AUSTIN, Texas, Feb. 5, 2019 /PRNewswire/ -- Digital Turbine,
Inc. (Nasdaq: APPS) announced financial results for the fiscal
third quarter ended December 31,
2018. 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.
Recent Highlights:
- Fiscal third quarter revenue was $30.4
million, representing 34% growth when compared to the fiscal
third quarter of 2018.
- GAAP net loss for the fiscal third quarter was $1.1 million, or ($0.01) per share, as compared to a GAAP net loss
of $4.8 million, or ($0.07) per share for the fiscal third quarter of
2018. Non-GAAP adjusted net income1 for the fiscal third
quarter was $3.0 million, or
$0.04 per share, as compared to a
Non-GAAP adjusted net loss of $0.8
million, or ($0.01) per share
in the fiscal third quarter of 2018.
- Non-GAAP adjusted EBITDA2 for the fiscal third
quarter was $3.8 million, as compared
to Non-GAAP adjusted EBITDA of approximately zero in the fiscal
third quarter of 2018.
- GAAP cash provided by operating activities totaled $2.7 million in the fiscal third quarter, as
compared to GAAP cash used in operating activities of $0.3 million in the fiscal third quarter of 2018.
Non-GAAP free cash flow3 totaled $2.0 million in the fiscal third quarter, as
compared to a loss of $0.8 million in
the fiscal third quarter of 2018.
- GAAP gross margin was 35% for the third quarter of fiscal 2019,
as compared to a 33% GAAP gross margin in the fiscal third quarter
of 2018. Non-GAAP adjusted gross margin4 was 37% for the
fiscal third quarter of 2019, as compared to 34% in the fiscal
third quarter of 2018 and the fiscal second quarter of 2019.
- The Company has surpassed 230 million total devices with Ignite
installed to date, including approximately 28 million devices
installed during the December quarter.
- Global revenue-per-device ("RPD") and U.S. RPD increased by 7%
and 41%, respectively, when compared to the fiscal third quarter of
2018, highlighting strengthening advertiser and partner demand for
the Digital Turbine platform.
"Our December quarter was easily the strongest in the Company's
history across a wide range of operational and financial metrics,"
said Bill Stone, CEO. "More
impressively, we were able to deliver these strong quarterly
results amid a relatively weak U.S. smartphone market, which we
believe is a direct testament to the growing value that we bring to
advertisers, operators and device OEMs. We witnessed higher
revenue-per-slot on a comparable 'same-store sales' basis, modest
slot accretion with select partners, and greater contribution from
new products outside of Dynamic Installs. In addition to the
organically-driven growth with our relatively mature U.S. carrier
partners, we also benefitted from nearly 100% annual growth with
our international partners and the launch of a new partner in the
U.S. The added diversification from new products and partners
was vital to driving meaningfully higher margins and greater
profitability in the quarter. Our Non-GAAP adjusted EBITDA
from continuing operations of $3.8
million in the December quarter came in well ahead of our
expectations and represents definitive progress relative to a
comparable EBITDA figure of roughly zero in the prior year
period."
Mr. Stone concluded, "Solid execution over the past twelve
months has positioned the Company well for continuing growth and
expanding profitability going forward. During the second half
of calendar 2018, we successfully renewed our partnership
agreements with several of our most valued carrier partners,
including Verizon, AT&T Wireless and Cricket Wireless.
Additionally, we added several high-profile advertisers, including
Netflix and LinkedIn, to our newly-enhanced product platform, and
we signed a new multi-year partnership agreement with Samsung to
accelerate our global expansion and to more effectively capitalize
on the burgeoning unlocked devices opportunity around the world.
All of this sets the stage for the next phase of growth at Digital
Turbine as we work diligently with all of our partners, existing
and prospective, to maximize the addressable market opportunity for
the Digital Turbine Mobile Delivery Platform."
Third Quarter Fiscal 2019 Financial Results
Revenue for the fiscal third quarter of 2019 was $30.4 million, representing an increase of 34%
year-over-year. Revenue growth was primarily driven by
significantly higher revenue-per-device with our larger U.S.-based
carrier partners, reflective of strong advertiser demand for our
Dynamic Installs and other products recently added to the
platform. Revenue growth was also attributable to incremental
contributions from international partners and other new partners
that launched on the platform in fiscal 2019.
