Second Quarter Revenue Totaled $174.9 Million
Second Quarter GAAP Net Income of $11.7 Million and GAAP EPS of $0.11; Second Quarter Non-GAAP Adjusted Net
Income1 of $35.0 Million and Non GAAP EPS of
$0.34
Second Quarter Non-GAAP Adjusted
EBITDA2 of $48.2 Million Increased 1%
Year-Over-Year
AUSTIN,
Texas, Nov. 9, 2022 /PRNewswire/ -- Digital
Turbine, Inc. (Nasdaq: APPS) announced financial results for the
fiscal second quarter ended September 30,
2022.
Recent Financial Highlights:
- Fiscal second quarter of 2023 revenue totaled $174.9 million representing a 7% decline
year-over-year as compared to the fiscal second quarter of
2022.
- GAAP net income for the fiscal second quarter of 2023 was
$11.7 million, or $0.11 per share, as compared to a GAAP net loss
for the fiscal second quarter of 2022 of $5.9 million, or ($0.06) per share. Non-GAAP adjusted net
income1 for the fiscal second quarter of 2023 was
$35.0 million, or $0.34 per share, as compared to Non-GAAP adjusted
net income1 of $45.3
million, or $0.44 per share,
in the fiscal second quarter of 2022.
- Non-GAAP adjusted EBITDA2 for the fiscal second
quarter of 2023 was $48.2 million,
representing an increase of 1% as compared to Non-GAAP adjusted
EBITDA2 of $47.9 million
in the fiscal second quarter of 2022. Non-GAAP adjusted EBITDA
margin2 increased to 28% in the fiscal second quarter of
2023, representing an all-time high for the Company.
"In these challenging macroeconomic times, I was pleased that we
continue to showcase our profitable business model and ability to
expand margins in an inflationary environment," said Bill Stone, CEO. "We managed to achieve
financial results that exceeded the midpoints of our profitability
guidance for the second quarter. Our fiscal second quarter adjusted
EBITDA margin reached an all-time high of 28% during the second
quarter, which is a testament to the relative efficiencies and
inherent cash flow generation of our platform business model. We
have now delivered more than three times the adjusted EBITDA in the
past six quarters than we did in the previous six years
combined."
Mr. Stone concluded, "Beyond the stated financial performance, I
want to also acknowledge the significant progress that we are
continuing to make with respect to a number of key strategic
initiatives, such as OneDT Integration, SingleTap and AppHub, that
we expect will be meaningful contributors to the next significant
wave of growth at Digital Turbine. We believe that we are ideally
positioned to help empower our telecom partners, as well as large
global publishers and advertisers across our platform, to
capitalize on an expanding range of innovative new app distribution
opportunities. We look forward to detailing more specific progress
made on these fronts in the quarters to come."
Fiscal 2023 Second Quarter Financial Results
Total revenue for the second quarter of fiscal 2023 was
$174.9 million. Total On-Device
Solutions revenue before intercompany eliminations, was
$108.5 million. Before intercompany
eliminations, total revenue from our App Growth Platform was
$68.3 million.
GAAP net income for the second quarter of fiscal 2023 was
$11.7 million, or $0.11 per share, as compared to a GAAP net loss
of $5.9 million, or ($0.06) per share for the second quarter of
fiscal 2022. Non-GAAP adjusted net income1 for the
second quarter of fiscal 2023 was $35.0
million, or $0.34 per share,
as compared to Non-GAAP adjusted net income of $45.3 million, or $0.44 per share, in the second quarter of fiscal
2022.
Non-GAAP adjusted EBITDA2 for the second quarter
of fiscal 2023 was $48.2 million,
representing an increase of 1% year-over-year when compared to
Non-GAAP adjusted EBITDA of $47.9
million in the second quarter of fiscal 2022. The
reconciliations between GAAP and Non-GAAP financial results for all
referenced periods are provided in the tables immediately following
the Unaudited Condensed Consolidated Statements of Cash Flows
below.
Business Outlook
Based on information available as of November 9, 2022, the Company currently expects
the following for the third quarter of fiscal 2023:
- Revenue of between $180 million
and $190 million
- Non-GAAP adjusted EBITDA2 of between $53 million and $57
million
- Non-GAAP adjusted EPS1 of $0.36 to $0.39,
based on approximately 104 million diluted shares outstanding and
an effective tax rate of 25% in the fiscal third quarter
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, 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 2023 second
quarter financial results and provide operational updates on the
business. To participate, interested parties should dial
888-317-6003 in the United States,
or 412-317-6061 from international locations, and enter access code
5886959. 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 16,
2022. The replay can be accessed by dialing 877-344-7529 in
the United States or 412-317-0088
from international locations, passcode 7899034.
