AUSTIN, Texas, Nov. 2, 2021 /PRNewswire/ -- Digital
Turbine, Inc. (Nasdaq: APPS) announced financial results for the
fiscal second quarter ended September
30, 2021. The Company completed the acquisitions of
AdColony Holdings AS and Fyber N.V. on April
29 and May 25, 2021,
respectively. 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 second quarter of fiscal 2021. 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 second quarter of 2022 revenue totaled $310.2 million, representing a 338% increase
year-over-year on an as-reported basis and a 63% increase
year-over-year as compared to the comparable pro forma figure for
the fiscal second quarter of 2021.
- GAAP net loss for the fiscal second quarter of 2022, inclusive
of a $22.1 million fair value
adjustment to the contingent acquisition-related earn-outs, was
$5.9 million, or ($0.06) per share, as compared to GAAP net income
of $0.4 million, or $0.00 per share for the fiscal second quarter of
2021. Non-GAAP adjusted net income1 for the fiscal
second quarter of 2022 was $45.3
million, or $0.44 per share,
as compared to Non-GAAP adjusted net income of $14.5 million, or $0.15 per share, in the fiscal second quarter of
2021.
- Non-GAAP adjusted EBITDA2 for the fiscal second
quarter of 2022 was $47.9 million,
representing growth of 191% as compared to Non-GAAP adjusted EBITDA
of $16.5 million in the fiscal second
quarter of 2021.
"I am pleased that we delivered record financial results in the
second quarter, but even more pleased with how we have
strategically laid the foundation to capture a dramatically
expanded market opportunity set in future quarters and years," said
Bill Stone, CEO. "Our first full
quarter reporting as a consolidated entity provided early evidence
of the financial benefits from our greater scope and scale.
Meanwhile, we are now strategically positioning the Company for
continued success in the future with a fully differentiated
end-to-end platform. The integration is proceeding ahead of
our own initial expectations and has been very well-received by
partners and customers across the full spectrum of the
platform. Revenue synergies are already materializing ahead
of our expectations, even though we are merely at the onset of
exploiting our platform's inherent competitive advantages.
Execution continues to be our primary focus, as we confidently
aspire to realize far greater, more strategic synergies in future
quarters."
Mr. Stone concluded, "With respect to our financial performance
during the September quarter, we continued to witness strong demand
from app publishers and advertisers for our unique set of product
offerings across the full range of the platform. Our
On-Device Media revenue and our In-App Media revenue each increased
more than 60% year-over-year on a pro forma basis. Within the
On-Device Media segment, our primary health metric,
revenue-per-device ("RPD"), increased more than 50% year-over-year
on devices in the U.S., and more than 100% on devices outside of
the U.S. during what was an all-time record quarter for the total
number of new devices activated globally with our software
installed. Scale efficiencies and disciplined expense
controls once again enabled us to translate this top-line growth
into non-GAAP adjusted EBITDA and non-GAAP EPS growth of more than
190% on a year-over-year basis. We expect to continue to
demonstrate incremental profitable operating leverage, particularly
as we realize considerable additional acquisition-related
synergies. In summary, I am more upbeat than ever about the
Company's future, as I believe that our 'One DT' platform is
ideally positioned to not only adapt to, but will in
fact fully benefit from, several key developing trends
within our industry, such as the diversification of ad spend into
other fully calculable performance-driven options, legislative and
regulatory actions designed to foster alternative market
opportunities, and the recent wave of ad-tech consolidation which
has reduced the number of independent competitors, thereby further
differentiating the uniqueness of our strategic market
approach."
Fiscal 2022 Second Quarter Financial Results
Total revenue for the second quarter of fiscal 2022 was
$310.2 million. Total
"On-Device Media" revenue, which represents revenue derived from
the Company's Application Media and Content Media platform
products, increased 73% year-over-year to $129.4 million. Before intercompany
eliminations, total "In-App Media" revenue, which represents
revenue derived from the Fyber and AdColony businesses, increased
61% year-over-year on a pro forma basis to $187.2 million. Fyber contributed
$125.7 million during the quarter,
while AdColony contributed $61.5
million during the quarter.
GAAP net loss for the fiscal second quarter of 2022, inclusive
of a $22.1 million fair value
adjustment to the contingent acquisition-related earn-outs, was
$5.9 million, or ($0.06) per share, as compared to GAAP net income
from continuing operations of $0.4
million, or $0.00 per share
for the second quarter of fiscal 2021. Non-GAAP adjusted net
income1 for the second quarter of fiscal 2022 was
$45.3 million, or $0.44 per share, as compared to Non-GAAP adjusted
net income of $14.5 million, or
$0.15 per share, in the second
quarter of fiscal 2021.
