AUSTIN, Texas, Aug. 5, 2020 /PRNewswire/ -- Digital
Turbine, Inc. (Nasdaq: APPS) announced financial results for the
fiscal first quarter ended June 30,
2020. All operating results and historical comparisons
discussed below, except as otherwise specifically noted, refer only
to the continuing operations of the Company.
Recent Financial Highlights:
- Fiscal first quarter revenue was $59.0
million, representing 93% growth when compared to the fiscal
first quarter of 2020.
- GAAP net income for the fiscal first quarter was $9.9 million, or $0.11 per share, as compared to a GAAP net loss
of $1.7 million, or ($0.02) per share for the fiscal first quarter of
2020. Non-GAAP adjusted net income1 for the fiscal
first quarter was $12.5 million, or
$0.13 per share, as compared to
Non-GAAP adjusted net income of $4.2
million, or $0.05 per share,
in the fiscal first quarter of 2020.
- Non-GAAP adjusted EBITDA2 for the fiscal first
quarter was $14.1 million,
representing growth of 235% as compared to Non-GAAP adjusted EBITDA
of $4.2 million in the fiscal first
quarter of 2020.
- GAAP gross margin was 44% for the fiscal first quarter of 2021,
as compared to 39% in the fiscal first quarter of 2020.
Non-GAAP adjusted gross margin4 was 45% for the
fiscal first quarter of 2021, as compared to 40% in the fiscal
first quarter of 2020.
- The Company's Application Media software was installed on more
than 43 million devices during the fiscal first quarter, and now
been installed on more than 450 million devices to date.
"Our fiscal first quarter was a breakout quarter for Digital
Turbine", said Bill Stone,
CEO. "Positive momentum trends throughout the business drove
better-than-expected results and have the Company well-positioned
for continued strong performance going forward. Advertisers are
actively allocating spend toward platforms that offer directly
measurable results, and our business is a clear beneficiary of this
trend, particularly given the higher conversion rates generated by
our platform as businesses and consumers everywhere are
increasingly engaging with applications and mobile content as part
of their daily routines."
"In particular, I was pleased with our ability to grow top-line
results while showcasing the inherent operating leverage of our
platform that simultaneously expands the bottom line. We are
growing revenues significantly with newer partners and products
thus far in fiscal 2021. We achieved new highs for the
percentage of total revenue derived with international partners and
revenue derived from life-of-device and content-themed products in
the fiscal first quarter. We have just launched our first
cross-sell opportunity from the Mobile Posse acquisition and remain
highly optimistic about the potential to capitalize on additional
cross-selling opportunities across our Application and Content
businesses as the year progresses. In addition, new
over-the-top ("OTT") TV relationships will enable us to
strategically extend our platform beyond smartphones to additional
screens."
Mr. Stone concluded, "I want to express my considerable
gratitude for the entire Digital Turbine team. I couldn't be
more proud of our employees for the way that they have banded
together, both professionally and socially, during the most
challenging of times, to not only successfully navigate the rapidly
evolving business conditions of today, but also for their dedicated
commitment to continue to innovate the Digital Turbine platform in
ways that will benefit our loyal partners, our platform
advertisers, our local communities and our supportive shareholders
in the future."
First Quarter Fiscal 2021 Financial Results
Results for the first quarter of fiscal 2021 include the results
of the Mobile Posse operations, which was acquired on February 28, 2020. Total revenue for the
first quarter of fiscal 2021 was $59.0
million, representing an increase of 93% year-over-year.
Application Media revenue totaled $44.2
million in the quarter, while Content Media revenue was
$14.8 million.
GAAP gross margin was 44% for the first quarter of fiscal 2021,
as compared to a 39% GAAP gross margin in the first quarter of
fiscal 2020. Non-GAAP adjusted gross margin4 was
45% for the first quarter of fiscal 2021, as compared to 40% for
the first quarter of fiscal 2020.
GAAP net income for the first quarter of fiscal 2021 was
$9.9 million, or $0.11 per share, as compared to a GAAP net loss
from continuing operations for the first quarter of fiscal 2020 of
$1.7 million, or ($0.02) per share. Non-GAAP adjusted net
income1 for the first quarter of fiscal 2021 was
$12.5 million, or $0.13 per share, as compared to Non-GAAP adjusted
net income of $4.2 million, or
$0.05 per share, during the first
quarter of fiscal 2020.
