$APPS
Digital Turbine, Inc.

2023 Q3 Form 10-Q Financial Statement

#000162828023028184 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $143.3M $146.4M
YoY Change -18.07% -22.41%
Cost Of Revenue $68.72M $79.21M
YoY Change -10.62% -9.34%
Gross Profit $74.54M $67.16M
YoY Change -23.92% -33.68%
Gross Profit Margin 52.03% 45.89%
Selling, General & Admin $56.92M $52.78M
YoY Change 7.48% -1.87%
% of Gross Profit 76.36% 78.58%
Research & Development $14.04M $15.80M
YoY Change -4.74% 11.8%
% of Gross Profit 18.83% 23.53%
Depreciation & Amortization $4.529M $21.26M
YoY Change 16.34% 457.22%
% of Gross Profit 6.08% 31.65%
Operating Expenses $70.96M $71.88M
YoY Change 4.82% 5.83%
Operating Profit -$152.6M -$4.715M
YoY Change -823.92% -119.3%
Interest Expense -$10.00M -$5.467M
YoY Change 81.49% 23.88%
% of Operating Profit
Other Income/Expense, Net -$9.578M $244.0K
YoY Change 84.26% -105.62%
Pretax Income -$162.2M -$9.938M
YoY Change -1121.12% -149.46%
Income Tax -$713.0K -$1.539M
% Of Pretax Income
Net Earnings -$161.5M -$8.179M
YoY Change -1484.45% -154.81%
Net Earnings / Revenue -112.72% -5.59%
Basic Earnings Per Share -$1.61 -$0.08
Diluted Earnings Per Share -$1.61 -$0.08
COMMON SHARES
Basic Shares Outstanding 100.5M shares 99.99M shares
Diluted Shares Outstanding 100.6M shares 99.88M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.10M $58.56M
YoY Change -29.71% -34.42%
Cash & Equivalents $58.14M $58.56M
Short-Term Investments
Other Short-Term Assets $16.10M $15.68M
YoY Change -40.46% -39.5%
Inventory
Prepaid Expenses
Receivables $195.5M $203.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $269.8M $278.1M
YoY Change -26.15% -25.4%
LONG-TERM ASSETS
Property, Plant & Equipment $44.93M $50.96M
YoY Change 21.79% 50.64%
Goodwill $409.0M $558.6M
YoY Change -25.4% 0.66%
Intangibles $345.4M $362.5M
YoY Change -15.28% -15.08%
Long-Term Investments
YoY Change
Other Assets $13.69M $11.11M
YoY Change 196.75% 1783.73%
Total Long-Term Assets $821.4M $983.3M
YoY Change -18.58% -4.46%
TOTAL ASSETS
Total Short-Term Assets $269.8M $278.1M
Total Long-Term Assets $821.4M $983.3M
Total Assets $1.091B $1.261B
YoY Change -20.59% -10.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $139.9M $138.2M
YoY Change -18.49% -20.54%
Accrued Expenses $55.15M $60.04M
YoY Change -30.34% -30.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $244.8M $228.3M
YoY Change -21.67% -27.76%
LONG-TERM LIABILITIES
Long-Term Debt $383.8M $405.7M
YoY Change -14.17% -14.22%
Other Long-Term Liabilities $11.85M $13.00M
YoY Change -0.8% 1.62%
Total Long-Term Liabilities $395.7M $418.7M
YoY Change -13.83% -13.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $244.8M $228.3M
Total Long-Term Liabilities $395.7M $418.7M
Total Liabilities $643.3M $662.6M
YoY Change -18.4% -19.59%
SHAREHOLDERS EQUITY
Retained Earnings -$344.8M -$183.3M
YoY Change 108.7% 3.63%
Common Stock $10.00K $10.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $71.00K $71.00K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $447.9M $598.8M
YoY Change
Total Liabilities & Shareholders Equity $1.091B $1.261B
YoY Change -20.59% -10.03%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$161.5M -$8.179M
YoY Change -1484.45% -154.81%
Depreciation, Depletion And Amortization $4.529M $21.26M
YoY Change 16.34% 457.22%
Cash From Operating Activities $27.50M $1.318M
YoY Change -0.65% -96.4%
INVESTING ACTIVITIES
Capital Expenditures $7.000M $7.276M
YoY Change -207.41% -213.46%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$7.000M -$7.276M
YoY Change 7.41% 13.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.00M
YoY Change -83.47%
Cash From Financing Activities -20.20M -8.951M
YoY Change -24.97% -86.14%
NET CHANGE
Cash From Operating Activities 27.50M 1.318M
Cash From Investing Activities -7.000M -7.276M
Cash From Financing Activities -20.20M -8.951M
Net Change In Cash 300.0K -14.91M
YoY Change -105.21% -60.05%
FREE CASH FLOW
Cash From Operating Activities $27.50M $1.318M
Capital Expenditures $7.000M $7.276M
Free Cash Flow $20.50M -$5.958M
YoY Change -40.05% -113.84%

Facts In Submission

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Description of BusinessDigital Turbine, Inc., through its subsidiaries (collectively “Digital Turbine” or the “Company”), is a leading independent mobile growth platform that levels up the landscape for advertisers, publishers, carriers, and device original equipment manufacturers (“OEMs”). The Company offers end-to-end products and solutions leveraging proprietary technology to all participants in the mobile application ecosystem, enabling brand discovery and advertising, user acquisition and engagement, and operational efficiency for advertisers. In addition, the Company’s products and solutions provide monetization opportunities for OEMs, carriers, and application (“app” or “apps”) publishers and developers.
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, including the determination of gross versus net revenue reporting, allowance for credit losses, stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of contingent earn-out considerations, incremental borrowing rates for right-of-use assets and lease liabilities, and tax valuation allowances. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management’s estimates using different assumptions or under different conditions.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management considered the potential impacts of ongoing macroeconomic uncertainty due to global events such as the conflict in Ukraine, inflation, disruptions in supply chains, recessionary concerns impacting the markets in which the Company operates, and others, on the Company’s critical and significant accounting estimates. As of </span></div>the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of its assets or liabilities as a result of such factors. Management’s estimates may change as new events occur and additional information is obtained. Actual results could differ from estimates and any such differences may be material to the Company’s condensed consolidated financial statements.
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y1M13D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
45689000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
510085 shares
CY2023Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.62
CY2023Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
548310 shares
CY2023Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.14
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
86946 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
48.30
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6825265 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.14
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y11M23D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
26891000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5225275 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.33
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
26798000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
23480000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
53270000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10017000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6244000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-8399000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
14958000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-220000 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
36000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-8179000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
14922000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99877000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97822000 shares
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.08
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.15
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99877000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
102686000 shares
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.08
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.15
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4903410 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1529761 shares
CY2023Q2 us-gaap Income Tax Expense Benefit Continuing Operations Discontinued Operations Extraordinary Items
IncomeTaxExpenseBenefitContinuingOperationsDiscontinuedOperationsExtraordinaryItems
-1539000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.155
CY2022Q2 us-gaap Income Tax Expense Benefit Continuing Operations Discontinued Operations Extraordinary Items
IncomeTaxExpenseBenefitContinuingOperationsDiscontinuedOperationsExtraordinaryItems
5136000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256

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apps-20230630.htm Edgar Link pending
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