AUSTIN, Texas, Aug. 9, 2018 /PRNewswire/ -- Digital Turbine,
Inc. (Nasdaq: APPS) announced financial results for the fiscal
first quarter ended June 30,
2018. The Company divested its Content and Advertisers &
Publishers ("A&P") businesses in two separate transactions that
closed on July 1, 2018, and
June 28, 2018 (effective June 1, 2018), respectively. As a result,
the operating results of these businesses are reflected as
discontinued operations for all periods presented. All
operating results discussed below, except as otherwise specifically
noted, refer only to the continuing operations of the Company, and
all comparisons to prior periods have been adjusted to reflect only
continuing operations.
Recent Highlights:
- Fiscal first quarter revenue was $22.1
million, representing 46% growth when compared to the fiscal
first quarter of 2018.
- GAAP net income from continuing operations for the fiscal first
quarter was $1.5 million, or
$0.02 per share. Non-GAAP adjusted
net loss1 was $0.6
million, or ($0.01) per
share.
- Non-GAAP adjusted EBITDA2 for the fiscal first
quarter was $0.2 million, as compared
to a Non-GAAP adjusted EBITDA loss of $0.1
million in the fiscal first quarter of 2018.
- The Company's cash balance was $8.6
million as of June 30, 2018,
as compared to the March 31, 2018
balance of $12.7 million.
- The Company has surpassed 175 million total devices with Ignite
installed to date.
- The Company is in the final stages of renewing its
contract with a leading U.S.-based carrier partner for an
additional four-year period.
"Demand for our rapidly evolving suite of product solutions from
existing and prospective new partners and advertisers is at
all-time highs," said Bill Stone,
CEO. "We are very near finalizing a renewal of our
valued partnership with a leading U.S.-based carrier. We view
this renewal as an endorsement of our expanded platform and product
roadmap, and it is expected to provide a source of meaningful
potential growth for the Company in the years ahead.
Additionally, I continue to be optimistic about the Company's
capacity to partner with leading global OEMs as a means of
significantly expanding the platform's reach, especially as it
relates to the penetration and monetization of global markets where
the 'unlocked' BYOD model prevails."
Mr. Stone concluded, "Although weaker-than-expected sales of a
new flagship device presented a headwind in the June quarter, I am
strongly encouraged by recent key developments at Digital Turbine,
all of which point to the growing demand, and expanding market
opportunity, for our unique platform offering. Our platform
is now enhanced with the addition of several promising new product
features. Meanwhile, our roster of partners and advertisers
is continuing to expand as mobile players worldwide seek additional
sources of monetization that simultaneously add value to end users.
Digital Turbine is in the right spot at the right time – our focus
continues to be squarely on execution as the means to successfully
translate the burgeoning market opportunity into substantive
financial gains for our shareholders."
First Quarter Fiscal 2019 Financial Results
Revenue for the fiscal first quarter of 2019 was $22.1 million, representing an increase of 46%
year-over-year. Revenue growth was largely attributable to higher
revenue-per-device with our larger U.S.-based carrier partners,
which reflected incremental contributions from new product
offerings added to the platform.
GAAP gross margin was 29% for the first quarter of fiscal 2019,
as compared to a 34% GAAP gross margin in the fiscal first quarter
of 2018. Non-GAAP adjusted gross margin3 was 31%
for the fiscal first quarter of 2019, as compared to 37% for the
fiscal first quarter of 2018. The reconciliation between GAAP and
Non-GAAP financial results for all referenced periods is provided
in a table immediately following the Unaudited Consolidated
Statements of Operations and Comprehensive Income/(Loss) below.
Net income from continuing operations for the first quarter of
fiscal 2019 was $1.5 million, or
$0.02 per share, as compared to a net
loss from continuing operations for the fiscal first quarter of
2018 of $4.1 million, or ($0.06) per share. Non-GAAP adjusted net
loss1 for the first quarter of fiscal 2019 was
$0.6 million, or ($0.01) per share, as compared to a Non-GAAP
adjusted net loss of of $1.1 million,
or ($0.02) per share, during the
fiscal first quarter of 2018.