The conference call will discuss forward guidance and other
material information.
Use of Non-GAAP Financial Measures
To supplement the Company's condensed 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"), non-GAAP adjusted EBITDA, non-GAAP free
cash flow, and non-GAAP gross profit. 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 expense, amortization of intangibles,
change in fair value of contingent liability, 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:
stock-based compensation expense, depreciation and amortization,
net interest income/(expense), change in fair value of contingent
liability, foreign exchange transaction gains/(losses), income tax
provision, and transaction-related expenses and compensation costs.
Non-GAAP adjusted EBITDA margin is calculated as non-GAAP adjusted
EBITDA as a percentage of total revenue. 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.
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 Condensed Consolidated Statements of
Cash Flows), excluding transaction-related expenses and
compensation costs, 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 gross profit is defined as GAAP income from
operations adjusted to exclude the effect of product development
costs, sales and marketing costs, general and administrative costs,
and depreciation of software. Readers are cautioned that non-GAAP
gross profit should not be construed as an alternative to income
from operations 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 EBITDA, non-GAAP adjusted net income and EPS,
non-GAAP free cash flow, and non-GAAP gross profit 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 and difficult macroeconomic environment
- the impact of COVID-19 and the macroeconomic environment on our
partners, digital advertising spend and consumer purchase
behavior
- the impact of COVID-19 and the macroeconomic environment 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
- 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
Condensed
Consolidated Statements of Operations and Comprehensive Income /
(Loss)
(Unaudited)
(in thousands,
except per share amounts)
|
|
|
|
Three months ended
September 30,
|
|
|
2022
|
|
2021
|
Net revenue
|
|
$
174,859
|
|
$
188,568
|
Costs of revenue and
operating expenses
|
|
|
|
|
License fees and
revenue share
|
|
76,881
|
|
91,508
|
Other direct costs of
revenue
|
|
9,199
|
|
7,827
|
Product
development
|
|
14,736
|
|
13,915
|
Sales and
marketing
|
|
15,490
|
|
17,479
|
General and
administrative
|
|
37,471
|
|
41,307
|
Total costs of revenue
and operating expenses
|
|
153,777
|
|
172,036
|
Income from
operations
|
|
21,082
|
|
16,532
|
Interest and other
income / (expense), net
|
|
|
|
|
Change in fair value
of contingent consideration
|
|
—
|
|
(22,087)
|
Interest expense,
net
|
|
(5,229)
|
|
(1,955)
|
Foreign exchange
transaction loss
|
|
(281)
|
|
(249)
|
Other income /
(expense), net
|
|
312
|
|
(477)
|
Total interest and
other income / (expense), net
|
|
(5,198)
|
|
(24,768)
|
Income / (loss) before
income taxes
|
|
15,884
|
|
(8,236)
|
Income tax provision /
(benefit)
|
|
4,181
|
|
(2,349)
|
Net income /
(loss)
|
|
11,703
|
|
(5,887)
|
Less: net income /
(loss) attributable to non-controlling interest
|
|
39
|
|
(35)
|
Net income / (loss)
attributable to Digital Turbine, Inc.
|
|
11,664
|
|
(5,852)
|
Other comprehensive
loss
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(9,246)
|
|
(15,892)
|
Comprehensive income /
(loss)
|
|
2,457
|
|
(21,779)
|
Less: comprehensive
income / (loss) attributable to non-controlling interest
|
|
32
|
|
(128)
|
Comprehensive income /
(loss) attributable to Digital Turbine, Inc.
