Delaware | 001-35958 | 22-2267658 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
110 San Antonio Street, Suite 160, Austin, TX 78701 | 78701 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock | APPS | NASDAQ |
Exhibit No. | Description | |
Press release dated June 2, 2020, as issued by Digital Turbine, Inc., announcing financial results. |
Dated: June 2, 2020 | Digital Turbine, Inc. | |
By: | /s/ Barrett Garrison | |
Barrett Garrison | ||
Executive Vice President, Chief Financial Officer |
Exhibit No. | Description | |
Press release dated June 2, 2020, as issued by Digital Turbine, Inc., announcing financial results. |
• | Fiscal fourth quarter revenue was $39.4 million, representing 45% growth when compared to the fiscal fourth quarter of 2019. Fiscal year 2020 revenue totaled $138.7 million, up 34% as compared to fiscal year 2019 revenue. |
• | GAAP net income for the fiscal fourth quarter was $14.0 million, or $0.16 per share, as compared to a GAAP net loss of $6.8 million, or ($0.09) per share for the fiscal fourth quarter of 2019. Non-GAAP adjusted net income1 for the fiscal fourth quarter was $4.2 million, or $0.05 per share, as compared to Non-GAAP adjusted net income of $2.4 million, or $0.03 per share, in the fiscal fourth quarter of 2019. |
• | Non-GAAP adjusted EBITDA2 for the fiscal fourth quarter was $5.3 million, as compared to Non-GAAP adjusted EBITDA of $3.3 million in the fiscal fourth quarter of 2019. Non-GAAP adjusted EBITDA for full year fiscal 2020 totaled $19.6 million, representing 120% growth when compared to Non-GAAP adjusted EBITDA of $8.9 million in fiscal year 2019. |
• | GAAP cash provided by operating activities totaled $13.5 million in the fiscal fourth quarter. Non-GAAP free cash flow3 totaled $11.8 million in the fiscal fourth quarter. The Company had total cash and cash equivalents of $21.5 million as of March 31, 2020. |
• | GAAP gross margin was 39% for the fiscal fourth quarter of 2020, as compared to 40% in the fiscal fourth quarter of 2019. Non-GAAP adjusted gross margin4 was 40% for the fiscal fourth quarter of 2020, as compared to 42% in the fiscal fourth quarter of 2019. |
• | The Company has surpassed 405 million total devices with Ignite installed to date, including more than 40 million devices installed during the fiscal fourth quarter. |
• | 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 Ignite adoption among existing customers (including the impact of possible delays with major carrier and OEM partners in the roll-out for mobile phones deploying Ignite) |
• | actual mobile device sales and sell-through where Ignite 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 timing of Ignite 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 Ignite |
• | 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 Ignite 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 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 complex specifications of different carriers and the management of a complex technology platform, given the Company's relatively limited resources |
• | risks and uncertainties associated with the integration of the acquisition of Mobile Posse, including our ability to realize the anticipated benefits of the acquisition and the satisfaction of related earn-out provisions |
• | 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. |
3 Months Ended March 31, | 12 Months Ended March 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Net revenues | $ | 39,351 | $ | 27,192 | $ | 138,715 | $ | 103,569 | ||||||||
Costs of revenues | ||||||||||||||||
License fees and revenue share | 23,591 | 15,768 | 83,588 | 65,981 | ||||||||||||
Other direct costs of revenues | 432 | 470 | 1,454 | 2,023 | ||||||||||||
Total cost of revenues | 24,023 | 16,238 | 85,042 | 68,004 | ||||||||||||
