false2023Q100003177883/31http://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent00003177882022-04-012022-06-3000003177882022-08-01xbrli:shares00003177882022-06-30iso4217:USD00003177882022-03-31iso4217:USDxbrli:shares00003177882021-04-012021-06-30apps:business00003177882021-03-3100003177882021-06-300000317788apps:FyberNVMember2022-04-012022-06-300000317788apps:FyberNVMember2021-04-012021-06-300000317788us-gaap:CommonStockMember2022-03-310000317788us-gaap:PreferredStockMember2022-03-310000317788us-gaap:TreasuryStockMember2022-03-310000317788us-gaap:AdditionalPaidInCapitalMember2022-03-310000317788us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000317788us-gaap:RetainedEarningsMember2022-03-310000317788us-gaap:NoncontrollingInterestMember2022-03-310000317788us-gaap:RetainedEarningsMember2022-04-012022-06-300000317788us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000317788us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000317788us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000317788us-gaap:CommonStockMember2022-04-012022-06-300000317788us-gaap:CommonStockMember2022-06-300000317788us-gaap:PreferredStockMember2022-06-300000317788us-gaap:TreasuryStockMember2022-06-300000317788us-gaap:AdditionalPaidInCapitalMember2022-06-300000317788us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000317788us-gaap:RetainedEarningsMember2022-06-300000317788us-gaap:NoncontrollingInterestMember2022-06-300000317788us-gaap:CommonStockMember2021-03-310000317788us-gaap:PreferredStockMember2021-03-310000317788us-gaap:TreasuryStockMember2021-03-310000317788us-gaap:AdditionalPaidInCapitalMember2021-03-310000317788us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000317788us-gaap:RetainedEarningsMember2021-03-310000317788us-gaap:NoncontrollingInterestMember2021-03-310000317788us-gaap:RetainedEarningsMember2021-04-012021-06-300000317788us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000317788us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000317788us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000317788us-gaap:CommonStockMember2021-04-012021-06-300000317788us-gaap:CommonStockMember2021-06-300000317788us-gaap:PreferredStockMember2021-06-300000317788us-gaap:TreasuryStockMember2021-06-300000317788us-gaap:AdditionalPaidInCapitalMember2021-06-300000317788us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000317788us-gaap:RetainedEarningsMember2021-06-300000317788us-gaap:NoncontrollingInterestMember2021-06-300000317788apps:FyberNVMember2021-05-25xbrli:pure0000317788apps:FyberNVMember2021-05-252021-05-250000317788apps:FyberNVMember2021-05-252021-09-300000317788apps:FyberNVMemberus-gaap:ScenarioPlanMember2021-05-252021-09-300000317788apps:FyberNVMember2021-06-172021-06-170000317788apps:FyberNVMember2021-07-162021-07-160000317788apps:FyberNVMember2021-07-172021-09-300000317788apps:FyberNVMember2021-09-302021-09-300000317788apps:FyberNVMember2021-04-012022-03-310000317788apps:FyberNVMember2022-05-192022-05-190000317788apps:MinorityFyberShareholdersMemberapps:FyberNVMember2021-07-31iso4217:EURxbrli:shares0000317788apps:FyberNVMember2022-06-300000317788apps:FyberNVMember2022-05-250000317788apps:FyberNVMember2021-05-252022-05-250000317788apps:FyberNVMemberapps:PublisherRelationshipsMember2021-05-250000317788apps:FyberNVMemberapps:PublisherRelationshipsMember2021-05-252022-05-250000317788apps:FyberNVMemberapps:PublisherRelationshipsMember2022-05-250000317788us-gaap:DevelopedTechnologyRightsMemberapps:FyberNVMember2021-05-250000317788us-gaap:DevelopedTechnologyRightsMemberapps:FyberNVMember2022-05-250000317788apps:FyberNVMemberus-gaap:TradeNamesMember2021-05-250000317788apps:FyberNVMemberus-gaap:TradeNamesMember2021-05-252022-05-250000317788apps:FyberNVMemberus-gaap:TradeNamesMember2022-05-250000317788apps:FyberNVMemberus-gaap:CustomerRelationshipsMember2021-05-250000317788apps:FyberNVMemberus-gaap:CustomerRelationshipsMember2022-05-250000317788apps:FyberNVMemberapps:PublisherRelationshipsMember2021-05-252021-05-250000317788us-gaap:DevelopedTechnologyRightsMemberapps:FyberNVMember2021-05-252021-05-250000317788apps:FyberNVMemberus-gaap:TradeNamesMember2021-05-252021-05-250000317788apps:FyberNVMemberus-gaap:CustomerRelationshipsMember2021-05-252021-05-250000317788srt:MinimumMemberapps:AdColonyHoldingASMember2021-04-292021-04-290000317788srt:MaximumMemberapps:AdColonyHoldingASMember2021-04-292021-04-290000317788apps:AdColonyHoldingASMember2021-04-292021-04-290000317788apps:AdColonyHoldingASMember2021-04-290000317788apps:AdColonyHoldingASMember2021-09-300000317788apps:AdColonyHoldingASMember2021-07-012021-09-300000317788apps:AdColonyHoldingASMember2021-10-262021-10-260000317788apps:AdColonyHoldingASMember2022-01-152022-01-150000317788apps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-01-152022-01-150000317788apps:AdColonyHoldingASMember2022-04-290000317788apps:AdColonyHoldingASMemberus-gaap:CustomerRelationshipsMember2021-04-290000317788apps:AdColonyHoldingASMemberus-gaap:CustomerRelationshipsMember2021-04-292022-04-290000317788apps:AdColonyHoldingASMemberus-gaap:CustomerRelationshipsMember2022-04-290000317788us-gaap:DevelopedTechnologyRightsMemberapps:AdColonyHoldingASMember2021-04-290000317788us-gaap:DevelopedTechnologyRightsMemberapps:AdColonyHoldingASMember2022-04-290000317788apps:AdColonyHoldingASMemberus-gaap:TradeNamesMember2021-04-290000317788apps:AdColonyHoldingASMemberus-gaap:TradeNamesMember2021-04-292022-04-290000317788apps:AdColonyHoldingASMemberus-gaap:TradeNamesMember2022-04-290000317788apps:AdColonyHoldingASMemberapps:PublisherRelationshipsMember2021-04-290000317788apps:AdColonyHoldingASMemberapps:PublisherRelationshipsMember2022-04-290000317788apps:AdColonyHoldingASMember2021-04-292022-04-290000317788srt:MinimumMemberapps:AdColonyHoldingASMemberus-gaap:CustomerRelationshipsMember2021-04-292021-04-290000317788srt:MaximumMemberapps:AdColonyHoldingASMemberus-gaap:CustomerRelationshipsMember2021-04-292021-04-290000317788us-gaap:DevelopedTechnologyRightsMemberapps:AdColonyHoldingASMember2021-04-292021-04-290000317788apps:AdColonyHoldingASMemberus-gaap:TradeNamesMember2021-04-292021-04-290000317788apps:AdColonyHoldingASMemberapps:PublisherRelationshipsMember2021-04-292021-04-290000317788apps:AdColonyHoldingASMember2022-04-012022-06-300000317788apps:AdColonyHoldingASMember2021-04-012021-06-3000003177882021-04-012022-03-31apps:segment0000317788us-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMember2022-04-012022-06-300000317788us-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMember2022-04-012022-06-300000317788us-gaap:IntersegmentEliminationMember2022-04-012022-06-300000317788us-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMember2021-04-012021-06-300000317788us-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMember2021-04-012021-06-300000317788us-gaap:IntersegmentEliminationMember2021-04-012021-06-300000317788srt:NorthAmericaMember2022-06-300000317788srt:NorthAmericaMember2022-03-310000317788us-gaap:EMEAMember2022-06-300000317788us-gaap:EMEAMember2022-03-310000317788srt:AsiaPacificMember2022-06-300000317788srt:AsiaPacificMember2022-03-310000317788srt:LatinAmericaMember2022-06-300000317788srt:LatinAmericaMember2022-03-310000317788srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMember2022-04-012022-06-300000317788srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMember2022-04-012022-06-300000317788srt:NorthAmericaMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300000317788us-gaap:EMEAMemberus-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMember2022-04-012022-06-300000317788us-gaap:EMEAMemberus-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMember2022-04-012022-06-300000317788us-gaap:EMEAMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300000317788us-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMembersrt:AsiaPacificMember2022-04-012022-06-300000317788us-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMembersrt:AsiaPacificMember2022-04-012022-06-300000317788us-gaap:OperatingSegmentsMembersrt:AsiaPacificMember2022-04-012022-06-300000317788us-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMembersrt:LatinAmericaMember2022-04-012022-06-300000317788us-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMembersrt:LatinAmericaMember2022-04-012022-06-300000317788us-gaap:OperatingSegmentsMembersrt:LatinAmericaMember2022-04-012022-06-300000317788apps:OnDeviceSolutionsMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000317788apps:AppGrowthMediaMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000317788apps