Digital Turbine Reports Fiscal 2025 First Quarter Financial Results
Digital Turbine (Nasdaq: APPS) reported its fiscal 2025 first quarter results. Revenue was $118.0 million, a 5% increase quarter-over-quarter but a 19% decline year-over-year. GAAP net loss stood at $25.2 million, or ($0.25) per share, compared to last year's $8.4 million loss. Non-GAAP adjusted net income was $7.3 million, or $0.07 per share, down from $18.2 million. Non-GAAP adjusted EBITDA was $14.5 million, marking an 18% quarter-over-quarter increase but a 46% decline year-over-year. CEO Bill Stone highlighted revenue growth in On Device Solutions (3%) and App Growth Platform (11%). The company reaffirms its fiscal year 2025 guidance, expecting revenue between $540-$560 million and Non-GAAP adjusted EBITDA between $85-$95 million.
Digital Turbine (Nasdaq: APPS) ha riportato i risultati del primo trimestre dell'anno fiscale 2025. I ricavi sono stati di 118,0 milioni di dollari, con un aumento del 5% rispetto al trimestre precedente, ma con una diminuzione del 19% rispetto allo stesso trimestre dell'anno passato. La perdita netta secondo i principi contabili GAAP è stata di 25,2 milioni di dollari, ovvero ($0,25) per azione, rispetto alla perdita di 8,4 milioni di dollari dello scorso anno. Il reddito netto rettificato non-GAAP è stato di 7,3 milioni di dollari, o $0,07 per azione, rispetto ai 18,2 milioni di dollari precedenti. L'EBITDA rettificato non-GAAP è stato di 14,5 milioni di dollari, segnando un incremento del 18% rispetto al trimestre precedente, ma una diminuzione del 46% rispetto all'anno passato. Il CEO Bill Stone ha evidenziato la crescita dei ricavi in On Device Solutions (3%) e App Growth Platform (11%). L'azienda riafferma le previsioni per l'anno fiscale 2025, aspettandosi ricavi tra 540 e 560 milioni di dollari e un EBITDA rettificato non-GAAP tra 85 e 95 milioni di dollari.
Digital Turbine (Nasdaq: APPS) informó sobre los resultados del primer trimestre del año fiscal 2025. Los ingresos fueron de 118,0 millones de dólares, un aumento del 5% en comparación con el trimestre anterior, pero una caída del 19% en comparación con el año anterior. La pérdida neta según los principios contables GAAP fue de 25,2 millones de dólares, o ($0,25) por acción, en comparación con la pérdida de 8,4 millones de dólares del año pasado. El ingreso neto ajustado no-GAAP fue de 7,3 millones de dólares, o $0,07 por acción, en comparación con los 18,2 millones anteriores. El EBITDA ajustado no-GAAP fue de 14,5 millones de dólares, marcando un aumento del 18% en comparación con el trimestre anterior, pero una disminución del 46% en comparación con el año anterior. El CEO Bill Stone destacó el crecimiento de los ingresos en On Device Solutions (3%) y App Growth Platform (11%). La empresa reafirma su guía para el año fiscal 2025, esperando ingresos entre 540 y 560 millones de dólares y un EBITDA ajustado no-GAAP entre 85 y 95 millones de dólares.
디지털 터빈(Digital Turbine) (Nasdaq: APPS)은 2025 회계연도 첫 분기 실적을 발표했습니다. 수익은 1억 1800만 달러로, 전분기 대비 5% 증가했으나, 전년 동기 대비 19% 감소했습니다. GAAP 기준 순손실은 2520만 달러, 즉 주당 ($0.25)로, 작년의 840만 달러 손실과 비교됩니다. 조정된 순이익(Non-GAAP)은 730만 달러, 즉 주당 $0.07로, 1820만 달러에서 감소했습니다. 조정된 EBITDA(Non-GAAP)는 1450만 달러로, 분기 대비 18% 증가했지만 전년 동기 대비 46% 감소했습니다. CEO 빌 스톤은 온 디바이스 솔루션(3%) 및 앱 성장 플랫폼(11%)에서의 매출 성장을 강조했습니다. 회사는 2025 회계연도에 대해 5억 4000만 달러에서 5억 6000만 달러 사이의 수익과 8500만 달러에서 9500만 달러 사이의 조정된 EBITDA를 기대하고 있음을 재확인했습니다.
