Financials

v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Mar. 31, 2020
Current assets    
Cash $ 43,659 $ 21,534
Restricted cash 0 125
Accounts receivable, net of allowances of $4,913 and $4,059, respectively 59,027 33,135
Prepaid expenses and other current assets 1,955 3,653
Total current assets 104,641 58,447
Property and equipment, net 11,670 8,183
Right-of-use assets 3,807 4,237
Intangible assets, net 41,871 43,882
Goodwill 70,452 69,262
TOTAL ASSETS 232,441 184,011
Current liabilities    
Short-term debt, net of issuance costs of $62 and $62, respectively 1,938 1,188
Accounts payable 34,142 31,579
Accrued license fees and revenue share 36,188 19,423
Accrued compensation 8,340 4,311
Accrued earn-out 10,000 23,735
Other current liabilities 7,849 2,573
Total current liabilities 98,457 82,809
Long-term debt, net of issuance costs of $198 and $245, respectively 17,052 18,505
Other non-current liabilities 4,758 5,243
Total liabilities 120,267 106,557
Commitments and contingencies (Note 15)
Stockholders' equity    
Preferred stock 100 100
Common stock 10 10
Additional paid-in capital 370,435 360,224
Treasury stock (754,599 shares at December 31, 2020 and March 31, 2020) (71) (71)
Accumulated other comprehensive loss (910) (591)
Accumulated deficit (257,390) (282,218)
Total stockholders' equity 112,174 77,454
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 232,441 $ 184,011

Source

v3.20.4
Consolidated Statements of Operations and Comprehensive Income / (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]        
Net revenues $ 88,592 $ 36,016 $ 218,497 $ 99,364
Cost of revenues        
License fees and revenue share 50,144 21,576 122,976 59,997
Other direct costs of revenues 749 400 1,971 1,022
Total cost of revenues 50,893 21,976 124,947 61,019
Gross profit 37,699 14,040 93,550 38,345
Operating expenses        
Product development 5,202 2,783 13,827 8,312
Sales and marketing 5,219 2,815 14,372 7,534
General and administrative 6,761 4,310 22,096 12,212
Total operating expenses 17,182 9,908 50,295 28,058
Income from operations 20,517 4,132 43,255 10,287
Interest and other income / (expense), net        
Interest income / (expense), net (266) 59 (859) 118
Change in fair value of warrant liability 0 (870) 0 (10,601)
Change in estimated contingent consideration (4,662) 0 (15,419) 0
Other income / (expense) (13) (19) (51) 455
Total interest and other income / (expense), net (4,941) (830) (16,329) (10,028)
Income from continuing operations before income taxes 15,576 3,302 26,926 259
Income tax provision 1,061 41 2,098 6
Income from continuing operations, net of taxes 14,515 3,261 24,828 253
Income / (loss) from discontinued operations 0 65 0 (171)
Net income / (loss) from discontinued operations, net of taxes 0 65 0 (171)
Net income 14,515 3,326 24,828 82
Other comprehensive loss        
Foreign currency translation adjustment (132) (44) (319) (364)
Comprehensive income $ 14,383 $ 3,282 $ 24,509 $ (282)
Basic net income per common share        
Continuing operations (in dollars per share) $ 0.16 $ 0.04 $ 0.28 $ 0
Discontinued operations (in dollars per share) 0 0 0 0
Net income (in dollars per share) $ 0.16 $ 0.04 $ 0.28 $ 0
Weighted-average common shares outstanding, basic 89,003 85,876 88,140 83,869
Diluted net income per common share        
Continuing operations (in dollars per share) $ 0.15 $ 0.04 $ 0.26 $ 0
Discontinued operations (in dollars per share) 0 0 0 0
Net income (in dollars per share) $ 0.15 $ 0.04 $ 0.26 $ 0
Weighted-average common shares outstanding, diluted 96,976 92,472 95,563 89,759

Source

v3.20.4
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net income from continuing operations, net of taxes $ 24,828 $ 253
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:    
Depreciation and amortization 5,062 1,484
Loss on disposal of fixed assets 0 4
Provision for doubtful accounts 854 206
Non-cash interest expense 55 0
Stock-based compensation 3,545 2,044
Stock-based compensation for services rendered 741 470
Change in fair value of warrant liability 0 10,601
Change in estimated contingent consideration 15,419 0
Payment of contingent consideration in excess of amount capitalized at acquisition (5,419) 0
(Increase) / decrease in assets:    
Accounts receivable (26,746) (4,193)
Deferred tax assets 0 40
Prepaid expenses and other current assets 1,698 (829)
Right-of-use assets 430 (2,029)
Increase / (decrease) in liabilities:    
Accounts payable 2,563 5,908
Accrued license fees and revenue share 16,765 59
Accrued compensation 4,029 855
Other current liabilities 5,273 3,459
Other non-current liabilities (485) 1,823
Net cash provided by operating activities - continuing operations 48,612 20,155
Net cash used in operating activities - discontinued operations 0 (145)
Net cash provided by operating activities 48,612 20,010
Cash flows from investing activities    
Acquisition of Mobile Posse (7,968) 0
Capital expenditures (6,545) (3,179)
Net cash used in investing activities (14,513) (3,179)
Cash flows from financing activities    
Payment of contingent consideration (16,957) 0
Options and warrants exercised 5,927 6,353
Repayment of debt obligations (750) 0
Net cash (used in) / provided by financing activities (11,780) 6,353
Effect of exchange rate changes on cash (319) (364)
Net change in cash 22,000 22,820
Cash and restricted cash, beginning of period 21,659 11,059
Cash and restricted cash, end of period 43,659 33,879
Supplemental disclosure of cash flow information    
Interest paid 832 0
Cashless exercise of warrants to purchase common stock of the Company $ 0 $ 791

Source

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