Digital Turbine Reports Fiscal 2024 Fourth Quarter and Fiscal Year 2024 Financial Results
Fourth Quarter Revenue Totaled $112.2 Million and Fiscal 2024 Revenue Totaled $544.5 Million
Fourth Quarter GAAP Net Loss of $236.5 Million, or GAAP EPS of ($2.32), Inclusive of a Noncash Goodwill Impairment Charge of $189.5 Million; Fourth Quarter Non-GAAP Adjusted Net Income(1) of $12.6 Million and Non-GAAP Adjusted EPS(1) of $0.12
Fourth Quarter Non-GAAP Adjusted EBITDA(2) Totaled $12.3 Million and Fiscal 2024 Non-GAAP Adjusted EBITDA(2) Totaled $92.4 Million
AUSTIN, Texas, May 28, 2024 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal fourth quarter and fiscal year ended March 31, 2024.
Recent Financial Highlights:
-- Fiscal fourth quarter of 2024 revenue totaled $112.2 million,
representing a year-over-year decline of 20% as compared to the fiscal
fourth quarter of 2023.
-- GAAP net loss for the fiscal fourth quarter of 2024 was $236.5 million,
or ($2.32) per share, as compared to GAAP net loss for the fiscal fourth
quarter of 2023 of $13.9 million, or ($0.14) per share. GAAP net loss
for the fiscal fourth quarter included a noncash goodwill impairment
charge of $189.5 million. Non-GAAP adjusted net income(1) for the fiscal
fourth quarter of 2024 was $12.6 million, or $0.12 per share, as
compared to Non-GAAP adjusted net income(1) of $13.6 million, or $0.14
per share, in the fiscal fourth quarter of 2023.
-- GAAP net loss for fiscal 2024 was $420.4 million, or ($4.16) per share,
as compared to GAAP net income for fiscal 2023 of $16.9 million, or
$0.16 per share. GAAP net loss for fiscal 2024 included a noncash
goodwill impairment charge of $336.6 million. Non-GAAP adjusted net
income(1) for fiscal 2024 was $60.3 million, or $0.58 per share, as
compared to Non-GAAP adjusted net income(1) of $117.4 million, or $1.15
per share, in fiscal 2023.
-- Non-GAAP adjusted EBITDA(2) for the fiscal fourth quarter of 2024 was
$12.3 million, as compared to Non-GAAP adjusted EBITDA(2) of $23.1
million in the fiscal fourth quarter of 2023. Non-GAAP adjusted
EBITDA(2) for fiscal 2024 was $92.4 million, as compared to Non-GAAP
adjusted EBITDA(2) of $163.2 million in fiscal 2023.
-- New partnerships are set to add more than 70 million new devices
globally.
"We are seeing encouraging real-time momentum in the marketplace that we believe validates our strategy and positions the Company for a return to growth in the new fiscal year," said Bill Stone, CEO. "We have recently secured additional global device supply that we believe will help to offset recent headwinds as a result of decade-low upgrade-rates and selective app distribution limitations in the U.S. In addition to adding new devices, we are adding complementary new features on many existing devices, with momentum in the area of alternative app distribution. Recent wins on the media and advertiser side are proof points that our newly re-engineered ad tech platform is now performing at a level at which it is well-positioned to gain market share. Operationally, we have successfully modernized key product functionality and added new leadership personnel that we believe will be integral to sustained growth in the future. Our financial results reported today fail to reflect much of the real-time progress that we are making. We are increasingly convinced that we are on the right track with our overarching corporate strategy, and consequently, we are seeing signs of greater market demand for our unique product offerings that we expect will promote top-line growth, enhanced operating leverage and improved free cash flow generation for the Company in future periods."
Fiscal 2024 Fourth Quarter Financial Results
Total revenue for the fourth quarter of fiscal 2024 was $112.2 million. Total On Device Solutions revenue before intercompany eliminations was $78.5 million. Total App Growth Platform revenue before intercompany eliminations was $34.4 million.