Digital Turbine (Nasdaq: APPS) a annoncé ses résultats du premier trimestre de l'exercice fiscal 2025. Le chiffre d'affaires s'élevait à 118,0 millions de dollars, soit une augmentation de 5 % par rapport au trimestre précédent, mais une baisse de 19 % par rapport à l'année précédente. La perte nette selon les normes GAAP s'est chiffrée à 25,2 millions de dollars, soit ($0,25) par action, contre 8,4 millions de dollars de perte l'année précédente. Le résultat net ajusté non-GAAP était de 7,3 millions de dollars, soit $0,07 par action, en baisse par rapport à 18,2 millions de dollars. L'EBITDA ajusté non-GAAP était de 14,5 millions de dollars, marquant une augmentation de 18 % par rapport au trimestre précédent mais une diminution de 46 % par rapport à l'année précédente. Le PDG Bill Stone a souligné la croissance des revenus dans les Solutions sur Appareil (3 %) et la Plateforme de Croissance d'Applications (11 %). L'entreprise confirme ses prévisions pour l'exercice 2025, s'attendant à un chiffre d'affaires compris entre 540 et 560 millions de dollars et un EBITDA ajusté non-GAAP entre 85 et 95 millions de dollars.
Digital Turbine (Nasdaq: APPS) hat die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 veröffentlicht. Der Umsatz betrug 118,0 Millionen Dollar, was einem Anstieg von 5 % im Vergleich zum Vorquartal, aber einem Rückgang von 19 % im Vergleich zum Vorjahr entspricht. Der GAAP-Nettoverlust lag bei 25,2 Millionen Dollar oder ($0,25) pro Aktie, verglichen mit einem Verlust von 8,4 Millionen Dollar im vergangenen Jahr. Das adjustierte Nettoergebnis (Non-GAAP) betrug 7,3 Millionen Dollar oder $0,07 pro Aktie und fiel damit von 18,2 Millionen Dollar. Das adjustierte EBITDA (Non-GAAP) lag bei 14,5 Millionen Dollar, was einen Anstieg von 18 % im Quartalsvergleich, jedoch einen Rückgang von 46 % im Jahresvergleich bedeutet. CEO Bill Stone hob das Umsatzwachstum in den Bereichen On Device Solutions (3 %) und App Growth Platform (11 %) hervor. Das Unternehmen bestätigt die Prognose für das Geschäftsjahr 2025 und erwartet einen Umsatz zwischen 540 und 560 Millionen Dollar sowie ein adjusted EBITDA zwischen 85 und 95 Millionen Dollar.
- Revenue increased 5% quarter-over-quarter to $118 million.
- Non-GAAP adjusted EBITDA grew 18% quarter-over-quarter to $14.5 million.
- On Device Solutions revenue increased 3% sequentially.
- App Growth Platform revenue grew 11% sequentially.
- Revenue declined 19% year-over-year.
- GAAP net loss increased to $25.2 million from $8.4 million last year.
- Non-GAAP adjusted net income decreased to $7.3 million from $18.2 million.
- Non-GAAP adjusted EBITDA declined 46% year-over-year.
Insights
Digital Turbine's Q1 FY2025 results paint a mixed picture. While the company returned to sequential growth, year-over-year comparisons remain challenging. The
Positively, Non-GAAP adjusted EBITDA of
Investors should monitor the company's ability to capitalize on the shift towards alternative app distribution models and its international expansion efforts, which could be key growth drivers moving forward.
