PR Newswire
AUSTIN, Texas, Aug. 8, 2023
First Quarter Revenue Totaled $146.4 Million
First Quarter GAAP Net Loss of $8.4 Million and GAAP EPS of ($0.08); First Quarter Non-GAAP Adjusted Net Income1 of $18.2 Million and Non-GAAP Adjusted EPS of $0.18
First Quarter Non-GAAP Adjusted EBITDA2 Totaled $27.0 Million
AUSTIN, Texas, Aug. 8, 2023 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal first quarter ended June 30, 2023.
Recent Financial Highlights:
"Our first-quarter results represented an encouraging start to the new fiscal year," said Bill, Stone, CEO. "Both revenue and EBITDA grew quarter-over-quarter, on the strength of improved performance across the business. Operationally, we are sharpening our execution with upgrades of our core ad-tech and on-device capabilities that are enhancing overall platform performance. We are also continuing to invest in our future and are making noteworthy progress with respect to market adoption of several key growth initiatives, such as SingleTap and DT Hub, that we believe are ideally positioned to capitalize on future emergent market opportunities that are expected to begin to contribute more significantly to our future growth."
Fiscal 2024 First Quarter Financial Results
Total revenue for the first quarter of fiscal 2024 was $146.4 million. Total On Device Solutions revenue before intercompany eliminations was $98.3 million. Total App Growth Platform revenue before intercompany eliminations was $49.0 million.
GAAP net loss for the first quarter of fiscal 2024 was $8.4 million, or ($0.08) per share. Non-GAAP adjusted net income1 for the first quarter of fiscal 2024 was $18.2 million, or $0.18 per share, as compared to Non-GAAP adjusted net income1 of $38.7 million, or $0.38 per share in the first quarter of fiscal 2023.
Non-GAAP adjusted EBITDA2 for the first quarter of fiscal 2024 was $27.0 million, as compared to Non-GAAP adjusted EBITDA2 for the first quarter of fiscal 2023 of $51.9 million.
Business Outlook
Based on information available as of August 8, 2023, and considering the ongoing uncertainties in the macro environment, the Company currently expects the following for the second quarter of fiscal 2024:
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 today at 4:30 p.m. ET to discuss its fiscal 2024 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/Wzd98g78Ym6. 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 5450321.
A playback will be available through August 15, 2023. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 7684608. 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.
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, transaction-related expenses, severance costs and adjustment to acquisition-related 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.
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), foreign exchange transaction gains (losses), income tax 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 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 Statements of Cash Flows), excluding transaction-related expenses and severance 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:
Risks Specific to our Business
Risks Related to the Mobile Advertising Industry
Industry Regulatory Risks
Risks Related to Our Intellectual Property and Potential Liability
Risks Relating to Our Common Stock and Capital Structure
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 June 30, | ||
| | 2023 | | 2022 |
Net revenue | | $ 146,366 | | $ 188,633 |
Costs of revenue and operating expenses | | | | |
License fees and revenue share | | 69,592 | | 87,367 |
Other direct costs of revenue | | 9,613 | | 8,915 |
Product development | | 15,800 | | 14,133 |
Sales and marketing | | 15,577 | | 16,058 |
General and administrative | | 40,499 | | 37,725 |
Total costs of revenue and operating expenses | | 151,081 | | 164,198 |
(Loss) income from operations | | (4,715) | | 24,435 |
Interest and other income (expense), net | | | | |
Interest expense, net | | (7,390) | | (4,082) |
Foreign exchange transaction gain (loss) | | 1,923 | | (331) |
Other income, net | | 244 | | 72 |
Total interest and other expense, net | | (5,223) | | (4,341) |
(Loss) income before income taxes | | (9,938) | | 20,094 |
Income tax (benefit) provision | | (1,539) | | 5,136 |
Net (loss) income | | (8,399) | | 14,958 |
Less: net (loss) income attributable to non-controlling interest | | (220) | | 36 |
Net (loss) income attributable to Digital Turbine, Inc. | | (8,179) | | 14,922 |
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