Gross profit | 15,328 | 10,954 | 53,673 | 35,565 | ||||||||||||
Operating expenses | ||||||||||||||||
Product development | 3,706 | 2,702 | 12,018 | 10,876 | ||||||||||||
Sales and marketing | 3,710 | 2,501 | 11,244 | 8,212 | ||||||||||||
General and administrative | 4,987 | 3,817 | 17,199 | 13,032 | ||||||||||||
Total operating expenses | 12,403 | 9,020 | 40,461 | 32,120 | ||||||||||||
Income / (loss) from operations | 2,925 | 1,934 | 13,212 | 3,445 | ||||||||||||
Interest and other income / (expense), net | ||||||||||||||||
Interest income / (expense) | (77 | ) | (472 | ) | 41 | (1,120 | ) | |||||||||
Foreign exchange transaction gain / (loss) | — | (3 | ) | — | 3 | |||||||||||
Change in fair value of convertible note embedded derivative liability | — | (2,104 | ) | — | (1,008 | ) | ||||||||||
Change in fair value of warrant liability | 1,021 | (5,720 | ) | (9,580 | ) | (4,875 | ) | |||||||||
Loss on extinguishment of debt | — | (421 | ) | — | (431 | ) | ||||||||||
Other income / (expense) | (223 | ) | 336 | 232 | 153 | |||||||||||
Total interest and other income / (expense), net | 721 | (8,384 | ) | (9,307 | ) | (7,278 | ) | |||||||||
Income / (loss) from continuing operations before income taxes | 3,646 | (6,450 | ) | 3,905 | (3,833 | ) | ||||||||||
Income tax (benefit) / provision | (10,381 | ) | 312 | (10,375 | ) | 469 | ||||||||||
Income / (loss) from continuing operations, net of taxes | 14,027 | (6,762 | ) | 14,280 | (4,302 | ) | ||||||||||
Loss from discontinued operations | (209 | ) | (96 | ) | (380 | ) | (1,708 | ) | ||||||||
Loss from discontinued operations, net of taxes | (209 | ) | (96 | ) | (380 | ) | (1,708 | ) | ||||||||
Net income / (loss) | 13,818 | (6,858 | ) | 13,900 | (6,010 | ) | ||||||||||
Foreign currency translation adjustment | 129 | (26 | ) | (235 | ) | (31 | ) | |||||||||
Comprehensive income / (loss) | $ | 13,947 | $ | (6,884 | ) | $ | 13,665 | $ | (6,041 | ) | ||||||
Basic net income / (loss) per common share | ||||||||||||||||
Continuing operations | 0.16 | (0.09 | ) | 0.17 | (0.06 | ) | ||||||||||
Discontinued operations | — | — | — | (0.02 | ) | |||||||||||
Basic net income / (loss) per common share | $ | 0.16 | $ | (0.09 | ) | $ | 0.17 | $ | (0.08 | ) | ||||||
Weighted-average common shares outstanding, basic | 86,784 | 79,404 | 84,594 | 77,440 | ||||||||||||
Diluted net income / (loss) per common share | ||||||||||||||||
Continuing operations | 0.15 | (0.09 | ) | 0.16 | (0.06 | ) | ||||||||||
Discontinued operations | — | — | — | (0.02 | ) | |||||||||||
Diluted net income / (loss) per common share | $ | 0.15 | $ | (0.09 | ) | $ | 0.16 | $ | (0.08 | ) | ||||||
Weighted-average common shares outstanding, diluted | 91,875 | 79,404 | 89,558 | 77,440 |
March 31, 2020 | March 31, 2019 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 21,534 | $ | 10,894 | ||||
Restricted cash | 125 | 165 | ||||||
Accounts receivable, net of allowances of $4,059 and $895, respectively | 33,135 | 22,707 | ||||||
Prepaid expenses and other current assets | 3,653 | 1,331 | ||||||
Current assets held for disposal | — | 2,026 | ||||||
Total current assets | 58,447 | 37,123 | ||||||
Property and equipment, net | 8,183 | 3,430 | ||||||
Right-of-use assets | 4,237 | — | ||||||
Deferred tax assets | — | 40 | ||||||
Intangible assets, net | 43,882 | — | ||||||
Goodwill | 69,262 | 42,268 | ||||||
TOTAL ASSETS | $ | 184,011 | $ | 82,861 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 31,579 | $ | 14,912 | ||||
Accrued license fees and revenue share | 19,423 | 16,205 | ||||||
Accrued compensation | 4,311 | 2,441 | ||||||
Accrued earn-out | 23,735 | — | ||||||
Short-term debt, net of debt issuance costs of $62 and $0, respectively | 1,188 | — | ||||||
Other current liabilities | 2,573 | 826 | ||||||
Current liabilities held for disposal | — | 3,924 | ||||||
