AUSTIN, Texas, Aug. 5, 2019 /PRNewswire/ -- Digital Turbine,
Inc. (Nasdaq: APPS) announced financial results for the fiscal
first quarter ended June 30,
2019. 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 first quarter revenue was $30.6
million, representing 38% growth when compared to the fiscal
first quarter of 2019.
- GAAP net loss for the fiscal first quarter was $1.7 million, or ($0.02) per share, as compared to GAAP net income
of $1.5 million, or $0.02 per share for the fiscal first quarter of
2019. Non-GAAP adjusted net income1 for the fiscal first
quarter was $4.2 million, or
$0.05 per share, as compared to a
Non-GAAP adjusted net loss of $0.6
million, or ($0.01) per share,
in the fiscal first quarter of 2019.
- Non-GAAP adjusted EBITDA2 for the fiscal first
quarter was $4.2 million, as compared
to Non-GAAP adjusted EBITDA of $0.2
million in the fiscal first quarter of 2019.
- GAAP cash provided by operating activities totaled $5.0 million in the fiscal first quarter.
Non-GAAP free cash flow3 totaled $4.3 million in the fiscal fourth quarter.
- GAAP gross margin was 39% for the fiscal first quarter of 2020,
as compared to a 29% GAAP gross margin in the fiscal first quarter
of 2019. Non-GAAP adjusted gross margin4 was 40% for the
fiscal first quarter of 2020, as compared to 31% in the fiscal
first quarter of 2019.
- The Company has surpassed 290 million total devices with Ignite
installed to date, including more than 30 million devices installed
during the June quarter.
- U.S. revenue-per-device ("RPD") increased by more than 30% when
compared to the fiscal first quarter of 2019, highlighting
strengthening demand from advertisers for the Digital Turbine
platform.
- The Company's cash balance was $16.2
million as of June 30, 2019,
as compared to the March 31, 2019
balance of $10.9 million. The Company
had zero total debt as of June 30,
2019.
"We are out of the gates strong as we begin our fiscal 2020,"
said Bill Stone, CEO. "We have
a lot of momentum, as not only did our results for the fiscal first
quarter comfortably exceed our internal expectations driven largely
by stronger revenue-per-device ("RPD") metrics during the latter
half of the quarter, but we also made significant operational
progress with valuable new partners and strategic platform
initiatives that should help propel our growth in future quarters
and years. We managed to accelerate our year-over-year
revenue growth to 38% and our Non-GAAP gross profit growth to 78%
in the June quarter, as compared to 30% revenue growth and 50%
Non-GAAP gross profit growth in the preceding March quarter.
This strong top-line momentum, along with continuing operating
leverage, led to the generation of $4.2
million in Adjusted EBITDA and $4.3
million in free cash flow during the quarter, which in turn
helped us further bolster a balance sheet that comprised of more
than $16 million in cash and zero
debt as of quarter-end."
Mr. Stone concluded, "I remain highly encouraged by the inherent
momentum of our increasingly differentiated platform offering and
the deep collaboration shown by our valued operator and OEM
partners. While I am certainly proud of our strong financial
results, our focus remains single-mindedly on effectively
positioning and scaling the platform to ensure future success for
our business and that of our partners. We are continuing to
aggressively recruit additional carriers and OEMs to further expand
our scale and global footprint. At the same time, we are
continuing to work collaboratively with existing partners and
advertiser clients to develop innovative new platform features
designed to drive added monetization via higher levels of
conversion and engagement for advertisers and end users
alike. I look forward to providing real-time updates on our
progress toward these core objectives as fiscal 2020 matures."
Fiscal First Quarter Financial Results
Revenue for the first quarter of fiscal 2020 was $30.6 million, representing an increase of 38%
year-over-year. Revenue growth was primarily driven by higher
revenue-per-device with our large U.S.-based carrier partners,
reflecting strong advertiser demand for Dynamic Installs as well as
incremental contributions from other, newer platform products.
GAAP gross margin was 39% for the first quarter of fiscal 2020,
as compared to a 29% GAAP gross margin in the first quarter of
fiscal 2019. Non-GAAP adjusted gross margin4
increased to 40% for the first quarter of fiscal 2020, as compared
to 31% for the first quarter of fiscal 2019.