Non-GAAP adjusted EBITDA2 was $14.1 million for the first quarter of fiscal
2021, as compared to Non-GAAP adjusted EBITDA of $4.2 million for the first quarter of fiscal
2020. 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 5, 2020, the Company currently expects the
following for its fiscal second quarter:
- Revenue of between $59 million
and $61 million
- Non-GAAP Adjusted EBITDA of between $11
million and $12 million
- Non-GAAP Adjusted EPS of between $0.11 and $0.12,
based on approximately 95 million diluted shares outstanding
It is not reasonably practicable to provide a business outlook
for GAAP net income/(loss) 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, or other items that are difficult to predict
with precision.
About Digital Turbine, Inc.
Digital Turbine simplifies content discovery and delivers
relevant content directly to consumer devices. The Company's
on-demand media platform powers frictionless app and content
discovery, user acquisition and engagement, operational efficiency
and monetization opportunities. Digital Turbine's technology
platform has been adopted by more than 40 mobile operators and OEMs
worldwide, and has delivered more than three billion app preloads
for tens of thousands of advertising campaigns. The Company is
headquartered in Austin, Texas,
with global offices in Arlington,
Durham, Mumbai, San
Francisco, Singapore and
Tel Aviv. For additional
information visit www.digitalturbine.com.
Follow Digital Turbine:
Twitter: https://twitter.com/DigitalTurbine
Facebook: https://www.facebook.com/DigitalTurbineInc
LinkedIn:
https://www.linkedin.com/company/digital-turbine?trk=tyah&trkInfo=tas:digital+tur
Conference Call
Management will host a conference call
today at 4:30 p.m. ET to discuss its
fiscal first quarter financial results and provide additional
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,
2020. The replay can be accessed by dialing 877-344-7529 in
the United States or 412-317-0088
from international locations, passcode 10146743.
The conference call will discuss guidance and other material
information.
Use of Non-GAAP Financial Measures
To supplement the
Company's 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 net income and earnings per share ("EPS"),
non-GAAP adjusted gross profit, non-GAAP adjusted 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 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 associated with warrants issued in
connection with the September 2016
convertible notes offering, loss on extinguishment of debt, tax
adjustments 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/(loss) excluding the following cash and non-cash expenses:
net interest income/(expense), foreign exchange transaction loss,
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, non-recurring severance expense and transaction
expenses. 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 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:
- 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 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
complex specifications of different carriers and the management of
a complex technology platform given the Company's relatively
limited resources
- risks and uncertainties associated with the integration of the
acquisition of Mobile Posse, including our ability to realize the
anticipated benefits of the acquisition and the satisfaction of
related earnout provisions
- 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, Inc.
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,
2020
|
|
June 30,
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
Net
revenues
|
$
59,012
|
|
$
30,553
|
Cost of
revenues
|
|
|
|
License fees and
revenue share
|
32,300
|
|
18,275
|
Other direct cost of
revenues
|
560
|
|
278
|
Total cost of
revenues
|
32,860
|
|
18,553
|
Gross
profit
|
26,152
|
|
12,000
|
Operating
expenses
|
|
|
|
Product
development
|
4,408
|
|
2,794
|
Sales and
marketing
|
4,318
|
|
2,278
|
