one year from the acquisition date, during fiscal 2016. The principal escrow amount was owned by the Company untilfunds were delivered to the LiveRamp sellers.  All interest and earnings on the principal escrow amount remained property of theCompany.The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of the date of theacquisition (dollars in thousands):        July 1, 2014  Assets acquired:        Cash   $ 12,016  Trade accounts receivable     5,206  Deferred income tax assets     10,444  Goodwill     213,093  Developed technology (Software)     40,000  Other intangible assets (Other assets, net)     26,500  Other current and noncurrent assets     1,306  

     308,565  Deferred income tax liabilities     (18,945) Accounts payable, accrued expenses and deferred revenue     (4,954) Net assets acquired     284,666  Less:        

Cash acquired    12,016  Net purchase price allocated   $ 272,650  Less:        

Fair value of stock options issued included in purchase price    6,978  Net cash paid   $ 265,672   The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recordedas goodwill and is primarily attributed to development of future technology and products related to the onboarding of customerdata into digital marketing applications, development of future customer relationships, and LiveRamp’s assembled workforce.  Thefair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed were based on calculations andvaluations and on management’s estimates and assumptions and were based on the information that was available as of the dateof the acquisition.  Goodwill is not deductible for U.S. income tax purposes. The amounts allocated to other intangible assets in the table above included customer relationships and a trade name.  Intangibleassets will be amortized on a straight-line basis over the estimated useful lives of 2 to 6 years. The following table presents thecomponents of intangible assets acquired and their estimated useful lives as of the acquisition date (dollars in thousands):          Useful life         Fair value      (in years)  Developed technology   $ 40,000   4  Customer relationships     25,000   6  Trade name     1,500   2  

Total intangible assets subject to amortization  $ 66,500       The Company’s consolidated statements of operations for fiscal 2015 included revenue and net loss of $27.0 million and $16.5million, respectively, attributable to LiveRamp since the acquisition. 

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4.DISCONTINUED OPERATIONS AND DISPOSITIONS: Disposition of Impact email business In August 2016, the Company completed the sale of its Impact email business to Zeta Interactive for total consideration of $22.0million, including a $4.0 million subordinated promissory note receivable with interest accruing at a rate of 6% per annum (seeNote 5 - Other Current and Noncurrent Assets). The note is payable on the 12-month anniversary of the closing date, and isincluded in other current assets in the consolidated balance sheet. The Company also entered into a separate multi-year contractto provide Zeta Interactive with Connectivity and Audience Solutions services. Prior to the disposition, the Impact email businesswas included in the Marketing Services segment results. The business did not meet the requirements of a discontinued business; therefore, all financial results are included in continuingoperations. The Company recorded a gain on sale of $0.3 million, included in gains, losses and other items, net. The transactionalso generated a $4.3 million income tax benefit. Revenue and income (loss) from operations from the disposed Impact email business are shown below (dollars in thousands):   2017      2016      2015  Revenues $ 20,375   $ 60,199   $ 64,634                     Income (loss) from operations $ (157)  $ 10,105   $ 18,659    IT Infrastructure Management business (“ITO”) On May 20, 2015, the Company announced it had entered into a definitive agreement to sell its ITO business to CharlesbankCapital Partners and M/C Partners.  The sale was completed on July 31, 2015.  Beginning in the first quarter of fiscal 2016, theCompany began reporting the results of operations, cash flows, and the balance sheet amounts pertaining to ITO as a componentof discontinued operations in the consolidated financial statements.  Prior to the discontinued operations classification, the ITObusiness unit was included in the IT Infrastructure Management segment in the Company’s segment results.  At the closing of the transaction, the Company received total consideration of $131.0 million ($140.0 million stated sales price lessclosing adjustments and transaction costs of $9.0 million). The Company may also receive up to a maximum of $50 million incontingent payments in future periods through 2020 subject to certain conditions. Due to the uncertainty of contingent payments,income will be recorded upon resolution of the contingency as a component of income from discontinued operations.  In addition,the Company has the right to participate in distributions of the divested entity above a defined amount. The Company reported again of $9.3 million on the sale which is included in earnings from discontinued operations, net of tax. The Company also entered into an agreement to amend its credit agreement (see Note 10 – Long-Term Debt).  The effectivenessof the amendments contained in the agreement were conditioned on, among other things, the closing of the ITOdisposition.  Once the ITO disposition was completed and the amendment became fully effective, certain financial covenants inthe credit agreement were modified for the quarters ending on September 30, 2015, December 31, 2015 and March 31,2016.  Additionally, the Company is not entitled to declare or pay any dividends during this time and share repurchases will belimited to no more than $100 million depending on the Company’s leverage ratio.  After March 31, 2016, the financial covenantsand dividend and share repurchase limitations returned to the requirements in the credit agreement in effect prior to theamendment.  In addition, the amendment revised certain definitions in the credit agreement to clarify the effect of acquisitions anddispositions on certain financial covenants. On July 31, 2015, the Company applied $55.0 million of proceeds from the sale to repay outstanding Company indebtedness tocomply with the Company’s existing credit agreement (see Note 10 – Long-Term Debt).  The Company allocated interest expenseassociated with the $55.0 million repayment of Company indebtedness to the ITO discontinued operating business.  Allocatedinterest expense was $0.4 million and

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$1.3 million, respectively, for the fiscal years ended March 31, 2016 and 2015. We used the remaining proceeds from the sale tofund expansion of its common stock repurchase program and for general corporate purposes. Summary results of operations of ITO for the fiscal years ended March 31, 2016 and 2015, respectively, are segregated andincluded in earnings from discontinued operations, net of tax, in the consolidated statements of operations.  The following table isa reconciliation of the major classes of line items constituting earnings from discontinued operations, net of tax (dollars inthousands):

    2016      2015  Major classes of line items constituting earnings from discontinued operations, net of tax:              Revenues   $ 69,410   $ 215,148  Cost of revenue     50,837     167,524  

Gross profit     18,573     47,624  Operating expenses:              

Sales and marketing     1,192     2,771  General and administrative     6,053     10,736  Gain on sale of discontinued operations     (9,349)     —  Gains, losses and other items, net     367     2,037  

Total operating expenses     (1,737)    15,544  Earnings from discontinued operations     20,310     32,080  

Interest expense     (681)    (2,378) Other, net     (230)    (334) 

Earnings from discontinued operations before income taxes     19,399     29,368  Income taxes     3,598     11,973  

Earnings from discontinued operations, net of tax   $ 15,801   $ 17,395   ITO was a provider of managed hosting and cloud infrastructure services, optimized for mid-tier enterprises.  The Companyentered into certain agreements with ITO in which support services, including data center co-location services, will be providedfrom the Company to ITO, and from ITO to the Company.   Additionally, the Company entered into certain other agreements withITO to provide or receive leased office space. The terms of these agreements range from several months to the longest of whichcontinues through July 2020.   The agreements generally provide cancellation provisions, without penalty, at various timesthroughout the term. 

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Cash inflows and outflows related to the agreements are included in cash flows from operating activities in the consolidatedstatements of cash flows.  Revenues and expenses related to the agreements are included in income (loss) from operations in theconsolidated statements of operations.  The related cash inflows and outflows and revenues and expenses for the periodsreported are shown below (dollars in thousands):

    2017      2016                    

Cash inflows   $ 7,214   $ 4,728  Cash outflows   $ 4,140   $ 4,165                 Revenues   $ 6,470   $ 4,650  Expenses   $ 3,284   $ 4,617    U.K. call center operation On May 30, 2014, the Company substantially completed the sale of its U.K. call center operation, 2Touch, to Parseq Ltd., aEuropean business process outsourcing service provider.  Some assets of the 2Touch operation were subject to a secondclosing, which occurred in March 2015, resulting in the complete disposal of the operation.  The 2Touch business qualified fortreatment as discontinued operations during fiscal 2015.  The results of operations, cash flows, and the balance sheet amountspertaining to 2Touch have been classified as discontinued operations in the consolidated financial statements. Summary results of operations of the 2Touch business unit for the fiscal years ended March 31, 2016 and 2015, respectively, aresegregated and included in earnings from discontinued operations, net of tax, in the consolidated statements of operations andconsists of (dollars in thousands):     2016      2015  Revenues   $  —   $ 8,484                 Earnings (loss) from discontinued operations before income taxes   $ (450)  $  4  Loss on sale of discontinued operations before income taxes      —     (1,888) 

Loss from discontinued operations, net of tax   $ (450)  $ (1,884)  

  

 5.OTHER CURRENT AND NONCURRENT ASSETS: Other current assets consist of the following (dollars in thousands):        March 31,       March 31,       2017   2016  Prepaid expenses and other   $ 25,714   $ 25,365  Escrow deposit (see Note 3 - Acquisitions)     5,880      —  Note receivable (see Note 4 – Discontinued Operations and Dispositions)     4,000      —  Assets of non-qualified retirement plan     12,716     12,532  

Other current assets   $ 48,310   $ 37,897   Other noncurrent assets consist of the following (dollars in thousands):        March 31,       March 31,       2017   2016  Acquired intangible assets, net   $ 43,884  $ 19,203  Deferred data acquisition costs     1,116     1,644  Other miscellaneous noncurrent assets     6,443     4,468  

Noncurrent assets   $ 51,443  $ 25,315   

  

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6.OTHER ACCRUED EXPENSES: Other accrued expenses consist of the following (dollars in thousands):       March 31,       March 31,       2017   2016  Accrued purchase consideration (see Note 3 - Acquisitions)   $ 5,880   $  —  Other accrued expenses     53,981     48,254  

Other accrued expenses   $ 59,861   $ 48,254    7.GOODWILL AND INTANGIBLE ASSETS: Goodwill by operating segment and activity for the years ended March 31, 2017 and 2016 was as follows (dollars in thousands).  

       Marketing                                    Services                          and Audience   Marketing   Audience                  Solutions   Services   Solutions   Connectivity   Total  Balance at March 31, 2015   $ 497,362   $  —   $  —   $  —   $ 497,362  

Brazil Impairment     (502)     —      —      —     (502) Reallocation of segments     (496,860)    124,627     277,516     94,717      —  Acquisition of Allant      —      —     1,377      —     1,377  APAC Audience Solutions Impairment      —      —     (5,413)     —     (5,413) Change in foreign currency translation adjustment     —     (41)    (50)    12     (79) 

Balance at March 31, 2016   $  —   $ 124,586   $ 273,430   $ 94,729   $ 492,745  Acquisitions of Arbor and Circulate (see note 3)      —      —      —     105,670     105,670  Impact email disposition (see note 4)      —     (5,684)     —      —     (5,684) Allant purchase accounting adjustments      —      —     18      —     18  Change in foreign currency translation adjustment     —     (12)     —     (6)    (18) 

Balance at March 31, 2017   $  —   $ 118,890   $ 273,448   $ 200,393   $ 592,731   Year end balances in the table above are net of accumulated impairment losses of $120.1 million at March 31, 2017 and 2016,respectively. Goodwill by component included in each operating segment as of March 31, 2017 was:     Marketing   Audience                     Services      Solutions      Connectivity      Total  U.S.   $ 110,910   $ 273,448   $ 196,833   $ 581,191  APAC     7,980      —     3,560     11,540  Balance at March 31, 2017   $ 118,890   $ 273,448   $ 200,393   $ 592,731   

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The amounts allocated to intangible assets from acquisitions include developed technology, customer relationships, trade names,and publisher relationships.  Amortization lives for those intangibles range from two years to ten years.  The following table showsthe amortization activity of intangible assets (dollars in thousands):       2017      2016   2015  Developed technology, gross (Software)   $ 52,150   $ 42,850   $ 42,524  Accumulated amortization     (29,775)    (17,950)    (9,924) Net developed technology   $ 22,375   $ 24,900   $ 32,600                    Customer/Trade name, gross (Other assets, net)   $ 43,164   $ 35,466   $ 34,166  Accumulated amortization     (21,702)    (16,263)    (11,265) Net customer/trade name   $ 21,462   $ 19,203   $ 22,901                    Publisher relationship, gross (Other assets, net)   $ 23,800   $  —   $  —  Accumulated amortization     (1,378)     —      —  Net publisher relationship   $ 22,422   $  —   $  —                    Total intangible assets, gross   $ 119,114   $ 78,316   $ 76,690  Total accumulated amortization     (52,855)    (34,213)    (21,189) Total intangible assets, net   $ 66,259   $ 44,103   $ 55,501   Intangible assets by operating segment as of March 31, 2017 was (dollars in thousands):    Marketing   Audience                  Services   Solutions   Connectivity   Total  Developed technology      —     1,500     20,875     22,375  Customer/Trade name     37     778     20,647     21,462  Publisher relationship      —      —     22,422     22,422  Balance at March 31, 2017   $ 37   $ 2,278   $ 63,944   $ 66,259   Total amortization expense related to intangible assets was $18.6 million, $15.5 million, and $11.4 million in fiscal 2017, 2016, and2015, respectively.  As of March 31, 2017, estimated future amortization expenses related to purchases and other intangibleassets were as follows (dollars in thousands): Year ending March 31,              

2018   $ 24,072  2019     15,213  2020     11,192  2021     7,254  2022     5,150  Thereafter     3,378  

    $ 66,259    

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 8.SOFTWARE COSTS: The Company recorded amortization expense related to internally developed computer software of $27.5 million, $30.7 million,and $29.0 million for fiscal 2017, 2016 and 2015, respectively, including $11.8 million, $10.0 million, and $7.5 million, respectively,related to internally developed software acquired as part of the Arbor, Circulate, and LiveRamp acquisitions.  Amortizationexpense in fiscal 2016 and fiscal 2015 also included $1.8 million and $4.3 million, respectively, of accelerated amortizationexpense resulting from adjusting the remaining estimated useful lives of certain capitalized software products which the Companyno longer uses due to the LiveRamp acquisition.  The Company recorded amortization expense related to purchased software licenses of $3.0 million, $3.8 million, and $5.0 millionin fiscal 2017, 2016 and 2015, respectively. 9.PROPERTY AND EQUIPMENT: Property and equipment, some of which has been pledged as collateral for long-term debt, is summarized as follows (dollars inthousands):        March 31,       March 31,       2017   2016  Land   $ 5,398   $ 6,737  Buildings and improvements     189,666     222,868  Data processing equipment     249,131     261,101  Office furniture and other equipment     32,086     37,969        476,281     528,675  Less accumulated depreciation and amortization     320,307     345,632      $ 155,974   $ 183,043   Depreciation expense on property and equipment was $42.9 million, $40.6 million and $35.5 million for the fiscal years endedMarch 31, 2017, 2016 and 2015, respectively.  10.LONG-TERM DEBT: Long-term debt consists of the following (dollars in thousands):       March 31,       March 31,       2017   2016  Term loan credit agreement   $ 155,000   $ 185,000  Revolving credit borrowings     70,000      —  Other debt and long-term liabilities     5,612     7,856  

Total long-term debt     230,612     192,856  Less current installments     39,819     32,243  Less deferred debt financing costs     1,552     2,716  

Long-term debt, excluding current installments and deferred debt financing costs   $ 189,241   $ 157,897   The Company’s amended and restated credit agreement provides for (1) term loans up to an aggregate principal amount of $300million and (2) revolving credit facility borrowings consisting of revolving loans, letter of credit participations and swing-line loansup to an aggregate amount of $300 million.  The term loan is payable in quarterly installments of $7.5 million through September 2017, followed by quarterly installments of$11.3 million through June 2018, with a final payment of $106.3 million due October 9, 2018.  The revolving loan commitmentexpires October 9, 2018. 

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In November 2016, the Company borrowed $70.0 million on its revolving credit facility and used the proceeds for the Arbor andCirculate acquisitions (see Note 3 - Acquisitions).  The revolving credit borrowings are payable and due October 9, 2018. Term loan and revolving credit facility borrowings bear interest at LIBOR or at an alternative base rate plus a credit spread.  AtMarch 31, 2017, the LIBOR credit spread was 2.00%.  The weighted-average interest rate on term loan borrowings at March 31,2017 was 2.98%.  The weighted-average interest rate on revolving credit borrowings at March 31, 2017 was 3.0%.  There were nomaterial outstanding letters of credit at March 31, 2017. The term loan and revolving credit borrowings allow for prepayments before maturity.  The credit agreement is secured by theaccounts receivable of Acxiom and its domestic subsidiaries, as well as by the outstanding stock of certain Acxiom subsidiaries. Under the terms of the term loan, the Company is required to maintain certain debt-to-cash flow and debt service coverage ratios,among other restrictions.  At March 31, 2017, the Company was in compliance with these covenants and restrictions.  In addition,if certain financial ratios and other conditions are not satisfied, the revolving credit facility limits the Company’s ability to paydividends in excess of $30 million in any fiscal year (plus additional amounts in certain circumstances). On July 31, 2015, in conjunction with the ITO disposition, the Company used $55.0 million of proceeds to repay outstandingCompany indebtedness as required by the Company’s existing credit agreement.  The Company allocated interest expenseassociated with the $55.0 million repayment of Company indebtedness to the ITO discontinued operating business. Allocatedinterest expense was $0.4 million and $1.3 million for the fiscal years ended March 31, 2016 and 2015, respectively.  The Company’s future obligations, excluding interest, under its long-term debt at March 31, 2017 are as follows (dollars inthousands): Year ending March 31,              

2018   $ 39,819  2019     189,083  2020     1,362  2021     348  

    $ 230,612   

 11.ALLOWANCE FOR DOUBTFUL ACCOUNTS: A summary of the activity of the allowance for doubtful accounts, returns and credits is as follows (dollars in thousands):                                Bad debts               Balance at   Additions         written off,            beginning   charged to       net of   Balance at      of   costs and   Other   amounts   end of      period   expenses   changes   recovered   period  2015:                                

Allowance for doubtful accounts, returns andcredits   $ 4,875  $ 731  $ (288)  $ (895)  $ 4,423  

2016:                               Allowance for doubtful accounts, returns andcredits   $ 4,423  $ 3,673  $ 56  $ (890)  $ 7,262  

2017:                               Allowance for doubtful accounts, returns andcredits   $ 7,262  $ 1,859  $ (372)  $ (2,643)  $ 6,106  

 Other changes in the table above result primarily from the effects of exchange rates ($0.1 million) and disposition of the Impactemail business ($0.3 million). 

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12.COMMITMENTS AND CONTINGENCIES: Legal Matters The Company is involved in various claims and legal proceedings. Management routinely assesses the likelihood of adversejudgments or outcomes to these matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. TheCompany records accruals for these matters to the extent that management concludes a loss is probable and the financial impact,should an adverse outcome occur, is reasonably estimable. These accruals are reflected in the Company’s consolidated financialstatements. In management’s opinion, the Company has made appropriate and adequate accruals for these matters, andmanagement believes the probability of a material loss beyond the amounts accrued to be remote.  However, the ultimate liabilityfor these matters is uncertain, and if accruals are not adequate, an adverse outcome could have a material effect on theCompany’s consolidated financial condition or results of operations.  The Company maintains insurance coverage above certainlimits.  There are currently no matters pending against the Company or its subsidiaries for which the potential exposure isconsidered material to the Company’s consolidated financial statements.  Commitments The Company leases data processing equipment, office furniture and equipment, land and office space under noncancellableoperating leases.  The Company has a future commitment for lease payments over the next 23 years of $82.8 million. Total rental expense on operating leases was $15.9 million, $17.1 million, and $14.7 million for the fiscal years ended March 31,2017, 2016 and 2015, respectively.  Future minimum lease payments under all noncancellable operating leases for the five yearsending March 31, 2022, are as follows: 2018, $18.7 million; 2019, $12.5 million; 2020, $12.0 million; 2021, $11.7 million; and2022, $11.3 million. In connection with the Impact email disposition during fiscal 2017 (see Note 4 – Discontinued Operations and Dispositions), theCompany assigned a facility lease to the buyer of the business.  The Company guaranteed the facility lease as required by theasset disposition agreement.  Should the assignee default, the Company would be required to perform under the terms of thefacility lease, which runs through September 2021.  At March 31, 2017, the Company’s maximum potential future rent paymentsunder this guarantee totaled $2.7 million. 13.STOCKHOLDERS’ EQUITY: The Company has authorized 200 million shares of $0.10 par value common stock and 1 million shares of $1.00 par valuepreferred stock.  The board of directors of the Company may designate the relative rights and preferences of the preferred stockwhen and if issued.  Such rights and preferences could include liquidation preferences, redemption rights, voting rights anddividends, and the shares could be issued in multiple series with different rights and preferences.  The Company currently has noplans for the issuance of any shares of preferred stock. At March 31, 2017, the Company had outstanding 4,942 warrants to purchase shares of its common stock. The outstandingwarrants carry an exercise price of $13.24 and expire March 17, 2019. On August 29, 2011, the board of directors adopted a common stock repurchase program.  That program was subsequentlymodified and expanded, most recently on July 28, 2016.  Under the modified common stock repurchase program, the Companymay purchase up to $400.0 million of its common stock through the period ending June 30, 2018.  During the fiscal year endedMarch 31, 2017, the Company repurchased 1.3 million shares of its common stock for $30.5 million.  During the fiscal year endedMarch 31, 2016, the Company repurchased 2.6 million shares of its common stock for $52.8 million.  During the fiscal year endedMarch 31, 2015, the Company repurchased 0.5 million shares of its common stock for $9.9 million. Through March 31, 2017, theCompany has repurchased 16.8 million shares of its stock for $285.7 million, leaving remaining capacity of $114.3 million underthe stock repurchase program.  