:OnDeviceSolutionsMember2022-04-012022-06-300000317788apps:AppGrowthMediaMember2022-04-012022-06-300000317788srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMember2021-04-012021-06-300000317788srt:NorthAmericaMemberus-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMember2021-04-012021-06-300000317788srt:NorthAmericaMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000317788us-gaap:EMEAMemberus-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMember2021-04-012021-06-300000317788us-gaap:EMEAMemberus-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMember2021-04-012021-06-300000317788us-gaap:EMEAMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000317788us-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMembersrt:AsiaPacificMember2021-04-012021-06-300000317788us-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMembersrt:AsiaPacificMember2021-04-012021-06-300000317788us-gaap:OperatingSegmentsMembersrt:AsiaPacificMember2021-04-012021-06-300000317788us-gaap:OperatingSegmentsMemberapps:OnDeviceSolutionsMembersrt:LatinAmericaMember2021-04-012021-06-300000317788us-gaap:OperatingSegmentsMemberapps:AppGrowthMediaMembersrt:LatinAmericaMember2021-04-012021-06-300000317788us-gaap:OperatingSegmentsMembersrt:LatinAmericaMember2021-04-012021-06-300000317788apps:OnDeviceSolutionsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000317788apps:AppGrowthMediaMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000317788apps:OnDeviceSolutionsMember2021-04-012021-06-300000317788apps:AppGrowthMediaMember2021-04-012021-06-300000317788apps:OnDeviceSolutionsMember2022-03-310000317788apps:AppGrowthMediaMember2022-03-310000317788apps:OnDeviceSolutionsMember2022-06-300000317788apps:AppGrowthMediaMember2022-06-300000317788us-gaap:CustomerRelationshipsMember2022-04-012022-06-300000317788us-gaap:CustomerRelationshipsMember2022-06-300000317788us-gaap:DevelopedTechnologyRightsMember2022-04-012022-06-300000317788us-gaap:DevelopedTechnologyRightsMember2022-06-300000317788us-gaap:TradeNamesMember2022-04-012022-06-300000317788us-gaap:TradeNamesMember2022-06-300000317788apps:PublisherRelationshipsMember2022-04-012022-06-300000317788apps:PublisherRelationshipsMember2022-06-300000317788us-gaap:CustomerRelationshipsMember2021-04-012022-03-310000317788us-gaap:CustomerRelationshipsMember2022-03-310000317788us-gaap:DevelopedTechnologyRightsMember2021-04-012022-03-310000317788us-gaap:DevelopedTechnologyRightsMember2022-03-310000317788us-gaap:TradeNamesMember2021-04-012022-03-310000317788us-gaap:TradeNamesMember2022-03-310000317788apps:PublisherRelationshipsMember2021-04-012022-03-310000317788apps:PublisherRelationshipsMember2022-03-310000317788us-gaap:ComputerEquipmentMember2022-06-300000317788us-gaap:ComputerEquipmentMember2022-03-310000317788us-gaap:SoftwareDevelopmentMember2022-06-300000317788us-gaap:SoftwareDevelopmentMember2022-03-310000317788us-gaap:FurnitureAndFixturesMember2022-06-300000317788us-gaap:FurnitureAndFixturesMember2022-03-310000317788us-gaap:LeaseholdImprovementsMember2022-06-300000317788us-gaap:LeaseholdImprovementsMember2022-03-310000317788us-gaap:GeneralAndAdministrativeExpenseMemberapps:InternalUseAssetsMember2022-04-012022-06-300000317788us-gaap:SoftwareDevelopmentMemberapps:OtherDirectCostsOfRevenueMember2022-04-012022-06-300000317788us-gaap:GeneralAndAdministrativeExpenseMemberapps:InternalUseAssetsMember2021-04-012021-06-300000317788us-gaap:SoftwareDevelopmentMemberapps:OtherDirectCostsOfRevenueMember2021-04-012021-06-30apps:renewalOption0000317788srt:MinimumMember2022-06-300000317788srt:MaximumMember2022-06-300000317788apps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-06-300000317788apps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-04-012022-06-300000317788apps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-03-310000317788us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberapps:CreditAgreementFyberMember2022-06-300000317788us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberapps:CreditAgreementFyberMember2022-03-310000317788apps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-02-030000317788apps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-04-290000317788apps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-12-290000317788srt:MinimumMemberus-gaap:LondonInterbankOfferedRateLiborSwapRateMemberapps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberapps:DebtInstrumentInterestRateElectionOneMemberus-gaap:RevolvingCreditFacilityMember2021-04-292021-04-290000317788us-gaap:LondonInterbankOfferedRateLiborSwapRateMembersrt:MaximumMemberapps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberapps:DebtInstrumentInterestRateElectionOneMemberus-gaap:RevolvingCreditFacilityMember2021-04-292021-04-290000317788us-gaap:FederalFundsEffectiveSwapRateMemberapps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberapps:DebtInstrumentInterestRateElectionTwoMemberus-gaap:RevolvingCreditFacilityMember2021-04-292021-04-290000317788us-gaap:LondonInterbankOfferedRateLiborSwapRateMemberapps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberapps:DebtInstrumentInterestRateElectionTwoMemberus-gaap:RevolvingCreditFacilityMember2021-04-292021-04-290000317788srt:MinimumMemberapps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberapps:DebtInstrumentInterestRateElectionTwoMemberus-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMember2021-04-292021-04-290000317788srt:MaximumMemberapps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberapps:DebtInstrumentInterestRateElectionTwoMemberus-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMember2021-04-292021-04-290000317788srt:MinimumMemberapps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-04-292021-04-290000317788srt:MaximumMemberapps:BoACreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-04-292021-04-290000317788apps:A2020EquityIncentivePlanOfDigitalTurbineIncMember2020-09-150000317788apps:A2020EquityIncentivePlanOfDigitalTurbineIncMember2020-09-152020-09-150000317788apps:A2020EquityIncentivePlanOfDigitalTurbineIncMember2022-06-300000317788us-gaap:EmployeeStockOptionMember2022-04-012022-06-300000317788srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300000317788us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2022-04-012022-06-300000317788us-gaap:RestrictedStockUnitsRSUMember2022-03-310000317788us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300000317788us-gaap:RestrictedStockUnitsRSUMember2022-06-300000317788us-gaap:EmployeeStockOptionMember2022-04-012022-06-300000317788us-gaap:EmployeeStockOptionMember2021-04-012021-06-300000317788srt:MinimumMemberapps:HostingArrangementMember2022-04-012022-06-300000317788apps:HostingArrangementMember2022-04-012022-06-300000317788srt:MaximumMemberapps:HostingArrangementMember2022-04-012022-06-30

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 June 30, 2022
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 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 August 1, 2022, the Company had 98,843,236 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 June 30, 2022
TABLE OF CONTENTS



PART I - FINANCIAL INFORMATION
ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS

Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value and share amounts)
June 30, 2022March 31, 2022
(Unaudited)
ASSETS
Current assets  
Cash$89,292 $126,768 
Restricted cash547 394 
Accounts receivable, net257,634 263,139 
Prepaid expenses and other current assets25,375 20,570 
Total current assets372,848 410,871 
Property and equipment, net33,828 31,086 
Right-of-use assets12,873 15,439 
Intangible assets, net426,909 440,589 
Goodwill554,963 559,792 
Other non-current assets590 732 
TOTAL ASSETS$1,402,011 $1,458,509 
LIABILITIES AND STOCKHOLDER'S EQUITY  
Current liabilities 
Accounts payable$173,920 $167,858 
Accrued license fees and revenue share86,155 95,170 
Accrued compensation17,345 28,775 
Acquisition purchase price liabilities 50,000 
Short-term debt 12,500 
Other current liabilities38,577 30,960 
Total current liabilities315,997 385,263 
Long-term debt, net of debt issuance costs472,987 520,785 
Deferred tax liabilities, net22,205 19,976 
Other non-current liabilities12,789 16,270 
Total liabilities823,978 942,294 
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; 99,515,747 issued and 98,757,622 outstanding at June 30, 2022; 97,921,826 issued and 97,163,701 outstanding at March 31, 2022
10 10 
Additional paid-in capital798,063 745,661 
Treasury stock (758,125 shares at June 30, 2022, and March 31, 2022)
(71)(71)
