Digital Turbine Reports Fiscal 2020 Second Quarter Results
Revenue of $32.8 Million Represented 37% Annual Growth
Strong Platform Demand and Continuing Operating Leverage Driving Strong Cash Flow
Austin, TX – November 4, 2019 – Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal second quarter ended September 30, 2019. 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:
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• | Fiscal second quarter revenue was $32.8 million, representing 37% growth when compared to the fiscal second quarter of 2019. |
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• | GAAP net loss for the fiscal second quarter was $1.3 million, or ($0.02) per share, as compared to GAAP net income of $2.1 million, or $0.03 per share for the fiscal second quarter of 2019. Non-GAAP adjusted net income1 for the fiscal second quarter was $4.1 million, or $0.05 per share, as compared to Non-GAAP adjusted net income of $1.1 million, or $0.01 per share, in the fiscal second quarter of 2019. |
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• | Non-GAAP adjusted EBITDA2 for the fiscal second quarter was $4.5 million, as compared to Non-GAAP adjusted EBITDA of $1.6 million in the fiscal second quarter of 2019. |
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• | GAAP cash provided by operating activities totaled $6.7 million in the fiscal second quarter. Non-GAAP free cash flow3 totaled $5.7 million in the fiscal second quarter. |
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• | GAAP gross margin was 38% for the fiscal second quarter of 2020, as compared to a 32% GAAP gross margin in the fiscal second quarter of 2019. Non-GAAP adjusted gross margin4 was 39% for the fiscal second quarter of 2020, as compared to 34% in the fiscal second quarter of 2019. |
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• | The Company has surpassed 325 million total devices with Ignite installed to date, including more than 36 million devices installed during the September quarter. |
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• | The Company’s cash balance was $25.2 million as of September 30, 2019, as compared to the June 30, 2019 balance of $16.2 million. The Company had zero total debt as of September 30, 2019. |
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 2
“I am pleased with our second quarter results,” said Bill Stone, CEO. “Our ability to simultaneously drive strong growth on both the top and bottom lines demonstrates the market momentum and inherent operating leverage of our business. Spearheaded by growing partner adoption of our leading mobile platform and robust worldwide demand from advertisers, we achieved strong financial results, generating more than $4.5 million in Adjusted EBITDA and $5.7 million in free cash flow during the quarter. As a result of this performance, we exited the September quarter with more than $25 million in cash on our debt-free balance sheet. We believe that the results reported today are further demonstration that we have successfully developed an attractive, highly scalable, and profitable platform business.”
“In addition to delivering strong operating results, we are also continuing to make meaningful progress in terms of our product development and business development efforts that will prove integral to the company’s sustained growth in the future. On the product development side, our platform diversification efforts are now yielding more noteworthy results, as non-Dynamic Install product revenue grew more than 30% sequentially and represented an all-time high of 18% of total revenue in the September quarter. Additionally, we are strongly encouraged by preliminary results and early indications of interest from our partners for our NewsHub and still other newer platform features that we believe possess potential to contribute significantly in coming years. Meanwhile, the expanded scale and functionality of our increasingly global platform is helping to set Digital Turbine apart as we work toward new partnerships with additional tier-one mobile OEM and operator partners.”
Mr. Stone concluded, “As we approach the seasonally-strong holiday period for our business, I remain highly confident that Digital Turbine and its platform constituents will continue to prosper via the measurable value that our platform is adding for mobile operators and OEMs, app developers and advertisers, and ultimately end-users in search of a richer, more relevant homescreen experience.”
Fiscal Second Quarter Financial Results
Revenue for the second quarter of fiscal 2020 was $32.8 million, representing an increase of 37% year-over-year. Revenue growth was primarily driven by higher revenue-per-device with our large U.S.-based carrier partners, reflecting strong advertiser demand for Dynamic Installs as well as incremental contributions from new partners and products more recently added to the platform.
GAAP gross margin was 38% for the second quarter of fiscal 2020, as compared to a 32% GAAP gross margin in the second quarter of fiscal 2019. Non-GAAP adjusted gross margin4 increased to 39% for the second quarter of fiscal 2020, as compared to 34% for the second quarter of fiscal 2019.
Net loss from continuing operations for the second quarter of fiscal 2020 was $1.3 million, or ($0.02) per share, as compared to net income from continuing operations for the second quarter of fiscal 2019 of $2.1 million, or $0.03 per share. Non-GAAP adjusted net income1 for the second quarter of fiscal 2020 was $4.1 million, or $0.05 per share, as compared to Non-GAAP adjusted net income of $1.1 million, or $0.01 per share, during the second quarter of fiscal 2019.
