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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2021
or
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 001-35958
DIGITAL TURBINE, INC.
(Exact Name of Registrant as Specified in Its Charter)
| | | | | | | | |
Delaware | | 22-2267658 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
110 San Antonio Street, Suite 160, Austin, TX | | 78701 |
(Address of Principal Executive Offices) | | (Zip Code) |
(512) 387-7717
(Registrant’s Telephone Number, Including Area Code)
Securities Registered Pursuant to Section 12(b) of the Act:
| | | | | | | | |
Common Stock, Par Value $0.0001 Per Share | APPS | The Nasdaq Stock Market LLC |
(NASDAQ Capital Market) |
(Title of Class) | (Trading Symbol) | (Name of Each Exchange on Which Registered) |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ |
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ |
Emerging Growth Company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of January 31, 2022, the Company had 96,961,158 shares of its common stock, $0.0001 par value per share, outstanding.
Digital Turbine, Inc.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED December 31, 2021
PART I - FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets1
(in thousands, except par value and share amounts)
| | | | | | | | | | | | | | |
| | December 31, 2021 | | March 31, 2021 |
| | (Unaudited) | | |
ASSETS | | | | |
Current assets | | | | |
Cash | | $ | 115,046 | | | $ | 30,778 | |
Restricted cash | | 394 | | | 340 | |
Accounts receivable, net | | 291,200 | | | 61,985 | |
Prepaid expenses and other current assets | | 21,928 | | | 4,282 | |
Total current assets | | 428,568 | | | 97,385 | |
Property and equipment, net | | 25,862 | | | 13,050 | |
Right-of-use assets | | 16,657 | | | 3,495 | |
Intangible assets, net | | 446,535 | | | 53,300 | |
Goodwill | | 554,975 | | | 80,176 | |
Deferred tax assets, net | | — | | | 12,963 | |
Other non-current assets | | 883 | | | — | |
TOTAL ASSETS | | $ | 1,473,480 | | | $ | 260,369 | |
| | | | |
LIABILITIES AND STOCKHOLDER'S EQUITY | | | | |
Current liabilities | | | | |
Accounts payable | | $ | 171,562 | | | $ | 34,953 | |
Accrued license fees and revenue share | | 111,173 | | | 46,196 | |
Accrued compensation | | 37,106 | | | 9,817 | |
Acquisition purchase price liabilities | | 253,700 | | | — | |
Short-term debt | | 12,501 | | | 14,557 | |
Other current liabilities | | 23,586 | | | 5,626 | |
Total current liabilities | | 609,628 | | | 111,149 | |
Long-term debt, net of debt issuance costs | | 341,590 | | | — | |
Deferred tax liabilities, net | | 18,856 | | | — | |
Other non-current liabilities | | 17,540 | | | 4,108 | |
Total liabilities | | 987,614 | | | 115,257 | |
Commitments and contingencies (Note 13) | | | | |
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) | | 100 | | | 100 | |
Common stock | | | | |
$0.0001 par value: 200,000,000 shares authorized; 97,471,352 issued and 96,731,227 outstanding at December 31, 2021; 90,685,553 issued and 89,949,847 outstanding at March 31, 2021 | | 10 | | | 10 | |
Additional paid-in capital | | 740,592 | | | 373,310 | |
Treasury stock (758,125 shares at December 31, 2021 and March 31, 2021) | | (71) | | | (71) | |
Accumulated other comprehensive loss | | (45,051) | | | (903) | |
Accumulated deficit | | (211,888) | | | (227,334) | |
Total stockholders' equity | | 483,692 | | | 145,112 | |
Non-controlling interest | | 2,174 | | | — | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 1,473,480 | | | $ | 260,369 | |
1In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3 in the accompanying condensed consolidated financial statements.
The accompanying notes are an integral part of these condensed consolidated financial statements.
