AUSTIN, Texas, Aug. 9, 2021 /PRNewswire/ -- Digital
Turbine, Inc. (Nasdaq: APPS) announced financial results for the
fiscal first quarter ended June 30,
2021. All operating results discussed below, except as
otherwise specifically noted, refer only to the continuing
operations of the Company, and all comparisons to prior periods
have been adjusted to reflect only continuing operations. The
Company completed the acquisitions of AdColony Holdings AS and
Fyber N.V. on April 29 and
May 25, 2021, respectively.
Therefore, the actual reported results discussed below, except as
otherwise specifically noted, reflect only the partial
contributions of those acquired businesses beginning on the dates
the acquisitions closed. Specific references made to "pro forma"
results in this release provide investors with quarterly results
and comparisons as if all acquired businesses were owned for the
entirety of the first quarters of fiscal 2021 and fiscal 2022. The
Company believes that pro forma results, where applicable, can
provide investors with more relevant year-over-year comparisons.
The reconciliations between the pro forma and GAAP financial
results for the relevant periods are provided in the tables
following the Unaudited Consolidated Statements of Cash Flows
below.
Recent Financial Highlights:
- Fiscal first quarter of 2022 revenue totaled $212.6 million. On a pro forma basis, as if both
Fyber and AdColony were owned for the full quarter, total
consolidated pro forma revenue for the fiscal first quarter of 2022
was $292.0 million, representing a
104% increase year-over-year as compared to the comparable pro
forma figure for the fiscal first quarter of 2021.
- GAAP net income for the fiscal first quarter of 2022 was
$14.3 million, or $0.14 per share, as compared to GAAP net income
of $9.9 million, or $0.11 per share for the fiscal first quarter of
2021. Non-GAAP adjusted net income1 for the fiscal first
quarter of 2022 was $33.4 million, or
$0.34 per share, as compared to
Non-GAAP adjusted net income of $12.5
million, or $0.13 per share,
in the fiscal first quarter of 2021.
- Non-GAAP adjusted EBITDA2 for the fiscal first
quarter of 2022 was $39.8 million, as
compared to Non-GAAP adjusted EBITDA of $14.1 million in the fiscal first quarter of
2021.
"We are off to a fast start in fiscal 2022 with more than 100%
year-over-year pro forma revenue growth and more than 150%
year-over-year growth in both EBITDA and non-GAAP EPS," said
Bill Stone, CEO. "Not only did
we continue to showcase the inherent operating leverage of our
platform model with our strong bottom-line performance, but even
more importantly, we successfully completed the acquisition of
full-stack, end-to-end platform capabilities that we believe
strategically position the Company for continued prosperity well
into the future. We are capitalizing on a unique opportunity to
leverage our extensive on-device software presence and long-term
partnerships with global carriers and OEMs to significantly expand
our addressable app ecosystem market opportunity, and we are
already witnessing a very positive initial reaction from
advertisers all across the platform. We look forward to updating
investors on the realized synergies for the Company and improved
overall performance for app publishers and advertisers on the
platform as fiscal 2022 progresses."
Mr. Stone concluded, "With respect to our financial performance
during the June quarter, escalating global demand from app
publishers and advertisers for a growing number of product
offerings across the full range of the platform drove On-Device
Media revenue growth and In-App Media revenue growth of 93% and
117%, respectively, on a
year-over-year basis. Scale efficiencies and disciplined expense
controls enabled us to translate this top-line growth into EBITDA
growth of 183% and non-GAAP EPS growth of 151% on a year-over-year
basis. Looking forward, we expect to continue to demonstrate
additional profitable operating leverage, particularly as we expect
to realize considerable acquisition synergies – revenue synergies
as well as cost synergies – in the coming quarters and years."