Accumulated other comprehensive loss(45,090)(39,341)
Accumulated deficit(176,866)(191,788)
Total stockholders' equity576,146 514,571 
Non-controlling interest1,887 1,644 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,402,011 $1,458,509 
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 June 30,
20222021
Net revenue$188,633 $158,075 
Costs of revenue and operating expenses
License fees and revenue share87,367 83,808 
Other direct costs of revenue8,915 4,468 
Product development14,133 12,924 
Sales and marketing16,058 13,736 
General and administrative37,725 23,994 
Total costs of revenue and operating expenses164,198 138,930 
Income from operations24,435 19,145 
Interest and other income / (expense), net
Interest expense, net(4,082)(1,157)
Foreign exchange transaction loss(331)(270)
Other income / (expense), net72 (35)
Total interest and other income / (expense), net(4,341)(1,462)
Income before income taxes20,094 17,683 
Income tax provision5,136 3,430 
Net income14,958 14,253 
Less: net income / (loss) attributable to non-controlling interest36 (31)
Net income attributable to Digital Turbine, Inc.14,922 14,284 
Other comprehensive loss
Foreign currency translation adjustment(5,542)(20,781)
Comprehensive income / (loss)9,416 (6,528)
Less: comprehensive income / (loss) attributable to non-controlling interest243 (793)
Comprehensive income / (loss) attributable to Digital Turbine, Inc.$9,173 $(5,735)
Net income per common share
Basic$0.15 $0.16 
Diluted$0.15 $0.14 
Weighted-average common shares outstanding
Basic97,822 91,585 
Diluted102,686 98,822 
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)
Three months ended June 30,
20222021
Cash flows from operating activities  
Net income$14,958 $14,253 
Adjustments to reconcile net income to net cash provided by / (used in) operating activities:
Depreciation and amortization19,929 8,653 
Non-cash interest expense210 127 
Loss on extinguishment of debt  
Stock-based compensation expense6,244 3,705 
Foreign exchange transaction (gain) / loss331  
Change in fair value of warrant liability 
Change in fair value of contingent consideration  
Payment of contingent consideration in excess of amount capitalized at acquisition  
Right-of-use asset2,654 628 
Deferred income taxes1,050 2,877 
(Increase) / decrease in assets:
Accounts receivable, gross6,626 (48,817)
Allowance for credit losses886 26 
Prepaid expenses and other current assets(4,967)(4,492)
Other non-current assets212 160 
Increase / (decrease) in liabilities:
Accounts payable5,718 35,396 
Accrued license fees and revenue share(9,433)3,573 
Accrued compensation(11,585)(46,956)
Other current liabilities7,368 2,455 
Other non-current liabilities(3,572)(585)
Net cash provided by / (used in) operating activities36,629 (28,997)
Cash flows from investing activities
Business acquisitions, net of cash acquired (126,604)
Capital expenditures(6,413)(4,364)
Net cash used in investing activities(6,413)(130,968)
Cash flows from financing activities
Payment of contingent consideration  
Proceeds from borrowings 237,041 
Payment of debt issuance costs (2,988)
Payment of deferred business acquisition consideration  
Options and warrants exercised296 695 
Payment of withholding taxes for net share settlement of equity awards(4,357) 
Repayment of debt obligations(60,508)(19,680)
Net cash provided by / (used in) financing activities(64,569)215,068 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(2,970)(2,209)
Net change in cash and cash equivalents and restricted cash(37,323)52,894 
Cash and cash equivalents and restricted cash, beginning of period127,162 31,118 
Cash and cash equivalents and restricted cash, end of period$89,839 $84,012 
Supplemental disclosure of cash flow information
Interest paid$3,340 $337 
Income taxes paid$445 $311 
Supplemental disclosure of non-cash activities
Common stock issued for the acquisition of Fyber$50,000 $359,233 
Unpaid contingent consideration with equity for the acquisition of Fyber minority interest$ $24,558 
Fair value of unpaid contingent consideration in connection with business acquisition$2,578 $213,413 
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
AmountPreferred Stock
Shares
AmountTreasury Stock
Shares
AmountAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Non-Controlling InterestTotal