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 3
Non-GAAP adjusted EBITDA2 was $4.5 million for the second quarter of fiscal 2020, as compared to Non-GAAP adjusted EBITDA of $1.6 million for the second quarter of fiscal 2019. The reconciliation between GAAP and Non-GAAP financial results for all referenced periods is provided in a table immediately following the Unaudited Consolidated Statement of Cash Flows below.
Business Outlook
Based on information available as of November 4, 2019, the Company expects third quarter fiscal 2020 revenue of between $37.0 million and $38.2 million, and non-GAAP adjusted EBITDA2 of between $5.0 million and $5.5 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 the fair value of derivatives associated with outstanding warrants issued in connection with the September 2016 convertible notes offering, which are directly impacted by changes in the Company’s stock price.
About Digital Turbine, Inc.
Digital Turbine innovates 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 35 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 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 second 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 November 11, 2019. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 10136386.
The conference call will discuss guidance and other material information.
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 4
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 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, and loss on extinguishment of debt. 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.
2Non-GAAP adjusted EBITDA is calculated as GAAP net income/(loss) excluding the following cash and non-cash expenses: interest expense, foreign exchange transaction income, income tax provision/(benefit), depreciation and amortization, stock-based compensation expense, the change in fair value of derivatives associated with warrants issued in connection with the September 2016 convertible notes offering, other expense, and loss on extinguishment of debt. 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 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.
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 5
4Non-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 / (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 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:
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• | 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) |
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• | actual mobile device sales and sell-through where Ignite is deployed is out of our control |
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• | 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 Ignite product |
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• | risks associated with the timing of Ignite software pushes to the embedded bases of carrier and OEM partners |
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• | risks associated with end user take rates of carrier and OEM software pushes which include Ignite |
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• | new customer adoption and time to revenue with new carrier and OEM partners is subject to delays and factors out of our control |
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• | risks associated with fluctuations in the number of Ignite slots across US carrier partners |
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• | required customization and technical integration which may slow down time to revenue notwithstanding the existence of a distribution agreement |
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• | risks associated with delays in major mobile phone launches, or the failure of such launches to achieve the scale |
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 6
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• | customer adoption that either we or the market may expect |
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• | the difficulty of extrapolating monthly demand to quarterly demand |
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• | 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) |
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• | ability as a smaller Company to manage international operations |
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• | 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 |
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• | changes in economic conditions and market demand |
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• | rapid and complex changes occurring in the mobile marketplace |
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• | pricing and other activities by competitors |
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• | derivative and warrant liabilities on our balance sheet will fluctuate as our stock price moves and will also produce changes in our statement of operations; these fluctuations and changes might materially impact our reported GAAP financials in an adverse manner, particularly if our stock price were to rise |
