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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 ShareAPPSThe 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 FilerAccelerated Filer
Non-Accelerated FilerSmaller 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
TABLE OF CONTENTS



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, 2021March 31, 2021
(Unaudited)
ASSETS
Current assets  
Cash$115,046 $30,778 
Restricted cash394 340 
Accounts receivable, net291,200 61,985 
Prepaid expenses and other current assets21,928 4,282 
Total current assets428,568 97,385 
Property and equipment, net25,862 13,050 
Right-of-use assets16,657 3,495 
Intangible assets, net446,535 53,300 
Goodwill554,975 80,176 
Deferred tax assets, net 12,963 
Other non-current assets883  
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 share111,173 46,196 
Accrued compensation37,106 9,817 
Acquisition purchase price liabilities253,700  
Short-term debt12,501 14,557 
Other current liabilities23,586 5,626 
Total current liabilities609,628 111,149 
Long-term debt, net of debt issuance costs341,590  
Deferred tax liabilities, net18,856  
Other non-current liabilities17,540 4,108 
Total liabilities987,614 115,257 
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 capital740,592 373,310 
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' equity483,692 145,112 
Non-controlling interest2,174  
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.
3


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,
2021202020212020
Net revenue$375,487 $88,592 $898,307 $218,497 
Costs of revenue and operating expenses
License fees and revenue share267,722 50,144 619,215 122,976 
Other direct costs of revenue5,125 749 11,496 1,971 
Product development17,720 5,202 51,171 13,827 
Sales and marketing15,857 5,219 47,072 14,372 
General and administrative39,924 6,761 104,537 22,096 
Total costs of revenue and operating expenses346,348 68,075 833,491 175,242 
Income from operations29,139 20,517 64,816 43,255 
Interest and other income / (expense), net
Change in fair value of contingent consideration(18,200)(4,662)(40,287)(15,419)
Interest expense, net(2,195)(266)(5,307)(859)
Foreign exchange transaction gain2,122  1,603  
Other expense, net(86)(13)(598)(51)
Total interest and other income / (expense), net(18,359)(4,941)(44,589)(16,329)
Income before income taxes10,780 15,576 20,227 26,926 
Income tax provision3,718 1,061 4,799 2,098 
Net income7,062 14,515 15,428 24,828 
Less: net income / (loss) attributable to non-controlling interest48  (18) 
Net income attributable to Digital Turbine, Inc.7,014 14,515 15,446 24,828 
Other comprehensive loss
Foreign currency translation adjustment(8,389)(132)(45,062)(319)
Comprehensive income / (loss)(1,327)14,383 (29,634)24,509 
Less: comprehensive loss attributable to non-controlling interest(11) (932) 
Comprehensive income / (loss) attributable to Digital Turbine, Inc.$(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
Basic96,548 89,003 94,620 88,140 
Diluted103,287 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.
4


Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows1
(Unaudited)
(in thousands)
Nine months ended December 31,
20212020
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 amortization40,946 5,062 
Non-cash interest expense500 55 
Stock-based compensation expense15,369 4,286 
Foreign exchange transaction (gain) / loss(1,603) 
Change in fair value of contingent consideration40,287 15,419 
Payment of contingent consideration in excess of amount capitalized at acquisition (5,419)
Right-of-use asset3,270 430 
Deferred income taxes4,799  
(Increase) / decrease in assets:
Accounts receivable, gross(104,535)(26,746)
Allowance for credit losses412 854 
Prepaid expenses and other current assets(5,760)1,698 
Other non-current assets74  
Increase / (decrease) in liabilities:
Accounts payable38,467 2,563 
Accrued license fees and revenue share29,377 16,765 
Accrued compensation(33,506)4,029 
Other current liabilities1,114 5,273 
Other non-current liabilities(1,177)(485)
Net cash provided by operating activities43,462 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 borrowings369,913  
Payment of debt issuance costs(4,044) 
Payment of deferred business acquisition consideration(98,175) 
Options and warrants exercised2,814 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 activities210,298 (11,780)
Effect of exchange rate changes on cash(5,554)(319)
Net change in cash84,322 22,000 
Cash and restricted cash, beginning of period31,118 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.
5


Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity1
(Unaudited)
(in thousands, except share counts)
Common Stock
Shares
AmountPreferred Stock
Shares
AmountTreasury Stock
Shares
AmountAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Non-Controlling InterestTotal
Balance at March 31, 202189,790,086 $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 expense207,758 — — — — — 3,705 — — — 3,705 
Shares issued:
Exercise of stock options178,127 — — — — — 695 — — — 695 
Shares for acquisition of Fyber4,716,935 — — — — — 359,233 — — — 359,233 
Acquisition of non-controlling interests in Fyber— — — — — — — — — 24,558 24,558 
Balance at June 30, 202194,892,906 $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 expense28,477 — — — — — 5,925 — — — 5,925 
Shares issued:
Exercise of stock options480,422 — — — — — 1,460 — — — 1,460 
Shares for acquisition of Fyber1,058,364 — — — — — (2,547)— — — (2,547)
Acquisition of non-controlling interests in Fyber— — — — — — — — (21,452)(21,452)
Balance at September 30, 202196,460,169 $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 options201,015 — — — — — 659 — — — 659 
Vesting of restricted and performance stock units70,043 — — — — — — — — — — 
Payment of withholding taxes related to the net share settlement of equity awards— — — — — — (7,587)— — — (7,587)
Balance at December 31, 202196,731,227 $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.
6


Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity1
(Unaudited)
(in thousands, except share counts)
Common Stock
Shares*
AmountPreferred Stock
Shares
AmountTreasury Stock Shares*AmountAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Non-Controlling InterestTotal
Balance at March 31, 202087,147,023 $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 options224,012 — — — — — 437 — — — 437 
Balance at June 30, 202087,371,035 $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 expense106,663 — — — — — 2,515 — — — 2,515 
Shares issued:
Exercise of stock options1,059,644 — — — — — 3,089 — — — 3,089 
Balance at September 30, 202088,537,342 $10 100,000 $100 758,125 $(71)$367,876 $(778)$(271,905)$ $95,232 
Net income— — — — — — — — 14,515 — 14,515 
Foreign currency translation—