Fiscal 2022 First Quarter Financial Results
Total revenue for the first quarter of fiscal 2022 was
$212.6 million. Total
"On-Device Media" revenue, which represents revenue derived from
the Company's Application Media and Content Media platform
products, increased 93% year-over-year to $120.3 million. Total "In-App Media"
revenue, which represents revenue derived from the AdColony and
Fyber businesses beginning on the dates when the acquisitions
closed during the quarter, was $92.3
million. AdColony contributed $44.9 million during the quarter, while Fyber
contributed $49.6 million during
the quarter. On a pro forma basis, as if both Fyber and
AdColony were owned for the full quarter, total consolidated pro
forma revenue for the fiscal first quarter of 2022 was $292.0 million, representing a 104% increase
year-over-year as compared to the comparable pro forma figure for
the fiscal first quarter of 2021.
GAAP net income from continuing operations for the first quarter
of fiscal 2022 was $14.3 million, or
$0.14 per share, as compared to GAAP
net income from continuing operations of $9.9 million, or $0.11 per share for the first quarter of fiscal
2021. Non-GAAP adjusted net income1 for the first
quarter of fiscal 2022 was $33.4
million, or $0.34 per share,
as compared to Non-GAAP adjusted net income of $12.5 million, or $0.13 per share, in the first quarter of fiscal
2021.
Non-GAAP adjusted EBITDA2 for the first quarter of
fiscal 2022 was $39.8 million as
compared to Non-GAAP adjusted EBITDA of $14.1 million in the first quarter of fiscal
2021. The reconciliations between GAAP and Non-GAAP financial
results for all referenced periods are provided in the tables
immediately following the Unaudited Consolidated Statements of Cash
Flows below.
Business Outlook
Based on information available as of August 9, 2021, the Company currently expects the
following for the second quarter of fiscal 2022:
- Revenue of between $300 million
and $306 million
- Non-GAAP adjusted EBITDA2 of between $44 million and $46
million
- Non-GAAP adjusted EPS1 of $0.38, based on approximately 105 million diluted
shares outstanding
It is not reasonably practicable to provide a business outlook
for GAAP net income from continuing operations because the Company
cannot reasonably estimate the changes in stock-based compensation
expense, which is directly impacted by changes in the Company's
stock price, any adjustment to the contingent earn-out provisions,
which will continue to be adjusted to fair value through the end of
the earn-out periods, or other items that are difficult to predict
with precision.
About Digital Turbine, Inc.
Digital Turbine is the leading independent mobile growth
platform and levels up the landscape for advertisers, publishers,
carriers and OEMS. By integrating a full ad stack with
proprietary technology built into devices by wireless operators and
OEMs, Digital Turbine supercharges advertising and monetization.
The company is headquartered in Austin,
Texas, with global offices in New
York, Los Angeles,
San Francisco, London, Berlin, Singapore, Tel
Aviv and other cities serving top agency, app developer and
advertising markets. For additional information visit
www.digitalturbine.com.
Conference Call
Management will host a conference call today at 4:30 p.m. ET to discuss its fiscal 2022 first
quarter financial results and provide operational updates on the
business. To participate, interested parties should dial
855-238-2713 in the United States
or 412-542-4111 from international locations. A webcast of the
conference call will be available at
ir.digitalturbine.com/events.
For those who are not able to join the live call, a playback
will be available through August 16,
2021. The replay can be accessed by dialing 877-344-7529 in
the United States or 412-317-0088
from international locations, passcode 10159167.
The conference call will discuss forward guidance and other
material information.
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements
presented in accordance with GAAP, Digital Turbine uses non-GAAP
measures of certain components of financial performance. These
non-GAAP measures include non-GAAP adjusted net income and earnings
per share ("EPS") and non-GAAP adjusted EBITDA. Reconciliations to
the nearest GAAP measures of all non-GAAP measures included in this
press release can be found in the tables below.