Net loss from continuing operations for the first quarter of
fiscal 2020 was $1.7 million, or
($0.02) per share, as compared to a
net income from continuing operations for the first quarter of
fiscal 2019 of $1.5 million, or
$0.02 per share. Non-GAAP
adjusted net income1 for the first quarter of fiscal
2020 was $4.2 million, or
$0.05 per share, as compared to a
Non-GAAP adjusted net loss of $0.6
million, or ($0.01) per share,
during the first quarter of fiscal 2019.
Non-GAAP adjusted EBITDA2 was $4.2 million for the first quarter of fiscal
2020, as compared to Non-GAAP adjusted EBITDA of $0.2 million for the first quarter of fiscal
2019. 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 Cash Flows below.
Business Outlook
Based on information available as of August 5, 2019, the Company expects second
quarter fiscal 2020 revenue of between $31
million and $32 million, and
non-GAAP adjusted EBITDA2 of between $3.2 million and $3.7
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 associated with outstanding warrants
issued in connection with 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 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 12,
2019. The replay can be accessed by dialing 877-344-7529 in
the United States or 412-317-0088
from international locations, passcode 10133868.
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,
severance, changes in the fair value of derivatives associated with
warrants issued in connection with 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, severance, the change in fair value of
derivatives associated with warrants issued in connection with the
September 2016 convertible notes
offering, other income/(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 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:
- 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
- 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
- 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 Income /
(Loss)
|
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
June 30,
2019
|
|
June 30,
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
Net
revenues
|
$
30,553
|
|
$
22,112
|
Cost of
revenues
|
|
|
|
License fees and
revenue share
|
18,275
|
|
15,216
|
Other direct cost of
revenues
|
278
|
|
507
|
Total cost of
revenues
|
18,553
|
|
15,723
|
Gross
profit
|
12,000
|
|
6,389
|
Operating
expenses
|
|
|
|
Product
development
|
2,794
|
|
3,109
|
Sales and
marketing
|
2,278
|
|
1,836
|
General and
administrative
|
3,888
|
|
2,704
|
Total operating
expenses
|
8,960
|
|
7,649
|
Income / (Loss) from
operations
|
3,040
|
|
(1,260)
|
Interest and other
expense, net
|
|
|
|
Interest expense,
net
|
-
|
|
(319)
|
Foreign exchange
transaction gain / (loss)
|
(1)
|
|
8
|
Change in fair value
of convertible note embedded derivative liability
|
-
|
|
1,620
|
Change in fair value
of warrant liability
|
(5,226)
|
|
1,570
|
Other
expense
|
409
|
|
(127)
|
Total interest and
other income / (expense), net
|
(4,818)
|
|
2,752
|
Income / (loss) from
operations before income taxes
|
(1,778)
|
|
1,492
|
Income tax
benefit
|
(107)
|
|
(36)
|
Net income / (loss)
from operations, net of taxes
|
$
(1,671)
|
|
$
1,528
|
Loss from
discontinued operations
|
$
(148)
|
|
$
(1,044)
|
Net loss from discontinued
operations, net of taxes
|
$
(148)
|
|
$
(1,044)
|
Net income /
(loss)
|
$
(1,819)
|
|
$
484
|
Foreign currency
translation adjustment
|
98
|
|
-
|
Comprehensive income
/ (loss):
|
$
(1,721)
|
|
$
484
|
Basic and diluted net
income / (loss) per common share
|
|
|
|
Continuing
operations
|
$
(0.02)
|
|
$
0.02
|
Discontinued
operations
|
$
(0.00)
|
|
$
(0.01)
|
Net income /
(loss)
|
$
(0.02)