Total current liabilities | 82,809 | 38,308 | ||||||
Long-term debt, net of debt issuance costs of $245 and $0, respectively | 18,505 | — | ||||||
Warrant liability | — | 8,013 | ||||||
Other non-current liabilities | 5,243 | 182 | ||||||
Total liabilities | 106,557 | 46,503 | ||||||
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 $1,000) | 100 | 100 | ||||||
Common stock | ||||||||
$0.0001 par value: 200,000,000 shares authorized; 88,041,240 issued and 87,306,784 outstanding at March 31, 2020; 82,354,940 issued and 81,620,485 outstanding at March 31, 2019 | 10 | 10 | ||||||
Additional paid-in capital | 360,224 | 332,793 | ||||||
Treasury stock (754,599 shares at March 31, 2020 and March 31, 2019) | (71 | ) | (71 | ) | ||||
Accumulated other comprehensive loss | (591 | ) | (356 | ) | ||||
Accumulated deficit | (282,218 | ) | (296,118 | ) | ||||
Total stockholders' equity | 77,454 | 36,358 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 184,011 | $ | 82,861 |
3 Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(Unaudited) | (Unaudited) | |||||||
Cash flows from operating activities | ||||||||
Net income / (loss) from continuing operations, net of taxes | $ | 14,027 | $ | (6,762 | ) | |||
Adjustments to reconcile net income / (loss) to net cash used in operating activities: | ||||||||
Depreciation and amortization | 858 | 621 | ||||||
Change in allowance for doubtful accounts | 2,660 | (42 | ) | |||||
Loss on disposal of fixed assets | (4 | ) | — | |||||
Non-cash interest expense | 6 | 547 | ||||||
Stock-based compensation | 666 | 595 | ||||||
Stock-based compensation for services rendered | 173 | 155 | ||||||
Change in fair value of convertible note embedded derivative liability | — | 2,104 | ||||||
Change in fair value of warrant liability | (1,021 | ) | 5,720 | |||||
Loss on extinguishment of debt | — | 406 | ||||||
(Increase) / decrease in assets: | ||||||||
Accounts receivable | 1,762 | 1,586 | ||||||
Deposits | — | 10 | ||||||
Deferred tax assets | — | 399 | ||||||
Prepaid expenses and other current assets | 82 | 121 | ||||||
Right-of-use asset | 171 | — | ||||||
Increase / (decrease) in liabilities: | ||||||||
Accounts payable | 10,260 | (7,640 | ) | |||||
Accrued license fees and revenue share | (3,689 | ) | 4,715 | |||||
Accrued compensation | 806 | 820 | ||||||
Other current liabilities | (2,419 | ) | (1,041 | ) | ||||
Other non-current liabilities | (10,823 | ) | 127 | |||||
Net cash provided by operating activities - continuing operations | 13,515 | 2,441 | ||||||
Net cash used in operating activities - discontinued operations | (2,148 | ) | (265 | ) | ||||
Net cash provided by operating activities | 11,367 | 2,176 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (1,666 | ) | (533 | ) | ||||
Acquisition of Mobile Posse, net of cash recieved | (41,872 | ) | — | |||||
Net cash used in investing activities | (43,538 | ) | (533 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from borrowings | 20,000 | — | ||||||
Payment of debt issuance costs | (313 | ) | — | |||||
Options and warrants exercised | 135 | 511 | ||||||
Repayment of debt obligations | — | (1,600 | ) | |||||
Net cash provided by / (used in) financing activities | 19,822 | (1,089 | ) | |||||
Effect of exchange rate changes on cash | 129 | (26 | ) | |||||
Net change in cash | (12,220 | ) | 528 | |||||
Cash and restricted cash, beginning of year | 33,879 | 10,531 | ||||||
Cash and restricted cash, end of year | $ | 21,659 | $ | 11,059 |
GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN | ||||||||||||||||
(in thousands) | ||||||||||||||||
3 Months Ended March 31, | 12 Months Ended March 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Continuing operations | ||||||||||||||||
Revenue | $ | 39,351 | $ | 27,192 | $ | 138,715 | $ | 103,569 | ||||||||