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• | 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 |
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• | 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
SOURCE Digital Turbine, Inc.
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 7
Digital Turbine, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income / (Loss)
(in thousands, except per share amounts)
|
| | | | | | | | |
| | Three months ended September 30, |
| | 2019 | | 2018 |
Net revenues | | $ | 32,795 |
| | $ | 23,854 |
|
Cost of revenues | | | | |
License fees and revenue share | | 20,146 |
| | 15,802 |
|
Other direct costs of revenues | | 344 |
| | 508 |
|
Total cost of revenues | | 20,490 |
| | 16,310 |
|
Gross profit | | 12,305 |
| | 7,544 |
|
Operating expenses | | | | |
Product development | | 2,735 |
| | 2,637 |
|
Sales and marketing | | 2,441 |
| | 1,913 |
|
General and administrative | | 4,014 |
| | 2,679 |
|
Total operating expenses | | 9,190 |
| | 7,229 |
|
Income / (loss) from operations | | 3,115 |
| | 315 |
|
Interest and other income / (expense), net | | | | |
Interest income / (expense), net | | 41 |
| | (135 | ) |
Change in fair value of convertible note embedded derivative liability | | — |
| | 952 |
|
Change in fair value of warrant liability | | (4,505 | ) | | 926 |
|
Other income / (expense) | | 84 |
| | (13 | ) |
Total interest and other income / (expense), net | | (4,380 | ) | | 1,730 |
|
Income / (loss) from continuing operations before income taxes | | (1,265 | ) | | 2,045 |
|
Income tax provision / (benefit) | | 72 |
| | (23 | ) |
Income / (loss) from continuing operations, net of taxes | | (1,337 | ) | | 2,068 |
|
Loss from discontinued operations | | (88 | ) | | (356 | ) |
Net loss from discontinued operations, net of taxes | | (88 | ) | | (356 | ) |
Net income / (loss) | | $ | (1,425 | ) | | $ | 1,712 |
|
Other comprehensive loss | | | | |
Foreign currency translation adjustment | | (418 | ) | | 2 |
|
Comprehensive income / (loss) | | $ | (1,843 | ) | | $ | 1,714 |
|
Basic and diluted net income / (loss) per common share | | | | |
Continuing operations | | $ | (0.02 | ) | | $ | 0.03 |
|
Discontinued operations | | — |
| | (0.01 | ) |
Net income / (loss) | | $ | (0.02 | ) | | $ | 0.02 |
|
Weighted-average common shares outstanding, basic | | 83,909 |
| | 77,193 |
|
Weighted-average common shares outstanding, diluted | | 83,909 |
| | 78,780 |
|
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 8
Digital Turbine, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except par value and share amounts)
|
| | | | | | | | |
| | September 30, 2019 | | March 31, 2019 |
| | | | |
ASSETS | | | | |
Current assets | | | | |
Cash | | $ | 25,154 |
| | $ | 10,894 |
|
Restricted cash | | 165 |
| | 165 |
|
Accounts receivable, net of allowances of $1,053 and $895, respectively | | 25,303 |
| | 22,707 |
|
Prepaid expenses and other current assets | | 1,434 |
| | 1,331 |
|
Current assets held for disposal | | 1,474 |
| | 2,026 |
|
Total current assets | | 53,530 |
| | 37,123 |
|
Property and equipment, net | | 4,278 |
| | 3,430 |
|
Right-of-use assets | | 2,133 |
| | — |
|
Deferred tax assets | | 13 |
| | 40 |
|
Goodwill | | 42,268 |
| | 42,268 |
|
TOTAL ASSETS | | $ | 102,222 |
| | $ | 82,861 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
Current liabilities | | | | |
Accounts payable | | $ | 22,314 |
| | $ | 14,912 |
|
Accrued license fees and revenue share | | 11,631 |
| | 16,205 |
|
Accrued compensation | | 2,460 |
| | 2,441 |
|
Warrant liability | | 8,375 |
| | — |
|
Other current liabilities | | 3,249 |
| | 826 |
|
Current liabilities held for disposal | | 3,516 |
| | 3,924 |
|
Total current liabilities | | 51,545 |
| | 38,308 |
|
Warrant liability | | — |
| | 8,013 |
|
Other non-current liabilities | | 2,110 |
| | 182 |
|
Total liabilities | | 53,655 |
| | 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; 85,981,427 issued and 85,246,971 outstanding at September 30, 2019; 82,354,940 issued and 81,620,485 outstanding at March 31, 2019 | | 10 |
| | 10 |
|
Additional paid-in capital | | 348,566 |
| | 332,793 |
|
Treasury stock (754,599 shares at September 30, 2019 and March 31, 2019) | | (71 | ) | | (71 | ) |
Accumulated other comprehensive loss | | (676 | ) | | (356 | ) |
Accumulated deficit | | (299,362 | ) | | (296,118 | ) |
Total stockholders' equity | | 48,567 |
| | 36,358 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 102,222 |
| | $ | 82,861 |
|
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 9
Digital Turbine, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
|
| | | | | | | | |
| | Three months ended September 30, |
| | 2019 | | 2018 |
Cash flows from operating activities | | |
| | |
|
Net income / (loss) from continuing operations, net of taxes | | $ | (1,337 | ) | | $ | 2,068 |
|
Adjustments to reconcile net income / (loss) from continuing operations to net cash provided by / (used in) operating activities: | | | | |