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income / (Loss)1
(Unaudited)
(in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended December 31, | | Nine months ended December 31, |
| | 2021 | | 2020 | | 2021 | | 2020 |
Net revenue | | $ | 375,487 | | | $ | 88,592 | | | $ | 898,307 | | | $ | 218,497 | |
Costs of revenue and operating expenses | | | | | | | | |
License fees and revenue share | | 267,722 | | | 50,144 | | | 619,215 | | | 122,976 | |
Other direct costs of revenue | | 5,125 | | | 749 | | | 11,496 | | | 1,971 | |
Product development | | 17,720 | | | 5,202 | | | 51,171 | | | 13,827 | |
Sales and marketing | | 15,857 | | | 5,219 | | | 47,072 | | | 14,372 | |
General and administrative | | 39,924 | | | 6,761 | | | 104,537 | | | 22,096 | |
Total costs of revenue and operating expenses | | 346,348 | | | 68,075 | | | 833,491 | | | 175,242 | |
Income from operations | | 29,139 | | | 20,517 | | | 64,816 | | | 43,255 | |
Interest and other income / (expense), net | | | | | | | | |
Change in fair value of contingent consideration | | (18,200) | | | (4,662) | | | (40,287) | | | (15,419) | |
Interest expense, net | | (2,195) | | | (266) | | | (5,307) | | | (859) | |
Foreign exchange transaction gain | | 2,122 | | | — | | | 1,603 | | | — | |
Other expense, net | | (86) | | | (13) | | | (598) | | | (51) | |
Total interest and other income / (expense), net | | (18,359) | | | (4,941) | | | (44,589) | | | (16,329) | |
Income before income taxes | | 10,780 | | | 15,576 | | | 20,227 | | | 26,926 | |
Income tax provision | | 3,718 | | | 1,061 | | | 4,799 | | | 2,098 | |
Net income | | 7,062 | | | 14,515 | | | 15,428 | | | 24,828 | |
Less: net income / (loss) attributable to non-controlling interest | | 48 | | | — | | | (18) | | | — | |
Net income attributable to Digital Turbine, Inc. | | 7,014 | | | 14,515 | | | 15,446 | | | 24,828 | |
Other comprehensive loss | | | | | | | | |
Foreign currency translation adjustment | | (8,389) | | | (132) | | | (45,062) | | | (319) | |
Comprehensive income / (loss) | | (1,327) | | | 14,383 | | | (29,634) | | | 24,509 | |
Less: comprehensive loss attributable to non-controlling interest | | (11) | | | — | | | (932) | | | — | |
Comprehensive income / (loss) attributable to Digital Turbine, Inc. | | $ | (1,316) | | | $ | 14,383 | | | $ | (28,702) | | | $ | 24,509 | |
Net income per common share | | | | | | | | |
Basic | | $ | 0.07 | | | $ | 0.16 | | | $ | 0.16 | | | $ | 0.28 | |
Diluted | | $ | 0.07 | | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.26 | |
Weighted-average common shares outstanding | | | | | | | | |
Basic | | 96,548 | | | 89,003 | | | 94,620 | | | 88,140 | |
Diluted | | 103,287 | | | 96,976 | | | 101,346 | | | 95,563 | |
1In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3 in the accompanying condensed consolidated financial statements.
The accompanying notes are an integral part of these condensed consolidated financial statements.
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows1
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | |
| | Nine months ended December 31, |
| | 2021 | | 2020 |
Cash flows from operating activities | | | | |
Net income | | $ | 15,428 | | | $ | 24,828 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization | | 40,946 | | | 5,062 | |
Non-cash interest expense | | 500 | | | 55 | |
| | | | |
Stock-based compensation expense | | 15,369 | | | 4,286 | |
Foreign exchange transaction (gain) / loss | | (1,603) | | | — | |
Change in fair value of contingent consideration | | 40,287 | | | 15,419 | |
Payment of contingent consideration in excess of amount capitalized at acquisition | | — | | | (5,419) | |
Right-of-use asset | | 3,270 | | | 430 | |
Deferred income taxes | | 4,799 | | | — | |
(Increase) / decrease in assets: | | | | |
Accounts receivable, gross | | (104,535) | | | (26,746) | |
Allowance for credit losses | | 412 | | | 854 | |
Prepaid expenses and other current assets | | (5,760) | | | 1,698 | |
Other non-current assets | | 74 | | | — | |
Increase / (decrease) in liabilities: | | | | |
Accounts payable | | 38,467 | | | 2,563 | |