GAAP net loss for the fourth quarter of fiscal 2024 was $236.5 million, or ($2.32) per share, as compared to GAAP net loss for the fourth quarter of fiscal 2023 of $13.9 million, or ($0.14) per share. GAAP net loss for the fourth quarter of fiscal 2024 included a noncash goodwill impairment charge of $189.5 million.
Non-GAAP adjusted net income(1) for the fourth quarter of fiscal 2024 was $12.6 million, or $0.12 per share, as compared to Non-GAAP adjusted net income(1) of $13.6 million, or $0.14 per share, in the fourth quarter of fiscal 2023.
Non-GAAP adjusted EBITDA(2) for the fourth quarter of fiscal 2024 was $12.3 million, as compared to Non-GAAP adjusted EBITDA(2) for the fourth quarter of fiscal 2023 of $23.1 million.
Full Year Fiscal 2024 Financial Results
Total revenue for fiscal 2024 was $544.5 million. Total On Device Solutions revenue before intercompany eliminations was $370.1 million. Total App Growth Platform revenue before intercompany eliminations was $178.8 million.
GAAP net loss for fiscal 2024 was $420.4 million, or ($4.16) per share, as compared to GAAP net income for fiscal 2023 of $16.9 million, or $0.16 per share. GAAP net loss for fiscal 2024 included a noncash goodwill impairment charge of $336.6 million.
Non-GAAP adjusted net income(1) for fiscal 2024 was $60.3 million, or $0.58 per share, as compared to Non-GAAP adjusted net income(1) of $117.4 million, or $1.15 per share, in fiscal 2023.
Non-GAAP adjusted EBITDA(2) for fiscal year 2024 was $92.4 million, as compared to Non-GAAP adjusted EBITDA(2) for fiscal year 2023 of $163.2 million. 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 May 28, 2024, and considering the ongoing uncertainties in the macro environment, the Company currently expects the following for fiscal year 2025:
-- Revenue of between $540 million and $560 million
-- Non-GAAP adjusted EBITDA(2) of between $85 million and $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 North America, with offices around the world. For additional information visit www.digitalturbine.com.
Conference Call
Management will host a conference call and webcast today at 4:30p ET to discuss its fiscal 2024 fourth 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/a58rLm9LDgx. The call can also be accessed by dialing 888-317-6003 in the United States (or 412-317-6061 from international locations) and entering access code 7883119.
A playback will be available through June 4, 2024. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 4435511. An online webcast will be archived for a period of one year, and is available via the Investor Relations section of Digital Turbine's website.
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.
(1)Non-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, tax adjustments, impairment of goodwill, and adjustments acquisition-related liabilities and earn-out liabilities. 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.
(2)Non-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), change in fair value of contingent consideration, business transformation costs, foreign exchange transaction gains (losses), income tax (benefit) provision, transaction-related expenses, severance costs, impairment of goodwill, and adjustments to acquisition-related liabilities. 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.
(3)Non-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 U.S. GAAP as an indicator of profitability, performance or liquidity, which is the most comparable measure under GAAP.
(4)Non-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, depreciation of software, and impairment of goodwill. 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:
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. and China
or changes in China'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.
-- Privacy-related litigation and fines.