Non-GAAP adjusted EBITDA2 for the second quarter
of fiscal 2022 was $47.9 million as
compared to Non-GAAP adjusted EBITDA of $16.5 million in the second 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 November 2, 2021, the Company currently expects
the following for the third quarter of fiscal 2022:
- Revenue of between $350 million
and $355 million
- Non-GAAP adjusted EBITDA2 of between $53 million and $56
million
- Non-GAAP adjusted EPS1 of between $0.41 and $0.44,
based on approximately 105 million diluted shares outstanding and
an effective tax rate of between 15% and 20% on non-GAAP net
income
It is not reasonably practicable to provide a business outlook
for GAAP net income 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 second
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 November 9,
2021. The replay can be accessed by dialing 877-344-7529 in
the United States or 412-317-0088
from international locations, passcode 10161500.
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 fair value of earn-out liabilities associated with
acquisitions, and transaction-related expenses and compensation
costs. 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 fair value of
earn-out liabilities associated with acquisitions, income tax
provision, depreciation and amortization, stock-based compensation
expense, amortization of intangibles, foreign exchange
transactions, and transaction-related expenses and compensation
costs. 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
- 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
September 30,
|
|
|
2021
|
|
2020
|
|
|
Unaudited
|
|
Unaudited
|
Net revenues
|
|
$
|
310,205
|
|
|
$
|
70,893
|
|
Costs of revenues and
operating expenses
|
|
|
|
|
License fees and
revenue share
|
|
213,145
|
|
|
40,532
|
|
Other direct
costs of revenues
|
|
3,838
|
|
|
662
|
|
Product
development
|
|
17,904
|
|
|
4,217
|
|
Sales and
marketing
|
|
17,479
|
|
|
4,835
|
|
General and
administrative
|
|
41,307
|
|
|
8,531
|
|
Total
costs of revenues and operating expenses
|
|
293,673
|
|
|
58,777
|
|
Income from
operations
|
|
16,532
|
|
|
12,116
|
|
Interest and other
income / (expense), net
|
|
|
|
|
Change in fair
value of contingent consideration
|
|
(22,087)
|
|
|
(10,757)
|
|
Interest
expense, net
|
|
(1,955)
|
|
|
(287)
|
|
Foreign exchange
transaction loss
|
|
(249)
|
|
|
—
|
|
Other expense,
net
|
|
(477)
|
|
|
(38)
|
|
Total
interest and other income / (expense), net
|
|
(24,768)
|
|
|
(11,082)
|
|
Income / (loss) before
income taxes
|
|
(8,236)
|
|
|
1,034
|
|
Income tax
provision / (benefit)
|
|
(2,349)
|
|
|
661
|
|
Net income /
(loss)
|
|
(5,887)
|
|
|
373
|
|
Less: net loss
attributable to non-controlling interest
|
|
(35)
|
|
|
—
|
|
Net income / (loss)
attributable to Digital Turbine, Inc.
|
|
(5,852)
|
|
|
373
|
|
Other comprehensive
loss
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(15,892)
|
|
|
(45)
|
|
Comprehensive income /
(loss)
|
|
(21,779)
|
|
|
328
|
|
Less:
comprehensive loss attributable to non-controlling
interest
|
|
(128)
|
|
|
—
|
|
Comprehensive income /
(loss) attributable to Digital Turbine, Inc.