Accrued license fees and revenue share | | 29,377 | | | 16,765 | |
Accrued compensation | | (33,506) | | | 4,029 | |
Other current liabilities | | 1,114 | | | 5,273 | |
Other non-current liabilities | | (1,177) | | | (485) | |
Net cash provided by operating activities | | 43,462 | | | 48,612 | |
| | | | |
Cash flows from investing activities | | | | |
Business acquisitions, net of cash acquired | | (148,192) | | | (7,968) | |
Capital expenditures | | (15,692) | | | (6,545) | |
Net cash used in investing activities | | (163,884) | | | (14,513) | |
| | | | |
Cash flows from financing activities | | | | |
Payment of contingent consideration | | — | | | (16,957) | |
Proceeds from borrowings | | 369,913 | | | — | |
Payment of debt issuance costs | | (4,044) | | | — | |
Payment of deferred business acquisition consideration | | (98,175) | | | — | |
Options and warrants exercised | | 2,814 | | | 5,927 | |
Payment of withholding taxes for net share settlement of equity awards | | (7,587) | | | — | |
Repayment of debt obligations | | (52,623) | | | (750) | |
Net cash provided by / (used in) financing activities | | 210,298 | | | (11,780) | |
| | | | |
Effect of exchange rate changes on cash | | (5,554) | | | (319) | |
| | | | |
Net change in cash | | 84,322 | | | 22,000 | |
| | | | |
Cash and restricted cash, beginning of period | | 31,118 | | | 21,659 | |
| | | | |
Cash and restricted cash, end of period | | $ | 115,440 | | | $ | 43,659 | |
| | | | |
Supplemental disclosure of cash flow information | | | | |
Interest paid | | $ | 3,882 | | | $ | 832 | |
Income taxes paid | | $ | 954 | | | $ | — | |
| | | | |
Supplemental disclosure of non-cash activities | | | | |
Common stock for the acquisition of Fyber | | $ | 356,686 | | | $ | — | |
Unpaid cash consideration for the acquisition of Fyber Minority Interest | | $ | 3,106 | | | $ | — | |
| | | | |
Fair value of contingent consideration in connection with business acquisition | | $ | 204,500 | | | $ | — | |
1In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3 in the accompanying condensed consolidated financial statements.
The accompanying notes are an integral part of these condensed consolidated financial statements.
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity1
(Unaudited)
(in thousands, except share counts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock Shares | | Amount | | Preferred Stock Shares | | Amount | | Treasury Stock Shares | | Amount | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Non-Controlling Interest | | Total |
Balance at March 31, 2021 | | 89,790,086 | | | $ | 10 | | | 100,000 | | | $ | 100 | | | 758,125 | | | $ | (71) | | | $ | 373,310 | | | $ | (903) | | | $ | (227,334) | | | $ | — | | | $ | 145,112 | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 14,284 | | | (31) | | | 14,253 | |
Foreign currency translation | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (20,019) | | | — | | | (762) | | | (20,781) | |
Stock-based compensation expense | | 207,758 | | | — | | | — | | | — | | | — | | | — | | | 3,705 | | | — | | | — | | | — | | | 3,705 | |
Shares issued: | | | | | | | | | | | | | | | | | | | | | | |
Exercise of stock options | | 178,127 | | | — | | | — | | | — | | | — | | | — | | | 695 | | | — | | | — | | | — | | | 695 | |
| | | | | | | | | | | | | | | | | | | | | | |
Shares for acquisition of Fyber | | 4,716,935 | | | — | | | — | | | — | | | — | | | — | | | 359,233 | | | — | | | — | | | — | | | 359,233 | |
Acquisition of non-controlling interests in Fyber | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 24,558 | | | 24,558 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2021 | | 94,892,906 | | | $ | 10 | | | 100,000 | | | $ | 100 | | | 758,125 | | | $ | (71) | | | $ | 736,943 | | | $ | (20,922) | | | $ | (213,050) | | | $ | 23,765 | | | $ | 526,775 | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,852) | | | (35) | | | (5,887) | |
Foreign currency translation | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (15,799) | | | — | | | (93) | | | (15,892) | |
Stock-based compensation expense | | 28,477 | | | — | | | — | | | — | | | — | | | — | | | 5,925 | | | — | | | — | | | — | | | 5,925 | |