Gross profit | 15,329 | 10,954 | 53,673 | 35,565 | ||||||||||||
Gross margin percentage | 39.0 | % | 40.3 | % | 38.7 | % | 34.3 | % | ||||||||
Add-back items: | ||||||||||||||||
Amortization of intangibles | — | 224 | — | 1,230 | ||||||||||||
Depreciation of software | 431 | 148 | 1,454 | 696 | ||||||||||||
Non-GAAP gross profit from continuing operations | $ | 15,760 | $ | 11,326 | $ | 55,127 | $ | 37,491 | ||||||||
Non-GAAP gross margin percentage from continuing operations | 40.0 | % | 41.7 | % | 39.7 | % | 36.2 | % | ||||||||
GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED NET INCOME | ||||||||||||||||
(in thousands) | ||||||||||||||||
3 Months Ended March 31, | 12 Months Ended March 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Continuing operations | ||||||||||||||||
Net income / (loss) from continuing operations | $ | 14,027 | $ | (6,763 | ) | $ | 14,280 | $ | (4,303 | ) | ||||||
Add-back items: | ||||||||||||||||
Stock and stock option compensation | 839 | 750 | 3,353 | 2,531 | ||||||||||||
Amortization of intangibles | 218 | 224 | 218 | 1,230 | ||||||||||||
Change in fair value of convertible note embedded derivative and warrant liability | (1,021 | ) | 7,824 | 9,580 | 5,883 | |||||||||||
Loss on extinguishment of debt | — | 406 | — | 431 | ||||||||||||
Non-recurring severance expense | — | — | — | 145 | ||||||||||||
Tax adjustment (1) | (10,552 | ) | — | (10,552 | ) | — | ||||||||||
Transaction expenses | 657 | — | 657 | — | ||||||||||||
Non-GAAP adjusted net income from continuing operations | $ | 4,168 | $ | 2,441 | $ | 17,536 | $ | 5,917 | ||||||||
Non-GAAP adjusted net income per share from continuing operations | $ | 0.05 | $ | 0.03 | $ | 0.20 | $ | 0.08 | ||||||||
Weighted-average common shares outstanding, diluted | 91,875 | 79,404 | 89,558 | 77,440 |
GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED EBITDA | ||||||||||||||||
(in thousands) | ||||||||||||||||
3 Months Ended March 31, | 12 Months Ended March 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Continuing operations | ||||||||||||||||
Net income / (loss) from continuing operations | $ | 14,027 | $ | (6,763 | ) | $ | 14,280 | $ | (4,303 | ) | ||||||
Add-back items: | ||||||||||||||||
Stock and stock option compensation | 839 | 750 | 3,353 | 2,531 | ||||||||||||
Amortization of intangibles | 218 | 224 | 218 | 1,230 | ||||||||||||
Depreciation expense | 620 | 396 | 2,124 | 1,535 | ||||||||||||
Interest (income) / expense, net | 77 | 472 | (41 | ) | 1,120 | |||||||||||
Other (income) / expense, net | 223 | (316 | ) | (246 | ) | (139 | ) | |||||||||
Change in fair value of convertible note embedded derivative liability and warrant liability | (1,021 | ) | 7,824 | 9,580 | 5,883 | |||||||||||
Loss on extinguishment of debt | — | 406 | — | 425 | ||||||||||||
Non-recurring severance expense | — | — | — | 145 | ||||||||||||
Foreign exchange transaction (gain) / loss | — | 4 | 1 | (2 | ) | |||||||||||
Income tax provision / (benefit) | (10,381 | ) | 312 | (10,375 | ) | 469 | ||||||||||
Transaction expenses | 657 | — | 657 | — | ||||||||||||
Non-GAAP adjusted EBITDA from continuing operations | $ | 5,259 | $ | 3,309 | $ | 19,551 | $ | 8,894 |
GAAP CASH FLOW FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS TO NON-GAAP FREE CASH FLOW FROM CONTINUING OPERATIONS | ||||||||
(in thousands) | ||||||||
3 Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(Unaudited) | (Unaudited) | |||||||
Net cash provided by operating activities from continuing operations | 13,515 | 2,441 | ||||||
Capital expenditures | (1,666 | ) | (533 | ) | ||||
Non-GAAP free cash flow provided by continuing operations | $ | 11,849 | $ | 1,908 |
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end
1A3U)(9-0 MU(PSCD'G"#D.(D<]Q-N+9@'QE8LLY65':E#:E-#=5+;,22='-2CU75-[1C4?08!Q=A1A 1* YZ$4(*,>001!)1-%] #L! end