|
|
$
|
(21,651)
|
|
|
$
|
328
|
|
Net income / (loss) per
common share
|
|
|
|
|
Basic
|
|
$
|
(0.06)
|
|
|
$
|
—
|
|
Diluted
|
|
$
|
(0.06)
|
|
|
$
|
—
|
|
Weighted-average common
shares outstanding
|
|
|
|
|
Basic
|
|
96,157
|
|
|
88,035
|
|
Diluted
|
|
96,157
|
|
|
96,057
|
|
Digital Turbine,
Inc. and Subsidiaries
Consolidated
Balance Sheets
(in thousands,
except par value and share amounts)
|
|
|
September 30,
2021
|
|
March 31,
2021
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
|
$
|
95,522
|
|
|
$
|
30,778
|
|
Restricted
cash
|
|
695
|
|
|
340
|
|
Accounts
receivable, net
|
|
228,107
|
|
|
61,985
|
|
Prepaid expenses
and other current assets
|
|
20,852
|
|
|
4,282
|
|
Total current assets
|
|
345,176
|
|
|
97,385
|
|
Property and
equipment, net
|
|
22,116
|
|
|
13,050
|
|
Right-of-use
assets
|
|
17,914
|
|
|
3,495
|
|
Deferred tax
assets, net
|
|
—
|
|
|
12,963
|
|
Intangible
assets, net
|
|
467,528
|
|
|
53,300
|
|
Goodwill
|
|
559,033
|
|
|
80,176
|
|
Other
non-current assets
|
|
844
|
|
|
—
|
|
TOTAL ASSETS
|
|
$
|
1,412,611
|
|
|
$
|
260,369
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDER'S EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$
|
167,104
|
|
|
$
|
34,953
|
|
Accrued license
fees and revenue share
|
|
81,881
|
|
|
46,196
|
|
Accrued
compensation
|
|
23,675
|
|
|
9,817
|
|
Short-term
debt
|
|
13,423
|
|
|
14,557
|
|
Other current
liabilities
|
|
20,549
|
|
|
5,626
|
|
Acquisition
purchase price liabilities
|
|
335,500
|
|
|
—
|
|
Total current liabilities
|
|
642,132
|
|
|
111,149
|
|
Long-term debt,
net of debt issuance costs
|
|
244,001
|
|
|
—
|
|
Deferred tax
liabilities, net
|
|
19,571
|
|
|
—
|
|
Other
non-current liabilities
|
|
18,525
|
|
|
4,108
|
|
Total liabilities
|
|
924,229
|
|
|
115,257
|
|
Commitments and contingencies (Note 13)
|
|
|
|
|
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)
|
|
100
|
|
|
100
|
|
Common
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)
|
|
10
|
|
|
10
|
|
Additional
paid-in capital
|
|
741,781
|
|
|
373,310
|
|
Treasury stock
(754,599 shares at September 30, 2021 and March 31,
2021)
|
|
(71)
|
|
|
(71)
|
|
Accumulated
other comprehensive loss
|
|
(36,721)
|
|
|
(903)
|
|
Accumulated
deficit
|
|
(218,902)
|
|
|
(227,334)
|
|
Total stockholders' equity attributable to Digital Turbine,
Inc.
|
|
486,197
|
|
|
145,112
|
|
Non-controlling interest
|
|
2,185
|
|
|
—
|
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
$
|
1,412,611
|
|
|
$
|
260,369
|
|
Digital Turbine,
Inc. and Subsidiaries
Consolidated
Statements of Cash Flows
(in
thousands)
|
|
|
Three months ended
September 30,
|
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
Net income /
(loss)
|
|
$
|
(5,887)
|
|
|
$
|
373
|
|
Adjustments to
reconcile net income / (loss) to net cash provided by by
operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
16,328
|
|
|
1,689
|
|
Non-cash
interest expense
|
|
171
|
|
|
18
|
|
Stock-based
compensation
|
|
3,330
|
|
|
2,230
|
|
Stock-based
compensation for services rendered
|
|
2,595
|
|
|
285
|
|
Change in fair
value of contingent consideration
|
|
22,087
|
|
|
10,757
|
|
Right-of-use
asset
|
|
1,323
|
|
|
183
|
|
Deferred income
taxes
|
|
(2,699)
|
|
|
—
|
|
(Increase) /
decrease in assets:
|
|
|
|
|
Accounts
receivable, gross
|
|
(13,038)
|
|
|
(3,049)
|
|
Allowance
for credit losses
|
|
(57)
|
|
|
219
|
|
Prepaid
expenses and other current assets
|
|
(425)
|
|
|
1,181
|
|
Other
non-current assets
|
|
(65)
|
|
|
—
|
|
Increase /
(decrease) in liabilities:
|
|
|
|
|
Accounts
payable
|
|
16,280
|
|
|
6,474
|
|
Accrued
license fees and revenue share
|
|
(2,191)
|
|
|
(1,422)
|
|
Accrued
compensation
|
|
1,262
|
|
|
2,243
|
|
Other
current liabilities
|
|
188
|
|
|
2,969
|
|
Other
non-current liabilities
|
|
(2,451)
|
|
|
(496)
|
|
Net cash provided by