GAAP gross margin was 35% for the third quarter of fiscal 2019,
as compared to a 33% GAAP gross margin in the fiscal third quarter
of 2018. Non-GAAP adjusted gross margin4 was 37%
for the fiscal third quarter of 2019, as compared to 34% for the
fiscal third quarter of 2018.
Net loss from continuing operations for the third quarter of
fiscal 2019 was $1.1 million, or
($0.01) per share, as compared to a
net loss from continuing operations for the fiscal third quarter of
2018 of $4.8 million, or ($0.07) per share. Non-GAAP adjusted net
income1 for the third quarter of fiscal 2019 was
$3.0 million, or $0.04 per share, as compared to a Non-GAAP
adjusted net loss of $0.8 million, or
($0.01) per share, during the fiscal
third quarter of 2018.
Non-GAAP adjusted EBITDA2 was $3.8 million for the third quarter of fiscal
2019, as compared to Non-GAAP adjusted EBITDA of $0.0 million for the third quarter of fiscal
2018. The reconciliation between GAAP and Non-GAAP financial
results for all referenced periods is provided in a table
immediately following the Unaudited Consolidated Statements of
Operations and Comprehensive Income/(Loss) below.
Business Outlook
Based on information available as of February 5, 2019, the Company expects full-year
fiscal 2019 revenue between $102.5
million and $103.5 million,
and non-GAAP adjusted EBITDA2 between $7.3 million and $7.8
million. 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 the
fair value of derivatives and warrants related to the September 2016 convertible notes offering, which
are directly impacted by changes in the Company's stock
price.
About Digital Turbine, Inc.
Digital Turbine innovates at the convergence of media and mobile
communications, connecting top mobile operators, OEMs and
publishers with app developers and advertisers worldwide. Its
comprehensive Mobile Delivery Platform powers
frictionless user acquisition and engagement, operational
efficiency and monetization opportunities. Digital Turbine's
technology platform has been adopted by more than 30 mobile
operators and OEMs worldwide, and has delivered more than one
billion app preloads for tens of thousands advertising campaigns.
The company is headquartered in Austin,
Texas, with global offices in Durham, Mumbai, San
Francisco, Singapore and
Tel Aviv. 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 third 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 February 12,
2019. The replay can be accessed by dialing 877-344-7529 in
the United States or 412-317-0088
from international locations, passcode 10128183.
The conference call will discuss guidance and other material
information.
Use of Non-GAAP Financial Measures
To supplement the Company's condensed consolidated financial
statements presented in accordance with U.S. Generally Accepted
Accounting Principles ("GAAP"), Digital Turbine uses non-GAAP
measures of certain components of financial performance.
These non-GAAP measures include non-GAAP adjusted gross profit,
non-GAAP gross margin, non-GAAP adjusted EBITDA and non-GAAP free
cash flow. 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/(loss) and EPS are
defined as GAAP net income/(loss) and EPS adjusted to exclude the
effect of stock-based compensation, amortization of intangibles,
changes in the fair value of derivatives and warrants related to
the September 2016 convertible notes
offering, and loss on extinguishment of debt. Readers are
cautioned that Non-GAAP adjusted net income/(loss) 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/(loss) excluding the following cash and non-cash expenses:
interest expense, foreign exchange transaction loss/(gain), income
tax provision/(benefit), depreciation and amortization, stock-based
compensation expense, the change in fair value of derivatives and
warrants that are recorded related to the September 2016 convertible notes offering, other
expense, and a loss on extinguishment of debt. Readers are
cautioned that Non-GAAP adjusted EBITDA should not be construed as
an alternative to net income (loss) determined in accordance with
U.S. GAAP as an indicator of performance, which is the most
comparable measure under GAAP.
3Non-GAAP free cash flow, which is a non-GAAP
financial measure, is defined as net cash provided by operating
activities (as stated in our Consolidated Statement of Cash Flows)
reduced by capital expenditures. Readers are cautioned that free
cash flow should not be construed as an alternative to net cash
provided by operating activities determined in accordance with U.S.
GAAP as an indicator of profitability, performance or liquidity,
which is the most comparable measure under GAAP.
4Non-GAAP adjusted gross profit and gross margin are
defined as GAAP gross profit and gross margin adjusted to exclude
the effect of intangible amortization expense and depreciation of
software. Readers are cautioned that Non-GAAP adjusted gross
profit and gross margin should not be construed as an alternative
to gross margin determined in accordance with U.S. GAAP as an
indicator of profitability or performance, which is the most
comparable measure under GAAP.
