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Digital Turbine Reports Fourth Quarter and Fiscal Year 2022 Financial Results

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·22 min read
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Fiscal 2022 Revenue of $747.6 Million Increased 138% on an As-Reported Basis; Fourth Quarter Revenue Totaled $184.1 Million

Fiscal 2022 GAAP Net Income of $35.6 Million and GAAP EPS of $0.35

Fiscal 2022 Non-GAAP EPS1 of $1.66 Increased 124% Year-Over-Year; Fiscal 2022 Non-GAAP Adjusted EBITDA2 of $195.2 Million Increased 158% Year-Over-Year

AUSTIN, Texas, May 31, 2022 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal full year and quarter ended March 31, 2022. The Company completed the acquisitions of AdColony Holdings AS ("AdColony") and Fyber N.V. ("Fyber") 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 fiscal years 2021 and 2022. The Company believes that pro forma results, where applicable, can provide investors with more relevant year-over-year comparisons. As was initially announced on May 11, 2022, the Company has restated its financial results for the fiscal year 2022 quarters to reflect revenue net of revenue share costs for certain product offerings of the acquired AdColony and Fyber businesses. Results discussed below reflect this change.

Recent Financial Highlights:

  • Fiscal fourth quarter of 2022 revenue totaled $184.1 million, representing a 94% increase year-over-year on an as-reported basis and a 19% increase year-over-year as compared to the comparable pro forma figure for the fiscal fourth quarter of 2021.

  • Fiscal year 2022 revenue totaled $747.6 million, representing a 138% increase year-over-year on an as-reported basis. On a pro forma basis, fiscal year 2022 revenue increased 41% year-over-year as compared to the comparable pro forma figure for fiscal year 2021.

  • GAAP net income for the fiscal fourth quarter of 2022 was $20.1 million, or $0.19 per share, as compared to GAAP net income for the fiscal fourth quarter of 2021 of $30.1 million, or $0.31 per share. Non-GAAP adjusted net income1 for the fiscal fourth quarter of 2022 was $41.0 million, or $0.39 per share, as compared to Non-GAAP adjusted net income1 of $24.5 million, or $0.25 per share, in the fiscal fourth quarter of 2021.

  • GAAP net income for fiscal year 2022 was $35.6 million, or $0.35 per share, as compared to GAAP net income for fiscal year 2021 of $54.9 million, or $0.57 per share. Non-GAAP adjusted net income1 for fiscal year 2022 was $170.6 million, or $1.66 per share, representing an increase of 124% year-over-year.

  • Non-GAAP adjusted EBITDA2 for the fiscal fourth quarter of 2022 was $50.4 million, representing an increase of 124% as compared to Non-GAAP adjusted EBITDA2 of $22.5 million in the fiscal fourth quarter of 2021.

  • Non-GAAP Adjusted EBITDA2 for fiscal year 2022 totaled $195.2 million, representing 158% growth when compared to Non-GAAP Adjusted EBITDA2 of $75.6 million in fiscal year 2021.

"It is more important than ever to have a clear vision of where you are going as a Company, and to have a highly profitable, proven, and scalable business model to get there in times like these," said Bill Stone, CEO. "The macro world has changed considerably in recent months, and I am proud of our team's focus and execution to adjust to the rapidly evolving operating conditions. We have made material progress on a number of key future growth drivers, such as SingleTap licensing, our role in the future of app stores, and the enhancement of numerous strategic partnerships with market-leading companies looking to leverage DT platform offerings as a core part of their respective growth initiatives. While macro headwinds will present certain challenges for nearly all companies in the short-term, I am confident that those headwinds will be less impactful for highly profitable growth businesses like ours generating nine-figures of free cash flow per year. Additionally, I believe the recent changes in the reporting of our revenue should help facilitate relative peer comparisons and highlight the relative profitability of our platform business model."

Fourth Quarter Fiscal 2022 Financial Results

Total revenue for the fourth quarter of fiscal 2022 was $184.1 million, representing a 94% increase year-over-year on an as-reported basis and a 19% increase year-over-year as compared to the comparable pro forma figure for the fiscal fourth quarter of 2021. Total "On-Device Media" revenue, which represents revenue derived from the Company's Application Media and Content Media platform products before intercompany eliminations, increased 22% year-over-year to $119.2 million. Before intercompany eliminations, total revenue from our two "In-App Media" segments, which represents revenue derived from the Fyber and AdColony businesses, increased 16% year-over-year on a pro forma basis to $69.6 million. Fyber contributed $29.2 million during the quarter, while AdColony contributed $40.4 million during the quarter.

GAAP net income for the fiscal fourth quarter of 2022 was $20.1 million, or $0.19 per share. Non-GAAP adjusted net income1 for the fourth quarter of fiscal 2022 was $41.0 million, or $0.39 per share, as compared to Non-GAAP adjusted net income1 of $24.5 million, or $0.25 per share, in the fourth quarter of fiscal 2021.