Non-GAAP adjusted EBITDA2 was $0.2 million for the first quarter of fiscal
2019, as compared to a Non-GAAP adjusted EBITDA loss of
$0.1 million for the first quarter of
fiscal 2018. Please see 'Use of Non-GAAP Measures' at the end
of this press release for the definition of Non-GAAP adjusted
EBITDA and a reconciliation to GAAP net income/(loss) from
continuing operations.
Business Outlook
Based on information available as of August 9, 2018, the Company expects second
quarter of fiscal 2019 revenue of approximately $23 million and sequential improvement in
non-GAAP adjusted EBITDA2. 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 the fair value of derivatives and warrants
related to the September 2016
convertible notes offering, which are directly impacted by changes
in the Company's stock price.
About Digital Turbine, Inc.
Digital Turbine works at the convergence of media and mobile
communications, connecting top mobile operators, OEMs and
publishers with app developers and advertisers worldwide. Its
comprehensive Mobile Delivery Platform powers
frictionless user acquisition and engagement, operational
efficiency and monetization opportunities. Digital Turbine's
technology platform has been adopted by more than 30 mobile
operators and OEMs worldwide, and has delivered more than one
billion app preloads for tens of thousands advertising campaigns.
The company is headquartered in Austin,
Texas, with global offices in Durham, Mumbai, San
Francisco, Singapore,
Sydney 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 first quarter
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 August 16,
2018. The replay can be accessed by dialing 877-344-7529 in
the United States or 412-317-0088
from international locations, passcode 10123008.
The conference call will discuss guidance and other material
information.
Use of Non-GAAP Financial Measures
To supplement the Company's condensed consolidated financial
statements presented in accordance with U.S. Generally Accepted
Accounting Principles ("GAAP"), Digital Turbine uses non-GAAP
measures of certain components of financial performance.
These non-GAAP measures include non-GAAP adjusted gross profit,
non-GAAP gross margin, non-GAAP adjusted EBITDA and non-GAAP free
cash flow. 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/(loss) and EPS are
defined as GAAP net income/(loss) and EPS adjusted to exclude the
effect of stock-based compensation, amortization of intangibles,
changes in the fair value of derivatives and warrants related to
the September 2016 convertible notes
offering, and non-recurring severance expense. Readers are
cautioned that Non-GAAP adjusted net income/(loss) 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/(loss) excluding the following cash and non-cash expenses:
interest expense, foreign exchange transaction loss/(gain), income
tax provision/(benefit), depreciation and amortization, stock-based
compensation expense, the change in fair value of derivatives and
warrants that are recorded related to the September 2016 convertible notes offering, other
income / (expense), loss on disposal of fixed assets, and
non-recurring severance expense. Readers are cautioned that
Non-GAAP adjusted EBITDA should not be construed as an alternative
to net income (loss) determined in accordance with U.S. GAAP as an
indicator of performance, which is the most comparable measure
under GAAP.
3Non-GAAP adjusted gross profit and gross margin are
defined as GAAP gross profit and gross margin adjusted to exclude
the effect of intangible amortization expense and depreciation of
software. Readers are cautioned that Non-GAAP adjusted gross
profit and gross margin should not be construed as an alternative
to gross margin determined in accordance with U.S. GAAP as an
indicator of profitability or performance, which is the most
comparable measure under GAAP.
Additionally, we provide supplemental Non-GAAP free cash flow
information in a table below, which is defined as net cash provided
by operating activities (as stated in our Unaudited Consolidated
Statement of Cash Flows) reduced by capital expenditures. Readers
are cautioned that free cash flow should not be construed as an
alternative to net cash provided by / (used in) 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.