General and
administrative
|
6,804
|
|
3,888
|
Total operating
expenses
|
15,530
|
|
8,960
|
Income from
operations
|
10,622
|
|
3,040
|
Interest and other
expense, net
|
|
|
|
Interest income /
(expense), net
|
(306)
|
|
18
|
Change in fair value
of warrant liability
|
-
|
|
(5,226)
|
Other
income
|
-
|
|
390
|
Total interest and
other expense, net
|
(306)
|
|
(4,818)
|
Income / (loss) from
operations before income taxes
|
10,316
|
|
(1,778)
|
Income tax provision
/ (benefit)
|
376
|
|
(107)
|
Net income / (loss)
from operations, net of taxes
|
$
9,940
|
|
$
(1,671)
|
Net loss from
discontinued operations
|
$
-
|
|
$
(148)
|
Net loss from discontinued
operations, net of taxes
|
$
-
|
|
$
(148)
|
Net income /
(loss)
|
$
9,940
|
|
$
(1,819)
|
Foreign currency
translation adjustment
|
(142)
|
|
98
|
Comprehensive income
/ (loss):
|
$
9,798
|
|
$
(1,721)
|
Basic net income /
(loss) per common share
|
|
|
|
Continuing
operations
|
$
0.11
|
|
$
(0.02)
|
Discontinued
operations
|
$
-
|
|
$
(0.00)
|
Net income /
(loss)
|
$
0.11
|
|
$
(0.02)
|
Weighted average
common shares outstanding, basic
|
87,386
|
|
81,814
|
Diluted net income /
(loss) per common share
|
|
|
|
Continuing
operations
|
$
0.11
|
|
$
(0.02)
|
Discontinued
operations
|
$
-
|
|
$
(0.00)
|
Net income /
(loss)
|
$
0.11
|
|
$
(0.02)
|
Weighted average
common shares outstanding, diluted
|
93,108
|
|
81,814
|
Digital Turbine,
Inc. and Subsidiaries
|
|
|
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
(in thousands,
except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2020
|
|
March 31,
2020
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
18,723
|
|
$
21,534
|
Restricted
cash
|
-
|
|
125
|
Accounts receivable,
net of allowances of $4,437 and $4,059, respectively
|
43,443
|
|
33,135
|
Prepaid expenses and
other current assets
|
3,197
|
|
3,653
|
Total current
assets
|
65,363
|
|
58,447
|
Property and
equipment, net
|
9,311
|
|
8,183
|
Right-of-use
assets
|
4,176
|
|
4,237
|
Intangible assets,
net
|
43,211
|
|
43,882
|
Goodwill
|
69,716
|
|
69,262
|
TOTAL
ASSETS
|
$
191,777
|
|
$
184,011
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
29,881
|
|
$
31,579
|
Accrued license fees
and revenue share
|
23,622
|
|
19,423
|
Accrued
compensation
|
3,293
|
|
4,311
|
Accrued
earn-out
|
16,956
|
|
23,735
|
Short-term debt, net
of debt issuance costs of $62 and $62, respectively
|
1,688
|
|
1,188
|
Other current
liabilities
|
3,611
|
|
2,573
|
Total current
liabilities
|
79,051
|
|
82,809
|
Long-term debt, net
of debt issuance costs of $230 and $245, respectively
|
18,020
|
|
18,505
|
Other non-current
liabilities
|
5,406
|
|
5,243
|
Total
liabilities
|
102,477
|
|
106,557
|
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; issued
and
outstanding at June 30, 2020; 88,041,240 issued and 87,306,784
outstanding at March 31,
2020
|
10
|
|
10
|
Additional paid-in
capital
|
362,272
|
|
360,224
|
Treasury stock
(754,599 shares at June 30, 2020 and March 31, 2020)
|
(71)
|
|
(71)
|
Accumulated other
comprehensive loss
|
(733)
|
|
(591)
|
Accumulated
deficit
|
(272,278)
|
|
(282,218)
|
Total stockholders'
equity
|
89,300
|
|
77,454
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
191,777
|
|
$
184,011
|
Digital Turbine,
Inc. and Subsidiaries
|
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
June 30,
2020
|
|
June 30,
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities
|
|
|
|
Net income / (loss)
from continuing operations, net of taxes
|
$
9,940
|
|
$
(1,671)
|
Adjustments to
reconcile net income / (loss) to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
1,552
|
|
462
|
Change in allowance
for doubtful accounts
|
378
|
|
66
|
Non-cash interest
expense
|
18
|
|
-
|
Stock-based
compensation
|
1,438
|
|
560
|
Stock-based
compensation for services rendered
|
173
|
|
122
|
Change in fair value
of warrant liability
|
-
|
|
5,226
|
(Increase)/decrease
in assets:
|
|
|
|
Accounts
receivable
|
(10,686)
|
|
(92)
|
Deferred tax
assets