Digital Turbine's Q1 results reflect the ongoing challenges in the U.S. smartphone market, with sluggish handset upgrade rates impacting performance. However, the company's strategic focus on international expansion and higher-value offerings is showing promise. The
The
First Quarter Revenue Totaled
First Quarter GAAP Net Loss of
First Quarter Non-GAAP Adjusted EBITDA2 Totaled
Recent Financial Highlights:
- Fiscal first quarter of 2025 revenue totaled
$118.0 million 5% quarter-over-quarter as compared to the fiscal fourth quarter of 2024, and a decline of19% year-over-year as compared to the fiscal first quarter of 2024. - GAAP net loss for the fiscal first quarter of 2025 was
$25.2 million $0.25 $8.4 million $0.08 $7.3 million $0.07 $18.2 million $0.18 - Non-GAAP adjusted EBITDA2 for the fiscal first quarter of 2025 was
$14.5 million 18% quarter-over-quarter as compared to the fiscal fourth quarter of 2024, and a decline of46% year-over-year as compared to Non-GAAP adjusted EBITDA2 of$27.0 million
"The first quarter marked an encouraging start to the new fiscal year, returning the Company to quarterly sequential growth in revenue and EBITDA," said CEO Bill Stone. "Despite continuing sluggish handset upgrade rates in the
Fiscal 2025 First Quarter Financial Results
Total revenue for the first quarter of fiscal 2025 was
GAAP net loss for the first quarter of fiscal 2025 was
Non-GAAP adjusted net income1 for the first quarter of fiscal 2025 was
Non-GAAP adjusted EBITDA2 for the first quarter of fiscal 2025 was
Business Outlook
Based on information available as of August 7, 2024, the Company currently reaffirms its expectations for the following for fiscal year 2025:
- Revenue of between
$540 million $560 million - Non-GAAP adjusted EBITDA2 of between
$85 million $95 million
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 empowers superior mobile consumer experiences and results for the world's leading telcos, advertisers, and publishers. Its end-to-end platform uniquely simplifies its partners' abilities to supercharge awareness, acquisition, and monetization – connecting them with more consumers, in more ways, across more devices. Digital Turbine is headquartered in
Conference Call
Management will host a conference call and webcast today at 4:30 p.m. ET to discuss its fiscal 2025 first quarter financial results and provide operational updates on the business. The conference call will discuss forward guidance and other material information. The call can be accessed online via the webcast link: https://app.webinar.net/ze2pJnEO7wo. The call can also be accessed by dialing 888-317-6003 in
A playback will be available through August 14, 2024. The replay can be accessed by dialing 877-344-7529 in
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"), 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, business transformation costs, transaction-related expenses, severance costs, and tax adjustments. 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
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), net other income (expense), business transformation costs, foreign exchange transaction gains (losses), income tax (benefit) provision, transaction-related expenses, and severance 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
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 Statements of Cash Flows), excluding transaction-related expenses, severance costs and business transformation 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
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
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:
Risks Specific to our Business
- We have a history of net losses
- We have a limited operating history for our current portfolio of assets.
- Growth may place significant demands on our management and our infrastructure.
- Our operations are global in scope, and we face added business, political, regulatory, legal, operational, financial and economic risks as a result of our international operations.
- Our financial results could vary significantly from quarter-to-quarter and are difficult to predict.
- A significant portion of our revenue is derived from a limited number of wireless carriers and customers.
- The risk of impairment of our goodwill.
- The effects of the current and any future general downturns in the
U.S. and the global economy, including financial market disruptions. - Our products, services and systems rely on software that is highly technical, and if it contains errors or viruses, our business could be adversely affected.
- Our business may involve the use, transmission and storage of confidential information and personally identifiable information, and the failure to properly safeguard such information could result in significant reputational harm and monetary damages.
- Our business and reputation could be impacted by information technology system failures and network disruptions
- System security risks and cyber-attacks could disrupt our internal operations or information technology services provided to customers.
- Our business and growth may suffer if we are unable to hire and retain key talent.
- If we are unable to maintain our corporate culture, our business could be harmed.
- If we make future acquisitions, this could require significant management attention and disrupt our business.
- Adverse effects of negative developments affecting the financial services industry, including events or concerns involving liquidity, defaults, or non-performance by financial institutions.
- Entry into new lines of business, and our offering of new products and services, resulting from our investments may result in exposure to new risks.
- Litigation may harm out business.
Risks Related to the Mobile Advertising Industry
- The mobile advertising business is an intensely competitive industry, and we may not be able to compete successfully.
- The markets for our products and services are rapidly evolving and may decline or experience limited growth.
- Our business is dependent on the continued growth in usage of smartphones and other mobile connected devices.
- Wireless technologies are changing rapidly, and we may not be successful in working with these new technologies.