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)
(in thousands, except share and per share amounts)
Three months ended March
31, Year ended March 31,
2024 2023 2024 2023
Net revenue $112,223 $140,118 $544,482 $665,920
Costs of revenue and operating expenses
Revenue share 53,551 71,629 262,226 309,247
Other direct costs of revenue 7,555 9,007 34,799 36,445
Product development 11,284 13,399 54,157 56,486
Sales and marketing 15,935 15,278 61,481 63,295
General and administrative 42,278 39,954 169,617 154,282
Impairment of goodwill 189,459 336,640
Total costs of revenue and operating expenses 320,062 149,267 918,920 619,755
(Loss) income from operations (207,839) (9,149) (374,438) 46,165
Interest and other income (expense), net
Change in fair value of contingent consideration 372
Interest expense, net (7,938) (7,128) (30,838) (23,352)
Foreign exchange transaction gain (loss) (54) (431) 101 (1,026)
Other expense, net (261) (163) (328) 229
Total interest and other expense, net (8,253) (7,722) (30,693) (24,149)
(Loss) income before income taxes (216,092) (16,871) (405,131) 22,016
Income tax provision 20,414 (3,018) 15,317 5,146
Net (loss) income (236,506) (13,853) (420,448) 16,870
Less: net (loss) income attributable to non-controlling interest 79 (220) 197
Net (loss) income to Digital Turbine, Inc. (236,506) (13,932) (420,228) 16,673
Other comprehensive income (loss)
Foreign currency translation adjustment (2,462) 2,258 (6,271) (2,386)
Comprehensive (loss) income (238,968) (11,595) (426,719) 14,484
Less: comprehensive income (loss) attributable to non-controlling interest 81 519 415
Comprehensive (loss) income attributable to Digital Turbine, Inc. $(238,968) $(11,676) $(427,238) $14,069
Net (loss) income per common share
Basic $(2.32) $(0.14) $(4.16) $0.17
Diluted $(2.32) $(0.14) $(4.16) $0.16
Weighted-average common shares outstanding
Basic 101,974 99,273 100,975 98,783
Diluted 101,974 100,712 100,975 101,816
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value and share amounts)
March 31, 2024 March 31, 2023
(Unaudited)
ASSETS
Current assets
Cash $33,605 $75,558
Accounts receivable, net 191,015 178,189
Prepaid expenses 7,704 8,589
Other current assets 10,017 3,730
Total current assets 242,341 266,066
Property and equipment, net 45,782 39,327
Right-of-use assets 9,127 10,073
Intangible assets, net 313,505 379,632
Goodwill 220,072 561,576
Other non-current assets 34,713 9,882
TOTAL ASSETS $865,540 $1,266,556
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $159,200 $119,338
Accrued revenue share 33,934 69,221
Accrued compensation 7,209 10,984
Other current liabilities 35,681 21,377
Total current liabilities 236,024 220,920
Long-term debt, net of debt issuance costs 383,490 410,522
Deferred tax liabilities, net 20,424 13,940
Other non-current liabilities 11,670 13,919
Total liabilities 651,608 659,301
Commitments and contingencies
Stockholders' equity
Preferred stock
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and 100 100
outstanding (liquidation preference of $1)
Common stock
$0.0001
par value: 200,000,000 shares authorized; 102,877,057 issued and 102,118,932 outstanding at 10 10
March 31, 2024; 100,216,494 issued and 99,458,369 outstanding at March 31, 2023
Additional paid-in capital 858,191 822,217
Treasury stock (758,125 shares at March 31, 2024 and March 31, 2023) (71) (71)
Accumulated other comprehensive loss (48,955) (41,945)
Accumulated deficit (595,343) (175,115)
Total stockholders' equity 213,932 605,196
Non-controlling interest 2,059
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $865,540 $1,266,556
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three months ended March 31,
2024 2023
Cash flows from operating activities:
Net (loss) income $(236,506) $(13,853)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization 20,924 20,926
Non-cash interest expense (531) 217
Allowance for credit losses 627 319
Stock-based compensation expense 6,743 10,758
Right-of-use asset 361 793
Deferred income taxes 15,909 (3,545)
Foreign exchange transaction (gain) loss 54 (1,607)
Impairment of goodwill 189,459
(Increase) decrease in assets:
Accounts receivable, gross 25,176 51,077
Prepaid expenses 2,920 1,595
Other current assets (220) 17,809
Other non-current assets (190) (736)
Increase (decrease) in liabilities:
Accounts payable 108 (34,718)