Non-GAAP adjusted gross profit and gross margin, Non-GAAP
adjusted EBITDA, Non-GAAP adjusted net income / (loss) and EPS, and
Non-GAAP free cash flow are used by management as internal measures
of profitability, performance and liquidity. 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 the U.S. federal securities laws. 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:
- risks associated with Ignite adoption among existing customers
(including the impact of possible delays with major carrier and OEM
partners in the roll out for mobile phones deploying Ignite)
- actual mobile device sales and sell-through where Ignite is
deployed is out of our control
- 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
Ignite product
- risks associated with the timing of Ignite 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 Ignite
- 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 Ignite
slots across US carrier partners
- required customization and technical integration which may slow
down time to revenue notwithstanding the existence of a
distribution agreement
- risk that strong Apple iPhone sales could result in a
disproportionately low amount of Android sales
- 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
- risks associated with the level of our secured and unsecured
indebtedness
- ability to comply with financial covenants in outstanding
indebtedness
- 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
- derivative and warrant liabilities on our balance sheet will
fluctuate as our stock price moves and will also produce changes in
our income statement; these fluctuations and changes might
materially impact our reported GAAP financials in an adverse
manner, particularly if our stock price were to rise
- technology management risk as the Company needs to adapt to
complex specifications of different carriers and the management of
a complex technology platform given the Company's relatively
limited resources, and
- 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 Contacts:
Brian Bartholomew
Digital Turbine
brian.bartholomew@digitalturbine.com
Digital Turbine,
Inc. and Subsidiaries
|
Consolidated
Statements of Operations and Comprehensive Loss
|
|
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
December 31,
2018
|
|
December 31,
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
Net
revenues
|
$
30,411
|
|
$
22,732
|
Cost of
revenues
|
|
|
|
License fees and
revenue share
|
19,195
|
|
14,887
|
Other direct cost of
revenues
|
538
|
|
437
|
Total cost of
revenues
|
19,733
|
|
15,324
|
Gross
profit
|
10,678
|
|
7,408
|
Operating
expenses
|
|
|
|
Product
development
|
2,428
|
|
3,120
|
Sales and
marketing
|
1,962
|
|
1,623
|
General and
administrative
|
3,832
|
|
4,152
|
Total operating
expenses
|
8,222
|
|
8,895
|
Income / (loss) from
operations
|
2,456
|
|
(1,487)
|
Interest and other
expense, net
|
|
|
|
Interest expense,
net
|
(194)
|
|
(446)
|
Foreign exchange
transaction gain / (loss)
|
(2)
|
|
49
|
Change in fair value
of convertible note embedded derivative liability
|
(1,476)
|
|
(1,658)
|
Change in fair value
of warrant liability
|
(1,651)
|
|
(898)
|
Loss on
extinguishment of debt
|
(10)
|
|
(284)
|
Other
expense
|
(43)
|
|
(155)
|
Total interest and
other expense, net
|
(3,376)
|
|
(3,392)
|
Loss from continuing
operations before income taxes
|
(920)
|
|
(4,879)
|
Income tax benefit /
(provision)
|
216
|
|
(84)
|
Net loss from
continuing operations, net of taxes
|
(1,136)
|
|
(4,795)
|
Net income / (loss)
from discontinued operations
|
(212)
|
|
996
|
Net income/ (loss)
from discontinued operations, net of taxes
|
(212)
|
|
996
|
Net loss from
operations, net of taxes
|
$
(1,348)
|
|
$
(3,799)
|
Foreign currency
translation adjustment
|
(5)
|
|
-
|
Comprehensive
loss
|
$
(1,353)
|
|
$
(3,799)
|
Basic and diluted net
income / (loss) per common share
|