Non-GAAP measures are provided to enhance investors' overall
understanding of the Company's current financial performance,
prospects for the future and as a means to evaluate
period-to-period comparisons. The Company believes that these
non-GAAP measures provide meaningful supplemental information
regarding financial performance by excluding certain expenses and
benefits that may not be indicative of recurring core business
operating results. The Company believes the non-GAAP measures that
exclude such items when viewed in conjunction with GAAP results and
the accompanying reconciliations enhance the comparability of
results against prior periods and allow for greater transparency of
financial results. The Company believes non-GAAP measures
facilitate management's internal comparison of its financial
performance to that of prior periods as well as trend analysis for
budgeting and planning purposes. The presentation of non-GAAP
measures is not intended to be considered in isolation or as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP.
1Non-GAAP adjusted net income and EPS are defined as
GAAP net income and EPS adjusted to exclude the effect of
stock-based compensation, amortization of intangibles, adjustments
in the earn-out liability associated with the Mobile Posse
acquisition, changes in the fair value of derivatives associated
with warrants issued in connection with the September 2016 convertible notes offering and
transaction expenses. Readers are cautioned that non-GAAP adjusted
net income and EPS should not be construed as an alternative to
comparable GAAP net income figures determined in accordance with
U.S. GAAP as an indicator of profitability or performance, which is
the most comparable measure under GAAP.
2Non-GAAP adjusted EBITDA is calculated as GAAP net
income excluding the following cash and non-cash expenses: net
interest income/(expense), adjustments in the earn-out liability
associated with the Mobile Posse acquisition, income tax provision,
depreciation and amortization, stock-based compensation expense,
amortization of intangibles, the change in fair value of
derivatives associated with warrants issued in connection with the
September 2016 convertible notes
offering, other expense, loss on extinguishment of debt and
transaction expenses. Readers are cautioned that non-GAAP adjusted
EBITDA should not be construed as an alternative to net income
determined in accordance with U.S. GAAP as an indicator of
performance, which is the most comparable measure under GAAP.
Non-GAAP adjusted EBITDA and non-GAAP adjusted net income and
EPS are used by management as internal measures of profitability
and performance. They have been included because the Company
believes that the measures are used by certain investors to assess
the Company's financial performance before non-cash charges and
certain costs that the Company does not believe are reflective of
its underlying business.
Forward-Looking Statements
This news release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements in this news release that are not statements of
historical fact and that concern future results from operations,
financial position, economic conditions, product releases and any
other statement that may be construed as a prediction of future
performance or events, including financial projections and growth
in various products are forward-looking statements that speak only
as of the date made and which involve known and unknown risks,
uncertainties and other factors which may, should one or more of
these risks uncertainties or other factors materialize, cause
actual results to differ materially from those expressed or implied
by such statements. These factors and risks include:
- a decline in general economic conditions nationally and
internationally
- decreased market demand for our products and services
- market acceptance and brand awareness of our products
- risks associated with indebtedness
- the ability to comply with financial covenants in outstanding
indebtedness
- the ability to protect our intellectual property rights
- risks associated with adoption of our platform among existing
customers (including the impact of possible delays with major
carrier and OEM partners in the roll out for mobile phones
deploying our platform)
- actual mobile device sales and sell-through where our platform
is deployed is out of our control
- risks associated with our ability to manage the business amid
the COVID-19 pandemic
- the impact of COVID-19 on our partners, digital advertising
spend and consumer purchase behavior
- the impact of COVID-19 on our results of operations
- risks associated with new privacy laws, such as the European
Union's GDPR and similar laws which may require changes to our
development and user interface for certain functionality of our
mobile platform
- risks associated with the activities of advertisers