Shares issued: | | | | | | | | | | | | | | | | | | | | | | |
Exercise of stock options | | 480,422 | | | — | | | — | | | — | | | — | | | — | | | 1,460 | | | — | | | — | | | — | | | 1,460 | |
| | | | | | | | | | | | | | | | | | | | | | |
Shares for acquisition of Fyber | | 1,058,364 | | | — | | | — | | | — | | | — | | | — | | | (2,547) | | | — | | | — | | | — | | | (2,547) | |
Acquisition of non-controlling interests in Fyber | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | (21,452) | | | (21,452) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Balance at September 30, 2021 | | 96,460,169 | | | $ | 10 | | | 100,000 | | | $ | 100 | | | 758,125 | | | $ | (71) | | | $ | 741,781 | | | $ | (36,721) | | | $ | (218,902) | | | $ | 2,185 | | | $ | 488,382 | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 7,014 | | | 48 | | | 7,062 | |
Foreign currency translation | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (8,330) | | | — | | | (59) | | | (8,389) | |
Stock-based compensation expense | | — | | | — | | | — | | | — | | | — | | | — | | | 5,739 | | | — | | | — | | | — | | | 5,739 | |
Shares issued: | | | | | | | | | | | | | | | | | | | | | | |
Exercise of stock options | | 201,015 | | | — | | | — | | | — | | | — | | | — | | | 659 | | | — | | | — | | | — | | | 659 | |
Vesting of restricted and performance stock units | | 70,043 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Payment of withholding taxes related to the net share settlement of equity awards | | — | | | — | | | — | | | — | | | — | | | — | | | (7,587) | | | — | | | — | | | — | | | (7,587) | |
Balance at December 31, 2021 | | 96,731,227 | | | $ | 10 | | | 100,000 | | | $ | 100 | | | 758,125 | | | $ | (71) | | | $ | 740,592 | | | $ | (45,051) | | | $ | (211,888) | | | $ | 2,174 | | | $ | 485,866 | |
1In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3 in the accompanying condensed consolidated financial statements.
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity1
(Unaudited)
(in thousands, except share counts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock Shares* | | Amount | | Preferred Stock Shares | | Amount | | Treasury Stock Shares* | | Amount | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Non-Controlling Interest | | Total |
Balance at March 31, 2020 | | 87,147,023 | | | $ | 10 | | | 100,000 | | | $ | 100 | | | 758,125 | | | $ | (71) | | | $ | 360,224 | | | $ | (591) | | | $ | (282,218) | | | $ | — | | | $ | 77,454 | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 9,940 | | | — | | | 9,940 | |
Foreign currency translation | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (142) | | | — | | | — | | | (142) | |
Stock-based compensation expense | | — | | | — | | | — | | | — | | | — | | | — | | | 1,611 | | | — | | | — | | | — | | | 1,611 | |
Shares issued: | | | | | | | | | | | | | | | | | | | | | | |
Exercise of stock options | | 224,012 | | | — | | | — | | | — | | | — | | | — | | | 437 | | | — | | | — | | | — | | | 437 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2020 | | 87,371,035 | | | $ | 10 | | | 100,000 | | | $ | 100 | | | 758,125 | | | $ | (71) | | | $ | 362,272 | | | $ | (733) | | | $ | (272,278) | | | $ | — | | | $ | 89,300 | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 373 | | | — | | | 373 | |
Foreign currency translation | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (45) | | | — | | | — | | | (45) | |
Stock-based compensation expense | | 106,663 | | | — | | | — | | | — | | | — | | | — | | | 2,515 | | | — | | | — | | | — | | | 2,515 | |
Shares issued: | | | | | | | | | | | | | | | | | | | | | | |
Exercise of stock options | | 1,059,644 | | | — | | | — | | | — | | | — | | | — | | | 3,089 | | | — | | | — | | | — | | | 3,089 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Balance at September 30, 2020 | | 88,537,342 | | | $ | 10 | | | 100,000 | | | $ | 100 | | | 758,125 | | | $ | (71) | | | $ | 367,876 | | | $ | (778) | | | $ | (271,905) | | | $ | — | | | $ | 95,232 | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 14,515 | | | — | | | 14,515 | |
Foreign currency translation | | — | | | |