Accrued revenue share (32,119) (5,678)
Accrued compensation (111) (5,097)
Other current liabilities (2,628) (21,828)
Other non-current liabilities (1,732) (570)
Net cash provided by (used in) operating activities (11,756) 15,862
Cash flows from investing activities
Equity investments (9,956) (4,499)
Capital expenditures (6,895) (5,260)
Net cash used in investing activities (16,851) (9,759)
Cash flows from financing activities
Proceeds from borrowings 25,000 7,500
Payment of debt issuance costs (5)
Repayment of debt obligations (15,000) (19,500)
Payment of withholding taxes for net share settlement of equity awards (110) (507)
Options exercised 85 925
Net cash provided by (used in) financing activities 9,975 (11,587)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 2,772 1,181
Net change in cash and cash equivalents and restricted cash (15,860) (4,303)
Cash and cash equivalents and restricted cash, beginning of period 49,465 79,861
Cash and cash equivalents and restricted cash, end of period $33,605 $75,558
REVENUE BY SEGMENT
(in thousands)
(Unaudited)
Three months ended March 31, Year ended March 31,
2024 2023 % Change 2024 2023 % Change
On Device Solutions $78,504 $96,909 (19) % $370,112 $420,328 (12) %
App Growth Platform 34,437 44,966 (23) % 178,760 252,995 (29) %
Elimination (718) (1,757) (59) % (4,390) (7,403) (41) %
Consolidated $112,223 $140,118 (20) % $544,482 $665,920 (18) %
GAAP (LOSS) INCOME FROM OPERATIONS TO NON-GAAP GROSS PROFIT
(in thousands)
(Unaudited)
Three months ended March 31, Year ended March 31,
2024 2023 2024 2023
Net revenue $112,223 $140,118 $544,482 $665,920
(Loss) income from operations (207,839) (9,149) (374,438) 46,165
Add-back items:
Product development 11,284 13,399 54,157 56,486
Sales and marketing 15,935 15,278 61,481 63,295
General and administrative 42,278 39,954 169,617 154,282
Depreciation of software included in other direct costs of revenue 208 1,694 4,045 6,275
Impairment of goodwill 189,459 336,640
Non-GAAP gross profit $51,325 $61,176 $251,502 $326,503
Non-GAAP gross profit percentage 46 % 44 % 46 % 49 %
GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED NET INCOME
(in thousands)
(Unaudited)
Three months ended March 31, Year ended March 31,
2024 2023 2024 2023
Net (loss) income $(236,506) (13,853) $(420,448) $16,870
Add-back items:
Stock-based compensation expense 6,743 10,758 33,763 30,401
Amortization of intangibles 16,039 16,126 64,321 64,608
Adjustment to estimated earn-out liability (372)
Tax adjustment (1) 33,817 33,817
Business transformation costs 2,127 9,418
Transaction-related expenses 177 859 338 4,739
Severance costs 710 1,066 2,795 2,176
Impairment of goodwill 189,459 336,640
Adjustment to acquisition-related liabilities (1,346) (1,346)
Non-GAAP adjusted net income $12,566 $13,610 $60,272 $117,448
Non-GAAP adjusted net income per common share $0.12 $0.14 $0.58 $1.15
Weighted-average common shares outstanding, diluted 103,451 100,712 103,928 101,816
(1) Valuation allowance
GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA
(in thousands)
(Unaudited)
Three months ended March 31, Year ended March 31,
2024 2023 2024 2023
Net (loss) income $(236,506) $(13,853) $(420,448) $16,870
Add-back items:
Stock-based compensation expense 6,743 10,758 33,763 30,401
Depreciation and amortization 20,924 20,926 83,858 81,073
Interest expense, net 7,938 7,128 30,838 23,352
Other expense, net 261 163 328 (229)
Change in fair value of contingent consideration (372)
Business transformation costs 2,127 9,418
Foreign exchange transaction (gain) loss 54 431 (101) 1,026
Income tax provision 20,414 (3,018) 15,317 5,146
Transaction-related expenses 177 859 338 4,739
Severance costs 710 1,066 2,795 2,176
Impairment of goodwill 189,459 336,640
Adjustment to acquisition-related liabilities (1,346) (1,346)
Non-GAAP adjusted EBITDA $12,301 $23,114 $92,374 $163,208
GAAP CASH FLOW FROM OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
(in thousands)
(Unaudited)
Three months ended March 31,
2024 2023
Net cash provided by (used in) operating activities $(11,756) $15,862
Capital expenditures (6,895) (5,260)
Transaction-related expenses 177 859
Severance costs 710 1,066
Business transformation costs 2,127
Non-GAAP free cash flow provided (used) by operations $(15,637) $12,527
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SOURCE Digital Turbine, Inc.