- risks associated with the timing of our platform software
pushes to the embedded bases of carrier and OEM partners
- risks associated with end user take rates of carrier and OEM
software pushes which include our platform
- new customer adoption and time to revenue with new carrier and
OEM partners is subject to delays and factors out of our
control
- risks associated with fluctuations in the number of our
platform slots across US carrier partners
- required customization and technical integration which may slow
down time to revenue notwithstanding the existence of a
distribution agreement
- risks associated with delays in major mobile phone launches, or
the failure of such launches to achieve the scale
- customer adoption that either we or the market may expect
- the difficulty of extrapolating monthly demand to quarterly
demand
- the challenges, given the Company's comparatively small size,
to expand the combined Company's global reach, accelerate growth
and create a scalable, low-capex business model that drives EBITDA
(as well as adjusted EBITDA)
- ability as a smaller company to manage international
operations
- varying and often unpredictable levels of orders; the
challenges inherent in technology development necessary to maintain
the Company's competitive advantage such as adherence to release
schedules and the costs and time required for finalization and
gaining market acceptance of new products
- changes in economic conditions and market demand
- rapid and complex changes occurring in the mobile
marketplace
- pricing and other activities by competitors
- technology management risk as the Company needs to adapt to a
rapidly developing mobile device marketplace, complex
specifications of different carriers and the management of a
complex technology platform given the Company's relatively limited
resources
- system security risks and cyberattacks
- risks and uncertainties associated with the integration of the
acquisition of AdColony, including our ability to realize the
anticipated benefits of the acquisition and the satisfaction of
related earn-out provisions
- risks and uncertainties associated with the integration of the
acquisition of Fyber, including our ability to realize the
anticipated benefits of the acquisition and the satisfaction of
related earn-out provisions
- risks associated with the failure or inability to pay the
future consideration due in the AdColony and Fyber
acquisitions
- challenges and risks associated with our rapid growth by
acquisitions and resulting significant demands on our management
and infrastructure
- challenges and risks associated with our global operations and
related business, political, regulatory, operational, financial,
and economic risks as a result of our global operations
- other risks including those described from time to time in
Digital Turbine's filings on Forms 10-K and 10-Q with the
Securities and Exchange Commission (SEC), press releases and other
communications.
You should not place undue reliance on these forward-looking
statements. The Company does not undertake to update
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Investor Relations Contact:
Brian Bartholomew
Digital Turbine, Inc.
brian.bartholomew@digitalturbine.com
Digital Turbine,
Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive
Income
(in thousands, except per share amounts)
|
|
|
|
Three months ended
June 30,
|
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Net
revenues
|
|
$
|
212,615
|
|
|
$
|
59,012
|
|
Costs of revenues and
operating expenses
|
|
|
|
|
License fees and
revenue share
|
|
138,348
|
|
|
32,300
|
|
Other direct costs of
revenues
|
|
2,533
|
|
|
560
|
|
Product
development
|
|
15,547
|
|
|
4,408
|
|
Sales and
marketing
|
|
13,736
|
|
|
4,318
|
|
General and
administrative
|
|
23,296
|
|
|
6,804
|
|
Restructuring and
impairment costs
|
|
10
|
|
|
—
|
|
Total costs of
revenues and operating expenses
|
|
193,470
|
|
|
48,390
|
|
Income from
operations
|
|
19,145
|
|
|
10,622
|
|
Interest and other
income / (expense), net
|
|
|
|
|
Interest expense,
net
|
|
(1,157)
|
|
|
(306)
|
|
Foreign exchange
transaction loss
|
|
(270)
|
|
|
—
|
|
Other income /
(expense), net
|
|
(35)
|
|
|
—
|
|
Total interest and
other income / (expense), net
|
|
(1,462)
|
|
|
(306)
|
|
Income before income
taxes
|
|
17,683
|
|
|
3,302
|
|
Income tax
provision
|
|
3,430
|
|
|
376
|
|
Net income
|
|
14,253
|
|
|
2,926
|
|
Less: net loss
attributable to non-controlling interest
|
|
(31)
|
|
|
—
|
|
Net income
attributable to Digital Turbine, Inc.
|
|
14,284
|
|
|
2,926
|
|
Other comprehensive
loss
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(20,781)
|
|
|
(142)
|
|
Comprehensive income
/ (loss)
|
|
(6,528)
|
|
|
2,784
|
|
Less: comprehensive
income / (loss) attributable to non-controlling interest
|
|
(794)
|
|
|
—
|
|
Comprehensive income
/ (loss) attributable to Digital Turbine, Inc.