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The Company paid no dividends on its common stock for any of the years reported. Share-based Compensation PlansThe Company has stock option and equity compensation plans for which a total of 30.0 million shares of the Company’s commonstock have been reserved for issuance since the inception of the plans.  These plans provide that the exercise prices of qualifiedoptions will be at or above the fair market value of the common stock at the time of the grant.  Board policy requires thatnonqualified options also be priced at or above the fair market value of the common stock at the time of grant.  At March 31, 2017,there were a total of 2.7 million shares available for future grants under the plans.  Stock Option Activity of Continuing OperationsIn fiscal 2017, as part of the Company’s acquisition of Arbor (see Note 3 - Acquisitions), the Company issued 285,339replacement stock options having a per share weighted-average fair value and exercise price of $25.85 and $1.27, respectively, toArbor employees who had outstanding unvested stock options to purchase Arbor stock.  The fair value of the replacement optionswas determined using a customized binomial lattice model with the following assumptions:  dividend yield of 0.0% since Acxiom iscurrently not paying dividends and there are no plans to pay dividends; risk-free interest rates from 2.24% to 2.32%, based on therate of U.S. Treasury securities with a term equal to the remaining term of each option; remaining terms of each option from 8.6 to9.9 years; expected volatility of 38%, based on both the historical volatility of Acxiom stock, as well as the implied volatility oftraded Acxiom options; and a suboptimal exercise multiple of 1.4, based on actual historical exercise activity of Acxiom options. The number of shares and exercise price of each replacement option were determined by converting Arbor options into equivalentAcxiom options by multiplying the number of shares subject to Arbor options by the exchange ratio of .41998 and by dividing theexercise price for each Arbor option by the exchange ratio of .41998.  Once the value of each replacement option wasdetermined, the total fair value of $7.4 million, net of any forfeitures, will be expensed by the Company over the remaining vestingperiod of each option.  Also in fiscal 2017, as part of the Company’s acquisition of Circulate, the Company issued 73,164 replacement stock optionshaving a per share weighted-average fair value and exercise price of $24.80 and $2.30, respectively, to Circulate employees whohad outstanding unvested stock options to purchase Circulate stock.  The total fair value of $1.8 million, net of any forfeitures, willbe expensed by the Company over the remaining vesting period of each option. In fiscal 2016, the Company granted 445,785 stock options, having a per-share weighted-average fair value of $6.48.  Thisvaluation was determined using a customized binomial lattice approach with the following weighted-average assumptions:dividend yield of 0.0% since Acxiom is currently not paying dividends and there are no plans to pay dividends; risk-free interestrate of 2.2%, based on the rate of U.S. Treasury securities with a term equal to the life of the options; expected option life of 4.5years, an output of the lattice model; expected volatility of 40%, based on both the historical volatility of Acxiom stock, as well asthe implied volatility of traded Acxiom options; and a suboptimal exercise multiple of 1.4, determined using actual historicalexercise activity of Acxiom options. In fiscal 2015, the Company granted 415,639 stock options, exclusive of replacement options granted in connection with theLiveRamp acquisition. The per-share weighted-average fair value of the stock options granted during 2015 was $8.05.  Thisvaluation was determined using a customized binomial lattice approach with the following weighted-average assumptions:dividend yield of 0.0% since Acxiom is not currently paying dividends and there are no plans to pay dividends; risk-free interestrate of 2.5%, based on the rate of U.S. Treasury securities with a term equal to the life of the options; expected option life of 4.4years, an output of the lattice model; expected volatility of 43%, based on both the historical volatility of Acxiom stock, as well asthe implied volatility of traded Acxiom options; and a suboptimal exercise multiple of 1.4, determined using actual historicalexercise activity of Acxiom options. In fiscal 2015, as part of the Company’s acquisition of LiveRamp, the Company issued 1,473,668 replacement stock options toLiveRamp employees who had outstanding unvested stock options to purchase LiveRamp stock.  The fair value of thereplacement options was determined using a customized  binomial lattice model with the following assumptions:  dividend yield of0.0% since Acxiom is not currently paying

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dividends and there are no plans to pay dividends; risk-free interest rates of from 1.57% to 2.54%, based on the rate of U.S.Treasury securities with a term equal to the remaining term of each option; remaining terms of each option of from 6.1 to 9.7years; expected volatility of 43%, based on both the historical volatility of Acxiom stock, as well as the implied volatility of tradedAcxiom options; and a suboptimal exercise multiple of 1.4, based on actual historical exercise activity of Acxiom options. The number of shares of each replacement option and the exercise price of each replacement option was determined byconverting LiveRamp options into equivalent Acxiom options by multiplying the number of shares subject to LiveRamp options bythe exchange ratio of .63774 and by dividing the exercise price for each LiveRamp option by the exchange ratio of .63774.  Oncethe value of each replacement option was determined, the percentage of that value which was attributed to employee service priorto the acquisition date was allocated to the purchase price of LiveRamp, and the remaining value will be expensed by theCompany over the remaining vesting period of each option.  The total included in the purchase price was $7.0 million and the totalto be expensed in future periods was $23.5 million, net of any forfeitures. Stock option activity during the year ended March 31, 2017 was:                       Weighted-average                   Weighted-average   remaining   Aggregate      Number of   exercise price   contractual term   Intrinsic value  

    shares   per share   (in years)   (in thousands)  Outstanding at March 31, 2016   3,604,102   $ 14.52            

Arbor and Circulate replacement stockoptions   358,503   $ 1.48          

Exercised   (855,797)  $ 14.04      $ 9,751  Forfeited or cancelled   (73,737)  $ 13.17          

Outstanding at March 31, 2017   3,033,071   $ 13.14   5.7   $ 46,574  Exercisable at March 31, 2017   2,128,023   $ 13.79   4.6   $ 31,303   The aggregate intrinsic value for options exercised in fiscal 2017, 2016, and 2015 was $9.8 million, $10.7 million, and $8.3 million,respectively.  The aggregate intrinsic value at period end represents total pre-tax intrinsic value (the difference between Acxiom’sclosing stock price on the last trading day of the period and the exercise price for each in-the-money option) that would have beenreceived by the option holders had option holders exercised their options on March 31, 2017.  This amount changes based uponchanges in the fair market value of Acxiom’s stock. A summary of stock options outstanding and exercisable as of March 31, 2017 was:             Options outstanding   Options exercisable  

Range of       Weighted-average   Weighted-average       Weighted-average  exercise price   Options    remaining   exercise price   Options   exercise price  per share      outstanding      contractual life   per share      exercisable      per share  

                                    $ 0.61 - $ 9.99   824,755   7.4 years   $ 1.67   433,414   $ 1.70  $ 10.00 - $ 19.99   1,475,505   5.1 years   $ 15.15   1,166,348   $ 14.46  $ 20.00 - $ 24.99   713,259   4.8 years   $ 21.72   513,598   $ 21.93  $ 25.00 - $ 32.85   19,552   6.6 years   $ 32.85   14,663   $ 32.85              3,033,071   5.7 years   $ 13.14   2,128,023   $ 13.79   Total expense related to stock options was approximately $6.9 million in fiscal 2017, $9.8 million in fiscal 2016, and $12.0 millionin fiscal 2015. Of the fiscal 2017, 2016 and 2015 expense, $4.3 million, $6.7 million and $9.4 million, respectively, relates toLiveRamp replacement stock options.  Of the fiscal 2017 expense, $0.9 million relates to Arbor and Circulate replacement stockoptions.  Future expense for all options is expected to be approximately $11.6 million in total over the next four years.  Performance Stock Option Unit ActivityIn fiscal 2017, the Company granted 633,604 performance-based stock option units with a fair value at the date of grant of $4.9million, determined using a Monte Carlo simulation model.  All the units granted in the current period vest and become exercisablein three equal tranches, each being subject to attainment of

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performance criteria and a subsequent service period established by the compensation committee of the board of directors(“compensation committee”).  Each of the three tranches may vest in a number of stock options, from zero to 300% of the initialaward, each having a weighted-average exercise price of $21.40, based on the attainment of certain revenue growth andoperating margin targets for the years ending March 31, 2017, 2018, and 2019 respectively. Each tranche is subject to a serviceperiod following the respective performance periods, such that each tranche will cliff vest in two separate 50% increments overtwo years beginning with the compensation committee meeting that immediately follows the end of the respective performanceperiod.       Performance stock option unit activity during the year ended March 31, 2017 was:                        Weighted-average                     Weighted-average   remaining     Aggregate      Number     exercise price   contractual term     intrinsic value      of shares     per share   (in years)     (in thousands)  Outstanding at March 31, 2016    —   $  —            

Granted   633,604   $ 21.40            Forfeited or cancelled   (78,481)  $ 21.36            

Outstanding at March 31, 2017   555,123   $ 21.41   2.1   $ 3,921  Exercisable at March 31, 2017    —   $  —   —   $ —   Of the performance stock option units outstanding at March 31, 2017, 185,042 will reach maturity of the relevant performanceperiod at March 31, 2017.  The units are expected to vest at an approximate 171% attainment level during the subsequent serviceperiod, resulting in issuance of approximately 316,422 stock options having a weighted average exercise price of $21.40. Total expense related to performance stock option units in fiscal 2017 was $1.3 million.  Future expense for these performancestock option units is expected to be approximately $3.9 million over the next four years. Stock Appreciation Right (“SAR”) ActivityDuring fiscal 2015, the Company granted 245,404 performance-based SARs with a fair value at the date of grant of $0.5 millionand having an exercise price of $40.  All of the performance-based SARs granted in fiscal 2015 vest subject to attainment ofperformance criteria established by the compensation committee.  The units granted in fiscal 2015 may vest in a number of SARsup to 100% of the award, based on the attainment of certain revenue targets for the period from April 1, 2014 to March 31,2017.  At vesting in fiscal 2018, the SARs will be automatically exercised, and the award recipient may receive a number ofcommon stock shares equal to the number of SARs that are being exercised multiplied by the quotient of (a) the final Companystock market value (up to a maximum share value of $70) minus the SAR exercise price, divided by (b) the fair market value of ashare of stock at the exercise date.  The grant date value of the performance-based SARs was determined using a Monte Carlosimulation model.  SAR activity during the year ended March 31, 2017 was:                      Weighted-average                    Weighted-average   remaining     Aggregate      Number     exercise price   contractual term     intrinsic value      of shares     per share   (in years)     (in thousands)  Outstanding at March 31, 2016   245,404   $ 40.00            Outstanding at March 31, 2017   245,404   $ 40.00   —   $ —  Exercisable at March 31, 2017   —   $ —   —   $ —   All of the SAR units outstanding will reach maturity of the relevant performance period at March 31, 2017.  The units are expectedto achieve the 100% performance attainment level.  However, application of the vesting multiplier, together with the applicable $40exercise price, is expected to result in zero shares granted.   Total expense related to SARs in fiscal 2017, 2016 and 2015 was approximately $0.2 million in each period.  There is no expectedfuture expense related to these awards. 

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Restricted Stock Unit ActivityNon-vested time-vesting restricted stock units activity during the year ended March 31, 2017 was:         Weighted-average   Weighted-average          fair value per   remaining      Number    share at grant   contractual      of shares   date   term (in years)  Outstanding at March 31, 2016   2,279,895   $ 19.69   2.12  

Granted   2,309,183   $ 24.01      Vested   (1,013,186)  $ 20.04      Forfeited or cancelled   (268,315)  $ 20.02      

Outstanding at March 31, 2017   3,307,577   $ 22.57   2.45   During fiscal 2017, the Company granted time-vesting restricted stock units covering 2,309,183 shares of common stock with afair value at the date of grant of $55.4 million, of which units covering 768,710 shares, with a fair value at grant date of $20.4million, were granted to former Arbor and Circulate employees subsequent to the acquisitions (see Note 3 - Acquisitions). Of therestricted stock units granted in the current period, 1,454,340 vest in equal annual increments over four years, 398,079 partiallycliff vest at the one-year anniversary and then over equal quarterly increments during the subsequent two years, 408,534 partiallycliff vest at the one-year anniversary and then over equal quarterly increments during the subsequent year, and 48,230 vest inone year. During fiscal 2016, the Company granted time-vesting restricted stock units covering 1,427,561 shares of common stock with afair value at the date of grant of $27.0 million. Of the restricted stock units granted in the current period, 1,041,572 vest in equalannual increments over four years, 70,799 vest in equal annual increments over two years, 72,650 vest in one year, and 242,540vest in equal quarterly increments starting 15 months after the date of grant.  During fiscal 2015, the Company granted time-vesting restricted stock units covering 1,770,303 shares of common stock with afair value at the date of grant of $37.6 million, of which units covering 1,075,392 shares, with a fair value at date of grant of $23.7million, were granted to former LiveRamp employees subsequent to the acquisition of LiveRamp (see Note 3 - Acquisitions).   Ofthe restricted stock units granted in fiscal 2015, 773,735 vest in equal annual increments over four years, 927,052 vest in equalannual increments over two years, and 69,516 vest in one year. Valuation of time-vesting restricted stock units for all periods presented is equal to the quoted market price for the shares on thedate of grant.  The total fair value of time-vesting restricted stock units vested in fiscal 2017, 2016, and 2015 was $23.1 million,$17.6 million, and $8.4 million, respectively and is measured as the quoted market price of the Company’s common stock on thevesting date for the number of shares vested. Non-vested performance-based restricted stock units activity during the year ended March 31, 2017 was:               Weighted-average      Weighted-average          fair value per    remaining      Number    share at   contractual      of shares   grant date   term (in years)  Outstanding at March 31, 2016   516,818   $ 18.62   1.67  

Granted   263,835   $ 24.83      Forfeited or cancelled   (47,942)  $ 18.13      

Outstanding at March 31, 2017   732,711   $ 20.89   1.13   During fiscal 2017, the Company granted performance-based restricted stock units covering 263,835 shares of common stockwith a fair value at the date of grant of $6.6 million, determined using a Monte Carlo simulation model.  Of the performance-basedrestricted stock units granted in fiscal 2017, 9,416 units represent award modifications that included 14,349 correspondingcancelled units.  The remaining 254,419 performance-based restricted stock units, having a fair value at the date of grant of $6.3million, vest subject to attainment of performance criteria established by the compensation committee.  Those units may vest in anumber of shares from zero to 200% of the award, based on the total shareholder return of Acxiom common

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stock compared to total shareholder return of a group of peer companies (“TSR”) established by the compensation committee ofthe board of directors for the period from April 1, 2016 to March 31, 2019.  During fiscal 2016, the Company granted performance-based restricted stock units covering 367,807 shares of common stockwith a fair value at the date of grant of $6.8 million.   All the performance-based restricted stock units granted in fiscal 2016 vestsubject to attainment of performance criteria established by the compensation committee.  The units granted in the current periodmay vest in a number of shares from zero to 200% of the award, based on the attainment of an earnings-per-share target for fiscal2018, with a modifier based on the total shareholder return of Acxiom common stock compared to total shareholder return of agroup of peer companies established by the compensation committee for the period from April 1, 2015 to March 31, 2018.  Thevalue of the performance-based restricted stock units is determined using a Monte Carlo simulation model.   During fiscal 2015, the Company granted performance-based restricted stock units covering 263,609 shares of common stockwith a fair value at the date of grant of $5.0 million.   All the performance-based restricted stock units granted in fiscal 2015 vestsubject to attainment of performance criteria established by the compensation committee.  The units granted in fiscal 2015 mayvest in a number of shares from zero to 200% of the award, based on the attainment of an earnings-per-share target for fiscal2017, with a modifier based on the total shareholder return of Acxiom stock compared to total shareholder return of a group ofpeer companies established by the compensation committee for the period from April 1, 2014 to March 31, 2017.  The value of theperformance units is determined using a Monte Carlo simulation model.  There were no performance-based restricted stock units vested in fiscal 2017 and 2016. During fiscal 2015, 517,565 performance-based restricted stock units vested.  Of the units vested, 109,273 vested due to attainment of performance and shareholder returntargets established by the compensation committee in fiscal 2012.  The remaining 408,292 units represent inducement awardsgranted to certain of the Company’s chief executive officers.   Of the performance-based restricted stock units outstanding at March 31, 2017, 157,985 will reach maturity of the relevantperformance period at March 31, 2017.  The units are expected to vest at an approximate 200% performance attainment level thatis modified by an expected 80% TSR multiplier, resulting in issuance of approximately 252,776 shares of common stock. Of the performance-based restricted stock units outstanding at March 31, 2017, 278,378 will reach maturity of the relevantperformance period at March 31, 2018.  The units are expected to vest at an approximate 200% attainment level, resulting inissuance of approximately 556,756 shares of common stock before consideration of the TSR multiplier. The expense related to restricted stock in fiscal 2017, 2016, and 2015 was $33.3 million, $19.4 million, and $15.2 million,respectively.  Future expense for restricted stock units is expected to be approximately $19.9 million in fiscal 2017, $11.7 million infiscal 2018, $5.4 million in fiscal 2019 and $1.4 million in fiscal 2020. Other Performance Unit ActivityDuring fiscal 2016, the Company granted 323,080 performance-based units with a fair value at the date of grant of $0.9million.  All the performance-based units granted vest subject to attainment of performance criteria established by thecompensation committee.  The units granted may vest in a number of units up to 100% of the award, based on the attainment ofcertain Company common stock share price targets for the period from July 1, 2015 to June 30, 2017.  At vesting, the awardrecipient may receive a number of common stock shares equal to the number of units vested multiplied by a share pricefactor.  The share price factor modifies the final number of common shares awarded based on the Company’s stock price on thedate of vesting and ranges from 0% at a $25 Company stock price, or below, to 100% at a $55 Company stock price. The grantdate fair value of the performance-based units is determined using a Monte Carlo simulation model. During fiscal 2015, the Company granted 312,575 performance-based units with a fair value at the date of grant of $1.6 million. Allthe other performance-based units granted in fiscal 2015 vest subject to attainment of performance criteria established by thecompensation committee.  

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Of the units granted in fiscal 2015, 201,464 may vest in a number of units up to 100% of the award, based on the attainment ofcertain revenue targets for the period from April 1, 2014 to March 31, 2017.  At vesting, the award recipient may receive a numberof common stock shares equal to the number of units vested multiplied by a share price factor.  The share price factor modifiesthe final number of common shares awarded based on the Company’s stock price on the date of vesting and ranges from 0% at a$40 Company stock price, or below, to 100% at a $70 Company stock price. The units also contain an accelerated exerciseprovision if the closing market price of the Company’s stock exceeds the $70 maximum share value for 20 consecutive tradingdays during the performance period.   The grant date value of the performance-based units is determined using a Monte Carlosimulation model. The remaining 111,111 units granted in fiscal 2015 may vest in a number of units up to 100% of the award, based on theattainment of certain revenue targets for the period from April 1, 2015 to March 31, 2018.  At vesting, the award recipient mayreceive a number of common stock shares equal to the number of units vested multiplied by a share price factor.  The share pricefactor modifies the final number of common shares awarded based on the Company’s stock price on the date of vesting andranges from 0% at a $25 Company stock price, or below, to 100% at a $45 Company stock price. The units also contain anaccelerated exercise provision if the closing market price of the Company’s stock exceeds the $45 maximum share value for 20consecutive trading days during the performance period. The grant date value of the performance-based units is determined usinga Monte Carlo simulation model. Other performance unit activity during the year ended March 31, 2017 was:        Weighted average   Weighted-average                fair value per      remaining      Number   share at   contractual         of shares      grant date      term (in years)  Outstanding at March 31, 2016   635,655   $ 4.07   1.30  

Forfeited or cancelled   (38,462)  $ 2.94      Outstanding at March 31, 2017   597,193   $ 4.14   0.30   Of the other performance-based stock units outstanding at March 31, 2017, 201,464 will reach maturity of the relevantperformance period at March 31, 2017.  The units are expected to have an approximate 100% performance attainmentlevel.  However, application of the share price factor is expected to result in 0% shares vesting.  Of the other performance-based stock units outstanding at March 31, 2017, 284,618 will reach maturity of the relevantperformance period at June 30, 2017.  The units are expected to have an approximate 24% performance attainment level,resulting in issuance of approximately 68,308 shares of common stock.  The expense related to other performance units in fiscal 2017, 2016 and 2015 was $1.0 million, $0.9 and $0.3 million,respectively. Future expense for these performance units is expected to be approximately $0.3 million over the next fiscal year. Consideration HoldbackAs part of the Company’s acquisition of Arbor, $38.3 million of the acquisition consideration otherwise payable with respect toshares of restricted Arbor common stock held by certain key employees was subject to holdback by the Company pursuant toagreements with those employees (each, a “Holdback Agreement”).  The consideration holdback will vest in 30 equal, monthlyincrements following the date of close, subject to the Arbor key employees’ continued employment through each monthly vestingdate.  At each vesting date, 1/30th of the $38.3 million holdback consideration will vest and be settled in shares of Companycommon stock.  The number of shares will be based on the then current market price of the Company common stock. Total expense in fiscal 2017 related to the Holdback Agreement was approximately $5.1 million.  Qualified Employee Stock Purchase PlanIn addition to the share-based plans, the Company maintains a qualified employee stock purchase plan (“ESPP”) that permitssubstantially all employees to purchase shares of common stock at a discount from the market price. At March 31, 2017, therewere approximately 0.7 million shares available for issuance under the

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ESPP. During the combined fiscal years of 2017, 2016, and 2015, 201,678 shares were purchased under the plan. The totalexpense to the Company, representing the discount to the market price, for fiscal 2017, 2016 and 2015 was approximately $0.4million, $0.2 million and $0.1 million, respectively. Accumulated Other Comprehensive IncomeThe accumulated balances for each component of other comprehensive income was (dollars in thousands):                

       March 31,       March 31,       2017   2016  Foreign currency translation   $ 7,999  $ 8,705  Unrealized gain (loss) on interest rate swap      —     (115)     $ 7,999  $ 8,590   

 14.INCOME TAXES: Total income tax expense (benefit) was allocated as follows (dollars in thousands):        2017      2016      2015  Earnings (loss) from continuing operations   $ 4,534   $ (11,632)  $ (14,805) Earnings from discontinued operations      —     3,598     11,973  Stockholders’ equity:                 

Tax shortfall (excess tax benefits) from share-based compensation     (2,183)    293     (4,645)     $ 2,351   $ (7,741)  $ (7,477)  Income tax expense (benefit) attributable to earnings (loss) from continuing operations consists of (dollars in thousands):        2017      2016      2015  Current:                    

U.S. Federal   $ 9,778   $ (2,410)  $ (7,744) Non-U.S.     472     535     164  State     3,102     1,907     (2,260) 

      13,352     32     (9,840) Deferred:                 

U.S. Federal     (3,680)    (3,789)    (1,064) Non-U.S.     405     (3,220)    326  State     (5,543)    (4,655)    (4,227) 

      (8,818)    (11,664)    (4,965) Total   $ 4,534   $ (11,632)  $ (14,805) 

 Earnings (loss) before income tax attributable to U.S. and non-U.S. continuing operations consists of (dollars in thousands):       2017      2016      2015  U.S.   $ 7,936  $ (6,952)  $ (24,459) Non-U.S.     706     (13,328)     (16,888) 

Total   $ 8,642  $ (20,280)  $ (41,347)  Earnings (loss) before income taxes, as shown above, are based on the location of the entity to which such earnings (loss) areattributable.  However, since such earnings (loss) may be subject to taxation in more than one country, the income tax provisionshown above as U.S. or non-U.S. may not correspond to the earnings (loss) shown above. 

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Below is a reconciliation of expected income tax benefit computed using the U.S. federal statutory income tax rate of 35% ofearnings (loss) before income taxes to actual income tax expense (benefit) from continuing operations (dollars in thousands):        2017      2016      2015  Computed expected income tax (benefit)   $ 3,025   $ (7,098)  $ (14,472) Increase (reduction) in income taxes resulting from:                 

State income taxes, net of federal benefit     (1,586)    (1,796)    (441) Research and other tax credits     (2,285)    (4,027)    (6,369) Nondeductible expenses     1,156     661     590  Acxiom Impact disposition     (4,502)     —      —  Share-based compensation     3,308     1,857     2,276  Non-U.S. subsidiaries taxed at other than 35%     614     2,468     4,354  Adjustment to valuation allowances     2,896     (3,585)    (776) Acquisitions costs     478      —     217  Foreign income inclusion     473      —      —  Other, net     957     (112)    (184) 

    $ 4,534   $ (11,632)  $ (14,805)  In fiscal 2017, the Company incurred a tax loss on the Acxiom Impact disposition, resulting in a capital loss carryforward. Basedon management’s assessment of realizability, a valuation allowance was established against the related deferred tax asset. Thestate income tax benefit resulting from the Acxiom Impact disposition, net of related valuation allowances, is reflected above inState income taxes, net of federal benefit. Due to changes in management’s assessment of the realizability of deferred tax assets in certain foreign jurisdictions, theCompany released $3.6 million in valuation allowances in fiscal 2016. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at March 31,2017 and 2016 are presented below (dollars in thousands).  In accordance with income tax accounting standards, as of March 31,2017, the Company has not recognized deferred income taxes on approximately $15.3 million of undistributed earnings of foreignsubsidiaries that are indefinitely reinvested outside the respective parent’s country.  Calculation of the deferred income tax relatedto these earnings is not practicable.       2017      2016  Deferred tax assets:            

Accrued expenses   $ 9,517   $ 11,525  Deferred revenue     534     1,612  Net operating loss and tax credit carryforwards     60,817     57,370  Share-based compensation     19,854     12,706  Capital loss carryforward     3,414      —  Other     2,691     5,242  

Total deferred tax assets     96,827     88,455  Less valuation allowance     (47,074)    (46,602) 

Net deferred tax assets     49,753     41,853  Deferred tax liabilities:            

Intangible assets   $ (77,785)  $ (65,084) Capitalized software costs       (11,582)      (14,143) Property and equipment     (8,499)    (9,705) 

Total deferred tax liabilities     (97,866)    (88,932) Net deferred tax liabilities   $ (48,113)  $ (47,079)  At March 31, 2017, the Company has net operating loss carryforwards of approximately $16.8 million and $69.8 million for U.S.federal and state income tax purposes, respectively.  These net operating loss carryforwards expire in various amounts and willcompletely expire if not used by 2037. The Company has a capital loss carryforward of $8.4 million, which will expire if not usedby 2022.  The Company has foreign net operating loss carryforwards of approximately $129.5 million. Of this amount, $129.2million do not have

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expiration dates.  The remainder expires in various amounts and will completely expire if not used by 2026. The Company hasfederal and state credit carryforwards of $0.7 million and $20.1 million, respectively, of which $0.7 million and $2.7 million,respectively, will be credited to additional paid-in capital if and when realized.  Of the credit carryforwards, $5.9 million will notexpire.  The remainder expires in various amounts and will completely expire if not used by 2037. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion orall of the deferred tax assets will not be realized.  The ultimate realization of deferred tax assets is dependent upon the generationof future taxable income of the proper character during the periods in which those temporary differences become deductible.  Based upon the Company’s history of profitability and taxable income and the reversal of taxable temporary differences in theU.S., management believes that apart from the U.S. federal capital loss carryforward and various carryforwards in certain states itis more likely than not the Company will realize the benefits of these deductible differences.  The Company has establishedvaluation allowances against $2.9 million of deferred tax assets related to the U.S. federal capital loss carryforward and $4.1million of deferred tax assets related to loss and credit carryforwards in the states where activity does not support the deferred taxasset. Based upon the Company’s history of losses in certain non-U.S. jurisdictions, the Company has not recorded a benefit for currentforeign losses in these jurisdictions.  In addition, Management believes it is not more likely than not the Company will realize thebenefits of certain foreign loss carryforwards and has established valuation allowances in the amount of $40.1 million againstdeferred tax assets in such jurisdictions.  No valuation allowance has been established against deferred tax assets in non-U.S.jurisdictions in which historical profits and forecasted continuing profits exist.  The earnings of subsidiaries in such jurisdictionsand the differences in income taxes computed using the U.S. statutory tax rate and the effective tax rate in such jurisdictions arenot significant. The following table sets forth changes in the total gross unrecognized tax benefits for the fiscal years ended March 31, 2017, 2016and 2015 (dollars in thousands):

     2017      2016      2015Balance at beginning of period  $ 10,906  $ 9,711  $ 2,457  

Increases related to prior year tax positions    307    1,717    292  Decreases related to prior year tax positions    (466)    (1,227)    (83)  Increases related to current year tax positions     2,123     2,035     4,339  Increases resulting from acquisitions      —      —     2,887  Settlements with taxing authorities      —    (1,330)      —  Lapse of statute of limitations      —     —    (181)  

Balance at end of period  $ 12,870  $ 10,906  $ 9,711   The total amount of gross unrecognized tax benefits as of March 31, 2017 was $12.9 million, of which up to $10.4 million wouldreduce the Company’s effective tax rate in future periods if and when realized. The Company reports accrued interest andpenalties related to unrecognized tax benefits in income tax expense. The combined amount of accrued interest and penaltiesrelated to tax positions on tax returns was approximately $0.5 million as of March 31, 2017. There was no material change inaccrued interest and penalties during fiscal year 2017. The Company does not anticipate any reduction of unrecognized taxbenefits within the next 12 months. The Company files a consolidated U.S. federal income tax return and tax returns in various state and local jurisdictions.  TheCompany’s subsidiaries also file tax returns in various foreign jurisdictions in which they operate.  In the U.S., the statute oflimitations for Internal Revenue Service examinations remains open for the Company’s federal income tax returns for fiscal yearsafter 2013. The status of state and local and foreign tax examinations varies by jurisdiction.  The Company does not anticipateany material adjustments to its financial statements resulting from tax examinations currently in progress. 