|
-
|
|
(45)
|
Prepaid expenses and
other current assets
|
456
|
|
(151)
|
Right-of-use
asset
|
61
|
|
(2,168)
|
Increase/(decrease)
in liabilities:
|
|
|
|
Accounts
payable
|
(1,698)
|
|
3,982
|
Accrued license fees
and revenue share
|
4,199
|
|
(3,347)
|
Accrued
compensation
|
(1,018)
|
|
(993)
|
Other current
liabilities
|
1,036
|
|
1,096
|
Other non-current
liabilities
|
163
|
|
1,997
|
Net cash provided by
operating activities - continuing operations
|
6,012
|
|
5,044
|
Net cash provided by
/ (used in) operating activities - discontinued
operations
|
-
|
|
(230)
|
Net cash provided by
operating activities
|
$
6,012
|
|
$
4,814
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Capital
expenditures
|
$
(2,011)
|
|
$
(783)
|
Acquisition of Mobile
Posse
|
(7,232)
|
|
-
|
Cash used in
investing activities - continuing operations
|
(9,243)
|
|
(783)
|
Cash used in
investing activities - discontinued operations
|
-
|
|
-
|
Net cash used in
investing activities
|
$
(9,243)
|
|
$
(783)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Options and warrants
exercised
|
$
437
|
|
$
1,199
|
Net cash provided by
financing activities
|
$
435
|
|
$
1,199
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents and restricted
cash
|
$
(142)
|
|
$
98
|
|
|
|
|
Net change in cash
and cash equivalents and restricted cash
|
$
(2,936)
|
|
$
5,328
|
|
|
|
|
Cash and cash
equivalents and restricted cash, beginning of period
|
$
21,659
|
|
$
11,059
|
|
|
|
|
Cash and cash
equivalents and restricted cash, end of period
|
$
18,723
|
|
$
16,387
|
GAAP GROSS MARGIN
TO NON-GAAP GROSS MARGIN
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Continuing
Operations:
|
|
|
|
|
Revenue
|
|
$
59,012
|
|
$
30,553
|
Gross
profit
|
|
$
26,152
|
|
$
12,000
|
Gross margin
percentage
|
|
44%
|
|
39%
|
Add back
items:
|
|
|
|
|
Depreciation of
software
|
|
560
|
|
278
|
Non-GAAP gross profit
from continuing operations
|
|
$
26,712
|
|
$
12,278
|
Non-GAAP gross margin
percentage from continuing operations
|
|
45%
|
|
40%
|
GAAP NET INCOME TO
NON-GAAP ADJUSTED NET INCOME
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Continuing
Operations:
|
|
|
|
|
Net income / (loss)
from continuing operations
|
|
$
9,940
|
|
$
(1,671)
|
Add back
items:
|
|
|
|
|
Stock and stock
option compensation
|
|
1,611
|
|
682
|
Amortization of
intangibles
|
|
670
|
|
-
|
Change in fair value
of convertible note
embedded derivative
and warrant liability
|
|
-
|
|
5,226
|
Transaction
expenses
|
|
300
|
|
-
|
Non-GAAP adjusted net
income from continuing operations
|
|
$
12,521
|
|
$
4,237
|
|
|
|
|
|
Non-GAAP adjusted net
income per share from continuing operations
|
|
$
0.13
|
|
$
0.05
|
Weighted average
common shares outstanding, diluted
|
|
93,108
|
|
81,814
|
GAAP NET INCOME TO
NON-GAAP ADJUSTED EBITDA
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2020
|
|
June 30,
2019
|
Continuing
Operations:
|
|
(Unaudited)
|
|
(Unaudited)
|
Net income / (loss)
from continuing operations
|
|
$
9,940
|
|
$
(1,671)
|
Add back
items:
|
|
|
|
|
Stock and stock
option compensation
|
|
1,611
|
|
682
|
Amortization of
intangibles
|
|
670
|
|
-
|
Depreciation
expense
|
|
882
|
|
482
|
Interest expense /
(income), net
|
|
306
|
|
(18)
|
Other expense /
(income)
|
|
-
|
|
(409)
|
Change in fair value
of convertible note
embedded derivative
and warrant liability
|
|
-
|
|
5,226
|
Income tax
provision
|
|
376
|
|
(107)
|
Transactions
expenses
|
|
300
|
|
-
|
Non-GAAP adjusted
EBITDA from continuing operations
|
|
$
14,085
|
|
$
4,185
|
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,
2020
|
|
June 30,
2019
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Net cash provided by
operating activities from continuing operations
|
|
$
6,012
|
|
$
5,044
|
Capital
expenditures
|
|
(2,011)
|
|
(783)
|
|
|
|
|
|
Non-GAAP free cash
flow provided by continuing operations
|
|
$
4,001
|
|
$
4,261
|
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SOURCE Digital Turbine, Inc.