|
|
$
0.01
|
Weighted average
common shares outstanding, basic
|
81,814
|
|
76,204
|
Weighted average
common shares outstanding, diluted
|
81,814
|
|
79,598
|
Digital Turbine,
Inc. and Subsidiaries
|
|
|
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
(in thousands,
except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
March 31,
2019
|
|
(Unaudited)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
16,222
|
|
$
10,894
|
Restricted
cash
|
165
|
|
165
|
Accounts receivable,
net of allowances of $961 and $895, respectively
|
22,733
|
|
22,707
|
Prepaid expenses and
other current assets
|
1,511
|
|
1,331
|
Current assets held
for disposal
|
1,817
|
|
2,026
|
Total current
assets
|
42,448
|
|
37,123
|
Property and
equipment, net
|
3,748
|
|
3,430
|
Right-of-use
asset
|
2,168
|
|
-
|
Deferred tax
assets
|
85
|
|
40
|
Goodwill
|
42,268
|
|
42,268
|
TOTAL
ASSETS
|
$
90,717
|
|
$
82,861
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
18,916
|
|
$
14,912
|
Accrued license fees
and revenue share
|
12,833
|
|
16,205
|
Accrued
compensation
|
1,456
|
|
2,441
|
Other current
liabilities
|
1,922
|
|
826
|
Current liabilities
held for disposal
|
3,654
|
|
3,924
|
Total current
liabilities
|
38,781
|
|
38,308
|
Warrant
liability
|
12,525
|
|
8,013
|
Other non-current
liabilities
|
2,178
|
|
182
|
Total
liabilities
|
53,484
|
|
46,503
|
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
|
|
|
|
Common Stock at
$0.0001 par value: 200,000,000 shares authorized; 83,220,668 issued
and 82,486,212 outstanding at June 30, 2019; 82,354,940 issued and
81,620,484 outstanding at March 31, 2019
|
10
|
|
10
|
Additional paid-in
capital
|
335,389
|
|
332,793
|
Treasury stock
(754,599 shares at June 30, 2019 and March 31, 2019)
|
(71)
|
|
(71)
|
Accumulated other
comprehensive loss
|
(258)
|
|
(356)
|
Accumulated
deficit
|
(297,937)
|
|
(296,118)
|
Total stockholders'
equity
|
37,233
|
|
36,358
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
90,717
|
|
$
82,861
|
Digital Turbine,
Inc. and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
June 30,
2019
|
|
June 30,
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities
|
|
|
|
Net income / (loss)
from continuing operations, net of taxes
|
$
(1,671)
|
|
$
1,528
|
Adjustments to
reconcile net income / (loss) to net cash provided by / (used
in) operating activities:
|
|
|
|
Depreciation and
amortization
|
462
|
|
729
|
Change in allowance
for doubtful accounts
|
66
|
|
278
|
Non-cash interest
expense
|
-
|
|
161
|
Stock-based
compensation
|
560
|
|
463
|
Stock-based
compensation for services rendered
|
122
|
|
85
|
Change in fair value
of convertible note embedded derivative liability
|
-
|
|
(1,620)
|
Change in fair value
of warrant liability
|
5,226
|
|
(1,570)
|
(Increase)/decrease
in assets:
|
|
|
|
Accounts
receivable
|
(92)
|
|
(2,574)
|
Deferred tax
assets
|
(45)
|
|
(36)
|
Prepaid expenses and
other current assets
|
(151)
|
|
(52)
|
Right-of-use
asset
|
(2,168)
|
|
-
|
Increase/(decrease)
in liabilities:
|
|
|
|
Accounts
payable
|
3,982
|
|
(1,603)
|
Accrued license fees
and revenue share
|
(3,347)
|
|
3,259
|
Accrued
compensation
|
(993)
|
|
(1,781)
|
Other current
liabilities
|
1,096
|
|
344
|
Other non-current
liabilities
|
1,997
|
|
(6)
|
Net cash provided by
/ (used in) operating activities - continuing operations
|
5,044
|
|
(2,395)
|
Net cash used in
operating activities - discontinued operations
|
(230)
|
|
(1,224)
|
Net cash provided by
/ (used in) operating activities
|
$
4,814
|
|
$
(3,619)
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Capital
expenditures
|
$
(783)
|
|
$
(411)
|
Cash used in
investing activities - continuing operations