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15.RETIREMENT PLANS: The Company has a qualified 401(k) retirement savings plan which covers substantially all U.S. employees.  The Company alsooffers a supplemental nonqualified deferred compensation plan (“SNQDC Plan”) for certain highly-compensated employees.  TheCompany matches 50% of the first 6% of employee’s annual aggregate contributions.  The Company may also contributeadditional amounts to the plans at the discretion of the board of directors. Company contributions for the above plans amounted to approximately $6.5 million, $6.1 million, and $5.3 million fiscal years2017, 2016, and 2015, respectively.  Included in both other current assets and other accrued liabilities are the assets and liabilitiesof the SNQDC Plan in the amount of $12.7 million and $12.5 million at March 31, 2017 and 2016, respectively. The Company has one small defined benefit pension plan covering certain employees in Germany.  Both the projected benefitobligation and accumulated benefit obligation were $0.4 million as of March 31, 2017 and 2016, respectively.  There were no planassets as of either March 31, 2017 or March 31, 2016, resulting in an excess of benefit obligations over plan assets of $0.4 millionat March 31, 2017 and 2016, respectively. 16.FOREIGN OPERATIONS: The Company attributes revenue to each geographic region based on the location of the Company’s operations.  The followingtable shows financial information by geographic area for the years 2017, 2016 and 2015 (dollars in thousands): Revenue       2017      2016      2015  United States   $ 807,387   $ 770,043   $ 709,133  Foreign                 

Europe   $ 55,427   $ 52,562   $ 59,958  APAC     17,433     25,138     32,658  Other       —     2,345     3,162  

All Foreign   $ 72,860   $ 80,045   $ 95,778  $ 880,247 $ 850,088 $ 804,911

 Long-lived assets excluding financial instruments (dollars in thousands)        March 31,       2017      2016  United States   $ 843,127  $ 748,123  Foreign             

Europe   $ 9,096  $ 11,899  APAC     13,796     13,817  

All Foreign   $ 22,892  $ 25,716      $ 866,019  $ 773,839   

 17.FAIR VALUE OF FINANCIAL INSTRUMENTS: The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it ispracticable to estimate that value. Cash and cash equivalents, trade receivables, unbilled and notes receivable, short-term borrowings and trade payables - Thecarrying amount approximates fair value because of the short maturity of these instruments. Long-term debt - The interest rate on the term loan and revolving credit agreement is adjusted for changes in market rates andtherefore the carrying value of these loans approximates fair value.  The estimated fair value of other long-term debt wasdetermined based upon the present value of the expected cash flows

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considering expected maturities and using interest rates currently available to the Company for long-term borrowings with similarterms.  At March 31, 2017, the estimated fair value of long-term debt approximates its carrying value. Derivative instruments included in other liabilities - The carrying value is adjusted to fair value through other comprehensiveincome (loss) at each balance sheet date.  The fair value is determined from an interest-rate futures model. Under applicable accounting standards financial assets and liabilities are classified in their entirety based on the lowest level ofinput that is significant to the fair value measurements. The Company assigned assets and liabilities to the hierarchy in theaccounting standards, which is Level 1 - quoted prices in active markets for identical assets or liabilities, Level 2 - significant otherobservable inputs and Level 3 - significant unobservable inputs. The following table presents the balances of financial assets and liabilities measured at fair value as of March 31, 2017 and 2016(dollars in thousands): As of March 31, 2017      Level 1      Level 2      Level 3      Total  

Assets:                          Other current assets   $ 12,716   $  —   $  —   $ 12,716  Total assets   $ 12,716   $  —   $  —   $ 12,716  

                       

 As of March 31, 2016      Level 1      Level 2      Level 3      Total  

Assets:                          Other current assets   $ 12,532   $  —   $  —   $ 12,532  Total assets   $ 12,532   $  —   $  —   $ 12,532  

                      Liabilities:                      Other accrued expenses   $  —   $ 115   $  —   $ 115  Total liabilities   $  —   $ 115   $  —   $ 115  

 

 18.SEGMENT INFORMATION: The Company reports segment information consistent with the way management internally disaggregates its operations to assessperformance and to allocate resources.  Revenue and cost of revenue are generally directly attributed to the segments. Certain revenue contracts are allocated among thesegments based on the relative value of the underlying products and services. Cost of revenue, excluding non-cash stockcompensation expense and purchased intangible asset amortization, is directly charged in most cases and allocated in certaincases based upon proportional usage.  Operating expenses, excluding non-cash stock compensation expense and purchased intangible asset amortization, areattributed to the segment groups as follows: 

· Research and development expenses are primarily directly recorded to each segment group based on identified productssupported.  

· Sales and marketing expenses are primarily directly recorded to each segment group based on products supported andsold.   

· General and administrative expenses are generally not allocated to the segments unless directly attributable.  

· Gains, losses and other items, net are not allocated to the segment groups. 

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We do not track our assets by operating segments. Consequently, it is not practical to show assets by operating segment. The following table presents information by business segment (dollars in thousands):                                               2017      2016      2015  Revenues:                     Marketing Services  $410,840   $449,772   $446,103  Audience Solutions    322,065     297,846     303,836  Connectivity    147,342     102,470     54,972  

Total segment revenues  $880,247   $850,088   $804,911                    Gross profit  :                 Marketing Services  $140,647   $152,258   $156,395  Audience Solutions    198,185     167,715     158,386  Connectivity    88,251     61,199     13,322  

Total segment gross profit  $427,084   $381,172   $328,103                    Income (loss) from operations  :                 Marketing Services  $ 80,622   $ 74,371   $ 81,247  Audience Solutions    123,238     109,598     115,078  Connectivity    5,333     (3,298)    (40,069)  

Total segment income from operations  $209,193   $180,671   $156,256                    Depreciation and amortization:                 Marketing Services  $ 7,549   $ 9,988   $ 12,280  Audience Solutions    13,286     12,909     12,652  Connectivity    21,906     19,932     16,469  

Total depreciation and amortization  $ 42,741   $ 42,829   $ 41,401  

(1) Gross profit and Income (loss) from operations reflect only the direct and allocable controllable costs of each segment and donot include allocations of corporate expenses (primarily general and administrative expenses) and gains, losses, and otheritems, net. Additionally, Gross profit and Income (loss) from operations do not reflect non-cash stock compensation expenseand purchased intangible asset amortization.

 

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The following table reconciles total operating segment gross profit to gross profit and total operating segment income fromoperations to income (loss) from operations (dollars in thousands):     2017      2016      2015                       Total segment gross profit  $ 427,084   $ 381,172   $ 328,103                      Less:                   Purchased intangible asset amortization    18,644     15,466     11,454  Non-cash stock compensation    5,879     2,150     1,459  Accelerated amortization     —     1,850     4,316  Gross profit  $ 402,561   $ 361,706   $ 310,874                      Total segment income from operations  $ 209,193   $ 180,671   $ 156,256                      Less:                   Corporate expenses (principally general andadministrative)    117,342     127,844     126,570  Gains, losses and other items, net    8,373     12,132     22,600  Impairment of goodwill and other     —     6,829      —  Purchased intangible asset amortization    18,644     15,466     11,454  Non-cash stock compensation    49,145     31,463     28,316  Income (loss) from operations  $ 15,689   $ (13,063)  $ (32,684)         

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  19.UNAUDITED SELECTED QUARTERLY FINANCIAL DATA: The following tables contain selected unaudited statement of operations information for each quarter of 2017 and 2016.  Thefollowing information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periodspresented.  The operating results for any quarter are not necessarily indicative of results for any future period.  Unauditedquarterly results are as follows: 

       Quarter ended      Quarter ended      Quarter ended      Quarter ended       June 30,    September 30,    December 31,    March 31,   (dollars in thousands except per-share amounts)   2016   2016   2016   2017  Revenue   $ 214,801   $ 217,267   $ 223,312   $ 224,867  Gross profit     91,982     97,162     106,844     106,573  Income (loss) from operations     8,162     7,120     9,115     (8,709) Net earnings (loss)     3,976     7,140     1,073     (8,081)                        Basic earnings (loss) per share:                      Net earnings (loss)     0.05     0.09     0.01     (0.10) 

                       Diluted earnings (loss) per share:                      Net earnings (loss)     0.05     0.09     0.01     (0.10) 

 

        Quarter ended      Quarter ended      Quarter ended      Quarter ended          June 30,    September 30,    December 31,    March 31,   

(dollars in thousands except per-share amounts)      2015      2015      2015       2016  Revenue   $ 196,895   $ 207,345   $ 221,193   $ 224,655  Gross profit     79,186     86,033     95,458     101,029  Loss from operations     (2,869)    (2,056)    (374)    (7,764) Earnings (loss) from discontinued operations, net of tax     4,143     12,068     (971)    111  Net earnings (loss)     (1,039)    10,723     (1,410)    (1,571)                        Basic earnings (loss) per share:                      Continuing operations     (0.07)    (0.02)    (0.01)    (0.02) Discontinued operations     0.05     0.15     (0.01)    0.00  Net earnings (loss)     (0.01)    0.14     (0.02)    (0.02) 

                       Diluted earnings (loss) per share:                      Continuing operations     (0.07)    (0.02)    (0.01)    (0.02) Discontinued operations     0.05     0.15     (0.01)    0.00  Net earnings (loss)     (0.01)    0.14     (0.02)    (0.02) 

 Some earnings (loss) per share amounts may not add due to rounding . 

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EXHIBIT 3.1

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

OF ACXIOM CORPORATION

Acxiom Corporation (the "Corporation), acting pursuant to Sections 245 and 242 of the General Corporation Law of the State of Delaware, hereby adopts the followingAmended and Restated Certificate of Incorporation. The following Amended and Restated Certificate of Incorporation amends, restates, integrates, and supersedes, in its entirety,the Amended and Restated Certificate of Incorporation of Acxiom Corporation originally filed with the Delaware Secretary of State on August 21, 1995. The original Certificate ofIncorporation was incorporated under the name of CCX NETWORK, INC. on September 28, 1983.

FIRST: NAME . The name of the Corporation is:

ACXIOM CORPORATION

SECOND: REGISTERED AGENT AND OFFICE . The address of the Corporation's registered office in the State of Delaware is Corporation Trust Center, 1209 OrangeStreet, Wilmington, Delaware 19801, in the County of Newcastle. The name of the Corporation's registered agent at such address is The Corporation Trust Company.

THIRD: PURPOSES . The purpose or purposes for which the Corporation is organized are:

(a) To own, operate, sell, lease and otherwise deal in goods and services related to data processing, letter services, electronic computer operations, businessmachines, forms and procedures; to buy, rent, sell, lease and otherwise deal in computers.

(b) To borrow money in such amount, for such times and upon such terms and conditions as is deemed wise and expedient; from time to time to draw, make,accept, endorse, discount, execute and issue promissory notes, drafts, bills of exchange, warrants, bonds, debentures and other negotiable and transferable instruments, andevidences, as well as to secure the same by mortgages, pledge, deed of trust, or otherwise.

(c) To have one or more offices, to carry on all or any of its operations and business, and without restriction or limit as to amount to purchase or otherwiseacquire, hold, own, mortgage, sell, lease, convey or otherwise dispose of real and personal property of every class and description.

(d) To enter into, make and perform contracts of any and every kind with any person, firm, corporation, association, partnership or body politic.

(e) To own, purchase, lease, or otherwise acquire lands and real estate, and to sell and develop lands and real estate, and to equip and operate buildings andstructures of every kind and character for the manufacturing, storing and protection of goods and properties of every character and kind.

(f) To conduct, promote or engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State ofDelaware.

FOURTH: AUTHORIZED SHARES . The total number of shares of stock which the Corporation shall have authority to issue is:

Two hundred million (200,000,000) shares of Common Stock, ten cents ($.10) Par Value per common share.

One million (1,000,000) shares of Preferred Stock, one dollar ($1.00) Par Value per preferred share. The Board of Directors of the Corporation isauthorized to provide for the issuance of shares of Preferred Stock in series and to establish from time to time the number of shares to be included ineach such series and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations andrestrictions thereof.

FIFTH: DURATION . The Corporation is to have perpetual existence.

SIXTH: DIRECTORS .

(a) Number, Election and Terms of Directors . The number of directors shall be not less than three (3) nor more than fifteen (15) persons. The exact number ofdirectors of the Corporation shall be fixed from time to time by the Board of Directors. The directors shall be classified with respect to the time for which they severally hold officeinto three classes, as nearly equal in number as possible, one class to hold office initially for a term expiring at the annual meeting of stockholders to be held in 1991, another classto hold office initially for a term expiring at the annual meeting of stockholders to be held in 1992, and another class to hold office initially for a term expiring at the annual meetingof stockholders to be held in 1993, with the members of each class to hold office until their successors are elected and qualified. At each annual meeting of the stockholders of theCorporation, the successors to the class of directors whose term expires at that meeting shall be elected to hold office for a term expiring at the annual meeting of stockholders heldin the third year following the year of their election. If the number of directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain thenumber of directors in each class as nearly equal as possible, but in no case shall a decrease in the number of directors shorten the term of any incumbent director.

(b) Manner of Election . Elections of directors need not be by written ballot unless the Bylaws of the Corporation shall so provide.

(c) Stockholder Nomination of Director Candidates and Advance Notice of Matters to Be Brought Before an Annual Meeting . Advance notice of nominationsby stockholders of persons for election to the Board of Directors and advance notice of matters to be brought before an annual meeting by shareholders shall be given in the mannerprovided in the Bylaws.

(d) Newly Created Directorships and Vacancies . Newly created directorships resulting from any increase in the number of directors and any vacancies in theBoard of Directors resulting from death, resignation, disqualification, removal or other cause shall be filled solely by the affirmative vote of a majority of the remaining directorsthen in office, even though less than a quorum of the Board of Directors. Any director elected in accordance with the proceeding sentence shall hold office for the remainder of thefull term of the class of directors in which the new directorship was created or the vacancy occurred and until such director's successor shall have been elected and qualified. Nodecrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director.

(e) Removal of Directors . No director shall be removed from the Board of Directors by action of the stockholders of the Corporation during his appointed termother than for cause. For purposes hereof, cause shall mean final conviction of a felony, unsound mind, adjudication of bankruptcy, nonacceptance of office, or conduct prejudicialto the interest of the Corporation.

(f) Scope . The provisions of this Article shall apply only to the holders of Common Stock. Accordingly, this Article shall in no way limit or restrict theauthority of the Board of Directors to fix the designation, power, preferences and rights of shares of Preferred Stock and the qualifications, limitations and restrictions thereof.

SEVENTH: MEETINGS OF HOLDERS OF COMMON STOCK AND ACTION BY HOLDERS OF COMMON STOCK WITHOUT A MEETING .

(a) Place of Meetings . Meetings of holders of Common Stock may be held within or without the State of Delaware, as the Bylaws may provide.

(b) Special Meetings . Special meetings of the holders of Common Stock may be called by such person or persons as may be authorized by the Bylaws.

(c) Stockholder Action . Any action required or permitted by the General Corporation Law of the State of Delaware to be taken at a meeting of holders ofCommon Stock may be taken without a meeting if one or more written consents, setting forth the action so taken, shall be signed by all of the holders of Common Stock entitled tovote with respect to the subject matter thereof. The consents signed under this provision, taken together, shall have the same force and effect as a unanimous vote of the holders ofCommon Stock.

EIGHTH: LOCATION OF BOOKS AND RECORDS . The books and records of the Corporation may be kept (subject to any provision contained in the statutes) outsidethe State of Delaware at such place or places as may be designated from time to time by the Board of Directors in the Bylaws of the Corporation.

NINTH: BYLAWS . The Board of Directors shall have power to make, alter, amend and repeal the Bylaws, except so far as Bylaws adopted by the holders of CommonStock shall otherwise provide. Notwithstanding the foregoing, Bylaw provisions relating to informal action by holders of Common Stock without a meeting, nomination of directorcandidates by holders of Common Stock, notice of matters to be brought before an annual meeting by holders of Common Stock, the number, election and terms of directors electedby holders of Common Stock, the removal of directors elected by holders of Common Stock, the filling of vacancies on the Board of Directors created by an increase in the numberof directors or by the death, resignation, removal or disqualification of directors elected by the holders of Common Stock, and the manner of calling and persons authorized to callspecial meetings of holders of Common Stock shall not be altered, amended or repealed, and no provisions inconsistent therewith shall be adopted, without (i) the approval of amajority of the Disinterested Directors, as defined in Article ELEVENTH hereof, or (ii) the affirmative vote of the holders of at least eighty percent (80%) of the votes entitled tobe cast by the holders of Common Stock.

TENTH: FAIR PRICE PROVISION .

(a) Vote Required for Certain Business Combinations .

1. Higher Vote for Certain Business Combinations . In addition to any affirmative vote required by law or this Amended and Restated Certificate ofIncorporation, and except as otherwise expressly provided in Section (b) of this Article,

(A) any merger or consolidation of the Corporation or any Subsidiary (as hereinafter defined) with (i) any Interested Stockholder (as hereinafterdefined) or (ii) any other person (whether or not itself an Interested Stockholder) which is, or after such merger or consolidation would be, anAffiliate (as hereinafter defined) of an Interested Stockholder; or

(B) any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions) to or with anyInterested Stockholder or any Affiliate of any Interested Stockholder of any assets of the Corporation or any Subsidiary having an aggregateFair Market Value of $10,000,000 or more; or

(C) the issuance or transfer by the Corporation or any Subsidiary (in one transaction or a series of transactions) of any securities of the Corporationor any Subsidiary to any Interested Stockholder or any Affiliate of any Interested Stockholder in exchange for cash, securities or other property(or a combination thereof) having an aggregate Fair Market Value of $10,000,000 or more; or

(D) the adoption of any plan or proposal for the liquidation or dissolution of the Corporation proposed by or on behalf of any InterestedStockholder or any Affiliate of any Interested Stockholder; or

(E) the adoption of any plan of share exchange between the Corporation or any Subsidiary with any Interested Stockholder or any other personwhich is, or after such share exchange would be, an Affiliate of any Interested Stockholder; or

(F) any reclassification of securities (including any reverse stock split), or recapitalization of the Corporation, or any merger or consolidation ofthe Corporation with any of its Subsidiaries or any other transaction (whether or not with or into or otherwise involving an InterestedStockholder) which has the effect, directly or indirectly, of increasing the proportionate share of the outstanding shares of any class of EquitySecurity (as hereinafter defined) of the Corporation or any Subsidiary (as hereinafter defined) or the Corporation or any Subsidiary which isdirectly or indirectly owned by any Interested Stockholder or any Affiliate of any Interested Stockholder;

shall require the affirmative vote of the holders of at least eighty percent (80%) of the votes entitled to be cast by the holders of Common Stock. Such affirmative vote shall berequired notwithstanding the fact that no vote may be required, or that a lesser percentage may be specified, by law or in any agreement with any national securities exchange orotherwise.

2. Definition of "Business Combination" . The term "Business Combination" used in this Article shall mean any transaction which is referred to in anyone or more of clauses (A) through (F) of Paragraph 1 of this Section (a).

(b) When Higher Vote is Not Required . The provisions of Section (a) of this Article shall not be applicable to any particular Business Combination, and suchBusiness Combination shall require only such affirmative vote as is required by law and any other provision of this Amended and Restated Certificate of Incorporation, if all of theconditions specified in either of the following paragraphs 1 and 2 are met:

1. Approval by Disinterested Directors . The Business Combination shall have been approved by a majority of the Disinterested Directors (as hereinafterdefined).

2. Price and Procedure Requirements . All of the following conditions shall have been met:

(A) The aggregate amount of the cash and the Fair Market Value (as hereinafter defined) as of the date of the consummation of the BusinessCombination of consideration other than cash to be received per share by holders of Common Stock in such Business Combination shall be atleast equal to the higher of the following:

(i) (if applicable) the highest per share price (including any brokerage commissions, transfer taxes and soliciting dealers' fees) paid bythe Interested Stockholder for any shares of Common Stock acquired by it (a) within the two‑year period immediately prior to thefirst public announcement of the terms of the proposed Business Combination (the "Announcement Date") or (b) in the transaction inwhich it became an Interested Stockholder, whichever is higher; and

(ii) the Fair Market Value per share of Common Stock on the Announcement Date or on the date on which the Interested Stockholder became anInterested Stockholder (such latter date is referred to in this Article as the "Determination Date"), whichever is higher.

(B) The aggregate amount of the cash and the Fair Market Value as of the date of the consummation of the Business Combination of considerationother than cash to be received per share by holders of shares of any other class of outstanding stock shall be at least equal to the highest of thefollowing (it being intended that the requirements of this paragraph 2(B) shall be required to be met with respect to every class of outstandingstock, whether or not the Interested Stockholder has previously acquired any shares of a particular class of stock):

(i) (if applicable) the highest per share price (including any brokerage commissions, transfer taxes and soliciting dealers' fees) paid bythe Interested Stockholder for any shares of such class of stock acquired by it (a) within the two‑year period immediately prior to theAnnouncement Date or (b) in the transaction in which it became an Interested Stockholder, whichever is higher;

(ii) (if applicable) the highest preferential amount per share to which the holders of shares of such class of stock are entitled in the eventof any voluntary liquidation, dissolution or winding up of the Corporation; and

(iii) the Fair Market Value per share of such class of stock on the Announcement Date or on the Determination Date, whichever is higher.