Non-GAAP adjusted EBITDA2 for the fourth quarter of fiscal 2022 was $50.4 million, representing an increase of 124% year-over-year when compared to Non-GAAP adjusted EBITDA2 of $22.5 million in the fourth quarter of fiscal 2021. 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.

Full Year Fiscal 2022 Financial Results

Total revenue for fiscal 2022 was $747.6 million, representing 138% annual growth on as as-reported basis. On a pro forma basis, fiscal year 2022 revenue increased 41% year-over-year as compared to the comparable pro forma figure for fiscal year 2021.

GAAP net income for fiscal 2022 was $35.6 million, or $0.35 per share. Non-GAAP adjusted net income1 for fiscal 2022 was $170.6 million, or $1.66 per share, as compared to Non-GAAP adjusted net income1 of $71.5 million, or $0.74 per share, in fiscal 2021.

Non-GAAP adjusted EBITDA2 for fiscal 2022 was $195.2 million, representing an increase of 158% year-over-year when compared to Non-GAAP adjusted EBITDA2 of $75.6 million in fiscal 2021. 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 31, 2022, the Company currently expects the following for the first quarter of fiscal 2023:

  • Revenue of between $183 million and $187 million

  • Non-GAAP adjusted EBITDA2 of between $49 million and $51 million

  • Non-GAAP adjusted EPS1 of $0.34 to $0.35, based on approximately 105 million diluted shares outstanding and an effective tax rate of 25% on Non-GAAP adjusted net income

It is not reasonably practicable to provide a business outlook for GAAP net income from continuing operations because the Company cannot reasonably estimate the changes in stock-based compensation expense, which is directly impacted by changes in the Company's stock price, or other items that are difficult to predict with precision.

About Digital Turbine, Inc.

Digital Turbine simplifies content discovery and delivers relevant content directly to consumer devices. The Company's on-demand media platform powers frictionless app and content discovery, user acquisition and engagement, operational efficiency and monetization opportunities. Digital Turbine's technology platform has been adopted by more than 40 mobile operators and OEMs worldwide, and has delivered more than three billion app preloads for tens of thousands of advertising campaigns. The company is headquartered in Austin, Texas, with global offices in Arlington, Durham, Mumbai, San Francisco, Singapore and Tel Aviv. For additional information visit www.digitalturbine.com.

Conference Call

Management will host a conference call today at 4:30 p.m. ET to discuss its fourth quarter and full fiscal year 2022 financial results and provide operational updates on the business. To participate, interested parties should dial 855-238-2713 in the United States or 412-542-4111 from international locations. A webcast of the conference call will be available at ir.digitalturbine.com/events.

For those who are not able to join the live call, a playback will be available through June 7, 2022. The replay can be accessed by dialing 877-344-7529, passcode 9278131.

The conference call will discuss forward guidance and other material information.

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, adjustments in the fair value of earn-out liabilities associated with acquisitions, 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: net interest income/(expense), adjustments in the fair value of earn-out liabilities associated with acquisitions, income tax provision, depreciation and amortization, stock-based compensation expense, amortization of intangibles, foreign exchange transaction gains/(losses), loss on debt extinguishment, and transaction-related expenses and compensation costs. 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 Consolidated Statement of Cash Flows), excluding acquisition-related contingency and liability payments and 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

  • the impact of COVID-19 on our partners, digital advertising spend and consumer purchase behavior

  • the impact of COVID-19 on our results of operations

  • risks associated with new privacy laws, such as the European Union's GDPR and similar laws which may require changes to our development and user interface for certain functionality of our mobile platform

  • risks associated with the 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.

 

Digital Turbine, Inc. and Subsidiaries


Consolidated Statements of Operations and Comprehensive Income / (Loss)
(in thousands, except per share amounts)




Three months ended March 31,


Year ended March 31,



2022


2021


2022


2021

Net revenue


$       184,135


$         95,082


$       747,596


$       313,579

Costs of revenue and operating expenses









     License fees and revenue share


86,279


55,673


370,648


178,649

     Other direct costs of revenue


8,453


387


29,838


2,358

     Product development


12,129


6,292


52,723


20,119

     Sales and marketing


16,237


4,932


63,309


19,304

     General and administrative


33,612


11,844


138,837


33,940

          Total costs of revenue and operating expenses


156,710


79,128


655,355


254,370

Income from operations


27,425


15,954


92,241


59,209

Interest and other income / (expense), net









     Change in fair value of contingent consideration


(800)


(332)


(41,087)


(15,751)

     Interest expense, net


(3,188)


(144)


(8,495)


(1,003)

     Foreign exchange transaction gain


459



2,062


     Loss on extinguishment of debt



(452)



(452)

     Other expense, net


(151)


(95)


(749)


(146)

          Total interest and other income / (expense),
          net


(3,680)


(1,023)


(48,269)


(17,352)

Income before income taxes


23,745


14,931


43,972


41,857

     Income tax provision / (benefit)


3,604


(15,125)


8,403


(13,027)

Net income


20,141


30,056


35,569


54,884

     Less: net income attributable to non-controlling
     interest


41



23


Net income attributable to Digital Turbine, Inc.


