Digital Turbine Reports Fourth Quarter and Fiscal Full Year 2020 Results
AUSTIN, Texas, June 2, 2020 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal full year and quarter ended March 31, 2020. 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. The Company completed its acquisition of Mobile Posse, Inc., on February 28, 2020. All operating results discussed below include the contribution of Mobile Posse's operations for the period from February 28, 2020 through March 31, 2020.
Recent Financial Highlights:
-- 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 income(1) 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 EBITDA(2) 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 flow(3) 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 margin(4) 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.
"We executed well in our fiscal fourth quarter, delivering results that exceeded our expectations while completing the highly strategic Mobile Posse acquisition and tactically navigating the onset of unique challenges and opportunities presented by COVID-19," said Bill Stone, CEO. "I am incredibly grateful for the resilience, focus and determination shown by the entire Digital Turbine team, which has enabled our business to quickly adapt to rapidly evolving market trends during these dynamic times. Today more than ever consumers are turning to their mobile devices and applications for information, socialization, entertainment, education and home delivery services, and Digital Turbine values its critical role in helping to connect consumers to this content."
"Looking ahead to fiscal 2021 and the pursuit of our primary growth objectives, we are highly confident given the strengthening momentum underlying our business today. We remain laser-focused on operational execution in support of our valued partners, advertisers on our platform, and mobile end-users everywhere. While we expect some near-term uncertainty in terms of device activations amid carrier store closures and associated re-opening timelines, we could not be more pleased with the clear strength in demand that we are witnessing from key advertiser segments, most notably within the mobile gaming, social media, news, content streaming and home delivery segments that collectively comprise the overwhelming majority of our app installs. We expect consumers' increased usage of these types of apps to continue well beyond the current period, which we believe should continue to provide an upward bias to conversion rates and revenue-per-device trends even as device activation levels return to normalized levels. Furthermore, like many others in the mobile industry, we eagerly look forward to broader promotion and adoption of 5G devices later this year as a possible catalyst for increased activations and richer application-based services."
Mr. Stone concluded, "We believe that our motivated team, profitable operating model, healthy balance sheet and unique platform offering give us the confidence to not just be able to weather near-term macro conditions, but to be able to continue to grow both our top and bottom lines despite these conditions."
Fourth Quarter Fiscal 2020 Financial Results
Results for the fourth quarter and full fiscal year 2020 include the results of the acquired Mobile Posse operations from February 28, 2020 through March 31, 2020. Revenue for the fourth quarter of fiscal 2020 was $39.4 million, representing an increase of 45% year-over-year.
GAAP gross margin was 39% for the fourth quarter of fiscal 2020, as compared to a 40% GAAP gross margin in the fourth quarter of fiscal 2019. Non-GAAP adjusted gross margin(4) was 40% for the fourth quarter of fiscal 2020, as compared to 42% for the fourth quarter of fiscal 2019.
GAAP net income from continuing operations for the fourth quarter of fiscal 2020 was $14.0 million, or $0.16 per share, as compared to a GAAP net loss from continuing operations for the fourth quarter of fiscal 2019 of $6.8 million, or ($0.09) per share. Non-GAAP adjusted net income(1) for the fourth quarter of fiscal 2020 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, during the fourth quarter of fiscal 2019.
Non-GAAP adjusted EBITDA(2) was $5.3 million for the fourth quarter of fiscal 2020, as compared to Non-GAAP adjusted EBITDA of $3.3 million for the fourth quarter of fiscal 2019. 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 2020 Financial Results
Revenue for fiscal 2020 totaled $138.7 million, representing an increase of 34% as compared to revenue of $103.6 million in fiscal 2019.
GAAP gross margin was 39% for fiscal 2020, as compared to a 34% GAAP gross margin in fiscal 2019. Non-GAAP adjusted gross margin(4) was 40% for fiscal 2020, as compared to 36% in fiscal 2019.
GAAP net income from continuing operations for fiscal 2020 was $14.3 million, or $0.17 per share, as compared to a GAAP net loss from continuing operations for fiscal 2019 of $4.3 million, or ($0.06) per share. Non-GAAP adjusted net income(1) for fiscal 2020 was $17.5 million, or $0.20 per share, as compared to Non-GAAP adjusted net income of $5.9 million, or $0.08 per share, in fiscal 2019.
Non-GAAP adjusted EBITDA(2) was $19.6 million for fiscal 2020, as compared to Non-GAAP adjusted EBITDA of $8.9 million in fiscal 2019. 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 June 2, 2020, the Company expects first quarter fiscal 2021 revenue of between $47 million and $50 million, and Non-GAAP adjusted EBITDA(2) of between $8 million and $10 million.
It is not reasonably practicable to provide a business outlook for GAAP net income/(loss) 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 2020 financial results and provide operational updates on the business and issue additional commentary on the Mobile Posse acquisition. 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 9, 2020. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 10144552.
The conference call will discuss guidance and other material information.