operating activities
|
|
36,751
|
|
|
23,654
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
Business
acquisitions, net of cash acquired
|
|
(21,452)
|
|
|
(736)
|
|
Capital
expenditures
|
|
(6,047)
|
|
|
(2,168)
|
|
Net cash used in investing
activities
|
|
(27,499)
|
|
|
(2,904)
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
Proceeds from
borrowings
|
|
30,093
|
|
|
—
|
|
Payment of
contingent consideration
|
|
—
|
|
|
(9,302)
|
|
Options and
warrants exercised
|
|
1,460
|
|
|
3,091
|
|
Repayment of
debt obligations
|
|
(26,576)
|
|
|
(250)
|
|
Net cash provided by
/ (used in) financing activities
|
|
4,977
|
|
|
(6,461)
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash
|
|
(2,024)
|
|
|
(45)
|
|
|
|
|
|
|
Net change in
cash
|
|
12,205
|
|
|
14,244
|
|
|
|
|
|
|
Cash and restricted
cash, beginning of period
|
|
84,012
|
|
|
18,723
|
|
|
|
|
|
|
Cash and restricted
cash, end of period
|
|
$
|
96,217
|
|
|
$
|
32,967
|
|
PRO FORMA
REVENUE
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2021
|
|
2020
|
|
%
Change
|
On Device
Media
|
|
$
|
129,449
|
|
|
$
|
74,700
|
|
|
73
|
%
|
AdColony
|
|
61,495
|
|
|
51,592
|
|
|
19
|
%
|
Fyber
|
|
125,727
|
|
|
64,988
|
|
|
93
|
%
|
Elimination
|
|
(6,466)
|
|
|
(1,123)
|
|
|
476
|
%
|
Consolidated
|
|
$
|
310,205
|
|
|
$
|
190,157
|
|
|
63
|
%
|
GAAP INCOME FROM
OPERATIONS TO NON-GAAP GROSS PROFIT
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2021
|
|
2020
|
Net revenues
|
|
$
|
310,205
|
|
|
$
|
70,893
|
|
Income from
operations
|
|
16,532
|
|
|
12,116
|
|
Add-back
items:
|
|
|
|
|
Product
development
|
|
17,904
|
|
|
4,217
|
|
Sales and
marketing
|
|
17,479
|
|
|
4,835
|
|
General and
administrative
|
|
41,307
|
|
|
8,531
|
|
Depreciation of
software included in other direct costs of revenue
|
|
771
|
|
|
431
|
|
Non-GAAP gross
profit
|
|
$
|
93,993
|
|
|
$
|
30,130
|
|
Non-GAAP gross profit
percentage
|
|
30
|
%
|
|
43
|
%
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME TO
NON-GAAP ADJUSTED NET INCOME
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2021
|
|
2020
|
Net income /
(loss)
|
|
$
|
(5,887)
|
|
|
$
|
373
|
|
Add-back
items:
|
|
|
|
|
Stock and stock
option compensation
|
|
5,925
|
|
|
2,515
|
|
Amortization of
intangibles
|
|
13,999
|
|
|
670
|
|
Adjustment for
estimated earn-out liability
|
|
22,087
|
|
|
10,757
|
|
Transaction-related expenses and compensation costs
|
|
9,159
|
|
|
150
|
|
Non-GAAP adjusted net
income
|
|
$
|
45,283
|
|
|
$
|
14,465
|
|
Non-GAAP adjusted net
income per share
|
|
$
|
0.44
|
|
|
$
|
0.15
|
|
Weighted-average common
shares outstanding, diluted
|
|
102,721
|
|
|
96,057
|
|
GAAP NET INCOME TO
NON-GAAP ADJUSTED EBITDA
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2021
|
|
2020
|
Net income /
(loss)
|
|
$
|
(5,887)
|
|
|
$
|
373
|
|
Add-back
items:
|
|
|
|
|
Stock and stock
option compensation
|
|
5,925
|
|
|
2,515
|
|
Amortization of
intangibles
|
|
13,999
|
|
|
670
|
|
Depreciation
expense
|
|
2,329
|
|
|
1,019
|
|
Interest
expense, net
|
|
1,955
|
|
|
287
|
|
Other expense,
net
|
|
477
|
|
|
38
|
|
Change in fair
value of contingent consideration
|
|
22,087
|
|
|
10,757
|
|
Foreign exchange
transaction loss
|
|
249
|
|
|
—
|
|
Income tax
provision
|
|
(2,349)
|
|
|
661
|
|
Transaction-related expenses and compensation costs
|
|
9,159
|
|
|
150
|
|
Non-GAAP adjusted
EBITDA
|
|
$
|
47,944
|
|
|
$
|
16,470
|
|
GAAP CASH FLOW FROM
OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2021
|
|
2020
|
Net cash provided by
operating activities
|
|
$
|
36,751
|
|
|
$
|
23,654
|
|
Capital
expenditures
|
|
(6,047)
|
|
|
(2,168)
|
|
Transaction-related
expenses and compensation costs
|
|
9,159
|
|
|
150
|
|
Non-GAAP free cash
flow
|
|
$
|
39,863
|
|
|
$
|
21,636
|
|
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SOURCE Digital Turbine, Inc.