Non-GAAP adjusted gross profit and gross margin, Non-GAAP
adjusted EBITDA, Non-GAAP adjusted net income / (loss) and EPS, and
Non-GAAP free cash flow are used by management as internal measures
of profitability, performance and liquidity. 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 the U.S. federal securities laws. 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 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 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
- risk that strong Apple iPhone sales could result in a
disproportionately low amount of Android sales
- 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
- risks associated with the level of our secured and unsecured
indebtedness
- ability to comply with financial covenants in outstanding
indebtedness
- 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
- derivative and warrant liabilities on our balance sheet will
fluctuate as our stock price moves and will also produce changes in
our income statement; these fluctuations and changes might
materially impact our reported GAAP financials in an adverse
manner, particularly if our stock price were to rise
- 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, and
- 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 Contacts:
Brian Bartholomew
Digital Turbine
brian.bartholomew@digitalturbine.com
Digital Turbine,
Inc. and Subsidiaries
|
Consolidated
Statements of Operations and Comprehensive
Income/(Loss)
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Net
revenues
|
|
$
22,112
|
|
$
15,153
|
Cost of
revenues
|
|
|
|
|
License fees and
revenue share
|
|
15,216
|
|
9,592
|
Other direct cost of
revenues
|
|
507
|
|
409
|
Total cost of
revenues
|
|
15,723
|
|
10,001
|
Gross
profit
|
|
6,389
|
|
5,152
|
Operating
expenses
|
|
|
|
|
Product
development
|
|
3,109
|
|
2,174
|
Sales and
marketing
|
|
1,836
|
|
1,137
|
General and
administrative
|
|
2,704
|
|
3,358
|
Total operating
expenses
|
|
7,649
|
|
6,669
|
Loss from
operations
|
|
(1,260)
|
|
(1,517)
|
Interest and other
expense, net
|
|
|
|
|
Interest expense,
net
|
|
(319)
|
|
(707)
|
Foreign exchange
transaction gain / (loss)
|
|
8
|
|
(63)
|
Change in fair value
of convertible note
embedded derivative liability
|
|
1,620
|
|
(1,308)
|
Change in fair value
of warrant liability
|
|
1,570
|
|
(464)
|
Other income /
(expense)
|
|
(127)
|
|
3
|
Total interest and
other expense, net
|
|
2,752
|
|
(2,539)
|
Income / (Loss) from
continuing operations before income taxes
|
|
1,492
|
|
(4,056)
|
Income tax benefit /
(provision)
|
|
(36)
|
|
31
|
Net income / (loss)
from continuing operations, net of taxes
|
|
$
1,528
|
|
$
(4,087)
|
Discontinued
operations, net of taxes
|
|
|
|
|
Net loss from
operations of discontinued components
|
|
$
(1,044)
|
|
$
(88)
|
Net loss from
discontinued operations, net of taxes
|
|
$
(1,044)
|
|
$
(88)
|
Net income /
(loss)
|
|
$
484
|
|
$
(4,175)
|
Comprehensive income
/ (loss):
|
|
$
484
|
|
$
(4,175)
|
Basic and diluted net
income / (loss) per common share
|
|
|
|
|
Continuing
operations
|
|
$
0.02
|
|
$
(0.06)
|
Discontinued
operations
|
|
$
(0.01)
|
|
$
(0.00)
|
Net income /
(loss)
|
|
$
0.01
|
|
$
(0.06)
|
Weighted average
common shares outstanding, basic
|
|
$
76,204
|
|
$
66,599
|
Weighted average
common shares outstanding, diluted
|
|
79,598
|
|
66,599
|
Digital Turbine,
Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
|
(in thousands,
except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
June 30,
2018
|
|
March 31,
2018
