Digital Turbine, Inc. (APPS) 10-Q Quarterly Report Tue Feb 08 2022

Third Quarter Revenue Totaled $375.5 Million, Representing Year-over-Year Growth of 324% on an As-Reported Basis and Year-over-Year Growth of 38% on a Pro Forma Basis

Strong Top-Line Growth and Operating Leverage Continue to Drive Significant Profitability Growth and Free Cash Flow Generation

Integrated End-to-End Platform Positioned to Address Greatly Expanded Market Opportunity

Austin, TX – February 8, 2022 –

Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal third quarter ended December 31, 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 third 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 third quarter of 2022 revenue totaled $375.5 million, representing a 324% increase year-over-year on an as-reported basis and a 38% increase year-over-year as compared to the comparable pro forma figure for the fiscal third quarter of 2021.

•GAAP net income for the fiscal third quarter of 2022, inclusive of a $18.2 million fair value adjustment to the contingent acquisition-related earn-outs, was $7.1 million, or $0.07 per share, as compared to GAAP net income of $14.5 million, or $0.15 per share for the fiscal third quarter of 2021. Non-GAAP adjusted net income1 for the fiscal third quarter of 2022 was $50.9 million, or $0.49 per share, as compared to Non-GAAP adjusted net income of $20.0 million, or $0.21 per share, in the fiscal third quarter of 2021.

•Non-GAAP adjusted EBITDA2 for the fiscal third quarter of 2022 was $57.0 million, representing growth of 153% as compared to Non-GAAP adjusted EBITDA of $22.5 million in the fiscal third quarter of 2021.

“Very few companies can walk and chew gum at the same time,” said Bill Stone, CEO. “We made material progress on our integration strategy in the December quarter, while simultaneously delivering record financial results. Many companies experience difficulties in the present with their execution, because they are overly focused on building the future, or vice versa. I’m proud of our team’s hustle and ability to do both. Integration for the future and execution in the present are becoming core competencies of Digital Turbine.”

“Top-line growth of 324% and 38%, on an as-reported basis and pro forma basis, respectively, is certainly a great result, but I am even more encouraged by the continued operating leverage exhibited by the business model. Non-GAAP adjusted EBITDA of more than $57 million during the December quarter increased by 153% on a year-over-year basis, and Non-GAAP adjusted EPS of $0.49 during the December quarter increased by 133% on a year-over-year basis.”

The following information was filed by Digital Turbine, Inc. (APPS) on Tuesday, February 8, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Digital Turbine, Inc.'s 10-Q Quarterly Report:

Revenue - Product Highlight
Under the terms of the earn-out, the Company would pay the seller a certain percentage of actual net revenues (less associated cost of goods sold, as such term is referenced in the Share Purchase Agreement) of AdColony, depending on the extent to which AdColony achieves certain target net revenues (less associated cost of goods sold, as such term is referenced in the Share Purchase Agreement) over the Earn-Out Period.

Financial - Debt Highlight
We could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional indebtedness or equity capital, or restructure or refinance our indebtedness.
M & A - Other Highlight
The decrease of $5,150 was due to the following: $80,094 decrease for changes in operating assets and liabilities, primarily due to higher net working capital to support the Company's growth, and the payout of accrued compensation related to the AdColony and Fyber acquisitions and the Company's annual incentive plan, and $74,335 increase due to higher non-cash charges, primarily for depreciation and amortization, change in fair value of contingent consideration, and stock-based compensation expense.
Revenue - Product Highlight
32 License fees and revenue share increased by $217,578 to $267,722 in the three months ended December 31, 2021, and was 71.3% as a percentage of total net revenue compared to $50,144, or 56.6% of total net revenue, for the three months ended December 31, 2020.
Revenue - Product Highlight
License fees and revenue share increased by $496,239 to $619,215 in the nine months ended December 31, 2021, and was 68.9% as a percentage of total net revenue compared to $122,976, or 56.3% of total net revenue, for the nine months ended December 31, 2020.
Financial - Expense
In addition, general and administrative...Read more
Other - Other
The revolving line of credit...Read more
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The New Credit Agreement contains...Read more
M & A - Other
The Company acquired Fyber in...Read more
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Other direct costs of revenue...Read more
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Acquisition Purchase Price Liability The...Read more
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General and administrative General and...Read more
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The $140,224 increase in cash...Read more
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Financing Activities For the nine...Read more
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The Credit Agreement contains customary...Read more
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The Company acquired all outstanding...Read more
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For example, these factors could...Read more
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Our actual results, performance, or...Read more
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The proceeds, combined with available...Read more
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Over the three and nine...Read more
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Effective April 1, 2021, the...Read more
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If COVID-19 continues to have...Read more
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RESULTS OF OPERATIONS (Unaudited) Net...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Digital Turbine, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: APPS
CIK: 317788
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-22-002020
Submitted to the SEC: Tue Feb 08 2022 5:12:17 PM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Friday, December 31, 2021
Industry: Patent Owners And Lessors

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Digital Turbine, Inc. (APPS) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

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