Use of Non-GAAP Financial Measures
To supplement the Company's 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 net income and earnings per share ("EPS"), non-GAAP adjusted gross profit, non-GAAP adjusted 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.
(1)Non-GAAP adjusted net income 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 associated with warrants issued in connection with the September 2016 convertible notes offering, loss on extinguishment of debt, tax adjustments and transaction expenses. 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.
(2)Non-GAAP adjusted EBITDA is calculated as GAAP net income/(loss) excluding the following cash and non-cash expenses: net interest income/(expense), foreign exchange transaction loss, income tax provision, depreciation and amortization, stock-based compensation expense, amortization of intangibles, the change in fair value of derivatives associated with warrants issued in connection with the September 2016 convertible notes offering, other expense, loss on extinguishment of debt, non-recurring severance expense and transaction expenses. 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.
(3)Non-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) 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.
(4)Non-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.
Non-GAAP adjusted gross profit and gross margin, Non-GAAP adjusted EBITDA, Non-GAAP adjusted net income 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 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 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 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 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
earnout 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.
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
12 Months Ended
12 Months Ended
March 31, 2020
March 31, 2019
March 31, 2020
March 31, 2019
(Unaudited)
(Unaudited)
Net revenues $39,351 $27,192 $138,715 $103,569
---
Cost of revenues
License fees and revenue share 23,591 15,768 83,588 65,981
Other direct cost 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 from operations 2,925 1,934 13,212 3,445
Interest and other expense, net
Interest income / (expense), net (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 provision / (benefit) (10,381) 312 (10,375) 469
Net 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)
Net loss from discontinued operations, net of taxes (209) (96) (380) (1,708)
Net income / (loss) from operations, net of taxes $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 $0.00 $0.00 $0.00 $(0.02)
Net income / (loss) $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 $0.00 $0.00 $0.00 $(0.02)
Net income / (loss) $0.15 $(0.09) $0.16 $(0.08)
===
Weighted average common shares outstanding, diluted 91,875 79,404 89,558 77,440
Digital Turbine, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except par value and share amounts)
March 31, 2020
March 31, 2019
ASSETS
Current assets
Cash and cash equivalents $21,534 $10,894
Restricted cash 125 165
Accounts receivable, net of allowances of
$1,101 and $895, respectively 33,135 22,707
Prepaid expenses and other current assets 3,653 1,331
Deferred tax assets, current -
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; 100 100
2,000,000 shares authorized, 100,000 issued and outstanding
(liquidation preference of $1,000)
Common stock
Common Stock at '$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
===
Digital Turbine, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
3 Months Ended
3 Months Ended
March 31, 2020
March 31, 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 received (41,872) -
Cash used in investing activities - continuing operations (43,538) (533)
Cash used in investing activities - discontinued operations -
---
Net cash used in investing activities (43,538) (533)
Cash flows from financing activities
Proceeds from borrowings $20,000
$ -
Options and warrants exercised 135 511
Repayment of debt obligations - (1,600)
Payment for debt issuance costs (313) -
Net cash provided by financing activities $19,822 $(1,089)
Effect of exchange rate changes on cash and cash equivalents and restricted cash $129 $(26)
Net change in cash and cash equivalents and restricted cash $(12,220) $528
Cash and cash equivalents and restricted cash, beginning of period $33,879 $10,531
---
Cash and cash equivalents and restricted cash, end of period $21,659 $11,059
===
GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN
(in thousands)
3 Months Ended
3 Months Ended
12 Months Ended
12 Months Ended
March 31, 2020
March 31, 2019
March 31, 2020
March 31, 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% 39% 34%
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% 40% 36%
GAAP NET INCOME TO NON-GAAP ADJUSTED NET INCOME
(in thousands)
3 Months Ended
3 Months Ended
12 Months Ended
12 Months Ended
March 31, 2020
March 31, 2019
March 31, 2020
March 31, 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 (1,021) 7,824 9,580 5,883
embedded derivative and warrant liability
Loss on extinguishment of debt 406 431
Non-recurring severence 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
(1) Valuation allowance release due to purchase price allocation of Mobile Posse
GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA
(in thousands)
3 Months Ended
3 Months Ended
12 Months Ended
12 Months Ended
March 31, 2020
March 31, 2019
March 31, 2020
March 31, 2019
Continuing Operations:
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
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 expense, net 77 472 (41) 1,120
Other expense / (income) 223 (316) (246) (139)
Change in fair value of convertible note (1,021) 7,824 9,580 5,883
embedded derivative and warrant liability
Loss on extinguishment of debt 406 425
Non-recurring severence expense 145
Foreign exchange transaction loss / (gain) 4 1 (2)
Income tax provision (10,381) 312 (10,375) 469
Transactions expenses 657 657
Non-GAAP adjusted EBITDA from continuing operations $5,259 $3,309 $19,550 $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
3 Months Ended
March 31, 2020
March 31, 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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SOURCE Digital Turbine, Inc.