Depreciation and amortization | | 482 |
| | 707 |
|
Change in allowance for doubtful accounts | | 92 |
| | — |
|
Loss on disposal of fixed assets | | 8 |
| | 76 |
|
Non-cash interest expense | | — |
| | 27 |
|
Stock-based compensation | | 740 |
| | 479 |
|
Stock-based compensation for services rendered | | 175 |
| | 123 |
|
Change in fair value of convertible note embedded derivative liability | | — |
| | (952 | ) |
Change in fair value of warrant liability | | 4,505 |
| | (926 | ) |
Loss on extinguishment of debt | | — |
| | 15 |
|
(Increase) / decrease in assets: | | | | |
Accounts receivable | | (2,662 | ) | | (1,592 | ) |
Deferred tax assets | | 78 |
| | (23 | ) |
Prepaid expenses and other current assets | | 65 |
| | 85 |
|
Right-of-use assets | | 35 |
| | — |
|
Increase / (decrease) in liabilities: | | | | |
Accounts payable | | 3,419 |
| | 8,460 |
|
Accrued license fees and revenue share | | (1,228 | ) | | (5,774 | ) |
Accrued compensation | | 959 |
| | (597 | ) |
Accrued interest | | 119 |
| | (132 | ) |
Other current liabilities | | 1,340 |
| | 199 |
|
Other non-current liabilities | | (69 | ) | | (5 | ) |
Net cash provided by / (used in) operating activities - continuing operations | | 6,721 |
| | 2,238 |
|
Net cash used in operating activities - discontinued operations | | 38 |
| | (1,874 | ) |
Net cash provided by / (used in) operating activities | | 6,759 |
| | 364 |
|
| | | | |
Cash flows from investing activities | | |
| | |
|
Capital expenditures | | (1,022 | ) | | (674 | ) |
Net cash used in investing activities - continuing operations | | (1,022 | ) | | (674 | ) |
Net cash used in investing activities | | (1,022 | ) | | (674 | ) |
| | | | |
Cash flows from financing activities | | |
| | |
|
Options and warrants exercised | | 3,613 |
| | 121 |
|
Net cash provided by financing activities | | 3,613 |
| | 121 |
|
| | | | |
Effect of exchange rate changes on cash | | (418 | ) | | — |
|
| | | | |
Net change in cash | | 8,932 |
| | (189 | ) |
| | | | |
Cash and restricted cash, beginning of period | | 16,387 |
| | 8,969 |
|
| | | | |
Cash and restricted cash, end of period | | $ | 25,319 |
| | $ | 8,780 |
|
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 10
|
| | | | | | | |
GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN |
| | | |
(in thousands) | | | |
| | | |
| 3 Months Ended | | 3 Months Ended |
| September 30, 2019 | | September 30, 2018 |
| (Unaudited) | | (Unaudited) |
Continuing Operations: | | | |
Revenue | $ | 32,795 |
| | $ | 23,854 |
|
Gross profit | $ | 12,305 |
| | $ | 7,544 |
|
Gross margin percentage | 37.5 | % | | 31.6 | % |
Add back items: | | | |
Amortization of intangibles | $ | — |
| | $ | 336 |
|
Depreciation of software | $ | 344 |
| | $ | 172 |
|
Non-GAAP gross profit | $ | 12,649 |
| | $ | 8,052 |
|
Non-GAAP gross margin percentage | 38.6 | % | | 33.8 | % |
| | | |
GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED NET INCOME |
| | | |
(in thousands) | | | |
| | | |
| 3 Months Ended | | 3 Months Ended |
| September 30, 2019 | | September 30, 2018 |
| (Unaudited) | | (Unaudited) |
Continuing Operations: | | | |
Net income / (loss) from continuing operations | $ | (1,337 | ) | | $ | 2,068 |
|
Add back items: | | | |
Stock and stock option compensation | 915 |
| | 602 |
|
Amortization of intangibles | — |
| | 336 |
|
Change in fair value of convertible note embedded derivative and warrant liability | 4,505 |
| | (1,878 | ) |
Loss on extinguishment of debt | — |
| | 15 |
|
Non-GAAP adjusted net income from continuing operations | $ | 4,083 |
| | $ | 1,143 |
|
| | | |
Non-GAAP adjusted net income per share from continuing operations, basic | $ | 0.05 |
| | $ | 0.01 |
|
Weighted average common shares outstanding, basic | 83,909 |
| | 77,193 |
|
Digital Turbine Second Quarter Fiscal 2020 Results
November 4, 2019
Page 11
|
| | | | | | | |
GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED EBITDA |
| | | |
(in thousands) | | | |
| | | |
| 3 Months Ended | | 3 Months Ended |
| September 30, 2019 | | September 30, 2018 |
| (Unaudited) | | (Unaudited) |
Continuing Operations: | | | |
Net Loss | $ | (1,337 | ) | | $ | 2,068 |
|
Add back items: | | | |
Stock and stock option compensation | 915 |
| | 602 |
|
Amortization of intangibles | — |
| | 336 |
|
Depreciation expense | 482 |
| | 371 |
|
Interest (income) / expense, net | (41 | ) | | 135 |
|
Other (income) / expense | (84 | ) | | 13 |
|
Change in fair value of convertible note embedded derivative liability and warrant liability | 4,505 |
| | (1,878 | ) |
Income tax provision / (benefit) | 72 |
| | (23 | ) |
Non-GAAP Adjusted EBITDA from continuing operations | $ | 4,512 |
| | $ | 1,624 |
|
| | | |
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 |
| September 30, 2019 | | September 30, 2018 |
| (Unaudited) | | (Unaudited) |
Net cash provided by operating activities from continuing operations | $ | 6,721 |
| | $ | 2,238 |
|
Capital Expenditures | (1,022 | ) | | (674 | ) |
| | | |
Non-GAAP free cash flow provided by continuing operations | $ | 5,699 |
| | $ | 1,564 |
|