|
|
$
|
(5,734)
|
|
|
$
|
2,784
|
|
Net income per common
share
|
|
|
|
|
Basic
|
|
$
|
0.16
|
|
|
$
|
0.11
|
|
Diluted
|
|
$
|
0.14
|
|
|
$
|
0.11
|
|
Weighted-average common
shares outstanding
|
|
|
|
|
Basic
|
|
$
|
91,585
|
|
|
$
|
87,386
|
|
Diluted
|
|
$
|
98,822
|
|
|
$
|
93,108
|
|
Digital Turbine,
Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except par value and share
amounts)
|
|
|
|
June 30,
2021
|
|
March 31,
2021
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
|
$
|
83,129
|
|
|
$
|
30,778
|
|
Restricted
cash
|
|
883
|
|
|
340
|
|
Accounts receivable,
net of allowances of $7,588 and $5,488, respectively
|
|
219,099
|
|
|
61,985
|
|
Prepaid expenses and
other current assets
|
|
20,675
|
|
|
4,282
|
|
Total current
assets
|
|
323,786
|
|
|
97,385
|
|
Property and
equipment, net
|
|
18,927
|
|
|
13,050
|
|
Right-of-use
assets
|
|
19,565
|
|
|
3,495
|
|
Deferred tax assets,
net
|
|
—
|
|
|
12,963
|
|
Intangible assets,
net
|
|
488,360
|
|
|
53,300
|
|
Goodwill
|
|
572,607
|
|
|
80,176
|
|
Other non-current
assets
|
|
799
|
|
|
—
|
|
TOTAL
ASSETS
|
|
$
|
1,424,044
|
|
|
$
|
260,369
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDER'S EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$
|
155,378
|
|
|
$
|
34,953
|
|
Accrued license fees
and revenue share
|
|
84,428
|
|
|
46,196
|
|
Accrued
compensation
|
|
23,251
|
|
|
9,817
|
|
Short-term
debt
|
|
20,415
|
|
|
14,557
|
|
Other current
liabilities
|
|
21,659
|
|
|
5,626
|
|
Acquisition purchase
price liabilities
|
|
313,413
|
|
|
—
|
|
Total current
liabilities
|
|
618,544
|
|
|
111,149
|
|
Long-term debt, net of
debt issuance costs
|
|
233,830
|
|
|
—
|
|
Deferred tax
liabilities, net
|
|
24,676
|
|
|
—
|
|
Other non-current
liabilities
|
|
20,219
|
|
|
4,108
|
|
Total
liabilities
|
|
897,269
|
|
|
115,257
|
|
Stockholders'
equity
|
|
|
|
|
Preferred
stock
|
|
|
|
|
Series A convertible
preferred stock at $0.0001 par value; 2,000,000 shares authorized,
100,000 issued and outstanding (liquidation preference of
$1,000)
|
|
100
|
|
|
100
|
|
Common
stock
|
|
|
|
|
$0.0001 par value:
200,000,000 shares authorized; 95,788,373 issued and 95,052,667
outstanding at June 30, 2021; 90,685,553 issued and 89,949,847
outstanding at March 31, 2021
|
|
10
|
|
|
10
|
|
Additional paid-in
capital
|
|
736,943
|
|
|
373,310
|
|
Treasury stock
(754,599 shares at June 30, 2021 and March 31,
2020)
|
|
(71)
|
|
|
(71)
|
|
Accumulated other
comprehensive loss
|
|
(20,922)
|
|
|
(903)
|
|
Accumulated
deficit
|
|
(213,050)
|
|
|
(227,334)
|
|
Total stockholders'
equity
|
|
503,010
|
|
|
145,112
|
|
Non-controlling
interest
|
|
23,765
|
|
|
—
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
1,424,044
|
|
|
$
|
260,369
|
|
Digital Turbine,
Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
Three months ended