- The complexity of and incompatibilities among mobile devices may require us to use additional resources for the development of our products and services.
- If wireless subscribers do not continue to use their mobile devices to access mobile content and other applications, our business growth and future revenue may be adversely affected.
- A shift of technology platform by wireless carriers and mobile device manufacturers could lengthen the development period for our offerings, increase our costs, and cause our offerings to be published later than anticipated.
- Actual or perceived security vulnerabilities in devices or wireless networks could adversely affect our revenue.
- We may be subject to legal liability associated with providing mobile and online services.
- Risks of public health issues, such as a major epidemic or pandemic.
- Risk related to geopolitical conditions and the global economy, including conflicts, financial markets, and inflation.
- Risk related to the geopolitical relationship between the
U.S. andChina or changes inChina's economic and regulatory landscape.
Industry Regulatory Risks
- We are subject to rapidly changing and increasingly stringent laws, regulations and contractual requirements related to privacy, data security, and protection of children.
- We are subject to anti-corruption, import/export, government sanction, and similar laws, especially related to our international operations.
- Government regulation of our marketing methods could restrict or prevent our ability to adequately advertise and promote our content, products and services available in certain jurisdictions.
- Regulatory requirements pertaining to the marketing, advertising, and promotion of our products and services.
- Governmental regulation of our marketing methods.
Risks Related to Our Intellectual Property and Potential Liability
- Third parties may obtain and improperly use our intellectual property; and if so, our competitive position may be adversely affected, particularly if we do not, or are unable to, adequately protect our intellectual property rights
- Third parties may sue us for intellectual property infringement, which may prevent or limit our use of the intellectual property and disrupt our business and could require us to pay significant damage awards.
- Our platform contains open source software.
- Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, damages caused by malicious software, and other losses.
Risks Relating to Our Common Stock and Capital Structure
- We have secured and unsecured indebtedness, which could limit our financial flexibility.
- To service our debt and fund our other obligations and capital requirements, we will require a significant amount of cash, and our ability to generate cash will depend on many factors beyond our control.
- The market price of our common stock is likely to be highly volatile and subject to wide fluctuations, and you may be unable to resell your shares at or above the current price or the price at which you purchased your shares.
- Risk of not being able to raise capital to grow our business.
- Risk to trading volume of lack of securities or industry analysts research coverage.
- A material weakness in our internal control over financial reporting and disclosure controls and procedures could, if not remediated, result in material misstatements in our financial statements.
- Maintaining and improvising financial controls and being a public company may strain resources.
- Anti-takeover provisions in our charter documents could make an acquisition of our company more difficult.
- Our bylaws designate
Delaware as the exclusive forum for certain disputes. - Other risks described in the risk factors in Item 1A of our latest Annual Report on Form 10-K under the heading "Risk Factors" and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
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 (Loss) Income (Unaudited)
| ||||
Three months ended June 30, | ||||
2024 | 2023 | |||
Net revenue | $ 117,989 | $ 146,366 | ||
Costs of revenue and operating expenses | ||||
