Financials

v3.21.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Mar. 31, 2020
Current assets    
Cash $ 30,778 $ 21,534
Restricted cash 340 125
Accounts receivable, net of allowances for credit losses of $5,488 and $4,059, respectively 61,985 33,135
Prepaid expenses and other current assets 4,282 3,653
Total current assets 97,385 58,447
Property and equipment, net 13,050 8,183
Right-of-use assets 3,495 4,237
Deferred tax assets, net 12,963 0
Intangible assets, net 53,300 43,882
Goodwill 80,176 69,262
TOTAL ASSETS 260,369 184,011
Current liabilities    
Accounts payable 34,953 31,579
Accrued license fees and revenue share 46,196 19,423
Accrued compensation 9,817 4,311
Accrued earn-out 0 23,735
Short-term debt, net of debt issuance costs of $443 and $62, respectively 14,557 1,188
Other current liabilities 5,626 2,573
Total current liabilities 111,149 82,809
Long-term debt, net of debt issuance costs of $— and $245, respectively 0 18,505
Other non-current liabilities 4,108 5,243
Total liabilities 115,257 106,557
Stockholders' equity    
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and outstanding (liquidation preference of $1) 100 100
$0.0001 par value: 200,000,000 shares authorized; 90,685,553 issued and 89,949,847 outstanding at March 31, 2021; 88,041,240 issued and 87,306,784 outstanding at March 31, 2020 10 10
Additional paid-in capital 373,310 360,224
Treasury stock (754,599 shares at March 31, 2021 and March 31, 2020) (71) (71)
Accumulated other comprehensive loss (903) (591)
Accumulated deficit (227,334) (282,218)
Total stockholders' equity 145,112 77,454
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 260,369 $ 184,011

Source

v3.21.1
Consolidated Statements of Operations and Comprehensive Income / (Loss) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]      
Net revenues $ 313,579 $ 138,715 $ 103,569
Costs of revenues and operating expenses      
License fees and revenue share 178,649 83,588 65,981
Other direct costs of revenues 2,358 1,454 2,023
Product development 20,119 12,018 10,876
Sales and marketing 19,304 11,244 8,212
General and administrative 33,940 17,199 13,032
Total costs of revenues and operating expenses 254,370 125,503 100,124
Income from operations 59,209 13,212 3,445
Interest and other income / (expense), net      
Change in estimated contingent consideration (15,751) 0 0
Interest income / (expense) (1,003) 41 (1,120)
Foreign exchange transaction gain 0 0 3
Change in fair value of convertible note embedded derivative liability 0 0 (1,008)
Change in fair value of warrant liability 0 (9,580) (4,875)
Loss on extinguishment of debt (452) 0 (431)
Other income / (expense) (146) 232 153
Total interest and other income / (expense), net (17,352) (9,307) (7,278)
Income / (loss) from continuing operations before income taxes 41,857 3,905 (3,833)
Income tax provision / (benefit) (13,027) (10,375) 469
Income / (loss) from continuing operations, net of taxes 54,884 14,280 (4,302)
Loss from discontinued operations 0 (380) (1,708)
Loss from discontinued operations, net of taxes 0 (380) (1,708)
Net income / (loss) 54,884 13,900 (6,010)
Other comprehensive loss      
Foreign currency translation adjustment (312) (235) (31)
Comprehensive income / (loss) $ 54,572 $ 13,665 $ (6,041)
Basic net income / (loss) per common share      
Continuing operations (in dollars per share) $ 0.62 $ 0.17 $ (0.06)
Discontinued operations (in dollars per share) 0 0 (0.02)
Basic net income / (loss) per common share (in dollars per share) $ 0.62 $ 0.17 $ (0.08)
Weighted-average common shares outstanding, basic 88,514 84,594 77,440
Diluted net income / (loss) per common share      
Continuing operations (in dollars per share) $ 0.57 $ 0.16 $ (0.06)
Discontinued operations (in dollars per share) 0 0 (0.02)
Diluted net income / (loss) per common share (in dollars per share) $ 0.57 $ 0.16 $ (0.08)
Weighted-average common shares outstanding, diluted 96,151 89,558 77,440

Source

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities      
Income / (loss) from continuing operations, net of taxes $ 54,884 $ 14,280 $ (4,302)
Adjustments to reconcile net income / (loss) to net cash used in operating activities:      
Depreciation and amortization 7,114 2,342 2,766
Non-cash interest expense 94 6 798
Stock-based compensation 4,853 2,710 2,011
Stock-based compensation for services rendered 1,024 643 520
Change in fair value of convertible note embedded derivative liability 0 0 1,008
Change in fair value of warrant liability 0 9,580 4,875
Loss on extinguishment of debt 255 0 431
Change in estimate of remaining contingent consideration 15,751 0 0
Payment of contingent consideration in excess of amounts capitalized at acquisition (15,751) 0 0
(Increase) / decrease in assets:      
Accounts receivable, gross (25,378) (2,431) (6,040)
Allowance for credit losses 1,424 2,866 383
Prepaid expenses and other current assets (586) (747) (430)
Deferred tax assets (12,952) 40 556
Right-of-use asset 742 (1,858)  
Increase / (decrease) in liabilities:      
Accounts payable (1,897) 16,168 (4,983)
Accrued license fees and revenue share 26,408 (3,630) 7,973
Accrued compensation 5,224 1,661 (525)
Other current liabilities 2,721 1,040 (253)
Other non-current liabilities (1,135) (9,000) 182
Net cash provided by operating activities - continuing operations 62,795 33,670 4,970
Net cash used in operating activities - discontinued operations 0 (2,293) (3,701)
Net cash provided by operating activities 62,795 31,377 1,269
Cash flows from investing activities      
Capital expenditures (9,204) (4,845) (2,314)
Net cash used in investing activities (37,808) (46,717) (2,314)
Cash flows from financing activities      
Proceeds from borrowings 15,000 20,000 0
Payment of debt issuance costs (469) (313) 0
Payment of contingent consideration (16,956) 0 0
Options and warrants exercised 7,209 6,488 734
Repayment of debt obligations (20,000) 0 (1,650)
Net cash provided by / (used in) financing activities (15,216) 26,175 (916)
Effect of exchange rate changes on cash (312) (235) (31)
Net change in cash 9,459 10,600 (1,992)
Cash and restricted cash, beginning of year 21,659 11,059 13,051
Cash and restricted cash, end of year 31,118 21,659 11,059
Supplemental disclosure of cash flow information      
Interest paid 922 101 383
Income taxes paid 927 0 0
Supplemental disclosure of non-cash financing activities      
Common stock of the Company issued for extinguishment of debt 0 0 10,582
Cashless exercise of warrants to purchase common stock of the Company 0 0 144
De-recognition of liability upon warrant exercise 0 17,593 0
Appreciate      
Cash flows from investing activities      
Acquisition, net of cash (20,348) 0 0
Mobile Posse      
Cash flows from investing activities      
Acquisition, net of cash $ (8,256) $ (41,872) $ 0

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