June 30,
|
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
|
$
|
14,253
|
|
|
$
|
9,940
|
|
Adjustments to
reconcile net income to net cash provided by / (used in) by
operating activities:
|
|
|
|
|
Depreciation and
amortization
|
|
8,653
|
|
|
1,552
|
|
Non-cash interest
expense
|
|
127
|
|
|
18
|
|
Stock-based
compensation
|
|
2,365
|
|
|
1,438
|
|
Stock-based
compensation for services rendered
|
|
1,340
|
|
|
173
|
|
(Increase) / decrease
in assets:
|
|
|
|
|
Accounts receivable,
gross
|
|
(48,817)
|
|
|
(10,686)
|
|
Allowance for credit
losses
|
|
26
|
|
|
378
|
|
Deferred tax
assets
|
|
12,966
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
|
(4,492)
|
|
|
456
|
|
Right-of-use
asset
|
|
628
|
|
|
61
|
|
Other non-current
assets
|
|
160
|
|
|
—
|
|
Increase / (decrease)
in liabilities:
|
|
|
|
|
Accounts
payable
|
|
35,396
|
|
|
(1,698)
|
|
Accrued license fees
and revenue share
|
|
3,573
|
|
|
4,199
|
|
Accrued
compensation
|
|
(46,956)
|
|
|
(1,018)
|
|
Other current
liabilities
|
|
2,455
|
|
|
1,036
|
|
Deferred tax
liabilities
|
|
(10,089)
|
|
|
—
|
|
Other non-current
liabilities
|
|
(585)
|
|
|
163
|
|
Net cash provided
by / (used in) operating activities
|
|
(28,997)
|
|
|
6,012
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
Business acquisitions,
net of cash acquired
|
|
(126,604)
|
|
|
(7,232)
|
|
Capital
expenditures
|
|
(4,364)
|
|
|
(2,011)
|
|
Net cash used in
investing activities
|
|
(130,968)
|
|
|
(9,243)
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
Proceeds from
borrowings
|
|
237,041
|
|
|
—
|
|
Payment of debt
issuance costs
|
|
(2,988)
|
|
|
—
|
|
Options and warrants
exercised
|
|
695
|
|
|
437
|
|
Repayment of debt
obligations
|
|
(19,680)
|
|
|
—
|
|
Net cash provided by
financing activities
|
|
215,068
|
|
|
437
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
(2,209)
|
|
|
(142)
|
|
|
|
|
|
|
Net change in
cash
|
|
52,894
|
|
|
(2,936)
|
|
|
|
|
|
|
Cash and restricted
cash, beginning of period
|
|
31,118
|
|
|
21,659
|
|
|
|
|
|
|
Cash and restricted
cash, end of period
|
|
$
|
84,012
|
|
|
$
|
18,723
|
|
PRO FORMA
REVENUE
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
|
|
Pre-Ownership
Period
|
|
As-Reported
Period
|
|
Pro Forma
2021
|
|
Pro Forma
2020
|
|
%
Change
|
On Device
Media
|
|
$
|
—
|
|
|
$
|
120,383
|
|
|
$
|
120,383
|
|
|
$
|
62,298
|
|
|
93
|
%
|
AdColony
|
|
18,304
|
|
|
44,937
|
|
|
63,241
|
|
|
43,285
|
|
|
46
|
%
|
Fyber
|
|
63,824
|
|
|
49,641
|
|
|
113,465
|
|
|
38,049
|
|
|
198
|
%
|
Elimination
|
|
(2,695)
|
|
|
(2,346)
|
|
|
(5,041)
|
|
|
(767)
|
|
|
557
|
%
|
Consolidated
|
|
$
|
79,433
|
|
|
$
|
212,615
|
|
|
$
|
292,048
|
|
|
$
|
142,865
|
|
|
104
|
%
|
GAAP INCOME FROM
OPERATIONS TO NON-GAAP GROSS PROFIT
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
2021
|
|
2020
|
Continuing