Balance at March 31, 202297,163,701 $10 100,000 $100 758,125 $(71)$745,661 $(39,341)$(191,788)$1,644 $516,215 
Net income— — — — — — — — 14,922 36 14,958 
Foreign currency translation— — — — — — — (5,749)— 207 (5,542)
Stock-based compensation expense— — — — — — 6,463 — — — 6,463 
Shares issued:
Exercise of stock options380,176 — — — — — 296 — — — 296 
Issuance of restricted shares and vesting of restricted units7,763 — — — — — — — — — — 
Shares for acquisition of Fyber1,205,982 — — — — — 50,000 — — — 50,000 
Payment of withholding taxes related to the net share settlement of equity awards— — — — — — (4,357)— — — (4,357)
Balance at June 30, 202298,757,622 $10 100,000 $100 758,125 $(71)$798,063 $(45,090)$(176,866)$1,887 $578,033 
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*
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 expense— — — — — — 3,705 — — — 3,705 
Shares issued:
Exercise of stock options178,127 — — — — — 695 — — — 695 
Vesting of restricted and performance stock units207,758 — — — — — — — — — — 
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 
*De minimis adjustment to previously disclosed share count; no impact on quarter-to-date or year-to-date earnings per share in any period presented.
The accompanying notes are an integral part of these condensed consolidated financial statements.



Digital Turbine, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
June 30, 2022
(in thousands, except share and per share amounts)
1.    Description of Business
Digital Turbine, Inc., through its subsidiaries (collectively "Digital Turbine" or the "Company"), is a leading, independent mobile growth platform that levels up the landscape for advertisers, publishers, carriers, and device original equipment manufacturers ("OEMs"). The Company offers end-to-end products and solutions leveraging proprietary technology to all participants in the mobile application ecosystem, enabling brand discovery and advertising, user acquisition and engagement, and operational efficiency for advertisers. In addition, our products and solutions provide monetization opportunities for OEMs, carriers, and application ("app" or "apps") publishers and developers.
2.    Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The Company consolidates the financial results and reports non-controlling interests representing the economic interests held by other equity holders of subsidiaries that are not 100% owned by the Company. The calculation of non-controlling interests excludes any net income / (loss) attributable directly to the Company. All intercompany balances and transactions have been eliminated in consolidation.
These financial statements should be read in conjunction with the Company's audited financial statements and related notes included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2022.
Unaudited Interim Financial Information
These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods indicated. The results of operations for the three months ended June 30, 2022, are not necessarily indicative of the operating results for the full fiscal year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, including the determination of gross versus net revenue reporting, allowance for credit losses, stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of contingent earn-out considerations (please see Note 13, "Commitments and Contingencies," for further information on the fair value of the Company's contingent earn-out considerations), incremental borrowing rates for right-of-use assets and lease liabilities, and tax valuation allowances. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management’s estimates using different assumptions or under different conditions.
In light of the ongoing COVID-19 pandemic, management has considered the impacts of the COVID-19 pandemic on the Company’s critical and significant accounting estimates. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of its assets or liabilities as a result of the COVID-19 pandemic.
Management's estimates may change as new events occur and additional information is obtained. Actual results could differ from estimates and any such differences may be material to the Company’s condensed consolidated financial statements.