|
|
$
2,425
|
|
$
(21,651)
|
Net income / (loss) per
common share
|
|
|
|
|
Basic
|
|
$
0.12
|
|
$
(0.06)
|
Diluted
|
|
$
0.11
|
|
$
(0.06)
|
Weighted-average common
shares outstanding
|
|
|
|
|
Basic
|
|
98,887
|
|
96,157
|
Diluted
|
|
102,898
|
|
96,157
|
Digital Turbine,
Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(in thousands,
except par value and share amounts)
|
|
|
|
September 30,
2022
|
|
March 31,
2022
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
|
$
82,653
|
|
$
126,768
|
Restricted
cash
|
|
560
|
|
394
|
Accounts receivable,
net
|
|
255,666
|
|
263,139
|
Prepaid expenses and
other current assets
|
|
26,479
|
|
20,570
|
Total current
assets
|
|
365,358
|
|
410,871
|
Property and
equipment, net
|
|
36,891
|
|
31,086
|
Right-of-use
assets
|
|
11,358
|
|
15,439
|
Intangible assets,
net
|
|
407,669
|
|
440,589
|
Goodwill
|
|
548,240
|
|
559,792
|
Other non-current
assets
|
|
4,613
|
|
732
|
TOTAL
ASSETS
|
|
$
1,374,129
|
|
$
1,458,509
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDER'S EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$
171,571
|
|
$
167,858
|
Accrued license fees
and revenue share
|
|
79,167
|
|
95,170
|
Accrued
compensation
|
|
14,932
|
|
28,775
|
Acquisition purchase
price liabilities
|
|
—
|
|
50,000
|
Current portion of
debt
|
|
—
|
|
12,500
|
Other current
liabilities
|
|
46,931
|
|
30,960
|
Total current
liabilities
|
|
312,601
|
|
385,263
|
Long-term debt, net of
debt issuance costs
|
|
447,193
|
|
520,785
|
Deferred tax
liabilities, net
|
|
16,684
|
|
19,976
|
Other non-current
liabilities
|
|
11,948
|
|
16,270
|
Total
liabilities
|
|
788,426
|
|
942,294
|
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
|
|
|
|
|
$0.0001
par value: 200,000,000 shares authorized;
99,743,560 issued and
98,985,435 outstanding at September 30, 2022; 97,921,826 issued
and
97,163,701 outstanding at March 31, 2022
|
|
10
|
|
10
|
Additional paid-in
capital
|
|
803,276
|
|
745,661
|
Treasury stock
(758,125 shares at September 30, 2022 and March 31,
2022)
|
|
(71)
|
|
(71)
|
Accumulated other
comprehensive loss
|
|
(54,329)
|
|
(39,341)
|
Accumulated
deficit
|
|
(165,202)
|
|
(191,788)
|
Total stockholders'
equity attributable to Digital Turbine, Inc.
|
|
583,784
|
|
514,571
|
Non-controlling
interest
|
|
1,919
|
|
1,644
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
1,374,129
|
|
$
1,458,509
|
Digital Turbine,
Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in
thousands)
|
|
|
|
Three months ended
September 30,
|
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
|
Net income /
(loss)
|
|
$
11,703
|
|
$
(5,887)
|
Adjustments to
reconcile net income / (loss) to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
20,081
|
|
16,328
|
Non-cash interest
expense
|
|
198
|
|
171
|
Stock-based
compensation expense
|
|
5,779
|
|
5,925
|
Change in fair value
of contingent consideration
|
|
—
|
|
22,087
|
Right-of-use
asset
|
|
2,425
|
|
1,323
|
Deferred income
taxes
|
|
(3,278)
|
|
(2,699)
|
Foreign exchange
transaction (gain) / loss
|
|
281
|
|
—
|
(Increase) / decrease
in assets:
|
|
|
|
|
Accounts receivable,
gross
|
|
3,290
|
|
(13,038)
|
Allowance for doubtful
accounts
|
|
1,363
|
|
(57)
|
Prepaid expenses and
other current assets
|
|
359
|
|
(425)
|
Other non-current
assets
|
|
(52)
|
|
(65)
|
Increase / (decrease)
in liabilities:
|
|
|
|
|
Accounts
payable
|
|
(3,347)
|
|
16,280
|
Accrued license fees
and revenue share
|
|
(7,433)
|
|
(2,191)
|
Accrued
compensation
|
|
(3,524)
|
|
1,262
|
Other current
liabilities
|
|
2,038
|
|
188
|
Other non-current
liabilities
|
|
(2,203)
|
|
(2,451)
|
Net cash provided by
operating activities
|
|
27,680
|
|
36,751
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