|
|
|
Continuing
operations
|
$
(0.01)
|
|
$
(0.07)
|
Discontinued
operations
|
$
(0.00)
|
|
$
0.01
|
Net loss
|
$
(0.01)
|
|
$
(0.06)
|
Weighted average
common shares outstanding, basic
|
77,645
|
|
72,148
|
Weighted average
common shares outstanding, diluted
|
77,645
|
|
75,442
|
Weighted average
common shares outstanding, diluted
|
77,645
|
|
75,442
|
Digital Turbine,
Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
|
(in thousands,
except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
March 31,
2018
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
10,100
|
|
$
12,720
|
Restricted
cash
|
431
|
|
331
|
Accounts receivable,
net of allowances of $937 and $512, respectively
|
24,221
|
|
17,050
|
Deposits
|
161
|
|
151
|
Prepaid expenses and
other current assets
|
1,314
|
|
750
|
Current assets held
for disposal
|
3,434
|
|
8,753
|
Total current
assets
|
39,661
|
|
39,755
|
Property and
equipment, net
|
3,300
|
|
2,757
|
Deferred tax
assets
|
439
|
|
596
|
Intangible assets,
net
|
226
|
|
1,231
|
Goodwill
|
42,266
|
|
42,268
|
TOTAL
ASSETS
|
$
85,892
|
|
$
86,607
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
22,552
|
|
$
19,895
|
Accrued license fees
and revenue share
|
11,491
|
|
8,232
|
Accrued
compensation
|
1,614
|
|
2,966
|
Short-term debt, net
of debt issuance costs of $78 and $205, respectively
|
1,522
|
|
1,445
|
Other current
liabilities
|
1,802
|
|
1,142
|
Current liabilities
held for disposal
|
5,430
|
|
12,726
|
Total current
liabilities
|
44,411
|
|
46,406
|
Convertible notes,
net of debt issuance costs and discounts of $1,402 and $1,827,
respectively
|
3,298
|
|
3,873
|
Convertible note
embedded derivative liability
|
3,113
|
|
4,676
|
Warrant
liability
|
3,135
|
|
3,980
|
Other non-current
liabilities
|
182
|
|
-
|
Total
liabilities
|
54,139
|
|
58,935
|
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;
78,459,070 issued and 77,704,471 outstanding at December 31,
2018;
76,843,278 issued and 76,108,822 outstanding at March 31,
2018
|
10
|
|
10
|
Additional paid-in
capital
|
321,297
|
|
318,066
|
Treasury stock
(754,599 shares at December 31, 2018 and March 31, 2018)
|
(71)
|
|
(71)
|
Accumulated other
comprehensive loss
|
(323)
|
|
(325)
|
Accumulated
deficit
|
(289,260)
|
|
(290,108)
|
Total stockholders'
equity
|
31,753
|
|
27,672
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
85,892
|
|
$
86,607
|
Digital Turbine,
Inc. and Subsidiaries
|
Consolidated
Statement of Cash Flows
|
(in
thousands)
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
December 31,
2018
|
|
December 31,
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
(1,136)
|
|
$
(4,795)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
709
|
|
669
|
Change in allowance
for doubtful accounts
|
71
|
|
27
|
Amortization of debt
discount and debt issuance costs
|
63
|
|
195
|
Stock-based
compensation
|
474
|
|
776
|
Stock-based
compensation for services rendered
|
157
|
|
73
|
Change in fair value
of convertible note embedded derivative liability
|
1,476
|
|
1,658
|
Change in fair value
of warrant liability
|
1,651
|
|
898
|
Loss on
extinguishment of debt
|
10
|
|
285
|
(Increase)/decrease
in assets:
|
|
|
|
Accounts
receivable
|
(3,460)
|
|
(7,225)
|
Deposits
|
(10)
|
|
(38)
|
Deferred tax
assets
|
216
|
|
92
|
Prepaid expenses and
other current assets
|
(584)
|
|
(105)
|
Increase/(decrease)
in liabilities:
|
|
|
|
Accounts
payable
|
(4,200)
|
|
2,334
|
Accrued license fees
and revenue share
|
5,773
|
|
2,846
|
Accrued
compensation
|
1,033
|
|
1,690
|
Accrued
interest
|
104
|
|
189
|
Other current
liabilities
|
273
|
|
206
|
Other non-current
liabilities
|
66
|
|
(99)
|
Net cash provided by
/ (used in) operating activities - continuing operations
|
2,686
|
|
(324)
|
Net cash provided by
/ (used in) used in operating activities - discontinued
operations
|
(338)
|
|
2,190
|