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
8,638
|
|
$
12,720
|
Restricted
cash
|
331
|
|
331
|
Accounts receivable,
net of allowances of $790 and $512, respectively
|
19,346
|
|
17,050
|
Deposits
|
151
|
|
151
|
Prepaid expenses and
other current assets
|
802
|
|
750
|
Current assets held
for disposal
|
4,393
|
|
8,753
|
Total current
assets
|
33,661
|
|
39,755
|
Property and
equipment, net
|
2,711
|
|
2,757
|
Deferred tax
assets
|
632
|
|
596
|
Intangible assets,
net
|
896
|
|
1,231
|
Goodwill
|
42,268
|
|
42,268
|
TOTAL
ASSETS
|
$
80,168
|
|
$
86,607
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
18,292
|
|
$
19,895
|
Accrued license fees
and revenue share
|
11,491
|
|
8,232
|
Accrued
compensation
|
1,177
|
|
2,966
|
Short-term debt, net
of debt issuance costs and discounts of $163 and $205,
respectively
|
1,437
|
|
1,445
|
Other current
liabilities
|
1,486
|
|
1,142
|
Current liabilities
held for disposal
|
8,048
|
|
12,726
|
Total current
liabilities
|
41,931
|
|
46,406
|
Convertible notes,
net of debt issuance costs and discounts of $1,709 and $1,827,
respectively
|
3,991
|
|
3,873
|
Convertible note
embedded derivative liability
|
3,056
|
|
4,676
|
Warrant
liability
|
2,410
|
|
3,980
|
Total
liabilities
|
51,388
|
|
58,935
|
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;
77,145,980 issued and 76,391,381 outstanding at June 30, 2018;
76,843,278 issued and 76,108,822 outstanding at March 31,
2018
|
10
|
|
10
|
Additional paid-in
capital
|
318,690
|
|
318,066
|
Treasury stock
(754,599 shares at June 30, 2018 and March 31, 2018)
|
(71)
|
|
(71)
|
Accumulated other
comprehensive loss
|
(325)
|
|
(325)
|
Accumulated
deficit
|
(289,624)
|
|
(290,108)
|
Total stockholders'
equity
|
28,780
|
|
27,672
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
80,168
|
|
$
86,607
|
|
|
|
|
Digital Turbine,
Inc. and Subsidiaries
|
Consolidated
Statement of Cash Flows
|
|
(in
thousands)
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
June 30,
2018
|
|
June 30,
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities
|
|
|
|
Net income /
(loss)
|
$
1,528
|
|
$
(4,087)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
729
|
|
628
|
Change in allowance
for doubtful accounts
|
278
|
|
146
|
Amortization of debt
discount and debt issuance costs
|
161
|
|
353
|
Stock-based
compensation
|
463
|
|
715
|
Stock-based
compensation for services rendered
|
85
|
|
76
|
Change in fair value
of convertible note embedded derivative liability
|
(1,620)
|
|
1,308
|
Change in fair value
of warrant liability
|
(1,570)
|
|
464
|
(Increase)/decrease
in assets:
|
|
|
|
Accounts
receivable
|
(2,574)
|
|
(3,119)
|
Deferred tax
assets
|
(36)
|
|
-
|
Prepaid expenses and
other current assets
|
(52)
|
|
(72)
|
Increase/(decrease)
in liabilities:
|
|
|
|
Accounts
payable
|
(1,603)
|
|
(907)
|
Accrued license fees
and revenue share
|
3,259
|
|
2,905
|
Accrued
compensation
|
(1,781)
|
|
98
|
Accrued
interest
|
135
|
|
344
|
Other current
liabilities
|
209
|
|
(533)
|
Other non-current
liabilities
|
(6)
|
|
73
|
Net cash used in
operating activties - continuing operations
|
(2,395)
|
|
(1,608)
|
Net cash provided by
(used in) operating activties - discontinued operations
|
(1,224)
|
|
204
|
Net cash used in
operating activties
|
(3,619)
|
|
(1,404)
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Capital
expenditures
|
(411)
|
|
(365)
|
Net cash used in
investing activties - continuing operations
|
(411)
|
|
(365)
|
Net cash used in
investing activties - discontinued operations
|
(41)
|
|