(C) The consideration to be received by holders of a particular class of outstanding stock (including Common Stock) shall be in cash or in the sameform as the Interested Stockholder has previously paid for shares of such class of stock. If the Interested Stockholder has paid for shares of anyclass of stock with varying forms of consideration, the form of consideration for such class of stock shall be either cash or the form used toacquire the largest number of shares of such class of stock previously acquired by it. The price determined in accordance with paragraph 2(A)and 2(B) of this Section (b) shall be subject to appropriate adjustment in the event of any stock dividend, stock split, combination of shares orsimilar event.

(D) After such Interested Stockholder has become an Interested Stockholder and prior to the consummation of such Business Combination: (i)except as approved by a majority of the Disinterested Directors, there shall have been no failure to declare and pay at the regular date thereforany full quarterly dividends (whether or not cumulative) on any outstanding stock having preference over the Common Stock as to dividendsor upon liquidation; (ii) there shall have been (a) no reduction in the annual rate of dividends paid on the Common Stock (except as necessaryto reflect any subdivision of the Common Stock), except as approved by a majority of the Disinterested Directors, and (b) an increase in suchannual rate of dividends as necessary to reflect any reclassification (including any reverse stock split), recapitalization, reorganization or anysimilar transaction which has the effect of reducing the number of outstanding shares of the Common Stock, unless the failure so to increasesuch annual rate is approved by a majority of the Disinterested Directors; and (iii) such Interested Stockholder shall have not become thebeneficial owner of any additional shares of Common Stock except as part of the transaction which results in such Interested Stockholderbecoming an Interested Stockholder.

(E) After such Interested Stockholder has become an Interested Stockholder, such Interested Stockholder shall not have received the benefit,directly or indirectly (except proportionately as a stockholder), of any loans, advances, guarantees, pledges or other financial assistance or anytax credits or other tax advantages provided by the Corporation or any Subsidiary whether in anticipation of or in connection with suchBusiness Combination or otherwise.

(F) A proxy or information statement describing the proposed Business Combination and complying with the requirements of the SecuritiesExchange Act of 1934, as amended, and the rules and regulations thereunder (or any subsequent provisions replacing such Act, rules orregulations) shall be mailed to public stockholders of the Corporation at least 30 days prior to the consummation of such Business Combination(whether or not such proxy or information statement is required to be mailed pursuant to such Act or subsequent provisions).

(c) Certain Definitions . For the purpose of this Article:

1. A "person" shall mean any individual, firm, corporation or other entity.

2. "Interested Stockholder" shall mean any person (other than the Corporation or any Subsidiary) who or which:

(A) is the beneficial owner, directly or indirectly, of 5% or more of the voting power of the outstanding Common Stock; or

(B) is an Affiliate of the Corporation and at any time within the two‑year period immediately prior to the date in question was the beneficial owner,directly or indirectly, of 5% or more of the voting power of the then outstanding Common Stock; or

(C) is an assignee of or has otherwise succeeded to any shares of Common Stock which were at any time within the two‑year period immediatelyprior to the date in question beneficially owned by any Interested Stockholder, if such assignment or succession shall have occurred in thecourse of a transaction or series of transactions not involving a public offering within the meaning of the Securities Act of 1933, as amended.

3. A person shall be a "beneficial owner" of any Common Stock:

(A) which such person or any of its Affiliates or Associates (as hereinafter defined) beneficially owns directly or indirectly; or

(B) which such person or any of its Affiliates or Associates has (i) the right to acquire (whether such right is exercisable immediately or only afterthe passage of time), pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights,warrants or options, or otherwise, or (ii) the right to vote pursuant to any agreement, arrangement or understanding; or

(C) which are beneficially owned, directly or indirectly, by any other person with which such person or any of its Affiliates or Associates has anyagreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of any shares of Common Stock.

4. For the purpose of determining whether a person is an Interested Stockholder pursuant to paragraph 2 of this Section (c), the number of shares ofCommon Stock deemed to be outstanding shall include shares deemed owned through application of paragraph 3 of this Section (c) but shall not includeany other shares of Common Stock which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversionrights, warrants or options, or otherwise.

5. "Affiliate" or "Associate" shall have the respective meanings ascribed to such terms in Rule 12b‑2 of the General Rules and Regulations under theSecurities Exchange Act of 1934, as in effect on January 1, 1990.

6. "Disinterested Director" means any member of the Board of Directors who is unaffiliated with the Interested Stockholder and was a member of theBoard of Directors prior to the time that the Interested Stockholder became an Interested Stockholder, and any successor of a Disinterested Director whois unaffiliated with the Interested Stockholder and is recommended to succeed a Disinterested Director by a majority of Disinterested Directors then onthe Board of Directors.

7. "Equity Security" shall have the meaning ascribed to such term in Section 3(A)(11) of the Securities Exchange Act of 1934, as in effect on January 1,1990.

8. "Fair Market Value" means: (A) in the case of stock, the highest closing sale price during the 30‑day period immediately preceding the date in questionof a share of such stock on the Composite Tape for New York Stock Exchange‑Listed Stocks, or, if such stock is not quoted on the Composite Tape, onthe New York Stock Exchange, or, if such stock is not listed on such Exchange, on the principal United States securities exchange registered under theSecurities Exchange Act of 1934, as amended, on which such stock is listed, or, if such stock is not listed on any such exchange, the highest closing bidquotation with respect to a share of such stock during the 30‑day period preceding the date in question on the National Association of SecuritiesDealers, Inc. Automated Quotations System or any system then in use, or if no such quotations are available, the fair market value on the date inquestion of a share of such stock as determined by a majority of the Disinterested Directors in good faith; and (B) in the case of property other than cashor stock, the fair market value of such property on the date in question as determined by a majority of the Disinterested Directors in good faith.

9. "Subsidiary" means any corporation of which a majority of any class of Equity Security is owned, directly or indirectly, by the Corporation; provided,however, that for the purposes of the definition of Interested Stockholder set forth in paragraph 2 of this Section (c), the term "Subsidiary" shall meanonly a corporation of which a majority of each class of Equity Security is owned, directly or indirectly, by the Corporation.

10. In the event of any Business Combination in which the Corporation survives, the phrase "consideration other than cash to be received" as used inparagraphs 2(A) and (B) of section (b) of this Article EIGHTH shall include the shares of Common Stock and/or the shares of any other class ofoutstanding stock retained by the holders of such shares.

(d) Powers of the Board of Directors . A majority of the Directors shall have the power and duty to determine for the purposes of this Article, on the basis ofinformation known to them after reasonable inquiry, (1) whether a person is an Interested Stockholder, (2) the number of shares of Common Stock beneficially owned by anyperson, (3) whether a person is an Affiliate or Associate of another, (4) whether the assets which are the subject of any Business Combination have, or the consideration to bereceived for the issuance or transfer of securities by the Corporation or any Subsidiary in any Business Combination has, an aggregate Fair Market Value of $10,000,000 or more. A majority of the Directors shall have the further power to interpret all of the terms and provisions of this Article.

(e) No Effect on Fiduciary Obligations of Interested Shareholders . Nothing contained in this Article shall be construed to relieve any Interested Stockholderfrom any fiduciary obligation imposed by law.

ELEVENTH: STOCKHOLDER VOTE ON EXTRAORDINARY MATTERS . Any merger or consolidation of the Corporation with any other person, any sale, lease,exchange, mortgage, pledge, transfer or other disposition by the Corporation of its property or assets, and any dissolution or liquidation of the Corporation or revocation thereof thatthe General Corporation Law of the State of Delaware requires be approved by the holders of Common Stock must be approved by the affirmative vote of the holders of at leastsixty‑six and two‑thirds percent (66 2/3%) of the votes entitled to be cast by the holders of Common Stock.

TWELFTH: LIMITATION OF DIRECTOR LIABILITY .

(a) To the fullest extent permitted by the General Corporation Law of the State of Delaware, as the same exists or may hereafter be amended, a director of theCorporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director.

(b) Any repeal or modification of the foregoing paragraph by the stockholders of the Corporation shall not adversely affect any right or protection of a director ofthe Corporation existing at the time of such repeal or modification.

THIRTEENTH: INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES . Any person who was or is a party or is threatened to be a party to anythreatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including any action or suit by or in the right of the Corporationto procure a judgment in its favor) by reason of the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of theCorporation as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise, shall be indemnified by the corporation, if, as andto the extent authorized by the laws of the State of Delaware, against expenses (including the attorneys' fees), judgments, fines and amounts paid in settlement, actually andreasonably incurred by him, in connection with the defense or settlement of such action, suit, investigation or proceeding. The indemnification expressly provided by statute in aspecific case shall not be deemed exclusive of any other rights to which any person indemnified may be entitled under any lawful agreement, vote of stockholders or disinteresteddirectors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to bea director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

FOURTEENTH: AMENDMENTS . From time to time any of the provisions of this Amended and Restated Certificate of Incorporation may be amended, altered orrepealed, and other provisions authorized by the laws of the State of Delaware at the time in force may be added or inserted by the affirmative vote of the holders of at least amajority of the votes entitled to be cast by the holders of the outstanding stock of the Corporation entitled to vote thereon; provided, however, the affirmative vote of the holders ofat least eighty percent (80%) of the votes entitled to be cast by the holders of Common Stock shall be required to alter, amend, repeal, or adopt any provision inconsistent withArticles SIXTH, SEVENTH, NINTH, TENTH and FOURTEENTH hereof.

The above Amended and Restated Certificate of Incorporation was adopted and approved by the Board of Directors of the Corporation on the 29th day of May, 1996 andby the stockholders of the Corporation, in the manner and by the vote prescribed by Section 242 of the General Corporation Law of the State of Delaware, this 24th day of July,1996.

____________________________________Charles D. Morgan, Jr.,Chairman of the Board, CEO and President

ATTEST:

_________________________________Catherine L. Hughes, Secretary

ACKNOWLEDGMENT

STATE OF ARKANSAS )) ss.

COUNTY OF FAULKNER )

BE IT REMEMBERED that on this 24th day of July, 1996, personally came before me, a Notary Public for the State and county aforesaid, Charles D. Morgan, Jr., asChairman, CEO and President and Catherine L. Hughes, as Secretary, respectively, of Acxiom Corporation, known to me personally to be such, and acknowledged the saidAmended and Restated Certificate of Incorporation to be their act and deed and that the facts stated therein are true and correct.

GIVEN under my hand and seal of office the day and year aforesaid.

________________________________Notary Public

My Commission Expires:

_________________________

EXHIBIT10.2

2005STOCKPURCHASEPLANOF

ACXIOMCORPORATION

This 2005 Stock Purchase Plan of Acxiom Corporation (the "Plan") is effective as of August 3, 2005, or at such later time as the Plan may be approved by the stockholdersof Acxiom Corporation (the "Company").

1. Purpose . The purposes of the Plan are to provide a method whereby employees ("Associates") of the Company or of any Qualified Subsidiary (as definedbelow), will have an opportunity to acquire a proprietary interest in the Company through the purchase of Shares (as defined below) pursuant to a plan which is intended to qualifyas an "employee stock purchase plan" within the meeting of Section 423(b) of the Internal Revenue Code of 1986, as amended. The provisions of the Plan shall be construed so asto extend and limit participation in a manner consistent with the requirements of Section 423 of the Code.

2. Definitions .

(a) " Administrator " shall mean the administrator of the Plan, as determined pursuant to Section 15 hereof.

(b) " Associate " shall mean any person who renders services to the Company or a Subsidiary in the status of an employee within the meaning of CodeSection 3401(c). "Associate" shall not include any director of the Company or a Subsidiary who does not render services to the Company or a Subsidiary in the status of anemployee within the meaning of Code Section 3401(c).

(c) " Board " shall mean the Board of Directors of the Company.

(d) " Code " shall mean the Internal Revenue Code of 1986, as amended, as currently in effect or as may be amended in the future.

(e) " Committee " shall mean the committee appointed to administer the Plan pursuant to Section 15 hereof.

(f) " Company " shall mean Acxiom Corporation, a Delaware corporation, and any successor by merger, consolidation or otherwise.

(g) " Compensation " shall mean all base, straight-time gross earnings and commissions, exclusive of payments for overtime, shift premium, incentivecompensation, incentive payments, bonuses and other compensation.

(h) " Effective Date " shall mean August 3, 2005, or such later date as the Plan may be approved by the stockholders of the Company.

(i) " Eligible Associate " shall mean an Associate of the Company or of a Qualified Subsidiary: (i) who does not, immediately after the option is granted,own stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or a Subsidiary (as determined under Section423(b)(3) of the Code); (ii) whose customary employment is for at least twenty (20) hours per week; and (iii) whose customary employment is for at least five (5) months in anycalendar year. For purposes of clause (i), the rules of Section 424(d) of the Code with regard to the attribution of stock ownership shall apply in determining the stock ownership ofan individual, and stock which an Associate may purchase under outstanding rights or options shall be treated as stock owned by the Associate. Notwithstanding the foregoing, tothe extent there is any Associate who is not paid on the Company's regular payroll system, such Associate must be employed with the Company for two (2) years before becomingeligible to participate in the Plan. The preceding sentence is not intended, and should not be construed, to expand the definition of Associate beyond those individuals who renderservices for the Company within the meaning of Section 3401 of the Code. The Company may, from time to time, modify the definition of Eligible Associate, provided that suchmodification shall neither permit nor deny participation in the Plan contrary to the requirements of the Code (including, but not limited to, Section 423 (b)(3), (4), (5), and (8)thereof).

(j) " Enrollment Date " shall mean the first day of each Offering Period.

(k) " Fair Market Value " shall mean, as of any date, the value of the Shares determined as follows:

(i) Where the Shares are not purchased in the open market, the closing sales price per share of the Shares (or the closingbid price, if no such sales were reported) on the Nasdaq's National Market System ("NMS"), or such stock exchange or other national marketsystem on which the Shares are listed or traded, on the Purchase Date.

(ii) Where the Shares are purchased in the open market, the average of the actual prices, if such actual prices vary, atwhich the Shares were purchased on the Purchase Date.

(iii) In the event that the foregoing valuation methods are not practicable, such other reasonable valuation method as theAdministrator shall, in its discretion, select and apply in good faith as of such date.

(l) " Offering Period " shall mean, subject to Section 4, the period commencing on the first day of any month and terminating on the Purchase Date. Theduration and timing of Offering Periods may be changed pursuant to Section 4 of the Plan.

(m) "Participating Associate" shall mean an Associate who participates in the Plan.

(n) " Plan " shall mean this 2005 Stock Purchase Plan of Acxiom Corporation.

(o) " Purchase Date " shall mean the last day of each Offering Period. If the last day of any Offering Period falls on a day on which Nasdaq or thenational stock exchanges are not open for trading, the Purchase Date shall be the trading day next following the last day. The timing of the Purchase Date may be changed pursuantto Section 4 of the Plan.

(p) " Purchase Price " shall mean an amount not less than 85% or greater than 100% of the Fair Market Value of a Share on the Purchase Date, asdetermined from time to time by the Board or by an authorized Committee of the Board. In the absence of such a determination by the Board or Committee, the Purchase Priceshall be 85% of the Fair Market Value of a Share on the Purchase Date.

(q) " Qualified Subsidiary " shall mean all Subsidiaries of the Company in existence as of the Effective Date or which may exist in the future. The Boardor an authorized Committee of the Board may initiate or terminate the designation of a Subsidiary as a Qualified Subsidiary without the approval of the stockholders of theCompany.

(r) " Shares " shall mean the common stock of the Company, $0.10 par value.

(s) " Subsidiary " shall mean any entity, domestic or foreign, of which not less than 50% of the voting rights are held by the Company or a Subsidiary,whether or not such entity now exists or is hereafter organized or acquired by the Company or a Subsidiary.

3. Eligibility .

(a) Any Eligible Associate who is employed by the Company or a Qualified Subsidiary on the first day of any Offering Period shall be eligible toparticipate in the Plan during such Offering Period, subject to the requirements of Section 5 and the limitations imposed by Section 423(b) of the Code.

(b) Each Associate who first becomes an Eligible Associate subsequent to the first day of a given Offering Period will be eligible to become aParticipating Associate in the Plan on the first day of the first Offering Period following the day on which such person becomes an Eligible Associate, subject to the requirements ofSection 5 and the limitations imposed by Section 423(b) of the Code.

(c) No Eligible Associate shall be granted an option under the Plan to the extent that his or her rights to purchase Shares under all Section 423 employeestock purchase plans of the Company and its Subsidiaries accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair marketvalue of the shares at the time such option is granted) for each calendar year in which such option is outstanding at any time. This limitation shall be applied in accordance withSection 423(b)(8) of the Code and the Treasury Regulations thereunder.

(d) As provided under Treasury Regulation Section 1.421-1(h)(2), an employee on a leave of absence covered by the Family Medical Leave Act, theUniformed Services Employment and Reemployment Rights Act, or any similar statute or contract that provides for reemployment or continued employment rights will be deemedto be continuously employed for purposes of this Plan.

4. Offering Periods . The Plan shall be implemented by consecutive Offering Periods which shall continue until the Plan expires or is terminated in accordancewith Section 20 hereof. Subject to Section 20, Offering Periods shall be one month in duration, unless a longer period (not to exceed 27 months) is otherwise specified by theAdministrator. The Administrator shall have the power to change the duration of Offering Periods (including the commencement dates thereof) and Purchase Dates with respect tofuture offerings without stockholder approval.

5. Participation .

(a) An Eligible Associate may become a Participating Associate in the Plan as soon as administratively practicable following the completion of anenrollment form and the filing of such form with the Company.

(b) Payroll deductions or contributions for a Participating Associate shall commence on the first payroll following the first day of the Offering Periodand shall end on the last payroll in the Offering Period to which such authorization is applicable, unless terminated sooner by the Participating Associate as provided in Section 11hereof.

(c) During a leave of absence approved by the Company or a Subsidiary and as long as the requirements of Treasury Regulation Section 1.421-1(h)(2)are met, a Participating Associate may continue to participate in the Plan by making cash payments to the Company on each pay day equal to the amount of the ParticipatingAssociate's payroll deductions or contributions under the Plan for the pay day immediately preceding the first day of such Participating Associate's leave of absence. If a leave ofabsence is unapproved or fails to meet the requirements of Treasury Regulation Section 1.421-1(h)(2), the Participating Associate will automatically cease to participate in thePlan. In such event, the Company will automatically cease to deduct the Participating Associate's payroll under the Plan. The Company will pay to the Participating Associate hisor her total payroll deductions for the Offering Period, in cash and in one lump sum, without interest, as soon as practicable after the Participating Associate ceases to participate inthe Plan.

(d) A Participating Associate's completion of an enrollment form will enroll such Participating Associate in the Plan for each successive and subsequentOffering Period on the terms contained therein until the Participating Associate either submits a new enrollment form, withdraws from participation under the Plan as provided inSection 11 hereof, or otherwise becomes ineligible to participate in the Plan.

6. Payroll Deductions and Contributions .

(a) At the time a Participating Associate files his or her enrollment form, he or she shall elect to have payroll deductions made on each payday duringan Offering Period in an amount not less than $5.00 USD (or foreign equivalent thereof) and not more than ten percent (10%) (or such other maximum percentage as the Boardmay establish from time to time before an Enrollment Date) of such participant's Compensation on each payday during the Offering Period.

(b) Where payroll deductions are not permitted in a country outside of the United States, a Participating Associate may elect to make contributions oneach pay day during any Offering Period in an amount not less than the foreign equivalent of $5.00 USD and not more than ten percent (10%) (or such other maximum percentageas the Board may establish from time to time before an Enrollment Date) of such participant's Compensation which he or she receives for the payroll period immediately precedingthe relevant the Offering Period.

(c) All payroll deductions and contributions made for a Participating Associate shall be credited to his or her Payroll Deduction Account (as defined inSection 7) under the Plan. A Participating Associate may not make any additional payments into such account.

(d) A Participating Associate may discontinue his or her participation in the Plan as provided in Section 11 hereof, or may increase or decrease the rateof his or her payroll deductions or contributions during the Offering Period by completing a revised enrollment form authorizing a change in payroll deduction or contribution andfiling it with the Company. An election to increase or decrease a Participating Associate's payroll deductions or contributions shall be permitted no more than once every thirtydays.

(e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(c) hereof, a ParticipatingAssociate's payroll deductions may be decreased to zero percent (0%) at any time during an Offering Period.

(f) At the time the option is exercised, in whole or in part, or at the time some or all of the Shares issued under the Plan are disposed of, theParticipating Associate must make adequate provision for the Company's or Subsidiary's federal, national, state, local municipal, or other tax or Social Security withholdingobligations, if any, which arise upon the exercise of the option or the disposition of the Shares. At any time, the Company or any Subsidiary may, but shall not be obligated to,withhold from the Participating Associate's Compensation the amount necessary for the Company or the Subsidiary to meet applicable withholding obligations, including anywithholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of the Shares by a Participating Associate.

7. Payroll Deduction Account . The Company shall establish a payroll deduction account ("Payroll Deduction Account") for each Participating Associate, andshall credit all payroll deductions and contributions made on behalf of each Participating Associate pursuant to Section 6 to his or her Payroll Deduction Account.

8. Grant of Option .On the Enrollment Date of each Offering Period, each Eligible Associate participating in such Offering Period shall be granted an option topurchase on each Purchase Date during such Offering Period (at the applicable Purchase Price) up to a number of Shares determined by dividing such Participating Associate'spayroll deductions accumulated on such Purchase Date and retained in the Participating Associate's Payroll Deduction Account as of the Purchase Date by the applicable PurchasePrice. Exercise of the option shall occur as provided in Section 9 hereof, unless the Participating Associate has Withdrawn pursuant to Section 11 hereof or otherwise becomesineligible to participate in the Plan. The option shall expire on the last day of the Offering Period.

9. Exercise of Option .

(a) By the Purchase Date, the Company shall cause a statement of the balance in each Participating Associate's Payroll Deduction Account to beforwarded to the securities brokerage firm as set forth in Section 10 for purchase on his or her account of the number of Shares determined under subparagraphs (b) and (c) of thisSection.

(b) Unless a Participating Associate Withdraws from the Plan as provided in Section 11 hereof or otherwise becomes ineligible to participate in thePlan, his or her option for the purchase of Shares shall be exercised automatically on the Purchase Date, and the maximum number of full Shares and fractional Shares subject tothe option shall be purchased for such Participating Associate at the applicable Purchase Price with the accumulated payroll deductions in his or her account. During a ParticipatingAssociate's lifetime, a Participating Associate's option to purchase Shares hereunder is exercisable only by him or her.

(c) If the Administrator determines that, on a given Purchase Date, the number of Shares with respect to which options are to be exercised may exceed(i) the number of Shares that were available for sale under the Plan on the first day of the applicable Offering Period, or (ii) the number of shares available for sale under the Planon such Purchase Date, the Administrator shall allocate the available Shares among such Participating Associates in as uniform a manner as shall be practicable. The balance of theamount credited to the account of each Participating Associate which has not been applied to the purchase of Shares shall be paid to such Participating Associate in one lump sumin cash as soon as reasonably practicable after the Exercise Date, without any interest thereon.

10. Brokerage Accounts . By enrolling in the Plan, each Eligible Associate shall be deemed to have authorized the establishment of a brokerage account("Brokerage Account") on his or her behalf at a securities brokerage firm to be selected from time to time by the Administrator. The Brokerage Account shall be governed by, andshall be subject to, the terms and conditions of this Plan and of a written agreement between the Company and the securities brokerage firm and, if applicable, the ParticipatingAssociate and the securities brokerage firm. As promptly as practicable after each Purchase Date on which a purchase of Shares occurs, the Company may arrange for the depositinto each Participating Associate's Brokerage Account of the number of Shares purchased upon exercise of his or her option. Shares purchased on behalf of any ParticipatingAssociate pursuant to the Plan shall be held in the Participating Associate's Brokerage Account in his or her name.