Net cash provided by
in operating activities
|
$
2,348
|
|
$
1,866
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Capital
expenditures
|
$
(696)
|
|
$
(472)
|
Cash used in
investing activities - continuing operations
|
(696)
|
|
(472)
|
Cash provided by /
(used in) investing activities - discontinued operations
|
41
|
|
(17)
|
Net cash used in
investing activities
|
$
(655)
|
|
$
(489)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Options
exercised
|
$
63
|
|
$
240
|
Repayment of debt
obligations
|
-
|
|
(601)
|
Net cash provided by
/ (used in) financing activities
|
$
63
|
|
$
(361)
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents and restricted
cash
|
$
(5)
|
|
$
-
|
|
|
|
|
Net change in cash
and cash equivalents and restricted cash
|
$
1,751
|
|
$
1,016
|
|
|
|
|
Cash and cash
equivalents and restricted cash, beginning of period
|
$
8,780
|
|
$
6,198
|
|
|
|
|
Cash and cash
equivalents and restricted cash, end of period
|
$
10,531
|
|
$
7,214
|
GAAP GROSS MARGIN
TO NON-GAAP GROSS MARGIN
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Continuing
Operations:
|
|
|
|
|
Revenue
|
|
$
30,411
|
|
$
22,732
|
Gross profit
|
|
$
10,678
|
|
$
7,408
|
Gross margin percentage
|
|
35.1%
|
|
32.6%
|
Add back items:
|
|
|
|
|
Amortization of intangibles
|
|
$
335
|
|
$
335
|
Depreciation of software
|
|
$
204
|
|
$
89
|
Non-GAAP gross profit from continuing operations
|
|
$
11,217
|
|
$
7,832
|
Non-GAAP gross margin
percentage from continuing operations
|
|
36.9%
|
|
34.5%
|
GAAP NET LOSS TO
NON-GAAP ADJUSTED NET INCOME / (LOSS)
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
December 31,
2018
|
|
December 31,
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
Continuing
Operations:
|
|
|
|
Net loss from
continuing operations
|
$
(1,136)
|
|
$
(4,795)
|
Add back
items:
|
|
|
|
Stock and stock
option compensation
|
631
|
|
849
|
Amortization of
intangibles
|
335
|
|
335
|
Change in fair value
of convertible note embedded
embedded derivative and warrant liability
|
3,127
|
|
2,556
|
Loss on
extinguishment of debt
|
10
|
|
285
|
Non-GAAP adjusted net
income / (loss) from continuing operations
|
$
2,967
|
|
$
(770)
|
|
|
|
|
Non-GAAP adjusted net
income / (loss) per share from continuing operations
|
$
0.04
|
|
$
(0.01)
|
Weighted average
common shares outstanding, basic
|
77,645
|
|
72,148
|
Weighted average
common shares outstanding, diluted
|
77,645
|
|
75,442
|
GAAP NET LOSS TO
NON-GAAP ADJUSTED EBITDA
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
December 31,
2018
|
|
December 31,
2017
|
Continuing
Operations:
|
(Unaudited)
|
|
(Unaudited)
|
Net loss from
continuing operations
|
$
(1,136)
|
|
$
(4,795)
|
Add back
items:
|
|
|
|
Stock and stock
option compensation
|
631
|
|
849
|
Amortization of
intangibles
|
335
|
|
335
|
Depreciation
expense
|
374
|
|
334
|
Interest expense,
net
|
194
|
|
446
|
Other
expense
|
43
|
|
155
|
Change in fair value
of convertible note
embedded derivative and warrant liability
|
3,127
|
|
2,556
|
Loss on
extinguishment of debt
|
10
|
|
284
|
Foreign exchange
transaction loss / (gain)
|
2
|
|
(49)
|
Income tax provision
/ (benefit)
|
216
|
|
(84)
|
Non-GAAP adjusted
EBITDA from continuing operations
|
$
3,796
|
|
$
31
|
GAAP CASH FLOW
FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS TO NON-GAAP
FREE CASH FLOW FROM CONTINUING OPERATIONS
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
December 31,
2018
|
|
December 31,
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
Net cash from
operating activities from continuing operations
|
$
2,686
|
|
$
(324)
|
Capital
expenditures
|
(696)
|
|
(472)
|
|
|
|
|
Non-GAAP free cash
flow from continuing operations
|
$
1,990
|
|
$
(796)
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/digital-turbine-reports-fiscal-2019-third-quarter-results-300790046.html
SOURCE Digital Turbine, Inc.