|
(783)
|
|
(411)
|
Cash used in
investing activities - discontinued operations
|
-
|
|
(41)
|
Net cash used in
investing activities
|
$
(783)
|
|
$
(452)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Options and warrants
exercised
|
$
1,199
|
|
$
39
|
Repayment of debt
obligations
|
-
|
|
(50)
|
Net cash provided by
/ (used in) financing activities
|
$
1,199
|
|
$
(11)
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents and restricted
cash
|
$
98
|
|
$
-
|
|
|
|
|
Net change in cash
and cash equivalents and restricted cash
|
$
5,328
|
|
$
(4,082)
|
|
|
|
|
Cash and cash
equivalents and restricted cash, beginning of period
|
$
11,059
|
|
$
13,051
|
|
|
|
|
Cash and cash
equivalents and restricted cash, end of period
|
$
16,387
|
|
$
8,969
|
GAAP GROSS MARGIN
TO NON-GAAP GROSS MARGIN
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2019
|
|
June 30,
2018
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Continuing
Operations:
|
|
|
|
|
Revenue
|
|
$
30,553
|
|
$
22,112
|
Gross
profit
|
|
$
12,000
|
|
$
6,389
|
Gross margin
percentage
|
|
39%
|
|
29%
|
Add back
items:
|
|
|
|
|
Amortization of
intangibles
|
|
$
-
|
|
$
335
|
Depreciation of
software
|
|
$
278
|
|
$
172
|
Non-GAAP gross profit
from continuing operations
|
|
$
12,278
|
|
$
6,896
|
Non-GAAP gross margin
percentage from continuing operations
|
|
40%
|
|
31%
|
GAAP NET INCOME /
(LOSS) TO NON-GAAP ADJUSTED NET INCOME / (LOSS)
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2019
|
|
June 30,
2018
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Continuing
Operations:
|
|
|
|
|
Net income / (loss)
from continuing operations
|
|
$
(1,671)
|
|
$
1,528
|
Add back
items:
|
|
|
|
|
Stock and stock
option compensation
|
|
682
|
|
548
|
Amortization of
intangibles
|
|
-
|
|
335
|
Change in fair value
of convertible note
embedded derivative and warrant liability
|
|
5,226
|
|
(3,190)
|
Non-recurring
severence expense
|
|
-
|
|
145
|
Non-GAAP adjusted net
income / (loss) from continuing operations
|
|
$
4,237
|
|
$
(634)
|
|
|
|
|
|
Non-GAAP adjusted net
income / (loss) per share from continuing operations
|
|
$
0.05
|
|
$
(0.01)
|
Weighted average
common shares outstanding, basic
|
|
81,814
|
|
76,204
|
Weighted average
common shares outstanding, diluted
|
|
81,814
|
|
79,598
|
GAAP NET INCOME /
(LOSS) TO NON-GAAP ADJUSTED EBITDA
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2019
|
|
June 30,
2018
|
Continuing
Operations:
|
|
(Unaudited)
|
|
(Unaudited)
|
Net income / (loss)
from continuing operations
|
|
$
(1,671)
|
|
$
1,528
|
Add back
items:
|
|
|
|
|
Stock and stock
option compensation
|
|
682
|
|
548
|
Amortization of
intangibles
|
|
-
|
|
335
|
Depreciation
expense
|
|
482
|
|
394
|
Interest expense,
net
|
|
-
|
|
319
|
Other income /
(expense)
|
|
(409)
|
|
121
|
Change in fair value
of convertible note
embedded derivative and warrant liability
|
|
5,226
|
|
(3,190)
|
Loss on
extinguishment of debt
|
|
-
|
|
6
|
Non-recurring
severence expense
|
|
-
|
|
145
|
Foreign exchange
transaction loss / (income)
|
|
1
|
|
(8)
|
Income tax
benefit
|
|
(107)
|
|
(36)
|
Non-GAAP adjusted
EBITDA from continuing operations
|
|
$
4,204
|
|
$
162
|
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
|
|
|
June 30,
2019
|
|
June 30,
2018
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Net cash provided by
/ (used in) operating activities from continuing
operations
|
|
$
5,044
|
|
$
(2,395)
|
Capital
expenditures
|
|
(783)
|
|
(411)
|
|
|
|
|
|
Non-GAAP free cash
flow provided by / (used in) continuing operations
|
|
$
4,261
|
|
$
(2,806)
|
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SOURCE Digital Turbine, Inc.