Business acquisitions,
net of cash acquired
|
|
—
|
|
(21,452)
|
Capital
expenditures
|
|
(6,517)
|
|
(6,047)
|
Net cash used in
investing activities
|
|
(6,517)
|
|
(27,499)
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
Proceeds from
borrowings
|
|
—
|
|
30,093
|
Options and warrants
exercised
|
|
643
|
|
1,460
|
Payment of withholding
taxes for net share settlement of equity awards
|
|
(1,572)
|
|
—
|
Repayment of debt
obligations
|
|
(25,992)
|
|
(26,576)
|
Net cash provided by
/ (used in) financing activities
|
|
(26,921)
|
|
4,977
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents and restricted cash
|
|
(868)
|
|
(2,024)
|
|
|
|
|
|
Net change in cash
and cash equivalents and restricted cash
|
|
(6,626)
|
|
12,205
|
|
|
|
|
|
Cash and cash
equivalents and restricted cash, beginning of period
|
|
89,839
|
|
84,012
|
|
|
|
|
|
Cash and cash
equivalents and restricted cash, end of period
|
|
$
83,213
|
|
$
96,217
|
REVENUE BY
SEGMENT
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
On Device
Solutions
|
|
|
|
|
|
|
|
|
$
108,466
|
|
$
129,449
|
|
(16) %
|
App Growth
Platform
|
|
|
|
|
|
|
|
|
68,256
|
|
64,177
|
|
6 %
|
Elimination
|
|
|
|
|
|
|
|
|
(1,863)
|
|
(5,058)
|
|
(63) %
|
Consolidated
|
|
|
|
|
|
|
|
|
$
174,859
|
|
$
188,568
|
|
(7) %
|
GAAP INCOME FROM
OPERATIONS TO NON-GAAP GROSS PROFIT
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2022
|
|
2021
|
Net revenue
|
|
$ 174,859
|
|
$ 188,568
|
Income from
operations
|
|
21,082
|
|
16,532
|
Add-back
items:
|
|
|
|
|
Product
development
|
|
14,736
|
|
13,915
|
Sales and
marketing
|
|
15,490
|
|
17,479
|
General and
administrative
|
|
37,471
|
|
41,307
|
Depreciation of
software included in other direct costs of revenue
|
|
1,763
|
|
734
|
Non-GAAP gross
profit
|
|
$
90,542
|
|
$
89,967
|
Non-GAAP gross profit
percentage
|
|
52 %
|
|
48 %
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME TO
NON-GAAP ADJUSTED NET INCOME
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2022
|
|
2021
|
Net income /
(loss)
|
|
$
11,703
|
|
$
(5,887)
|
Add-back
items:
|
|
|
|
|
Stock-based
compensation expense
|
|
5,779
|
|
5,925
|
Amortization of
intangibles
|
|
16,185
|
|
13,999
|
Adjustment to
estimated earn-out liability
|
|
—
|
|
22,087
|
Transaction
expenses
|
|
1,284
|
|
9,159
|
Non-GAAP adjusted net
income from continuing operations
|
|
$
34,951
|
|
$
45,283
|
Non-GAAP adjusted net
income per share from continuing operations
|
|
$
0.34
|
|
$
0.44
|
Weighted-average common
shares outstanding, diluted
|
|
102,898
|
|
102,721
|
|
|
|
|
GAAP NET INCOME TO
NON-GAAP ADJUSTED EBITDA
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2022
|
|
2021
|
Net income / (loss)
from continuing operations
|
|
$
11,703
|
|
$
(5,887)
|
Add-back
items:
|
|
|
|
|
Stock-based
compensation expense
|
|
5,779
|
|
5,925
|
Depreciation and
amortization
|
|
20,081
|
|
16,328
|
Interest expense,
net
|
|
5,229
|
|
1,955
|
Other income /
(expense), net
|
|
(312)
|
|
477
|
Change in fair value
of contingent consideration
|
|
—
|
|
22,087
|
Foreign exchange
transaction loss
|
|
281
|
|
249
|
Income tax provision /
(benefit)
|
|
4,181
|
|
(2,349)
|
Transaction
expenses
|
|
1,284
|
|
9,159
|
Non-GAAP adjusted
EBITDA
|
|
$
48,226
|
|
$
47,944
|
|
|
|
|
GAAP CASH FLOW FROM
OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
|
2022
|
|
2021
|
Net cash provided by
operating activities
|
|
$
27,680
|
|
$
36,751
|
Capital
expenditures
|
|
(6,517)
|
|
(6,047)
|
Transaction
expenses
|
|
1,284
|
|
9,159
|
Non-GAAP free cash flow
provided by continuing operations
|
|
$
22,447
|
|
$
39,863
|
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SOURCE Digital Turbine, Inc.