11. Withdrawal .

(a) A Participating Associate may withdraw all but not less than all of the payroll deductions or contributions credited to his or her Payroll DeductionAccount and not yet used to exercise his or her option under the Plan at any time prior to a Purchase Date by giving written notice to the Company authorizing payroll deductions("Withdraw" or "Withdrawal"). All of the Participating Associate's payroll deductions or contributions credited to his or her account during the Offering Period shall be paid tosuch Participating Associate as soon as practicable after receipt of the notice of Withdrawal. Thereafter, such Participating Associate's option for the Offering Period shall beautomatically terminated, and no further payroll deductions for the purchase of Shares shall be made for such Offering Period. If a Participating Associate Withdraws from anOffering Period, payroll deductions or contributions shall not resume at the beginning of any succeeding Offering Periods unless the Participating Associate delivers to theCompany a new enrollment form; provided, however, that any Eligible Associate who is deemed to be an "executive officer" of the Company as defined by Section 16b-3 of theSecurities Exchange Act of 1934 shall not renew his or her participation in the Plan until at least six (6) months have elapsed since the date of Withdrawal.

(b) A Participating Associate's Withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any similar planwhich may hereafter be adopted by the Company or in succeeding Offering Periods.

12. Termination of Employment . Upon (i) a Participating Associate's ceasing to be an Eligible Associate for any reason, including termination of employment,disability or death or (ii) a Participating Associate's being granted a leave of absence and failing to return to active employment upon the expiration of his or her leave in accordancewith the Company's policy with respect to permitted absences, he or she shall be deemed to have elected to Withdraw from the Plan, the payroll deductions on behalf of theParticipating Associate shall be discontinued, and any amounts credited to such Participating Associate's Payroll Deduction Account during the Offering Period shall be paid tosuch Participating Associate or, in the case of his or her death, to the person or persons entitled thereto under Section 16 hereof, as soon as reasonably practicable, and suchParticipating Associate's option for the Offering Period shall be automatically terminated. A transfer of a Participating Associate's employment between or among the Companyand any Qualified Subsidiary shall not be treated as a termination of employment for purposes of the Plan.

13. Interest . No interest shall accrue on the payroll deductions or contributions of a Participating Associate in the Plan, unless required to accrue in a countryoutside of the United States.

14. Shares Subject to Plan .

(a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of Shares which shallinitially be made available for sale under the Plan shall be 2,000,000. If any right granted under the Plan shall for any reason terminate without having been exercised, the Sharesnot purchased under such right may, in the sole discretion of the Administrator, become available for issuance under the Plan. The Shares subject to the Plan may be authorized butunissued Shares or reacquired Shares, bought on the market or otherwise.

(b) With respect to Shares subject to an option granted under the Plan, a Participating Associate shall not be deemed to be a stockholder of theCompany, and the Participating Associate shall not have any of the rights or privileges of a stockholder, until such Shares have been issued to the Participating Associate or his orher nominee following exercise of the Participating Associate's option. A Participating Associate shall have rights as a stockholder with respect to all Shares which are purchasedunder the Plan for such Participating Associate's account; provided, however, that a Participating Associate shall have no right to vote any fractional interest in a Share credited tohis or her account.

15. Administration .

(a) The Plan shall be administered by the Compensation Committee of the Board unless and until the Board delegates administration to a differentcommittee as set forth below. The Compensation Committee of the Board may delegate administration of the Plan to an internal Committee made up of Associates if permitted byapplicable law and the rules and regulations of any stock exchange or market upon which the Company's shares may be listed and/or traded. The term "Committee" shall apply toany persons to whom such authority has been delegated. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan,the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise,subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. References in the Plan to the"Administrator" shall mean the Board unless administration is delegated to a Committee or subcommittee, in which case references in the Plan to the Administrator shall thereafterbe to the Committee or subcommittee.

(b) It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the provisions of the Plan. TheAdministrator shall have the power to interpret the Plan and the terms of the options and to adopt such rules for the administration, interpretation, and application of the Plan as areconsistent therewith and to interpret, amend or revoke any such rules. All determinations by the Administrator in carrying out and administering the Plan and in construing andinterpreting the Plan shall be final, binding and conclusive for all purposes and upon all persons interested. The Administrator at its option may utilize the services of such otherpersons as are necessary to assist in the proper administration of the Plan. The Administrator may select a securities brokerage firm to assist with the purchase of the Shares and themaintenance of Brokerage Accounts for Participating Associates in the Plan. In its absolute discretion, the Board may at any time and from time to time exercise any and all rightsand duties of the Administrator under the Plan.

(c) All expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne by the Company and itsQualified Subsidiaries; provided, however, that all sales commissions incurred upon sale by a Participating Associate of Shares out of his or her Brokerage Account shall be borneby the Participating Associate. The Administrator may, with the approval of the Board, employ attorneys, consultants, accountants, appraisers, or such other persons as theAdministrator deems necessary or appropriate to carry out its duties under the Plan. The Administrator, the Company and its officers and directors shall be entitled to rely upon theadvice, opinions or valuations of any such persons so employed by the Administrator.

16. Designation of Beneficiaries / Transferability .

(a) A Participating Associate may file a written beneficiary designation naming those persons who are to receive any cash from the ParticipatingAssociate's Payroll Deduction Account, together with any Shares and/or cash from the Participating Associate's Brokerage Account, in the event of the Participating Associate'sdeath. If a Participating Associate is married and the designated beneficiary is not the Participating Associate's spouse, spousal consent may be required for such designation to beeffective.

(b) Neither payroll deductions credited to a Participating Associate's Payroll Deduction Account nor any rights with regard to the exercise of an optionor rights to receive Shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or asprovided in by the Plan) by a Participating Associate. Shares acquired by a Participating Associate pursuant to the exercise of an option hereunder, however, are freely transferable.

17. Use of Funds . All funds received or held by the Company under the Plan may be used by the Company for any corporate purpose. The Company shall notbe obligated to segregate such funds unless required to in a country outside of the United States.

18. Reports . Statements of account shall be provided to Participating Associates at least annually, which statements shall set forth the amounts of payrolldeductions, the Purchase Price(s), and the number of Shares purchased.

19. Adjustments Upon Changes in Outstanding Shares on Capitalization, Merger, Consolidation or Corporate Reorganization. Subject to any required action bythe stockholders of the Company, the number of Shares which have been authorized for issuance under the Plan but not yet placed under option, the maximum number of Shareseach Participating Associate may purchase each Offering Period (pursuant to Section 9), as well as the price per Share and the number of Shares covered by each option under thePlan which has not yet been exercised, shall be automatically adjusted to give proper effect to any increase or decrease in the number of issued Shares resulting from a stock split,reverse stock split, stock dividend, combination or reclassification of the Shares, or any other increase or decrease in the number of Shares effected without receipt of considerationby the Company, or by reason of any merger, consolidation or other corporate reorganization in which the Company is the surviving corporation. Such adjustment shall be made bythe Administrator, whose determination in that respect shall be final, binding and conclusive.

20. Amendment or Termination .

(a) The Board or an authorized Committee or subcommittee may, in its discretion and, to the extent necessary or desirable, at any time, and from timeto time, modify or amend the Plan in any respect, including, but not limited to, (i) altering the Purchase Price for any Offering Period, including an Offering Period underway at thetime of the change in Purchase Price, by setting the Purchase Price as an amount that is within the range of either 85% - 100% of the Fair Market Value of a Share on the PurchaseDate, or 85% - 100% of the lesser of (x) the Fair Market Value of a Share on the Purchase Date, and (y) the Fair Market Value of a Share on the first day of the applicable OfferingPeriod; (ii) shortening or lengthening any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering Period underway at the time of the Boardaction, provided, however, that no Offering Period shall be shorter than one month or longer than 27 months; and allocating Shares as provided in Section 9(c). Such modificationsor amendments shall not require stockholder approval or the consent of any Participating Associates, except that no amendment shall be made without the affirmative vote ofstockholders holding at least a majority of the voting stock of the Company represented in person or by proxy at a duly held stockholders' meeting, if such amendment would:

(i) materially increase the benefits accruing to Participating Associates under the Plan;

(ii) increase the number of Shares which may be issued under the Plan (other than as permitted under Section 19 hereof); or

(iii) materially modify the requirements as to eligibility for participation under the Plan, except as allowed under Section 423(b)(4) of the Code.

(b) This Plan and all rights of Participating Associates hereunder may be terminated at any time by the Administrator or by the Board or an authorizedCommittee. Upon termination of the Plan, all payroll deductions and contributions shall cease and all amounts then credited to the Participating Associates' Payroll DeductionAccounts shall be equitably applied to the purchase of whole Shares then available for sale, and any remaining amounts shall be promptly refunded to the Participating Associates.

21. Participation by Foreign Employees . Notwithstanding Section 20 hereof, the Board shall have the authority to amend the Plan from time to time byadopting or modifying appendices that shall (a) contain such terms and conditions with respect to the operation of the Plan in one or more countries outside of the United States asare necessary or appropriate, as determined by the Administrator or the Board in its sole discretion, to bring the Plan into compliance with applicable law, tax policy or localcustom, and (b) name those Associates, or describe those classes of Associates, who shall be deemed Eligible Associates from among those Associates who reside in the country orcountries outside of the United States to which such appendix relates. Nothing contained in this Section 21 shall be deemed to grant the Administrator or the Board the authority to:(i) change the list of Qualified Subsidiaries or otherwise change the designation of corporations whose employees may be offered options under the Plan; (ii) change the class ofsecurities issuable under the Plan; (iii) increase the aggregate number of Shares that may be sold pursuant to options granted under the Plan; or (iv) increase the maximum numberof Shares subject to an Eligible Associate's option pursuant to Section 3. Any such appendices adopted need not comply with the Code and associated regulations.

22. Notices . All notices or other communications by a Participating Associate to the Company under or in connection with the Plan shall be deemed to havebeen duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

23. Conditions to Issuance of Shares / Dividends . Certificates for whole Shares purchased hereunder shall be issued as soon as practicable following aParticipating Associate's written request, for which a reasonable charge may be made. Fractional interests in Shares shall be carried forward in a Participating Associate'sBrokerage Account until they equal one whole Share or until termination of the Participating Associate's Brokerage Account, in which event an amount in cash equal to the value ofsuch fractional interest shall be paid to him or her in cash. Any cash dividends payable on Shares held in a Participating Associate's Brokerage Account will be used to purchaseadditional Shares unless otherwise directed by the Participant.

24. Term of Plan . The Plan shall become effective on the Effective Date and shall remain in effect for a term of ten (10) years, unless sooner terminated underSection 20 hereof.

25. Equal Rights and Privileges . All Eligible Associates of the Company (or of any Qualified Subsidiary) will have equal rights and privileges under this Planso that this Plan qualifies as an "employee stock purchase plan" within the meaning of Section 423 of the Code or applicable Treasury Regulations thereunder. Any provision ofthis Plan that is inconsistent with Section 423 or applicable Treasury Regulations will, without further act or amendment by the Company, the Board or the Administrator, bereformed to comply with the equal rights and privileges requirement of Section 423 or applicable Treasury Regulations.

26. No Employment Rights . Nothing in the Plan shall be construed to give any person (including any Eligible Associate or Participating Associate) the right toremain in the employ of the Company or a Subsidiary or to affect the right of the Company or any Subsidiary to terminate the employment of any person (including any EligibleAssociate or Participating Associate) at any time, with or without cause.

27. Governing Law. The internal laws of the State of Delaware shall govern all matters relating to this Plan except to the extent superseded by the laws of theUnited States.

EXHIBIT10.15

PERFORMANCEUNITAWARDAGREEMENT

This Performance Unit Award Agreement (the "Agreement"), the accompanying Notice of Performance Unit Award (the "Notice"), and the 2005 Equity CompensationPlan of Acxiom Corporation (the "Plan"), constitute the agreement between Acxiom Corporation (the "Company") and you with regard to the Performance Units pertaining to theCompany's common stock ("Common Stock") described in the Notice. Capitalized terms not otherwise defined herein will have the meanings set forth in the Plan. In the event ofa conflict between the terms of the Plan and this Agreement, the terms of the Plan shall govern.

1. Acceptance of Terms . Your acceptance and retention of the award described in the accompanying Notice, as evidenced by your electronicacceptanceoftheNotice,shallconstituteyouracceptanceofthetermsandconditionssetforthintheNotice,thisAgreement,andthePlan.

2. YourRightswithRespecttothePerformanceUnits.

(a) Shareholder Rights. Upon vesting, the Performance Units granted pursuant to the Notice will entitle you to the all the rights of a shareholder of theCompany's Common Stock as to the amount of shares of Common Stock ("Shares") currently vested. You will have no shareholder rights with respect to any unvestedPerformance Units, and your rights with respect to the Performance Units will remain forfeitable prior to the date on which such rights become vested.

(b) Conversionof PerformanceUnits; Issuanceof Shares. Upon the vesting date, you will be entitled to receive, as soon as administratively practicable,100% of the Shares in accordance with the Notice. No Shares will be issued to you prior to the date on which the Performance Units vest.

3. Vesting. Unless otherwise specified by the Compensation Committee (the "Committee") of the Board of Directors (the "Board"), Performance Units shallvest and the restrictions with respect to the Performance Units shall lapse as set forth in the Notice, provided that you remain continuously employed by the Company. If youremployment with the Company terminates prior to the Performance Units vesting, the Performance Units will be forfeited upon the effective date of the termination. Theprovisions of this Section 3 are subject to the provisions of Section 4 below entitled "Forfeiture of Shares."

4. ConversiontoRestrictedStockUnitsImmediatelyPriortoChangeinControl. Immediately prior to a Change in Control Event (if any) as defined inSection 11 of the Plan, if less than one year of the performance period has elapsed, the Performance Units granted pursuant to the Notice shall convert to the same number ofRestricted Stock Units. The Restricted Stock Units shall remain subject to the same time vesting requirements as the original Performance Units. Alternatively, pursuant to Section11 of the Plan, the Committee or the Board may determine, in their discretion, that the Shares become free of all restrictions and limitations and become fully vested andtransferable upon the Change in Control Event.

5. ForfeitureofPerformanceUnitsandSharesforEngaginginCertainActivities.

(a) If at any time during your employment with the Company and/or its subsidiaries and affiliated companies, or within one year after termination of youremployment you engage in any activity which competes with any activity of the Company and/or its subsidiaries and affiliated companies, or if you engage in any of the prohibitedactivities listed in subsection (b) below, then

(i) any unvested Performance Units granted to you shall be canceled;

(ii) with respect to any Shares received by you pursuant to Section 2(b) above within the three-year period before and the three-year period after yourtermination date, you shall pay to the Company an amount equal to the proceeds of any sale or distribution of those Shares (the "Forfeited Shares"), or, if still held by you,the aggregate fair market value of such Forfeited Shares as of the date of vesting; and

(iii) the Company shall be entitled to set off against the amount of any such Forfeited Shares any amounts owed to you by the Company.

(b) The prohibited activities include:

(1) accepting employment with or serving as a consultant, advisor or in any other capacity to anyone that is in competition with or actingagainst the interests of the Company;

(2) disclosing or misusing any confidential information or material concerning the Company;

(3) any attempt, directly or indirectly, to induce any associate of the Company to be employed or perform services elsewhere;

(4) any attempt, directly or indirectly, to solicit the trade or business of any current or prospective customer of the Company;

(5) the failure or refusal to disclose promptly and to assign to the Company all right, title and interest in any invention or idea made orconceived in whole or in part by you in the course of your employment by the Company, relating to the actual or anticipated business, research or developmentwork of the Company, or the failure or refusal to do anything reasonably necessary to enable the Company to secure a patent or other intellectual property right;

(6) participating in a hostile takeover attempt against the Company;

(7) a material violation of Company policy, including, without limitation, the Company's insider trading policies; or

(8) conduct related to your employment for which you have been convicted of criminal conduct or for which you have been assessed civilpenalties.

(c) Upon receipt of any Shares pursuant to Section 2(b) of this Agreement, you agree to certify, if requested by the Company, that you are in compliance with theterms and conditions of this Agreement.

(d) You may be released from your obligations under this Section 4 only if the Committee, or its authorized designee(s), determines in its sole discretion that todo so is in the best interests of the Company.

6. Restriction on Transfer . Performance Units may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by you except asprovided under the Plan, and any unauthorized purported sale, assignment, transfer, pledge, hypothecation or other disposition shall be void and unenforceable against theCompany.

7. Taxes. In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate toensure that all applicable or state payroll, withholding, income or other taxes, which are your sole and absolute responsibility, are withheld or collected from you.

8. Amendments . All amendments to this Agreement shall be in writing; providedthat this Agreement is subject to the power of the Committee and/or theBoard to amend the Plan as provided therein, except that no such amendment to the Plan shall adversely affect your rights under this Agreement without your consent.

9. Notices. Any notice to be given under this Agreement to the Company shall be addressed to the Company in care of its performance plan administrator. Anynotice to be given to you shall be addressed to you at the address listed in the Company's records. By a notice given pursuant to this Section, either party may designate a differentaddress for notices. Any notice shall have been deemed given when actually delivered.

10. DeliveryofCertificates. Notwithstanding any other provision of this Agreement, the Company is not required to issue or deliver any certificates for sharesbefore completing the steps necessary to comply with applicable federal and state securities laws (including any registration requirements) and applicable stock exchange rules andpractices. The Company will use commercially reasonable efforts to cause compliance with those laws, rules and practices.

11. Clawback. This Award is subject to the Company's "clawback policy" as may be in effect at the time.

12. Administration. The Committee and the Board administer the Plan. Your rights under this Agreement are expressly subject to the terms and conditions ofthe Plan, including continued shareholder approval of the Plan, and to any guidelines the Committee or the Board adopts from time to time. You hereby acknowledge receipt of acopy of the Plan.

13. Severability. If any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidityshall not serve to invalidate any part of this Agreement not declared to be unlawful or invalid. Any part so declared unlawful or invalid shall, if possible, be construed in a mannerwhich gives effect to the terms of such part to the fullest extent possible while remaining lawful and valid.

14. ApplicableLaw. This Agreement shall be governed by the laws (excluding the conflict of laws rules) of the State of Delaware.

15. ForumSelectionAt all times each party hereto: (a) irrevocably submits to the exclusive jurisdiction of any Arkansas court or Federal court sitting inArkansas; (b) agrees that any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby will be heard and determined in suchArkansas or Federal court; (c) to the extent permitted by law, irrevocably waives (i) any objection such party may have to the laying of venue of any such action or proceeding inany of such courts, or (ii) any claim that such party may have that any such action or proceeding has been brought in an inconvenient forum; and (d) to the extent permitted by law,irrevocably agrees that a final nonappealable judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or inany other manner provided by law. Nothing in this section entitled "Forum Selection" will affect the right of any party hereto to serve legal process in any manner permitted by law

16. Headings. Headings are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

EXHIBIT10.16

STOCKOPTIONGRANTAGREEMENT

This Stock Option Grant Agreement ("Grant Agreement") together with the accompanying Notice of Grant of Stock Option ("Notice") and the 2005 Equity CompensationPlan of Acxiom Corporation (the "Plan") constitute the agreement ("Agreement") between Acxiom Corporation (the "Company") and you with regard to the stock options("Options") described on the Notice. Capitalized terms not otherwise defined in the Grant Agreement shall have the meanings set forth in the Plan. References in the GrantAgreement to "the Company" shall be deemed to also include its subsidiaries.

1. Acceptance of Terms . Your electronic acceptance and retention of the Options described in the accompanying Notice shall constitute youracceptanceofthetermsandconditionssetforthintheAgreement,andshallconstituteanaffirmationthatyouhavereadtheNotice,theGrantAgreementandthePlanandhaveagreedtobeboundbytheirterms.

2. Vestingand ExerciseAfterTerminationofEmployment. Unless otherwise specified by the Compensation Committee (the "Committee") of the Board ofDirectors (the "Board"), options will vest only while you remain an associate of the Company, and they may be exercised only while you remain an associate of the Company andduring the three months immediately following your separation from the Company. If your employment with the Company terminates prior to the Options vesting, the unvestedOptions will be forfeited upon the effective date of the termination.

3. ForfeitureofOptionGainandUnexercisedOptionsforEngaginginCertainActivities.

(a) If, at any time during your employment or within one year after termination of your employment you engage in any activity which competes with any activityof the Company, or if you engage in any of the prohibited activities listed below, then

(i) any unexpired, unpaid or unexercised Options granted to you under the Agreement shall be canceled,

(ii) any option gain ( i.e, the product of (x) the number of shares of Company stock realized from an exercise of the Option and (y) the difference in theclosing sale price of the Company's stock on the date of exercise and the exercise price) ("Option Gain") realized by you within the three-year period before andthe three-year period after your termination date from exercising any Options granted under the Agreement shall be paid by you to the Company, and

(iii) the Company shall be entitled to set off against the amount of any such Option Gain any amount owed to you by the Company.

The prohibited activities include:

(1) accepting employment with or serving as a consultant, advisor or in any other capacity to anyone that is in competition with or acting against theinterests of the Company;

(2) disclosing or misusing any confidential information or material concerning the Company;

(3) any attempt, directly or indirectly, to induce any associate of the Company to be employed or perform services elsewhere;

(4) any attempt, directly or indirectly, to solicit the trade or business of any current or prospective customer of the Company;

(5) the failure or refusal to disclose promptly and to assign to the Company all right, title and interest in any invention or idea made or conceivedin whole or in part by you in the course of your employment by the Company, relating to the actual or anticipated business, research ordevelopment work of the Company, or the failure or refusal to do anything reasonably necessary to enable the Company to secure a patent orother intellectual property right;

(6) participating in a hostile takeover attempt against the Company;

(7) a material violation of Company policy, including, without limitation, the Company's insider trading policies; or

(8) conduct related to your employment for which you have been convicted of criminal conduct or for which you have been assessed civil penalties.

The purpose of this Section 3 is to ensure that the interests of the Company's shareholders are aligned with and not competitive with or in conflict with the interests of theCompany.

(b) Upon exercise, payment or delivery pursuant to exercise of an Option, you agree to certify, if requested by the Company, that you are in compliance with theterms and conditions of this Section 3.

(c) You may be released from your obligations under this Section 3 only if the Committee, or its authorized designee(s), determines in its discretion that to do sois in the best interests of the Company.

4. StockOptionTransferability. The Options are transferable only as specifically allowed by the Plan.

5. DeferredDeliveryofStock . Prior to your exercise of an Option, you may elect to defer the delivery of the stock to which you would be otherwise beentitled following your exercise, if you timely agree in writing to the terms of the Company's then current stock deferral election form, and if you meet and comply with theconditions and rules of the Committee then in effect with respect to such deferrals. The conditions, rules and procedures under which you may exercise this deferral right, and theterms and provisions of the stock deferral election form, are subject to such administrative policies as the Committee may adopt from time to time, and any such policies ordeterminations of the Committee shall be final.

6. NonstatutoryStockOptions . The Options have been designated by the Committee as nonstatutory stock options; they do not qualify as incentive stockoptions.

7. Taxes. The Company is not required to issue shares of stock upon your exercise of the Options unless you first pay the amount requested by the Company tosatisfy any liability it may have to withhold federal, state, or local income or other taxes relating to the exercise.

8. Amendments. All amendments to the Agreement shall be in writing; providedthat the Agreement is subject to the power of the Board to amend the Plan asprovided therein, except that no such amendment to the Plan shall adversely affect your rights under the Agreement without your consent.

9. Notices . Any notice to be given under the Agreement to the Company shall be addressed to the Company in care of its stock option administrator. Anynotice to be given to you shall be addressed to you at the address listed in the Company's records. By a notice given pursuant to this Section, either party may designate a differentaddress for notices.

10. SecuritiesLawRequirements. If at any time the Board determines that exercising the Options or issuing shares would violate applicable securities laws,the Options will not be exercisable, and the Company will not be required to issue shares. The Board may declare any provision of this Agreement or action of its own null andvoid, if it determines the provision or action fails to comply with the short-swing trading rules. As a condition to exercise, the Company may require you to make writtenrepresentations it deems necessary or desirable to comply with applicable securities laws. No person who acquires shares under this Agreement may sell the shares, unless theymake the offer and sale pursuant to an effective registration statement under the Securities Exchange Act, which is current and includes the shares to be sold, or an exemption fromthe registration requirements of that Act.