Revenue share | 55,809 | 69,592 | ||
Other direct costs of revenue | 7,790 | 9,613 | ||
Product development | 10,714 | 15,800 | ||
Sales and marketing | 16,247 | 15,577 | ||
General and administrative | 43,517 | 40,499 | ||
Total costs of revenue and operating expenses | 134,077 | 151,081 | ||
Loss from operations | (16,088) | (4,715) | ||
Interest and other income (expense), net | ||||
Interest expense, net | (8,250) | (7,390) | ||
Foreign exchange transaction gain (loss) | 818 | 1,923 | ||
Other income, net | 114 | 244 | ||
Total interest and other expense, net | (7,318) | (5,223) | ||
Loss before income taxes | (23,406) | (9,938) | ||
Income tax provision (benefit) | 1,750 | (1,539) | ||
Net loss | (25,156) | (8,399) | ||
Less: net income (loss) attributable to non-controlling interest | — | (220) | ||
Net loss attributable to Digital Turbine, Inc. | (25,156) | (8,179) | ||
Other comprehensive loss | ||||
Foreign currency translation adjustment | (1,213) | (6,107) | ||
Comprehensive loss | (26,369) | (14,506) | ||
Less: comprehensive income (loss) attributable to non-controlling interest | — | 519 | ||
Comprehensive loss attributable to Digital Turbine, Inc. | $ (26,369) | $ (15,025) | ||
Net loss per common share | ||||
Basic | $ (0.25) | $ (0.08) | ||
Diluted | $ (0.25) | $ (0.08) | ||
Weighted-average common shares outstanding | ||||
Basic | 102,396 | 99,877 | ||
Diluted | 102,396 | 99,877 | ||
Digital Turbine, Inc. and Subsidiaries Condensed Consolidated Balance Sheets
| ||||
June 30, 2024 | March 31, 2024 | |||
(Unaudited) | ||||
ASSETS | ||||
Current assets | ||||
Cash | $ 35,729 | $ 33,605 | ||
Accounts receivable, net | 198,035 | 191,015 | ||
Prepaid expenses | 6,879 | 7,704 | ||
Other current assets | 12,045 | 10,017 | ||
Total current assets | 252,688 | 242,341 | ||
Property and equipment, net | 46,375 | 45,782 | ||
Right-of-use assets | 8,669 | 9,127 | ||
Intangible assets, net | 298,064 | 313,505 | ||
Goodwill | 219,882 | 220,072 | ||
Other non-current assets | 34,519 | 34,713 | ||
TOTAL ASSETS | $ 860,197 | $ 865,540 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ 170,910 | $ 159,200 | ||
Accrued revenue share | 26,322 | 33,934 | ||
Accrued compensation | 6,897 | 7,209 | ||
Other current liabilities | 36,246 | 35,681 | ||
Total current liabilities | 240,375 | 236,024 | ||
Long-term debt, net of debt issuance costs | 393,791 | 383,490 | ||
Deferred tax liabilities, net | 18,316 | 20,424 | ||
Other non-current liabilities | 11,762 | 11,670 | ||
Total liabilities | 664,244 | 651,608 | ||
Commitments and contingencies | ||||
Stockholders' equity | ||||
Preferred stock | ||||
Series A convertible preferred stock at | 100 | 100 | ||
Common stock | ||||
10 | 10 | |||
Additional paid-in capital | 866,581 | 858,191 | ||
Treasury stock (758,125 shares at June 30, 2024 and March 31, 2024) | (71) | (71) | ||
Accumulated other comprehensive loss | (50,168) | (48,955) | ||
Accumulated deficit | (620,499) | (595,343) | ||
Total stockholders' equity | 195,953 | 213,932 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 860,197 | $ 865,540 | ||
Digital Turbine, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows
| ||||
Three months ended June 30, | ||||
2024 | 2023 | |||
Cash flows from operating activities: | ||||
Net (loss) income | $ (25,156) | $ (8,399) | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation and amortization | 20,819 | 21,258 | ||
Non-cash interest expense | 301 | 571 | ||
Allowance for credit losses | 214 | 752 | ||
Stock-based compensation expense | 8,168 | 10,017 | ||
Right-of-use asset | 421 | 644 | ||
Deferred income taxes | (2,074) | 1,619 | ||
Foreign exchange transaction gain | (818) | (1,923) | ||
(Increase) decrease in assets: | ||||
Accounts receivable, gross | (5,116) | (24,739) | ||
Prepaid expenses | 813 | 587 | ||
Other current assets | (1,400) | (3,388) | ||
Other non-current assets | 514 | (1,233) | ||
Increase (decrease) in liabilities: | ||||
Accounts payable | 9,058 | 18,620 | ||
Accrued revenue share | (7,556) | (19,723) | ||
Accrued compensation | (299) | (792) | ||