20,100


30,056


35,546


54,884

Other comprehensive income









     Foreign currency translation adjustment


5,667


7


(39,395)


(312)

Comprehensive income


25,808


30,063


(3,826)


54,572

     Less: comprehensive loss attributable to non-
     controlling interest


(2)



(934)


Comprehensive income attributable to Digital Turbine, Inc.


$         25,810


$         30,063


$          (2,892)


$         54,572

Net income per common share









     Basic


$              0.21


$              0.34


$              0.37


$              0.62

     Diluted


$              0.19


$              0.31


$              0.35


$              0.57

Weighted-average common shares outstanding









     Basic


96,965


89,665


95,198


88,514

     Diluted


104,151


97,582


102,640


96,151

 

 

Digital Turbine, Inc. and Subsidiaries


Consolidated Balance Sheets
(in thousands, except par value and share amounts)









March 31, 2022


March 31, 2021

ASSETS





Current assets





     Cash and cash equivalents


$       126,768


$         30,778

     Restricted cash


394


340

     Accounts receivable, net


263,139


61,985

     Prepaid expenses and other current assets


20,570


4,282

          Total current assets


410,871


97,385

     Property and equipment, net


31,086


13,050

     Right-of-use assets


15,439


3,495

     Deferred tax assets, net



12,963

     Intangible assets, net


440,589


53,300

     Goodwill


559,792


80,176

     Other non-current assets


732


          TOTAL ASSETS


$    1,458,509


$       260,369






LIABILITIES AND STOCKHOLDER'S EQUITY





Current liabilities





     Accounts payable


$       167,858


$         34,953

     Accrued license fees and revenue share


95,170


46,196

     Accrued compensation


28,775


9,817

     Short-term debt


12,500


14,557

     Other current liabilities


30,960


5,626

     Acquisition purchase price liabilities


50,000


          Total current liabilities


385,263


111,149

     Long-term debt, net of debt issuance costs


520,785


     Deferred tax liabilities, net


19,976


     Other non-current liabilities


16,270


4,108

          Total liabilities


942,294


115,257

          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; 97,921,826 issued and
          97,163,701 outstanding at March 31, 2022; 90,685,553 issued and 89,949,847
          outstanding at March 31, 2021


10


10

Additional paid-in capital


745,661


373,310

Treasury stock (758,125 shares at March 31, 2022 and March 31, 2021)


(71)


(71)

Accumulated other comprehensive loss


(39,341)


(903)

Accumulated deficit


(191,788)


(227,334)

     Total stockholders' equity attributable to Digital Turbine, Inc.


514,571


145,112

          Non-controlling interest


1,644


     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$    1,458,509


$       260,369

 

 

Digital Turbine, Inc. and Subsidiaries


Consolidated Statements of Cash Flows
(in thousands)




Three months ended March 31,



2022


2021



(Unaudited)


(Unaudited)

Cash flows from operating activities:





Net income


20,141


30,056

Adjustments to reconcile net income to net cash provided by operating activities:





     Depreciation and amortization


16,506


2,052

     Non-cash interest expense


215


39

     Stock-based compensation expense


3,935


1,591

     Loss on extinguishment of debt



255

     Change in estimate of remaining contingent consideration


800


332

     Right-of-use asset


2,773


312

     Deferred income taxes


(8,780)


(12,952)

     Payment of contingent consideration in excess of amount capitalized at
     acquisition



(10,332)

     Foreign exchange transaction gain


(459)


     (Increase) / decrease in assets:





          Accounts receivable, gross


30,879


514

          Allowance for doubtful accounts


685


1,424

          Prepaid expenses and other current assets


2,556


(2,284)

          Other non-current assets


209


     Increase / (decrease) in liabilities:





          Accounts payable


(6,705)


(4,460)

          Accrued license fees and revenue share


(14,811)


9,643

          Accrued compensation


(10,401)


1,195

          Other current liabilities


8,520


(2,552)

          Other non-current liabilities


(4,787)


(650)

Net cash provided by operating activities


41,276


14,183






Cash flows from investing activities





     Business acquisitions, net of cash acquired


(530)


(20,636)

     Capital expenditures


(7,588)


(2,659)

Net cash used in investing activities


(8,118)


(23,295)






Cash flows from financing activities





     Proceeds from borrowings


179,147


15,000

     Payment of debt issuance costs


(20)