(9)
|
Net cash used in
investing activities
|
(452)
|
|
(374)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
short-term borrowings
|
-
|
|
2,250
|
Options
exercised
|
39
|
|
9
|
Repayment of debt
obligations
|
(50)
|
|
-
|
Payment for debt
issuance costs
|
-
|
|
(320)
|
Net cash provided
by / (used) in financing activities
|
(11)
|
|
1,939
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
-
|
|
(8)
|
|
|
|
|
Net change in cash
and cash equivalents
|
(4,082)
|
|
153
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
13,051
|
|
6,480
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
8,969
|
|
$
6,633
|
Supplemental
disclosure of cash flow information
|
|
|
|
Interest
paid
|
$
26
|
|
$
-
|
GAAP GROSS MARGIN
TO NON-GAAP GROSS MARGIN
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Continuing
Operations:
|
|
|
|
|
Revenue
|
|
$
22,112
|
|
$
15,153
|
Gross
profit
|
|
$
6,389
|
|
$
5,152
|
Gross
margin percentage
|
|
29%
|
|
34%
|
Add back items:
|
|
|
|
|
Amortization of intangibles
|
|
$
335
|
|
$
376
|
Depreciation of software
|
|
172
|
|
33
|
Non-GAAP
gross profit from Continuing Operations
|
|
$
6,896
|
|
$
5,561
|
Non-GAAP gross margin
percentage from Continuing Operations
|
|
31%
|
|
37%
|
GAAP NET INCOME/
(LOSS) FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED NET
LOSS FROM CONTINUING OPERATIONS
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Net income / (loss)
from continuing operations
|
|
$
1,528
|
|
$
(4,087)
|
Add back
items:
|
|
|
|
|
Stock and stock
option compensation
|
|
548
|
|
791
|
Amortization of
intangibles
|
|
335
|
|
376
|
Change in fair value
of convertible note
embedded derivative and warrant liability
|
|
(3,190)
|
|
1,772
|
Non-recurring
severance expense
|
|
145
|
|
0
|
Non-GAAP Adjusted Net
Loss from Continuing Operations
|
|
$
(634)
|
|
$
(1,148)
|
|
|
|
|
|
Net Income/ (Loss)
per share from Continuing Operations
|
|
$
0.02
|
|
$
(0.06)
|
Non-GAAP Adjusted Net
Loss per share from Continuing Operations
|
|
$
(0.01)
|
|
$
(0.02)
|
Weighted average
common shares outstanding, basic
|
|
76,204
|
|
66,599
|
GAAP NET INCOME /
(LOSS) FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED EBITDA FROM
CONTINUING OPERATIONS
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Net income / (loss)
from continuing operations
|
|
$
1,528
|
|
$
(4,087)
|
Add back
items:
|
|
|
|
|
Stock and stock
option compensation
|
|
548
|
|
791
|
Amortization of
intangibles
|
|
335
|
|
376
|
Depreciation
expense
|
|
394
|
|
252
|
Interest expense,
net
|
|
319
|
|
707
|
Other expense /
(income)
|
|
121
|
|
(3)
|
Change in fair value
of convertible note
embedded derivative and warrant liability
|
|
(3,190)
|
|
1,772
|
Loss on disposal of
fixed assets
|
|
6
|
|
0
|
Non-recurring
severance expense
|
|
145
|
|
0
|
Foreign exchange
transaction loss / (gain)
|
|
(8)
|
|
63
|
Income tax provision
/ (benefit)
|
|
(36)
|
|
31
|
Non-GAAP adjusted
EBITDA from continuing operations
|
|
$
162
|
|
$
(97)
|
GAAP CASH FLOW
USED IN OPERATING ACTIVITIES FROM CONTINUING OPERATIONS TO NON-GAAP
FREE CASH FLOW FROM CONTINUING OPERATIONS
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
|
|
3 Months
Ended
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Net cash used in
operating activities from continuing operations
|
|
$
(2,395)
|
|
$
(1,608)
|
Capital
expenditures
|
|
(411)
|
|
(365)
|
|
|
|
|
|
Non-GAAP free cash
flow from continuing operations
|
|
$
(2,806)
|
|
$
(1,973)
|
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SOURCE Digital Turbine, Inc.