Other current liabilities | 619 | 7,943 | ||
Other non-current liabilities | 140 | (496) | ||
Net cash provided by (used in) operating activities | (1,352) | 1,318 | ||
Cash flows from investing activities | ||||
Capital expenditures | (5,931) | (7,276) | ||
Net cash used in investing activities | (5,931) | (7,276) | ||
Cash flows from financing activities | ||||
Proceeds from borrowings | 17,000 | 5,000 | ||
Repayment of debt obligations | (7,000) | (10,000) | ||
Acquisition of non-controlling interest in consolidated subsidiaries | — | (3,751) | ||
Payment of withholding taxes for net share settlement of equity awards | (48) | (931) | ||
Options exercised | 14 | 731 | ||
Net cash provided by (used in) financing activities | 9,966 | (8,951) | ||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (559) | (1,580) | ||
Net change in cash and cash equivalents and restricted cash | 2,124 | (16,489) | ||
Cash and cash equivalents and restricted cash, beginning of period | 33,605 | 75,558 | ||
Cash and cash equivalents and restricted cash, end of period | $ 35,729 | $ 59,069 | ||
REVENUE BY SEGMENT | ||||||
(in thousands) | ||||||
(Unaudited) | ||||||
Three months ended June 30, | ||||||
2024 | 2023 | % Change | ||||
On Device Solutions | $ 80,650 | $ 98,250 | (18) % | |||
App Growth Platform | 38,392 | 48,959 | (22) % | |||
Elimination | (1,053) | (843) | 25 % | |||
Consolidated | $ 117,989 | $ 146,366 | (19) % | |||
GAAP (LOSS) INCOME FROM OPERATIONS TO NON-GAAP GROSS PROFIT | ||||
(in thousands) | ||||
(Unaudited) | ||||
Three months ended June 30, | ||||
2024 | 2023 | |||
Net revenue | $ 117,989 | $ 146,366 | ||
(Loss) income from operations | (16,088) | (4,715) | ||
Add-back items: | ||||
Product development | 10,714 | 15,800 | ||
Sales and marketing | 16,247 | 15,577 | ||
General and administrative | 43,517 | 40,499 | ||
Depreciation of software included in other direct costs of revenue | 134 | 1,756 | ||
Non-GAAP gross profit | $ 54,524 | $ 68,917 | ||
Non-GAAP gross profit percentage | 46 % | 47 % | ||
GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED NET INCOME | ||||
(in thousands) | ||||
(Unaudited) | ||||
Three months ended June 30, | ||||
2024 | 2023 | |||
Net (loss) income | $ (25,156) | (8,399) | ||
Add-back items: | ||||
Stock-based compensation expense | 8,168 | 10,017 | ||
Amortization of intangibles | 15,204 | 16,189 | ||
Tax adjustment (1) | 7,501 | — | ||
Business transformation costs | 1,072 | — | ||
Transaction-related expenses | — | 36 | ||
Severance costs | 557 | 367 | ||
Non-GAAP adjusted net income | $ 7,346 | $ 18,210 | ||
Non-GAAP adjusted net income per common share | $ 0.07 | $ 0.18 | ||
Weighted-average common shares outstanding, diluted | 103,143 | 103,509 | ||
(1) Valuation allowance | ||||
GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA | ||||
(in thousands) | ||||
(Unaudited) | ||||
Three months ended June 30, | ||||
2024 | 2023 | |||
Net (loss) income | $ (25,156) | $ (8,399) | ||
Add-back items: | ||||
Stock-based compensation expense | 8,168 | 10,017 | ||
Depreciation and amortization | 20,819 | 21,258 | ||
Interest expense, net | 8,250 | 7,390 | ||
Other income, net | (114) | (244) | ||
Business transformation costs | 1,072 | — | ||
Foreign exchange transaction (gain) loss | (818) | (1,923) | ||
Income tax provision (benefit) | 1,750 | (1,539) | ||
Transaction-related expenses | — | 36 | ||
Severance costs | 557 | 367 | ||
Non-GAAP adjusted EBITDA | $ 14,528 | $ 26,963 | ||
GAAP CASH FLOW FROM OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW | ||||
(in thousands) | ||||
(Unaudited) | ||||
Three months ended June 30, | ||||
2024 | 2023 | |||
Net cash provided by (used in) operating activities | $ (1,352) | $ 1,318 | ||
Capital expenditures | (5,931) | (7,276) | ||
Transaction-related expenses | — | 36 | ||
Severance costs | 557 | 367 | ||
Business transformation costs | 1,072 | — | ||
Non-GAAP free cash flow provided (used) by operations | $ (5,654) | $ (5,555) | ||
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SOURCE Digital Turbine, Inc.
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