11. Clawback. This Award is subject to the Company's "clawback policy" as may be in effect at the time.

12. Administration. The Committee and the Board administer the Plan. Your rights under this Agreement are expressly subject to the terms and conditions ofthe Plan, including continued shareholder approval of the Plan, and to any guidelines the Committee or the Board adopts from time to time. You hereby acknowledges receipt of acopy of the Plan.

13. Severability. If any part of the Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidityshall not serve to invalidate any part of the Agreement not declared to be unlawful or invalid. Any part so declared unlawful or invalid shall, if possible, be construed in a mannerwhich gives effect to the terms of such part to the fullest extent possible while remaining lawful and valid.

14. ApplicableLaw. The Agreement shall be governed by the laws (excluding the conflict of laws rules) of the State of Delaware.

15. ForumSelectionAt all times each party hereto: (a) irrevocably submits to the exclusive jurisdiction of any Arkansas court or Federal court sitting inArkansas; (b) agrees that any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby will be heard and determined in suchArkansas or Federal court; (c) to the extent permitted by law, irrevocably waives (i) any objection such party may have to the laying of venue of any such action or proceeding inany of such courts, or (ii) any claim that such party may have that any such action or proceeding has been brought in an inconvenient forum; and (d) to the extent permitted by law,irrevocably agrees that a final nonappealable judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or inany other manner provided by law. Nothing in this section entitled "Forum Selection" will affect the right of any party hereto to serve legal process in any manner permitted by law

16. Headings . Headings are for convenience only and are not to serve as a basis for interpretation or construction of the Agreement.

EXHIBIT 10.17

RESTRICTEDSTOCKUNITAWARDAGREEMENT

This Restricted Stock Unit Award Agreement (the "Agreement"), the accompanying Notice of Restricted Stock Unit Award (the "Notice"), and the 2005 EquityCompensation Plan of Acxiom Corporation (the "Plan"), constitute the agreement between Acxiom Corporation (the "Company") and you with regard to the restricted stock units("RSUs") pertaining to the Company's common stock ("Common Stock") described in the Notice. Capitalized terms not otherwise defined herein will have the meanings set forthin the Plan. In the event of a conflict between the terms of the Plan and this Agreement, the terms of the Plan shall govern.

1. Acceptance of Terms . Your acceptance and retention of the award described in the accompanying Notice, as evidenced by your electronicacceptanceoftheNotice,shallconstituteyouracceptanceofthetermsandconditionssetforthintheNotice,thisAgreement,andthePlan.

2. Your Rights with Respect to the RSUs.

(a) Shareholder Rights. Upon vesting, the RSUs granted pursuant to the Notice will entitle you to the all the rights of a shareholder of the Company'sCommon Stock as to the amount of shares of Common Stock ("Shares") currently vested. You will have no shareholder rights with respect to any unvested RSU's, and your rightswith respect to the RSUs will remain forfeitable prior to the date on which such rights become vested.

(b) Conversionof RSUs; Issuance of Shares. Upon each vesting date, you will be entitled to receive, as soon as administratively practicable, 25% of theShares in accordance with the Notice. No Shares will be issued to you prior to the date on which the RSUs vest.

3. Vesting. Unless otherwise specified by the Compensation Committee (the "Committee") of the Board of Directors (the "Board"), RSUs shall vest and therestrictions with respect to the RSUs shall lapse as set forth in the Notice, provided that you remain continuously employed by the Company. If your employment with theCompany terminates prior to the Performance Units vesting, the Performance Units will be forfeited upon the effective date of the termination. The provisions of this Section 3 aresubject to the provisions of Section 4 below entitled "Forfeiture of Shares."

4. ForfeitureofSharesforEngaginginCertainActivities.

(a) If at any time during your employment with the Company and/or its subsidiaries and affiliated companies, or within one year after termination of youremployment you engage in any activity which competes with any activity of the Company and/or its subsidiaries and affiliated companies, or if you engage in any of the prohibitedactivities listed in subsection (b) below, then

(i) any unvested RSUs granted to you shall be canceled;

(ii) with respect to any Shares received by you pursuant to Section 2(b) above within the three-year period before and the three-year period after yourtermination date, you shall pay to the Company an amount equal to the proceeds of any sale or distribution of those Shares (the "Forfeited Shares"), or, if still held by you,the aggregate fair market value of such Forfeited Shares as of the date of vesting; and

(iii) the Company shall be entitled to set off against the amount of any such Forfeited Shares any amounts owed to you by the Company.

(b) The prohibited activities include:

(1) accepting employment with or serving as a consultant, advisor or in any other capacity to anyone that is in competition with or actingagainst the interests of the Company;

(2) disclosing or misusing any confidential information or material concerning the Company;

(3) any attempt, directly or indirectly, to induce any associate of the Company to be employed or perform services elsewhere;

(4) any attempt, directly or indirectly, to solicit the trade or business of any current or prospective customer of the Company;

(5) the failure or refusal to disclose promptly and to assign to the Company all right, title and interest in any invention or idea made orconceived in whole or in part by you in the course of your employment by the Company, relating to the actual or anticipated business, research or developmentwork of the Company, or the failure or refusal to do anything reasonably necessary to enable the Company to secure a patent or other intellectual property right;

(6) participating in a hostile takeover attempt against the Company;

(7) a material violation of Company policy, including, without limitation, the Company's insider trading policies; or

(8) conduct related to your employment for which you have been convicted of criminal conduct or for which you have been assessed civilpenalties.

(c) Upon receipt of any Shares pursuant to Section 2(b) of this Agreement, you agree to certify, if requested by the Company, that you are in compliance with theterms and conditions of this Agreement.

(d) You may be released from your obligations under this Section 4 only if the Committee, or its authorized designee(s), determines in its sole discretion that todo so is in the best interests of the Company.

5. RestrictiononTransfer. RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by you except as provided under the Plan, andany unauthorized purported sale, assignment, transfer, pledge, hypothecation or other disposition shall be void and unenforceable against the Company.

6. Taxes. In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure thatall applicable or state payroll, withholding, income or other taxes, which are your sole and absolute responsibility, are withheld or collected from you.

7. Amendments . All amendments to this Agreement shall be in writing; providedthat this Agreement is subject to the power of the Committee and/or theBoard to amend the Plan as provided therein, except that no such amendment to the Plan shall adversely affect your rights under this Agreement without your consent.

8. Notices. Any notice to be given under this Agreement to the Company shall be addressed to the Company in care of its restricted stock plan administrator. Any notice to be given to you shall be addressed to you at the address listed in the Company's records. By a notice given pursuant to this Section, either party may designate adifferent address for notices. Any notice shall have been deemed given when actually delivered.

9. DeliveryofCertificates. Notwithstanding any other provision of this Agreement, the Company is not required to issue or deliver any certificates for sharesbefore completing the steps necessary to comply with applicable federal and state securities laws (including any registration requirements) and applicable stock exchange rules andpractices. The Company will use commercially reasonable efforts to cause compliance with those laws, rules and practices.

10. Clawback. This Award is subject to the Company's "clawback policy" as may be in effect at the time.

11. Administration. The Committee and the Board administer the Plan. Your rights under this Agreement are expressly subject to the terms and conditions ofthe Plan, including continued shareholder approval of the Plan, and to any guidelines the Committee or the Board adopts from time to time. You hereby acknowledge receipt of acopy of the Plan.

12. Severability. If any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidityshall not serve to invalidate any part of this Agreement not declared to be unlawful or invalid. Any part so declared unlawful or invalid shall, if possible, be construed in a mannerwhich gives effect to the terms of such part to the fullest extent possible while remaining lawful and valid.

13. ApplicableLaw. This Agreement shall be governed by the laws (excluding the conflict of laws rules) of the State of Delaware.

14. ForumSelectionAt all times each party hereto: (a) irrevocably submits to the exclusive jurisdiction of any Arkansas court or Federal court sitting inArkansas; (b) agrees that any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby will be heard and determined in suchArkansas or Federal court; (c) to the extent permitted by law, irrevocably waives (i) any objection such party may have to the laying of venue of any such action or proceeding inany of such courts, or (ii) any claim that such party may have that any such action or proceeding has been brought in an inconvenient forum; and (d) to the extent permitted by law,irrevocably agrees that a final nonappealable judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or inany other manner provided by law. Nothing in this section entitled "Forum Selection" will affect the right of any party hereto to serve legal process in any manner permitted bylaw.

15. Headings . Headings are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

EXHIBIT 10.18

RESTRICTEDSTOCKUNITAWARDAGREEMENT

This Restricted Stock Unit Award Agreement (the "Agreement"), the accompanying Notice of Restricted Stock Unit Award (the "Notice"), and the 2011 NonqualifiedEquity Compensation Plan of Acxiom Corporation (the "Plan"), constitute the agreement between Acxiom Corporation (the "Company") and you with regard to the restricted stockunits ("RSUs") pertaining to the Company's common stock ("Common Stock") described in the Notice. Capitalized terms not otherwise defined herein will have the meanings setforth in the Plan. In the event of a conflict between the terms of the Plan and this Agreement, the terms of the Plan shall govern.

1. AcceptanceofTerms. YouracceptanceandretentionoftheawarddescribedintheaccompanyingNotice,asevidencedbyyoursignatureontheNotice,shallconstituteyouracceptanceofthetermsandconditionssetforthintheNotice,thisAgreement,andthePlan.

2. YourRightswithRespecttotheRSUs.

(a) Shareholder Rights. Upon vesting, the RSUs granted pursuant to the Notice will entitle you to the all the rights of a shareholder of the Company'sCommon Stock as to the amount of shares of Common Stock ("Shares") currently vested. You will have no shareholder rights with respect to any unvested RSU's, and your rightswith respect to the RSUs will remain forfeitable prior to the date on which such rights become vested.

(b) Conversionof RSUs; Issuance of Shares. Upon each vesting date, you will be entitled to receive, as soon as administratively practicable, 25% of theShares in accordance with the Notice. No Shares will be issued to you prior to the date on which the RSUs vest.

3. Vesting. Unless otherwise specified by the Compensation Committee (the "Committee") of the Board of Directors (the "Board"), RSUs shall vest and therestrictions with respect to the RSUs shall lapse as set forth in the Notice, provided that you remain continuously employed by the Company. If your employment with theCompany terminates prior to the Performance Units vesting, the Performance Units will be forfeited upon the effective date of the terminations. The provisions of this Section 3are subject to the provisions of Section 4 below entitled "Forfeiture of Shares."

4. ForfeitureofSharesforEngaginginCertainActivities.

(a) If at any time during your employment with the Company and/or its subsidiaries and affiliated companies, or within one year after termination of youremployment you engage in any activity which competes with any activity of the Company and/or its subsidiaries and affiliated companies, or if you engage in any of the prohibitedactivities listed in subsection (b) below, then

(i) any unvested RSUs granted to you shall be canceled;

(ii) with respect to any Shares received by you pursuant to Section 2(b) above within the three-year period before and the three-year period after yourtermination date, you shall pay to the Company an amount equal to the proceeds of any sale or distribution of those Shares (the "Forfeited Shares"), or, if still held by you,the aggregate fair market value of such Forfeited Shares as of the date of vesting; and

(iii) the Company shall be entitled to set off against the amount of any such Forfeited Shares any amounts owed to you by the Company.

(b) The prohibited activities include:

(1) accepting employment with or serving as a consultant, advisor or in any other capacity to anyone that is in competition with or actingagainst the interests of the Company;

(2) disclosing or misusing any confidential information or material concerning the Company;

(3) any attempt, directly or indirectly, to induce any associate of the Company to be employed or perform services elsewhere;

(4) any attempt, directly or indirectly, to solicit the trade or business of any current or prospective customer of the Company;

(5) the failure or refusal to disclose promptly and to assign to the Company all right, title and interest in any invention or idea made orconceived in whole or in part by you in the course of your employment by the Company, relating to the actual or anticipated business, research or developmentwork of the Company, or the failure or refusal to do anything reasonably necessary to enable the Company to secure a patent or other intellectual property right;

(6) participating in a hostile takeover attempt against the Company;

(7) a material violation of Company policy, including, without limitation, the Company's insider trading policies; or

(8) conduct related to your employment for which you have been convicted of criminal conduct or for which you have been assessed civilpenalties.

(c) Upon receipt of any Shares pursuant to Section 2(b) of this Agreement, you agree to certify, if requested by the Company, that you are in compliance with theterms and conditions of this Agreement.

(d) You may be released from your obligations under this Section 4 only if the Compensation Committee of the Company's Board of Directors (the "Committee"), or itsauthorized designee(s), determines in its sole discretion that to do so is in the best interests of the Company.

5. RestrictiononTransfer. RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by you except as provided under the Plan, andany unauthorized purported sale, assignment, transfer, pledge, hypothecation or other disposition shall be void and unenforceable against the Company.

6. Taxes. In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure thatall applicable or state payroll, withholding, income or other taxes, which are your sole and absolute responsibility, are withheld or collected from you.

7. Amendments . All amendments to this Agreement shall be in writing; providedthat this Agreement is subject to the power of the Committee and/or theBoard to amend the Plan as provided therein, except that no such amendment to the Plan shall adversely affect your rights under this Agreement without your consent.

8. Notices. Any notice to be given under this Agreement to the Company shall be addressed to the Company in care of its restricted stock plan administrator. Any notice to be given to you shall be addressed to you at the address listed in the Company's records. By a notice given pursuant to this Section, either party may designate adifferent address for notices. Any notice shall have been deemed given when actually delivered.

9. DeliveryofCertificates. Notwithstanding any other provision of this Agreement, the Company is not required to issue or deliver any certificates for shares beforecompleting the steps necessary to comply with applicable federal and state securities laws (including any registration requirements) and applicable stock exchange rules andpractices. The Company will use commercially reasonable efforts to cause compliance with those laws, rules and practices.

10. Clawback. This Award is subject to the Company's "clawback policy" as may be in effect at the time.

11. Administration. The Committee and the Board administer the Plan. Your rights under this Agreement are expressly subject to the terms and conditions ofthe Plan, including continued shareholder approval of the Plan, and to any guidelines the Committee or the Board adopts from time to time. You hereby acknowledge receipt of acopy of the Plan.

12. Severability. If any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidityshall not serve to invalidate any part of this Agreement not declared to be unlawful or invalid. Any part so declared unlawful or invalid shall, if possible, be construed in a mannerwhich gives effect to the terms of such part to the fullest extent possible while remaining lawful and valid.

13. ApplicableLaw. This Agreement shall be governed by the laws (excluding the conflict of laws rules) of the State of Delaware.

14. ForumSelectionAt all times each party hereto: (a) irrevocably submits to the exclusive jurisdiction of any Arkansas court or Federal court sitting inArkansas; (b) agrees that any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby will be heard and determined in suchArkansas or Federal court; (c) to the extent permitted by law, irrevocably waives (i) any objection such party may have to the laying of venue of any such action or proceeding inany of such courts, or (ii) any claim that such party may have that any such action or proceeding has been brought in an inconvenient forum; and (d) to the extent permitted by law,irrevocably agrees that a final nonappealable judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or inany other manner provided by law. Nothing in this section entitled "Forum Selection" will affect the right of any party hereto to serve legal process in any manner permitted by law.

15. Headings. Headings are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement

EXHIBIT 10.19

RESTRICTEDSTOCKUNITAWARDAGREEMENT

This Restricted Stock Unit Award Agreement (the "Agreement"), the accompanying Notice of Restricted Stock Unit Award (the "Notice"), and the Arbor EquityCompensation Plan of Acxiom Corporation (the "Plan"), constitute the agreement between Acxiom Corporation (the "Company") and you with regard to the restricted stock units("RSUs") pertaining to the Company's common stock ("Common Stock") described in the Notice. Capitalized terms not otherwise defined herein will have the meanings set forthin the Plan. In the event of a conflict between the terms of the Plan and this Agreement, the terms of the Plan shall govern.

1. Acceptance of Terms . Your acceptance and retention of the award described in the accompanying Notice, as evidenced by your electronicacceptanceoftheNotice,shallconstituteyouracceptanceofthetermsandconditionssetforthintheNotice,thisAgreement,andthePlan.

2. Your Rights with Respect to the RSUs.

(a) Shareholder Rights. Upon vesting, the RSUs granted pursuant to the Notice will entitle you to the all the rights of a shareholder of the Company'sCommon Stock as to the amount of shares of Common Stock ("Shares") currently vested. You will have no shareholder rights with respect to any unvested RSU's, and your rightswith respect to the RSUs will remain forfeitable prior to the date on which such rights become vested.

(b) Conversionof RSUs; Issuance of Shares. Upon each vesting date, you will be entitled to receive, as soon as administratively practicable, 25% of theShares in accordance with the Notice. No Shares will be issued to you prior to the date on which the RSUs vest.

3. Vesting. Unless otherwise specified by the Compensation Committee (the "Committee") of the Board of Directors (the "Board"), RSUs shall vest and therestrictions with respect to the RSUs shall lapse as set forth in the Notice, provided that you remain continuously employed by the Company. If your employment with theCompany terminates prior to the Performance Units vesting, the Performance Units will be forfeited upon the effective date of the termination. The provisions of this Section 3 aresubject to the provisions of Section 4 below entitled "Forfeiture of Shares."

4. ForfeitureofSharesforEngaginginCertainActivities.

(a) If at any time during your employment with the Company and/or its subsidiaries and affiliated companies, or within one year after termination of youremployment you engage in any activity which competes with any activity of the Company and/or its subsidiaries and affiliated companies, or if you engage in any of the prohibitedactivities listed in subsection (b) below, then

(i) any unvested RSUs granted to you shall be canceled;

(ii) with respect to any Shares received by you pursuant to Section 2(b) above within the three-year period before and the three-year period after yourtermination date, you shall pay to the Company an amount equal to the proceeds of any sale or distribution of those Shares (the "Forfeited Shares"), or, if still held by you,the aggregate fair market value of such Forfeited Shares as of the date of vesting; and

(iii) the Company shall be entitled to set off against the amount of any such Forfeited Shares any amounts owed to you by the Company.

(b) The prohibited activities include:

(1) accepting employment with or serving as a consultant, advisor or in any other capacity to anyone that is in competition with or actingagainst the interests of the Company;

(2) disclosing or misusing any confidential information or material concerning the Company;

(3) any attempt, directly or indirectly, to induce any associate of the Company to be employed or perform services elsewhere;

(4) any attempt, directly or indirectly, to solicit the trade or business of any current or prospective customer of the Company;

(5) the failure or refusal to disclose promptly and to assign to the Company all right, title and interest in any invention or idea made orconceived in whole or in part by you in the course of your employment by the Company, relating to the actual or anticipated business, research or developmentwork of the Company, or the failure or refusal to do anything reasonably necessary to enable the Company to secure a patent or other intellectual property right;

(6) participating in a hostile takeover attempt against the Company;

(7) a material violation of Company policy, including, without limitation, the Company's insider trading policies; or

(8) conduct related to your employment for which you have been convicted of criminal conduct or for which you have been assessed civilpenalties.

(c) Upon receipt of any Shares pursuant to Section 2(b) of this Agreement, you agree to certify, if requested by the Company, that you are in compliance with theterms and conditions of this Agreement.

(d) You may be released from your obligations under this Section 4 only if the Committee, or its authorized designee(s), determines in its sole discretion that todo so is in the best interests of the Company.

5. RestrictiononTransfer. RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by you except as provided under the Plan, andany unauthorized purported sale, assignment, transfer, pledge, hypothecation or other disposition shall be void and unenforceable against the Company.

6. Taxes. In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure thatall applicable or state payroll, withholding, income or other taxes, which are your sole and absolute responsibility, are withheld or collected from you.

7. Amendments . All amendments to this Agreement shall be in writing; providedthat this Agreement is subject to the power of the Committee and/or theBoard to amend the Plan as provided therein, except that no such amendment to the Plan shall adversely affect your rights under this Agreement without your consent.

8. Notices. Any notice to be given under this Agreement to the Company shall be addressed to the Company in care of its restricted stock plan administrator. Any notice to be given to you shall be addressed to you at the address listed in the Company's records. By a notice given pursuant to this Section, either party may designate adifferent address for notices. Any notice shall have been deemed given when actually delivered.

9. DeliveryofCertificates. Notwithstanding any other provision of this Agreement, the Company is not required to issue or deliver any certificates for sharesbefore completing the steps necessary to comply with applicable federal and state securities laws (including any registration requirements) and applicable stock exchange rules andpractices. The Company will use commercially reasonable efforts to cause compliance with those laws, rules and practices.

10. Clawback. This Award is subject to the Company's "clawback policy" as may be in effect at the time.

11. Administration. The Committee and the Board administer the Plan. Your rights under this Agreement are expressly subject to the terms and conditions ofthe Plan, including continued shareholder approval of the Plan, and to any guidelines the Committee or the Board adopts from time to time. You hereby acknowledge receipt of acopy of the Plan.

12. Severability. If any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidityshall not serve to invalidate any part of this Agreement not declared to be unlawful or invalid. Any part so declared unlawful or invalid shall, if possible, be construed in a mannerwhich gives effect to the terms of such part to the fullest extent possible while remaining lawful and valid.

13. ApplicableLaw. This Agreement shall be governed by the laws (excluding the conflict of laws rules) of the State of Delaware.

14. ForumSelectionAt all times each party hereto: (a) irrevocably submits to the exclusive jurisdiction of any Arkansas court or Federal court sitting inArkansas; (b) agrees that any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby will be heard and determined in suchArkansas or Federal court; (c) to the extent permitted by law, irrevocably waives (i) any objection such party may have to the laying of venue of any such action or proceeding inany of such courts, or (ii) any claim that such party may have that any such action or proceeding has been brought in an inconvenient forum; and (d) to the extent permitted by law,irrevocably agrees that a final nonappealable judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or inany other manner provided by law. Nothing in this section entitled "Forum Selection" will affect the right of any party hereto to serve legal process in any manner permitted bylaw.

15. Headings. Headings are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

EXHIBIT 10.25

INDEMNITYAGREEMENT

This Indemnity Agreement ("Agreement") is made as of ___________, 20__ (the "Effective Date") by and between the ACXIOM CORPORATION, a Delawarecorporation (the "Corporation"), and ________________________ ("Indemnitee").

RECITALS:

WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or in other capacities unless they are provided withadequate protection through insurance or indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of thecorporation.

WHEREAS, the Board of Directors of the Corporation (the "Board") has determined that, in order to attract and retain qualified individuals, the Corporation will attemptto maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Corporation and its subsidiaries from certain liabilities. Although thefurnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Corporation believes that,given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among otherthings, matters that traditionally would have been brought only against the Corporation or business enterprise itself. The Certificate of Incorporation and Bylaws of the Corporationrequire indemnification of the officers and directors of the Corporation. Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the GeneralCorporation Law of the State of Delaware ("DGCL"). The Certificate of Incorporation, Bylaws and the DGCL expressly provide that the indemnification provisions set forththerein are not exclusive, and thereby contemplate that contracts may be entered into between the Corporation and members of the board of directors, officers and other persons inorder to protect such persons against claims and expenses arising from their services on behalf of the Corporation.

WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining highly competent persons.

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Corporation'sstockholders and that the Corporation should act to assure such persons that there will be increased certainty of such protection in the future.

WHEREAS, it is reasonable, prudent and necessary for the Corporation contractually to obligate itself to indemnify and hold harmless and to advance expenses on behalfof, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Corporation free from undue concern that they will not be soprotected against liabilities.

WHEREAS, this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and Bylaws of the Corporation and any resolutions adopted pursuantthereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

WHEREAS, Indemnitee does not regard the protection available under the Certificate of Incorporation, Bylaws and insurance as adequate in the present circumstances,and may not be willing to serve as a director without adequate protection, and the Corporation desires Indemnitee to serve in such capacity. Indemnitee is willing to serve,continue to serve and to take on additional service for or on behalf of the Corporation on the condition that he or she be so indemnified.

WHEREAS, this Agreement hereby amends and restates any existing indemnification agreement between Indemnitee and the Corporation.

NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the sufficiency of which is acknowledged, the Corporation and Indemniteecovenant and agree as follows:

1. Services to the Corporation . Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be employed or retained in the employof the Corporation or any of its subsidiaries or affiliated entities. The foregoing notwithstanding, this Agreement shall continue in force after the Indemnitee has ceased to serve asan officer, director or key employee of the Corporation. The Corporation's obligations to Indemnitee under this Agreement are independent from (and not subject to) (i)Indemnitee's performance of his or her duties on behalf of the Corporation or any Enterprise (defined below) and (ii) his or her compliance with the provisions of any otheragreement he or she may have with the Corporation. Without limiting the generality of the preceding sentence, Indemnitee's failure to comply with any provision of any suchagreement with the Corporation or its Enterprises will not constitute a breach of this Agreement.

2. Definitions . As used in this Agreement:

References to "agent" shall mean any person who is or was a director, officer, or employee of the Corporation or a subsidiary of the Corporation or other person authorizedby the Corporation to act for the Corporation, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation,partnership, limited liability company, joint venture, trust or other Enterprise (as defined below) at the request of, for the convenience of, or to represent the interests of theCorporation or a subsidiary of the Corporation.

The term "Agreement" means this Indemnity Agreement.

The terms "Beneficial Owner" and "Beneficial Ownership" shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as ineffect on the date hereof.

References to "Board" shall mean the Board of Directors of the Corporation.

The definition of "Business Combination" is included in the definition of "Change in Control."

A "Change in Control" shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

(i) Acquisition of Stock by Third Party . Any Person (as defined below) is or becomes the Beneficial Owner, directly orindirectly, of securities of the Corporation representing fifteen percent (15%) or more of the combined voting power of the Corporation's thenoutstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of theCorporation's securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to votegenerally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and suchacquisition would not constitute a Change in Control under part (iii) of this definition;

(ii) Change in Board of Directors . Individuals who, as of the date hereof, constitute the Board, and any new director whoseelection by the Board or nomination for election by the Corporation's stockholders was approved by a vote of at least two thirds (2/3rd) of thedirectors then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved(collectively, the "Continuing Directors"), cease for any reason to constitute at least a majority of the members of the Board;

(iii) Corporate Transactions . The effective date of a reorganization, merger or consolidation of the Corporation (a "BusinessCombination"), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were theBeneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficiallyown, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the Corporation entitled to votegenerally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result ofsuch transaction owns the Corporation or all or substantially all of the Corporation's assets either directly or through one or more Subsidiaries) insubstantially the same proportions as their ownership, immediately prior to such Business Combination, of the securities entitled to vote generally inthe election of directors and with the power to elect at least a majority of the Board or other governing body of the surviving entity; (2) no Person(excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of thecombined voting power of the then outstanding securities entitled to vote generally in the election of directors of such corporation except to theextent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporationresulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of theBoard of Directors, providing for such Business Combination;

(iv) Liquidation . The approval by the stockholders of the Corporation of a complete liquidation of the Corporation or anagreement or series of agreements for the sale or disposition by the Corporation of all or substantially all of the Corporation's assets, other thanfactoring the Corporation's current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with such aliquidation, sale, or disposition in one transaction or a series of related transactions); or

(v) Other Events . There occurs any other event of a nature that would be required to be reported in response to Item 6(e) ofSchedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (asdefined below), whether or not the Corporation is then subject to such reporting requirement.

"Continuing Directors" shall have the meaning set forth in clause (ii) of the definition of Change in Control.

"Corporate Status" describes the status of a person who is, was or has agreed to serve as a director, officer, employee or agent of the Corporation or director, officer,trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise (as defined below).

References to "Corporation" shall mean the entity identified in the preamble. However, in connection with any merger or consolidation, references to the "Corporation"shall include not only the resulting or surviving corporation, but also any constituent corporation or constituent of a constituent corporation absorbed in a merger or consolidationwhich, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents. The intent of this provision is that aperson who is or was a director, officer, employee or agent of such constituent corporation on or after the date hereof or is or was serving at the request of such constituentcorporation as a director, officer, employee, trustee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise on or after the datehereof, shall stand in the same position under this Agreement with respect to the resulting or surviving corporation as the person would have under this Agreement with respect tosuch constituent corporation if its separate existence had continued.

"Delaware Court" shall mean the Court of Chancery of the State of Delaware.

References to "DGCL" shall mean the General Corporation Law of the State of Delaware, as amended.

"Disinterested Director" shall mean a director of the Corporation who is not a party to the Proceeding (as defined below) in respect of which indemnification is sought byIndemnitee.

"Effective Date" means the date set forth in the preamble.

"Enterprise" shall mean the Corporation and any corporation (including its subsidiaries), limited liability company, partnership, joint venture, trust, employee benefit planor other enterprise of which Indemnitee is or was serving or has agreed to serve at the request of the Corporation as a director, officer, trustee, general partner, managing member,fiduciary, employee or agent. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Corporation, service byIndemnitee shall be deemed to be at the request of the Corporation if Indemnitee serves or served as a director, trustee, officer, general partner, managing member, fiduciary,employee or agent of any corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which (i) a majority of the votingpower or equity interest is owned directly or indirectly by the Corporation or (ii) the management is otherwise controlled directly or indirectly by the Corporation.

"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

"Expenses" shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all attorneys' fees and costs,retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and bindingcosts, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any paymentsunder this Agreement (including any taxes that may be imposed upon the actual or deemed receipt of payments under this Agreement with respect to the imposition of federal,state, local or foreign taxes), fax transmission charges, secretarial services and all other disbursements, obligations or expenses, actually and reasonably incurred by Indemnitee oron his or her behalf in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, orotherwise participating in, a Proceeding (as defined below). Expenses also shall include (i) Expenses incurred in connection with asserting compulsory counterclaims that negate aplaintiff's claims, (ii) reasonable compensation for time spent by Indemnitee in connection with a Proceeding, for which Indemnitee is not otherwise compensated by theCorporation or any third party, provided that the rate of compensation and estimated time involved is approved by the Board, which approval shall not be unreasonably withheldand (iii) Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, andother costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or theamount of judgments or fines against Indemnitee.

"Indemnification Arrangements" shall have the meaning set forth in Section 17(b).

"Indemnitee" means the natural person identified in the preamble.

"Independent Counsel" shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and neither presently is, nor in the pastfive years has been, retained to represent (i) the Corporation or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemniteeunder this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to or participant or witness in the Proceeding (as defined below)giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicablestandards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee'srights under this Agreement.

References to "fines" shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to "serving at the request of theCorporation" shall include any service as a director, officer, employee, agent or fiduciary of the Corporation which imposes duties on, or involves services by, such director, officer,employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonablybelieved to be in the interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner "not opposed to the bestinterests of the Corporation" as referred to in this Agreement.

The term "Person" shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that "Person"shall exclude: (i) the Corporation; (ii) any Subsidiaries (as defined below) of the Corporation; (iii) any employee benefit plan of the Corporation or of a Subsidiary (as definedbelow) of the Corporation or of any corporation owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership ofstock of the Corporation; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or of a Subsidiary (as defined below) of theCorporation or of a corporation owned directly or indirectly by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of theCorporation.

A "Potential Change in Control" shall be deemed to have occurred if: (i) the Corporation enters into an agreement or arrangement, the consummation of which wouldresult in the occurrence of a Change in Control; (ii) any Person or the Corporation publicly announces an intention to take or consider taking actions which if consummated wouldconstitute a Change in Control; (iii) any Person who is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing five percent (5%) ormore of the combined voting power of the Corporation's then outstanding securities entitled to vote generally in the election of directors increases his or her Beneficial Ownershipof such securities by five percent (5%) or more over the percentage so owned by such Person on the date hereof unless such acquisition was approved in advance by the Board; or(iv) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

The term "Proceeding" shall mean any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry,administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Corporation or otherwise and whether of a civil (includingintentional or unintentional tort claims), criminal, administrative, legislative or investigative (formal of informal) nature, including any appeal therefrom, in which Indemnitee was,is, will or might be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee's Corporate Status or by reason of any action alleged to have beentaken (or alleged failure to act) by him or her in his or her capacity as a director, officer, employee or agent of the Corporation or as a director, officer, trustee, general partner,managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred forwhich indemnification, reimbursement, or advancement of expenses can be provided under this Agreement. If Indemnitee believes in good faith that a given situation may lead toor culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

"Sarbanes-Oxley Act" means the Sarbanes-Oxley Act of 2002, as amended. For clarity, the term "as applicable" (or similar phrase) when used in connection with theSarbanes-Oxley Act shall mean that the Sarbanes-Oxley Act applies only if the Corporation, Enterprise or transaction is subject to the Sarbanes-Oxley Act.

The term "Subsidiary," with respect to any Person, shall mean any corporation or other entity of which a majority of the voting power of the voting equity securities orequity interest is owned, directly or indirectly, by that Person.

The terms "Trust" and "Trustee" shall have the meaning set forth in Section 15.

3. Indemnity in Third-Party Proceedings . The Corporation shall indemnify and hold harmless Indemnitee in accordance with the provisions of this Section 3 ifIndemnitee was, is, or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding, other than a Proceeding by or in the right of theCorporation to procure a judgment in its favor, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of theCorporation and, in the case of a criminal Proceeding, the Indemnitee had no reasonable cause to believe that his or her conduct was unlawful. Pursuant to this Section 3,Indemnitee shall be indemnified and held harmless to the fullest extent permitted by applicable law against all Expenses, judgments, liabilities, fines, penalties and amounts paid insettlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid insettlement) incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein. For the avoidance of doubt, the foregoingindemnification obligation includes, without limitation, claims for monetary damages against Indemnitee in respect of an alleged breach of fiduciary duties, to the fullest extentpermitted under Section 102(b)(7) of the DGCL as in existence on the date hereof.

4. Indemnity in Proceedings by or in the Right of the Corporation . The Corporation shall indemnify and hold harmless Indemnitee in accordance with theprovisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right of theCorporation to procure a judgment in its favor, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of theCorporation. Pursuant to this Section 4, Indemnitee shall be indemnified and held harmless to the fullest extent permitted by applicable law against all Expenses incurred byIndemnitee on his or her behalf in connection with such Proceeding or any claim, issue or matter therein. No indemnification for Expenses shall be made under this Section 4 inrespect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been finally adjudged by a court to be liable to the Corporation, unless and only to theextent that any court in which the Proceeding was brought or the Delaware Court shall determine that such indemnification may be made.

5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful . Notwithstanding any other provisions of this Agreement, to the fullest extentpermitted by applicable law and to the extent that Indemnitee was is or is threatened to be made a party to (or a participant in) any Proceeding and is successful, on the merits orotherwise, in such Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Corporation shall indemnify and hold harmless Indemnitee against allExpenses in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,issues or matters in such Proceeding, the Corporation shall indemnify and hold harmless Indemnitee against all Expenses in connection with or related to each successfully resolvedclaim, issue or matter to the fullest extent permitted by applicable law. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such aProceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

6. Indemnification For Expenses of a Witness . Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and tothe extent that Indemnitee is, by reason of his or her Corporate Status, a witness or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, he or sheshall be indemnified and held harmless against all Expenses in connection therewith.

7. Additional Indemnification . Notwithstanding any other provision of this Agreement, the Corporation shall indemnify and hold harmless Indemnitee to thefullest extent permitted by Delaware law in effect on the date hereof or to such extent as Delaware law thereafter from time to time may permit; provided, however, that no changein Delaware law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Delaware law as in effect on the date hereof. The rights of Indemniteeprovided in this Section 7 shall include, without limitation, the rights set forth in the other sections of this Agreement and any additional indemnification permitted by Section145(f) of the DGCL.

8. Contribution in the Event of Joint Liability .

(a) To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for anyreason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the payment of the amount incurred by Indemnitee, whether for judgments, fines,penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in suchproportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Corporation andIndemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Corporation (and its directors, officers, employeesand agents) and Indemnitee in connection with such event(s) and/or transaction(s); provided, that such contribution shall not be required where indemnification is unavailablebecause Indemnitee failed to meet the standard of conduct necessary for indemnification or any limitation on indemnification set forth in Section 9 applies.

(b) The Corporation shall not enter into any settlement of any Proceeding in which the Corporation is jointly liable with Indemnitee (or would be ifjoined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

(c) The Corporation hereby agrees to fully indemnify and hold harmless Indemnitee from any claims for contribution which may be brought by officers,directors or employees of the Corporation other than Indemnitee who may be jointly liable with Indemnitee.

9. Exclusions . Notwithstanding any provision in this Agreement, the Corporation shall not be obligated under this Agreement to make any indemnification orhold harmless payment:

(a) to the extent (and only to the extent) that the making of such payment would result in the recovery by Indemnitee of more than 100% of theExpenses, judgments, liabilities, fines, penalties and amounts paid in settlement incurred by Indemnitee on his or her behalf in connection with such claim as a result of Indemniteehaving actually received one or more payments in respect thereof under any insurance policy, contract, agreement, other indemnity provision or otherwise;

(b) in connection with any final judgment rendered against Indemnitee for (i) an accounting of profits made from the purchase and sale (or sale andpurchase) by Indemnitee of securities of the Corporation in violation of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, or (ii) anyreimbursement of the Corporation by the Indemnitee of any profits realized by the Indemnitee from the purchase or sale of securities of the Corporation, as required under theExchange Act (including any such reimbursements that arise from the payment to the Corporation of profits arising from the purchase and sale by Indemnitee of securities inviolation of Section 306 of the Sarbanes - Oxley Act); or

(c) except as otherwise provided in Section 14(e) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of anyProceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Corporation or its directors, officers, employeesor other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) such payment arises in connection with anycounterclaim that the Corporation or its directors, officers, employees or other indemnitees assert against Indemnitee or any affirmative defense that the Corporation or its directors,officers, employees or other indemnitees raise, which, by any doctrine of issue or claim preclusion, could result in liability to Indemnitee, or (iii) the Corporation provides theindemnification or hold harmless payment, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law.

10. Advances of Expenses; Defense of Claim .

(a) Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law, the Corporation shall from time to timeprior to the final disposition of any Proceeding advance to or on behalf of Indemnitee payment of all Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to beincurred by Indemnitee within three months) in connection with such Proceeding within ten (10) days after the receipt by the Corporation from Indemnitee of a written requesttherefore. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay the Expenses, shall not be subject to thesatisfaction of any standard of conduct and shall not be conditional upon any prior determination of Indemnitee's ultimate entitlement to be indemnified or held harmless under theother provisions of this Agreement or the absence of any prior determination to the contrary. The execution and delivery to the Corporation of this Agreement shall constitute anundertaking of Indemnitee to repay the portion of any Expenses advanced (without interest) relating to claims, issues or matters in the Proceeding as to which it shall ultimately bedetermined upon or following the final disposition of the Proceeding that Indemnitee is not entitled to be indemnified by the Corporation under the provisions of this Agreement,the Certificate of Incorporation, the Bylaws of the Corporation, applicable law or otherwise. No other form of undertaking shall be required other than the execution of thisAgreement. This Section 10(a) shall not apply in respect of any Expenses as to which payment is excluded pursuant to Section 9(a) or (c).

(b) The Corporation will be entitled to participate in the Proceeding at its own expense.

(c) The Corporation shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty orlimitation on the Indemnitee without the Indemnitee's prior written consent.

11. Procedure for Notification and Application for Indemnification .

(a) Indemnitee agrees to notify promptly the Corporation in writing upon being served with any summons, citation, subpoena, complaint, indictment,information or other document relating to any Proceeding or matter which may be subject to indemnification or hold harmless rights, or advancement of Expenses coveredhereunder. The written notification shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. The failure of Indemnitee to so notify theCorporation shall not relieve the Corporation of any obligation which it may have to the Indemnitee under this Agreement, or otherwise.

(b) To obtain indemnification under this Agreement, Indemnitee shall deliver to the Corporation a written application to indemnify and hold harmlessIndemnitee. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following such a writtenapplication for indemnification by Indemnitee, the Indemnitee's entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.

12. Procedure Upon Application for Indemnification .

(a) A determination, if required by applicable law, with respect to Indemnitee's entitlement to indemnification shall be made in the specific case: (i) if aChange in Control shall have occurred (and Indemnitee shall not have requested that the determination be made pursuant to clause (ii) of this sentence, by Independent Counsel in awritten opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred (or Indemnitee shall have requested that thedetermination be made pursuant to this clause (ii), (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee ofDisinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, and (C) if there are no such DisinterestedDirectors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. The Corporationpromptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basisfor which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after suchdetermination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification,including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected fromdisclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including attorneys' fees and disbursements)incurred by Indemnitee in so cooperating with the person, persons or entity making such determination or otherwise in connection with Indemnitee's request for indemnificationshall be borne by the Corporation (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Corporation shall advance to or on behalf ofIndemnitee payment therefor upon Indemnitee's written request as such costs or Expenses are incurred or anticipated to be incurred.

(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, theIndependent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board. If aChange in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), andIndemnitee shall give written notice to the Corporation advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selectedmeets the requirements of "Independent Counsel" as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Corporation shall give writtennotice to Indemnitee advising him or her of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of"Independent Counsel" as defined in Section 2 of this Agreement. In either event, Indemnitee or the Corporation, as the case may be, may, within ten (10) days after such writtennotice of selection shall have been received, deliver to the Corporation or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that suchobjection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 2 of thisAgreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act asIndependent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until suchobjection is withdrawn or the Delaware Court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written requestfor indemnification pursuant to Section 11(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Corporation or Indemnitee may petition theDelaware Court for resolution of any objection which shall have been made by the Corporation or Indemnitee to the other's selection of Independent Counsel and/or for theappointment as Independent Counsel of a person selected by the Delaware Court or such other person as the Delaware Court shall designate, and the person with respect to whomall objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial proceeding orarbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to theapplicable standards of professional conduct then prevailing).

(c) The Corporation agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such IndependentCounsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or his, her or its engagement pursuant hereto.

(d) If the Corporation disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be paid and only thedisputed portion withheld pending resolution of any such dispute.

13. Presumptions and Effect of Certain Proceedings .

(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall,to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification inaccordance with Section 11(b) of this Agreement, and the Corporation shall have the burden of proof and the burden of persuasion to overcome that presumption by clear andconvincing evidence in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Corporation(including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification isproper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Corporation (including by its directors orIndependent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met theapplicable standard of conduct.

(b) Subject to Section 14(g), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whetherIndemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Corporation of the request therefor (or, if IndependentCounsel is making the determination, within sixty (60) days after the appointment of Independent Counsel), the requisite determination of entitlement to indemnification shall bedeemed to have been made and Indemnitee shall, to the fullest extent not prohibited by law, be entitled to such indemnification, absent (i) a misstatement by Indemnitee of amaterial fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a finaljudicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 60-day period may be extended for areasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faithrequires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolocontendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create apresumption that Indemnitee (i) did not act in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation or, (ii) in the case ofa criminal Proceeding, he or she did not act in good faith and had reasonable cause to believe that his or her conduct was unlawful.

(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on therecords or books of account of the Corporation or Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Enterprisein the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, or on information or records given or reportsmade to the Enterprise, its Board, any committee of the Board or any director by an independent certified public accountant or by an appraiser or other expert selected by or onbehalf of the Corporation or Enterprise, its Board, any committee of the Board or any director. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit inany way the other circumstances in which the Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

(e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary, agent or employee ofthe Corporation or Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

(f) The Corporation acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment againstIndemnitee (including, without limitation, settlement of such Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has beensuccessful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasionby clear and convincing evidence.

14. Remedies of Indemnitee .

(a) Subject to 14(g), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled toindemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of this Agreement,(iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within ninety (90) days after receipt by the Corporation ofthe request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6, 7, the last sentence of Section 12(a) or Section 14(e) of this Agreement withinten (10) days after receipt by the Corporation of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi)payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has been made (or deemed to have been made) thatIndemnitee is entitled to indemnification, or (vii) in the event that the Corporation or any other person takes or threatens to take any action to declare this Agreement void orunenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to theIndemnitee hereunder, Indemnitee shall be entitled to an adjudication by the Delaware Court of Indemnitee's entitlement to such indemnification, hold harmless, exoneration,contribution or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to theCommercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 14(a); provided, however, that the foregoing clause shall notapply in respect of a proceeding brought by Indemnitee to enforce his or her rights under Section 5 of this Agreement. Except as set forth herein, the provisions of Delaware law(without regard to its conflict of laws rules) shall apply to any such arbitration. The Corporation shall not oppose Indemnitee's right to seek any such adjudication or award inarbitration.

(b) In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled toindemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits andIndemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall bepresumed to be entitled to be indemnified and held harmless and to receive advances of Expenses under this Agreement and the Corporation shall have the burden of provingIndemnitee is not entitled to be indemnified and held harmless, and to receive advances of Expenses, as the case may be, and the Corporation may not refer to or introduce intoevidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitrationpursuant to this Section 14, Indemnitee shall not be required to reimburse the Corporation for any advances pursuant to Section 10 until a final determination is made with respectto Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

(c) If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Corporationshall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, oran omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of suchindemnification under applicable law.

(d) The Corporation shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commencedpursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any sucharbitrator that the Corporation is bound by all the provisions of this Agreement.

(e) It is the intent of the Corporation that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expensesassociated with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement by litigation or otherwise because the cost and expense thereof wouldsubstantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Corporation shall indemnify and hold harmless Indemnitee to the fullest extentpermitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Corporation's receipt of such written request) advance to or in behalf ofIndemnitee, to the fullest extent permitted by applicable law, all such Expenses which are incurred or anticipated by Indemnitee to be incurred by Indemnitee in connection withany judicial proceeding or arbitration brought by Indemnitee (i) in connection with, to enforce his or her rights under, or to recover damages for breach of, this Agreement or anyother indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Corporation's Certificate of Incorporation or Bylaws now or hereafterin effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee; provided, however, that to the extent that a finaldetermination (as to which all rights of appeal have been exhausted or lapsed) is made that one or more of Indemnitee's underlying claims were asserted in bad faith and are withoutmerit, the execution and delivery to the Corporation of this Agreement shall constitute an undertaking of the Indemnitee to repay, if required by law, the amounts advanced onaccount of such claims (without interest).

(f) Interest shall be paid by the Corporation to Indemnitee at the maximum legal rate under Delaware law for amounts which the Corporationindemnifies or holds harmless, or is obliged to indemnify or hold harmless for the period commencing with the date of his or her request for indemnification or request to be heldharmless, or request for contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Corporation.

(g) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under thisAgreement shall be required to be made prior to the final disposition of the Proceeding.

15. Establishment of Trust . In the event of a Potential Change in Control, the Corporation shall, upon written request by Indemnitee, create a "Trust" for thebenefit of Indemnitee and from time to time upon written request of Indemnitee shall fund such Trust in an amount sufficient to satisfy any and all Expenses reasonably anticipatedat the time of each such request to be incurred in connection with investigating, preparing for, participating in or defending any Proceedings, and any and all judgments, fines,penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such judgments, fines, penaltiesand amounts paid in settlement) in connection with any and all Proceedings from time to time actually paid or claimed, reasonably anticipated or proposed to be paid. The trustee ofthe Trust (the "Trustee") shall be a bank or trust corporation or other individual or entity chosen by the Indemnitee and reasonably acceptable to the Corporation. Nothing in thisSection 15 shall relieve the Corporation of any of its obligations under this Agreement. The amount or amounts to be deposited in the Trust pursuant to the foregoing fundingobligation shall be determined by mutual agreement of the Indemnitee and the Corporation or, if the Corporation and the Indemnitee are unable to reach such an agreement, byIndependent Counsel selected in accordance with Section 12(b) of this Agreement. The terms of the Trust shall provide that, except upon the consent of both the Indemnitee and theCorporation, (a) the Trust shall not be revoked or the principal thereof invaded, without the written consent of the Indemnitee; and (b) upon a Change in Control: (i) the Trusteeshall advance, to the fullest extent permitted by applicable law, within two (2) business days of a request by the Indemnitee any and all Expenses to the Indemnitee; (ii) the Trustshall continue to be funded by the Corporation in accordance with the funding obligations set forth above; (iii) the Trustee shall promptly pay to the Indemnitee all amounts forwhich the Indemnitee shall be entitled to indemnification or to be held harmless pursuant to this Agreement or otherwise; and (iv) all unexpended funds in such Trust shall revert tothe Corporation upon mutual agreement by the Indemnitee and the Corporation or, if the Indemnitee and the Corporation are unable to reach such an agreement, by IndependentCounsel selected in accordance with Section 12(b) of this Agreement, that the Indemnitee has been fully indemnified and held harmless under the terms of this Agreement. TheTrust shall be governed by Delaware law (without regard to its conflicts of laws rules) and the Trustee shall consent to the exclusive jurisdiction of the Delaware Court inaccordance with Section 23 of this Agreement.