operations
|
|
|
|
|
Net
revenues
|
|
$
|
212,615
|
|
|
$
|
59,012
|
|
Income from
operations
|
|
19,145
|
|
|
10,622
|
|
Add-back
items:
|
|
|
|
|
Product
development
|
|
15,547
|
|
|
4,408
|
|
Sales and
marketing
|
|
13,736
|
|
|
4,318
|
|
General and
administrative
|
|
23,296
|
|
|
6,804
|
|
Depreciation of
software included in other direct costs of revenue
|
|
700
|
|
|
431
|
|
Non-GAAP gross profit
from continuing operations
|
|
$
|
72,424
|
|
|
$
|
26,583
|
|
Non-GAAP gross profit
percentage from continuing operations
|
|
34
|
%
|
|
45
|
%
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME TO
NON-GAAP ADJUSTED NET INCOME
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
2021
|
|
2020
|
Continuing
operations
|
|
|
|
|
Net income from
continuing operations
|
|
14,253
|
|
|
9,940
|
|
Add-back
items:
|
|
|
|
|
Stock and stock option
compensation
|
|
3,705
|
|
|
1,611
|
|
Amortization of
intangibles
|
|
7,101
|
|
|
670
|
|
Adjustment for
estimated earn-out liability
|
|
—
|
|
|
—
|
|
Change in fair value
of warrant liability
|
|
—
|
|
|
—
|
|
Tax adjustment
(1)
|
|
—
|
|
|
—
|
|
Transaction
expenses
|
|
8,345
|
|
|
300
|
|
Non-GAAP adjusted net
income from continuing operations
|
|
$
|
33,404
|
|
|
$
|
12,521
|
|
Non-GAAP adjusted net
income per share from continuing operations
|
|
$
|
0.34
|
|
|
$
|
0.13
|
|
Weighted-average
common shares outstanding, diluted
|
|
$
|
98,822
|
|
|
$
|
93,108
|
|
GAAP NET INCOME TO
NON-GAAP ADJUSTED EBITDA
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
2021
|
|
2020
|
Continuing
operations
|
|
|
|
|
Net income from
continuing operations
|
|
14,253
|
|
|
9,940
|
|
Add-back
items:
|
|
|
|
|
Stock and stock option
compensation
|
|
3,705
|
|
|
1,611
|
|
Amortization of
intangibles
|
|
7,101
|
|
|
670
|
|
Depreciation
expense
|
|
1,552
|
|
|
882
|
|
Interest expense /
(income), net
|
|
1,157
|
|
|
306
|
|
Other expense /
(income), net
|
|
35
|
|
|
—
|
|
Foreign exchange
transaction loss
|
|
270
|
|
|
—
|
|
Income tax
provision
|
|
3,430
|
|
|
376
|
|
Transaction
expenses
|
|
8,345
|
|
|
300
|
|
Non-GAAP adjusted
EBITDA from continuing operations
|
|
$
|
39,848
|
|
|
$
|
14,085
|
|
|
|
|
|
|
|
|
|
|
|
GAAP CASH FLOW
FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS TO NON-GAAP
FREE
CASH FLOW FROM CONTINUING OPERATIONS
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
2021
|
|
2020
|
Net cash provided by
operating activities - continuing operations
|
|
$
|
(28,997)
|
|
|
$
|
6,012
|
|
Capital
expenditures
|
|
(4,364)
|
|
|
(2,011)
|
|
Payment of
acquisition-related liabilities assumed
|
|
39,314
|
|
|
—
|
|
Transaction
expenses
|
|
8,345
|
|
|
300
|
|
Non-GAAP free cash
flow provided by continuing operations
|
|
$
|
14,298
|
|
|
$
|
4,301
|
|
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SOURCE Digital Turbine, Inc.