(469)

     Payment of contingent consideration



1

     Payment of deferred business acquisition consideration


(204,501)


     Options and warrants exercised


1,486


1,282

     Payment of withholding taxes for net share settlement of equity awards


(1,018)


     Repayment of debt obligations


(149)


(19,250)

 Net cash used in financing activities


(25,055)


(3,436)

Effect of exchange rate changes on cash and cash equivalents and restricted cash


3,619


7

Net change in cash and cash equivalents and restricted cash


11,722


(12,541)

Cash and cash equivalents and restricted cash, beginning of period


115,440


43,659

Cash and cash equivalents and restricted cash, end of period


$       127,162


$         31,118

 

 

PRO FORMA REVENUE

(in thousands)

(Unaudited)
















Three months ended March 31,


Year ended March 31,



2022


2021


% Change


2022


2021


% Change

On Device Media


$         119,211


$           97,471


22 %


$         502,637


$         327,872


53 %

In App Media - AdColony


40,357


39,407


2 %


181,482


157,784


15 %

In App Media - Fyber


29,215


20,328


44 %


105,362


63,116


67 %

Elimination


(4,648)


(2,361)


97 %


(19,488)


(4,276)


356 %

     Consolidated


$         184,135


$         154,845


19 %


$         769,993


$         544,496


41 %

 

 

GAAP INCOME FROM OPERATIONS TO NON-GAAP GROSS PROFIT

(in thousands)

(Unaudited)












Three months ended March 31,


Year ended March 31,



2022


2021


2022


2021

Net revenue


$      184,135


$        95,082


$      747,596


$      313,579

Income from operations


27,425


15,954


92,241


59,209

Add-back items:









     Product development


12,129


6,292


52,723


20,119

     Sales and marketing


16,237


4,932


63,309


19,304

     General and administrative


33,612


11,844


138,837


33,940

     Depreciation of software included in other direct
     costs of revenue


836


387


3,060


2,357

Non-GAAP gross profit


$        90,239


$        39,409


$      350,170


$      134,929

Non-GAAP gross profit percentage


49 %


41 %


47 %


43 %



















GAAP NET INCOME TO NON-GAAP ADJUSTED NET INCOME

(in thousands)

(Unaudited)












Three months ended March 31,


Year ended March 31,



2022


2021


2022


2021

Net income


$        20,141


$        30,056


$        35,569


$        54,884

Add-back items:









     Stock and stock option compensation


3,935


1,591


19,304


5,877

     Amortization of intangibles


13,544


766


48,417


2,776

     Adjustment to estimated earn-out liability


800


332


41,087


15,751

     Tax adjustment (1)



(11,154)



(11,154)

     Transaction expenses


2,566


2,951


26,237


3,413

Non-GAAP adjusted net income from continuing
operations


$        40,986


$        24,542


$      170,614


$        71,547

Non-GAAP adjusted net income per share from
continuing operations


$            0.39


$            0.25


$            1.66


$            0.74

Weighted-average common shares outstanding, diluted


104,151


97,582


102,640


96,151

(1) Valuation allowance  release

 

GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA

(in thousands)

(Unaudited)












Three months ended March 31,


Year ended March 31,



2022


2021


2022


2021

Net income from continuing operations


$           20,141


$           30,056


$           35,569


$           54,884

Add-back items:









     Stock and stock option compensation


3,935


1,591


19,304


5,877

     Depreciation and amortization


16,506


2,052


57,452


7,114

     Interest expense, net


3,188


144


8,495


1,003

     Other expense, net


151


95


749


146

     Change in fair value of contingent liability


800


332


41,087


15,751

     Loss on extinguishment of debt



452



452

     Foreign exchange transaction gain


(459)



(2,062)


     Income tax provision / (benefit)


3,604


(15,125)


8,403


(13,027)

     Transaction expenses


2,566


2,951


26,237


3,413

Non-GAAP adjusted EBITDA


$           50,432


$           22,548


$         195,234


$           75,613

 

GAAP CASH FLOW FROM OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW

(in thousands)

(Unaudited)








Three months ended March 31,



2022


2021

Net cash provided by operating activities


41,276


14,183

Capital expenditures


(7,588)


(2,659)

Payment of acquisition-related liabilities assumed



10,332

Transaction expenses


2,566


2,951

Non-GAAP free cash flow provided by continuing operations


$           36,254


$           24,807

 

 

Digital Turbine - Right App. Right Person. Right Time. (PRNewsFoto/Digital Turbine, Inc.) (PRNewsfoto/Digital Turbine, Inc.)
Digital Turbine - Right App. Right Person. Right Time. (PRNewsFoto/Digital Turbine, Inc.) (PRNewsfoto/Digital Turbine, Inc.)

 

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SOURCE Digital Turbine, Inc.