16. Security . Notwithstanding anything herein to the contrary, to the extent requested by the Indemnitee and approved by the Board, the Corporation may at anytime and from time to time provide security to the Indemnitee for the Corporation's obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

17. Non-Exclusivity; Survival of Rights; Insurance; Subrogation .

(a) The rights of Indemnitee as provided by this Agreement (i) shall not be deemed exclusive of any other rights to which Indemnitee may at any timebe entitled under applicable law, the Corporation's Certificate of Incorporation or Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise and (ii)shall be enforced and this Agreement shall be interpreted independently of and without reference to or limitation or constraint (whether procedural, substantive or otherwise) by anyother such rights to which Indemnitee may at any time be entitled. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any rightof Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. Tothe extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expensesthan would be afforded currently under the Corporation's Certificate of Incorporation or Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoyby this Agreement the greater benefits so afforded by such change. To the extent that a change in Delaware law, whether by statute or judicial decision, narrows or limitsindemnification or advancement of Expenses that are afforded currently under the Corporation's Certificate of Incorporation or Bylaws or this Agreement, it is the intent of theparties hereto that such change, except to the extent required by applicable law, shall have no effect on this Agreement or the parties' rights and obligations hereunder. No right orremedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right andremedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not preventthe concurrent assertion or employment of any other right or remedy.

(b) The DGCL permits the Corporation to purchase and maintain insurance or furnish similar protection or make other arrangements including, but notlimited to, providing a trust fund, letter of credit, or surety bond ("Indemnification Arrangements") on behalf of Indemnitee against any liability asserted against him or her orincurred by or on behalf of him or her or in such capacity as a director, officer, employee or agent of the Corporation, or arising out of his or her status as such, whether or not theCorporation would have the power to indemnify him or her against such liability under the provisions of this Agreement or under the DGCL, as it may then be in effect. Thepurchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Corporation or of theIndemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Corporation and the Indemnitee shall not in any waylimit or affect the rights and obligations of the Corporation or the other party or parties thereto under any such Indemnification Arrangement.

(c) The Corporation shall maintain directors' and officers' insurance and fiduciary insurance programs providing coverage to Indemnitee during the timeperiod Indemnitee serves the Corporation in a Corporate Status. The amount of coverage and retention/deductible shall be established from time to time by the Board, except asmay be expressly required by this Agreement; provided that the terms thereof are no less favorable to Indemnitee than they are to other persons covered thereby who are situatedsimilarly to Indemnitee. If the Corporation is named as an insured under the directors' and officers' insurance or fiduciary insurance programs, then the insurance program orpolicy shall include a "Priority of Payments" or "Order of Payments" clause requiring coverage proceeds to be paid first to the insured who are natural persons. If, at the time theCorporation receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness or otherwise), the Corporation has director and officerliability insurance or fiduciary insurance in effect, the Corporation shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in therespective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a resultof such Proceeding in accordance with the terms of such policies.

(d) In the event of any payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recoveryof Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable theCorporation to bring suit to enforce such rights, except to the extent such subrogation would impair the subrogation rights of an insurance corporation under the directors' andofficers' insurance or fiduciary insurance program. The Corporation shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or forwhich advancement is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,agreement or otherwise.

(e) The Corporation's obligation to indemnify and hold harmless or advance Expenses hereunder to Indemnitee who is or was serving at the request ofthe Corporation as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee hasactually received as indemnification or hold harmless payments or advancement of expenses from such Enterprise.

(f) If Indemnitee ceases to be a director of the Corporation for any reason, the Corporation shall procure a run-off directors' and officers' liabilityinsurance policy and fiduciary policy with respect to claims arising from facts or events that occurred before the time Indemnitee ceased to be a director of the Corporation andcovering Indemnitee, which policy, without any lapse in coverage, will provide coverage for a period of six (6) years after the time Indemnitee ceased to be a director of theCorporation and will provide coverage (including amount and type of coverage and size of deductibles) that are substantially comparable to the Corporation's directors' and officers'liability insurance policy and fiduciary insurance policy that was most protective of Indemnitee in the twelve (12) months preceding the time Indemnitee ceased to be a director ofthe Corporation; provided, however, that:

(i) this obligation shall be suspended during the period immediately following the time Indemnitee ceases to be a director of the Corporation ifand only so long as the Corporation has a directors' and officers' liability insurance policy and fiduciary policy in effect covering Indemnitee for such claimsthat, if it were a run-off policy, would meet or exceed the foregoing standards, but in any event this suspension period shall end when a Change in Controloccurs; and

(ii) no later than the end of the suspension period provided in the preceding clause (i) (whether because of failure to have a policy meeting theforegoing standards or because a Change in Control occurs), the Corporation shall procure a run-off directors' and officers' liability insurance policy andfiduciary policy meeting the foregoing standards and lasting for the remainder of the six (6)-year period.

(g) Notwithstanding the preceding clause (f) including the suspension provisions therein, if Indemnitee ceases to be a director of the Corporation inconnection with a Change in Control or at or during the one (1)-year period following the occurrence of a Change in Control, the Corporation shall procure a run-off directors' andofficers' liability insurance policy and fiduciary policy covering Indemnitee and meeting the foregoing standards in clause (f) and lasting for a six (6)-year period upon theIndemnitee's ceasing to be a director of the Corporation in such circumstances.

18. Duration of Agreement . This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall haveceased to serve as a director, officer, employee or agent of the Corporation, or at the request of the Corporation, as a director, officer, trustee, general partner, managing member,fiduciary, employee or agent of another Enterprise; or (b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights ofindemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto.

19. Severability . If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity,legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreementcontaining any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby andshall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law andto give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion ofany Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)shall be construed so as to give effect to the intent manifested thereby.

20. Enforcement and Binding Effect .

(a) The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order toencourage Indemnitee to serve and/or continue to serve as a director, officer, employee or agent of the Corporation or as a director, officer, trustee, general partner, managingmember, fiduciary, employee or agent of another Enterprise, and the Corporation acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer,employee or agent of the Corporation.

(b) Without limiting any of the rights of Indemnitee under the Certificate of Incorporation or Bylaws of the Corporation as they may be amended fromtime to time, and except as provided in Section 17(a), this Agreement and the agreements, documents, exhibits and instruments referenced herein constitute the entire agreementbetween the parties hereto and thereto with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral, written and implied,between the parties hereto with respect to the subject matter hereof and thereof.

(c) The rights to be indemnified and to receive contribution and advancement of Expenses provided by or granted Indemnitee pursuant to thisAgreement shall apply to Proceedings arising from Indemnitee's service as an officer, director, employee or agent of the Corporation or as a director, officer, trustee, generalpartner, managing member, fiduciary, employee or agent of another Enterprise prior to the Effective Date.

(d) The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall bebinding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation orotherwise to all or substantially all of the business or assets of the Corporation), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of theCorporation or of any other Enterprise, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, estate, heirs, devisees, executors and administrators and otherlegal representatives.

(e) The Corporation shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,substantially all or a substantial part, of the business and/or assets of the Corporation, by written agreement in form and substance satisfactory to Indemnitee, expressly to assumeand agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place.

(f) The Corporation and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforcethis Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and thatby seeking injunctive relief and/or specific performance Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Corporationand Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions andpermanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Corporation acknowledges that in the absence of a waiver, a bondor undertaking may be required of Indemnitee by the Court, and the Corporation hereby waives any such requirement of such a bond or undertaking.

21. Modification and Waiver . No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties hereto.No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute acontinuing waiver.

22. Notices . All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i)if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii) on the next business day after it is sent by facsimilewith confirmation of transmission by the transmitting equipment, (iii) when received by the addressee, if sent by certified mail, return receipt requested, or (iv) when received bythe addressee, if sent by a nationally recognized overnight delivery service, return receipt requested, in each case to the appropriate addresses or facsimile numbers set forth below:

(a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to theCorporation.

(b) If to the Corporation, to:

ACXIOM CORPORATION301 E. Dave Ward DriveConway, AR 72032Attention: Secretary

or to any other address as may have been furnished to Indemnitee in writing by the Corporation.

23. Applicable Law and Consent to Jurisdiction . This Agreement and the legal relations among the parties shall be governed by, and construed and enforced inaccordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section14(a) of this Agreement, the Corporation and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with thisAgreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent tosubmit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection tothe laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding broughtin the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial.

24. Identical Counterparts . This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original butall of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced toevidence the existence of this Agreement.

25. Miscellaneous . Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphsof this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

26. Additional Act s. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the Corporationundertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Corporation to fulfill its obligations under thisAgreement.

[Remainderofpageintentionallyleftblank;signaturesappearonfollowingpage]

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the Effective Date.

ACXIOMCORPORATION

By:

[Name and Title]

INDEMNITEE:

Name:

EXHIBIT 10.26

INDEMNITYAGREEMENT

This Indemnity Agreement ("Agreement") is made as of the ___ day of 20___, ___ ("Effective Date"), by and between Acxiom Corporation, a Delaware corporation (the"Corporation"), and _______ , with reference to the following:

RECITALS

_____________________ ("Executive" or "Indemnitee") is currently serving in a leadership position with the Corporation and/or as an officer of the Corporation and/or asubsidiary(s) of the Corporation, and the Corporation wishes Indemnitee to continue in such capacity. Indemnitee is willing, under certain circumstances, to continue in suchcapacity.

AGREEMENT

1. In order to induce Indemnitee to continue to serve as an Executive of the Corporation and/or as an officer of any of the Corporation's subsidiaries, and inconsideration for such continued service, the Corporation hereby agrees to indemnify Indemnitee, and his/her executors, administrators or assigns, for any amount which he/she isor becomes legally obligated to pay because of any claim or claims made against him/her because of any act or omission or neglect or breach of duty, including any actual oralleged error or misstatement or misleading statement, which he/she commits or suffers while acting in his/her capacity as an Executive of the Corporation or in his/her capacity asan officer of any subsidiary of the Corporation and solely because of his/her being such of the Corporation or any of its subsidiaries. The payments which the Corporation will beobligated to make hereunder shall include, inter alia , damages, judgments, settlements and costs, costs of investigation (excluding salaries of officers or employees of theCorporation) and costs of defense of legal actions, claims or proceedings and appeals therefrom, and costs of attachment or similar bonds.

2. In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee,who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable theCorporation to effectively to bring suit to enforce such rights.

3. Notwithstanding the provisions of Paragraph 1, the Corporation shall not be liable under this Agreement to make any payment in connection with any claimmade against the Indemnitee:

(a) for which payment is actually made to the Indemnitee under a valid and collectible insurance policy, except in respect of any excess beyond theamount of payment under such insurance;

(b) for which the Indemnitee is entitled to indemnity and/or payment by reason of having given notice of any circumstance which might give rise to aclaim under any policy of insurance, the terms of which have expired prior to the Effective Date of this Agreement;

(c) for which the Indemnitee is indemnified by the Corporation otherwise than pursuant to this Agreement;

(d) based upon or attributable to the Indemnitee gaining in fact any remuneration, personal profit or advantage to which he/she was not legally entitled;

(e) for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Corporation within the meaning of Section 16(b)of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law or common law;

(f) brought about or contributed to by the dishonesty of Indemnitee; however, notwithstanding the foregoing, Indemnitee shall be protected under thisAgreement as to any claims upon which suit may be brought against him/her by reason of any alleged dishonesty on his/her part, unless a judgment or other final adjudicationthereof adverse to Indemnitee shall establish that he/she committed acts of active and deliberate dishonesty with actual dishonest purpose and intent which were material to thecause of action so adjudicated; or

(g) if a final decision by a court having jurisdiction in the matter shall determine that such payment is not lawful.

4. Contribution . If indemnification is unavailable for any reason other than those set forth in sub-paragraphs (a) through (g) of Paragraph 3, then in respect ofany threatened, pending or completed action, suit or proceeding in which the Corporation is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),the Corporation shall contribute to the amount of expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid orpayable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Corporation on the one hand and Indemnitee on the other from thetransaction from which such action, suit or proceeding arose; and (ii) the relative fault of the Corporation on the one hand and of Indemnitee on the other in connection with theevents which resulted in such expenses, judgments, fines or settlement amounts, as well as any other relevant equitable considerations. The relative fault of the Corporation on theone hand and of Indemnitee on the other shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity tocorrect or prevent the circumstances resulting in such expenses, judgments, fines or settlement amounts. The Corporation agrees that it would not be just and equitable ifcontribution pursuant to this Paragraph 4 were determined by pro-rata allocation or any other method of allocation which does not take account of the foregoing equitableconsiderations.

5. Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceedings, Indemnitee will, if a claim in respect thereof is to bemade against the Corporation under this Agreement, notify the Corporation of the commencement thereof; but the omission to so notify the Corporation will not relieve it from anyliability which it may have to Indemnitee otherwise than under this Agreement. With respect to any such action, suit or proceedings as to which Indemnitee notifies theCorporation of the commencement thereof:

(a) the Corporation will be entitled to participate therein at its own expense;

(b) except as otherwise provided below, to the extent that it may wish, the Corporation jointly with any other indemnifying party similarly notified willbe entitled to assume the defense thereof. After notice from the Corporation to Indemnitee of its election to assume the defense thereof, the Corporation will not be liable toIndemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof, other than reasonable costs ofinvestigation or as otherwise provided below. Indemnitee shall have the right to employ his/her counsel in such action, suit or proceedings, but the fees and expenses of suchcounsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Indemnitee, unless (i) the employment of counsel byIndemnitee has been authorized by the Corporation, (ii) Indemnitee shall have reasonably concluded that there is a conflict of interest between the Corporation and Indemnitee inthe conduct of the defense of such action, or (iii) the Corporation shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees andexpenses of counsel shall be at the expense of the Corporation. The Corporation shall not be entitled to assume the defense of any action, suit or proceedings brought by or onbehalf of the Corporation or as to which Indemnitee shall have made the conclusion provided for in (ii) above; and

(c) the Corporation shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effectedwithout the Corporation's written consent. The Corporation shall not settle any action or claim in any manner which would impose any penalty or limitation on Indemnitee withoutIndemnitee's written consent. Neither the Corporation nor Indemnitee will unreasonably withhold consent to any proposed settlement.

6. In the event that Indemnitee employs his/her own counsel pursuant to Paragraph 5(b) above, the Corporation shall advance to Indemnitee, prior to any finaldisposition of any threatened or pending action, suit or proceeding, whether civil, criminal, administrative or investigative, any and all reasonable expenses (including legal fees andexpenses) incurred in investigating or defending any such action, suit or proceeding within ten (10) days after receiving copies of invoices presented to Indemnitee for suchexpenses. Indemnitee shall reimburse the Corporation for all reasonable expenses paid by the Corporation in defending any civil or criminal action, suit or proceeding againstIndemnitee, in the event and only to the extent that a final decision by a court having jurisdiction in the matter shall determine that it is unlawful for Indemnitee to be indemnifiedby the Corporation for such expenses.

7. The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on the Corporation hereby inorder to induce Indemnitee to continue as an Executive of the Corporation, and/or as an officer of any subsidiary of the Corporation, and acknowledges that Indemnitee is relyingupon this Agreement in continuing in such capacity. In the event Indemnitee is required to bring any action to enforce rights or to collect monies due under this Agreement and issuccessful in such action, the Corporation shall reimburse Indemnitee for all of his/her reasonable fees and expenses in bringing and pursuing such action.

8. Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision hereof shall be held to beinvalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions hereof.

9. This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware.

10. This Agreement shall be binding upon Indemnitee and upon the Corporation, its successors and assigns, and shall inure to the benefit of Indemnitee, his/herheirs, personal representative(s) and assigns and to the benefit of the Corporation, its successors and assigns.

11. No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both parties hereto.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the Effective Date first written above.

ACXIOM CORPORATION

By:

[name and title]

_____________________, Indemnitee

EXHIBIT 21

SUBSIDIARIESOFACXIOMCORPORATION

U.S. SUBSIDIARIES

Subsidiary Organized or Incorporated Percent of Equity Securities

Owned Doing Business As1. Acxiom CH, Inc. Delaware 100% Acxiom CH, Inc.

2. Acxiom Dutch Holdings, LLC Delaware 100% Acxiom Dutch Holdings, LLC

3. Acxiom Identity Solutions, LLC Colorado 100% Acxiom Identity Solutions, LLC

4. Acxiom ITO Holding I, LLC Delaware 100% Acxiom ITO Holding I, LLC

5. Acxiom ITO Holding II, LLC Delaware 100% Acxiom ITO Holding II, LLC

6. Arbor Technologies, Inc. Delaware 100% Arbor Technologies, Inc.

7. Circulate.com, Inc. Delaware 100% Circulate.com, Inc.

8. LiveRamp, Inc. Delaware 100% LiveRamp, Inc.

INTERNATIONAL SUBSIDIARIES

Subsidiary Organized or IncorporatedPercent of Equity Securities

Owned Doing Business As1. ACDUHO, C.V. The Netherlands 100% ACDUHO, C.V.

2. Acxiom Acquisition B.V. The Netherlands 100% Acxiom Acquisition B.V.

3. Acxiom Asia Global Services Center Ltd China 100% Acxiom Asia Global Services Center Ltd

4. Acxiom Australia Pty Limited Australia 100% Acxiom Australia Pty Limited

5. Acxiom Brasil Participacoes Ltda. Brazil 100% Acxiom Brasil Participacoes Ltda.

6. Acxiom Brasil Servicos de Tecnologia da InformacaoLtda

Brazil 100% Acxiom Brasil Servicos de Tecnologia da InformacaoLtda

7. Acxiom Deutschland GmbH Germany 100% Acxiom Deutschland GmbH

8. Acxiom European Holdings Limited UK 100% Acxiom European Holdings Limited

9. Acxiom France SAS France 100% Acxiom France SAS

10. Acxiom Global Service Center Polska Sp.z.o.o. Poland 100% Acxiom Global Service Center Polska Sp.z.o.o.

11. Acxiom Greater China Information Services Ltd. China 100% Acxiom Greater China Information Services Ltd.

12. Acxiom International Holdings B.V. The Netherlands 100% Acxiom International Holdings B.V.

13. Acxiom Japan K.K. Japan 100% Acxiom Japan K.K.

14. Acxiom Limited UK 100% Acxiom Limited

15. Acxiom NZ Ltd. New Zealand 100% Acxiom NZ Ltd.

16. Acxiom PTE. Ltd. Singapore 100% Acxiom PTE. Ltd.

17. Acxiom Polska Sp.z.o.o. Poland

100%

Acxiom Polska Sp.z.o.o.

18. Acxiom Pty Limited Australia 100% Acxiom Pty Limited

19. ChinaLoop Holdings Cayman 100% ChinaLoop Holdings

20. ChinaLoop (Mauritius) Co. Mauritius 100% ChinaLoop (Mauritius) Co.

21. XYZ Direct Pty Ltd. Australia 100% XYZ Direct Pty Ltd.

EXHIBIT 23

ConsentofIndependentRegisteredPublicAccountingFirm

The Board of DirectorsAcxiom Corporation:

We consent to incorporation by reference in the Registration Statements previously filed on Form S-3 and Form S-8 (Nos. 33-17115, 33-37610, 33-37609, 33-42351, 33-72310,333-158005, 333-63633, 333-91395, 333-40114, 333-57470, 333-68620, 333-98613, 333-108900, 333-124901, 333-127743, 333-148946, 333-148708, 333-136919, 333-151333,333-175854, 333-190906, 333-197463, 333-209438, 333-214926, 333-214927, 333-215197, 333-215626) of Acxiom Corporation of our report dated May 26, 2017 with respect tothe consolidated balance sheets of Acxiom Corporation and subsidiaries as of March 31, 2017 and 2016, and the related consolidated statements of operations, comprehensiveincome (loss), stockholders' equity and cash flows for each of the years in the three year period ended March 31, 2017, and the effectiveness of internal control over financialreporting as of March 31, 2017, which report appears in the March 31, 2017 annual report on Form 10-K of Acxiom Corporation.

KPMG LLP

Dallas, Texas May 26, 2017

EXHIBIT 24

POWEROFATTORNEY

KNOW ALL MEN BY THESE PRESENTS: That the undersigned, a director or officer, or both, of Acxiom Corporation ("the Company"), acting pursuant toauthorization of the Company's Board of Directors, hereby appoints Catherine L. Hughes and Jerry C. Jones, or any one of them, attorneys-in-fact and agents for me and in myname and on my behalf, individually and as a director or officer, or both, of the Company, to sign the Company's Annual Report on Form 10-K for the year ended March 31, 2017,together with any amendments thereto, and to file the same, together with any exhibits and all other documents related thereto, with the Securities and Exchange Commission,granting to said attorneys-in-fact and agents full power and authority to do and perform each and any act necessary to be done in connection therewith, as fully to all intents andpurposes as the undersigned might or could do in person, duly ratifying and confirming all that said attorneys-in-fact and agents may lawfully do or cause to be done by virtue ofthe power herein granted.

Executed as of the 26th day of May, 2017.

Signed: /s/ John L. Battelle

Name: JOHN L. BATTELLE, Director

Signed: /s/ Timothy R. Cadogan

Name: TIMOTHY R. CADOGAN, Director

Signed: /s/ William T. Dillard IIName: WILLIAM T. DILLARD II, Director

Signed: /s/ Richard P. Fox

Name: RICHARD P. FOX, Director

Signed: /s/ Jerry D. Gramaglia

Name: JERRY D. GRAMAGLIA, Director (Non-Executive Chairman of the Board)

Signed: /s/ William J. Henderson

Name: WILLIAM J. HENDERSON, Director

Signed: /s/ Scott E. HoweName: SCOTT E. HOWE, Director and Chief Executive Officer (principal executive officer)

Signed: /s/ Clark M. Kokich

Name: CLARK M. KOKICH, Director

Signed: /s/ Debora B. Tomlin

Name: DEBORA B. TOMLIN, Director

EXHIBIT 31.1

ACXIOMCORPORATIONANDSUBSIDIARIES

CERTIFICATION

I, Scott E. Howe, certify that:

1. I have reviewed this annual report on Form 10-K of Acxiom Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light ofthe circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that materialinformation relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in whichthis report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accountingprinciples;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant'sfourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financialreporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and theaudit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affectthe registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 26, 2017 By: /s/ Scott E. Howe Scott E. Howe

Chief Executive Officer & President

EXHIBIT 31.2

ACXIOMCORPORATIONANDSUBSIDIARIES

CERTIFICATION

I, Warren C. Jenson, certify that:

1. I have reviewed this annual report on Form 10-K of Acxiom Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light ofthe circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that materialinformation relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in whichthis report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accountingprinciples;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant'sfourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financialreporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and theaudit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affectthe registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 26, 2017 By: /s/ Warren C. Jenson Warren C. Jenson

Chief Financial Officer & Executive Vice President

EXHIBIT 32.1

CERTIFICATIONPURSUANTTO18U.S.C.SECTION1350,

ASADOPTEDPURSUANTTOSECTION906OFTHESARBANES-OXLEYACTOF2002

In connection with the accompanying Annual Report of Acxiom Corporation (the Company) onForm 10-K for the fiscal year ended March 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Scott E. Howe, Chief ExecutiveOfficer & President of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Scott E. Howe Scott E. Howe Chief Executive Officer & PresidentMay 26, 2017

EXHIBIT 32.2

CERTIFICATIONPURSUANTTO18U.S.C.SECTION1350,

ASADOPTEDPURSUANTTOSECTION906OFTHESARBANES-OXLEYACTOF2002

In connection with the accompanying Annual Report of Acxiom Corporation (the Company) onForm 10-K for the fiscal year ended March 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Warren C. Jenson, Chief FinancialOfficer & Executive Vice President of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Warren C. JensonWarren C. JensonChief Financial Officer & Executive Vice PresidentMay 26, 2017