Summary of Significant Accounting Policies
There have been no significant changes to the Company’s significant accounting policies in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” of the notes to the consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2022, other than the "Recent Accounting Pronouncements" disclosed below and changes to the Company's segment reporting disclosed in Note 4, "Segment Information."
Recent Accounting Pronouncements
ASU 2020-04
In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Inter-Bank Offered Rate ("LIBOR") or by another reference rate expected to be discontinued. The amendments are effective for all entities through December 31, 2022, and can be adopted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company is continuing to assess ASU 2020-04 and its impact on the Company's consolidated financial statements.
3.    Acquisitions
Acquisition of Fyber N.V.
On May 25, 2021, the Company completed the initial closing of the acquisition of 95.1% of the outstanding voting shares (the “Majority Fyber Shares”) of Fyber N.V. (“Fyber”) pursuant to a Sale and Purchase Agreement (the "Fyber Acquisition") between Tennor Holding B.V., Advert Finance B.V., and Lars Windhorst (collectively, the “Seller”), the Company, and Digital Turbine Luxembourg S.ar.l., a wholly-owned subsidiary of the Company. The remaining outstanding shares in Fyber (the “Minority Fyber Shares”) are (to the Company's knowledge) held by other shareholders of Fyber (the “Minority Fyber Shareholders”) and are presented as non-controlling interests within these financial statements.
Fyber is a leading mobile advertising monetization platform empowering global app developers to optimize profitability through quality advertising. Fyber’s proprietary technology platform and expertise in mediation, real-time bidding, advanced analytics tools, and video combine to deliver publishers and advertisers a highly valuable app monetization solution. Fyber represents an important and strategic addition for the Company in its mission to develop one of the largest full-stack, fully-independent, mobile advertising solutions in the industry. The combined platform offering is advantageously positioned to leverage the Company’s existing on-device software presence and global distribution footprint.
The Company acquired Fyber in exchange for an estimated aggregate consideration of up to $600,000, consisting of:
i.Approximately $150,000 in cash, $124,336 of which was paid to the Seller at the closing of the acquisition and the remainder of which is to be paid to the Minority Fyber Shareholders for the Minority Fyber Shares pursuant to the tender offer described below;
ii.5,816,588 newly-issued shares of common stock of the Company to the Seller, which such number of shares was determined based on the volume-weighted average price of the common stock on NASDAQ during the 30-day period prior to the closing date, equal in value to $359,233 at the Company's common stock closing price on May 25, 2021, as follows.
1.3,216,935 newly-issued shares of common stock of the Company equal in value to $198,678, issued at the closing of the acquisition;
2.1,500,000 newly-issued shares of common stock of the Company equal in value to $92,640, issued on June 17, 2021;
3.1,040,364 newly-issued shares of common stock of the Company equal in value to $64,253, issued on July 16, 2021;



4.59,289 shares of common stock equal in value to $3,662, to be newly-issued during the Company's fiscal second quarter 2022, but subject to a true-up reduction based on increased transaction costs associated with the staggered delivery of the Majority Fyber Shares to the Company, which true-up reduction has been finalized, as described below; and
iii.Contingent upon Fyber’s net revenue (revenue less associated license fees and revenue share) being equal to or higher than $100,000 for the 12-month earn-out period ending on March 31, 2022, as determined in the manner set forth in the Sale and Purchase Agreement, a certain number of shares of the Company's common stock, which will be newly-issued to the Seller at the end of the earn-out period, and under certain circumstances, an amount of cash, which value of such shares, based on the weighted average share price for the 30-days prior to the end of the earn-out period, and cash in aggregate, will not exceed $50,000 (subject to set-off against certain potential indemnification claims against the Seller). Based on estimates at the time of the acquisition, the Company initially determined it was unlikely Fyber would achieve the earn-out net revenue target and, as a result, no contingent liability was recognized at that time.
The Company paid the cash closing amount on the closing date with a combination of available cash-on-hand and borrowings under the Company’s senior credit facility.
On September 30, 2021, the Company entered into the Second Amendment Agreement (the “Second Amendment Agreement”) to the Sale and Purchase Agreement for the Fyber Acquisition. Pursuant to the Second Amendment Agreement, the parties agreed to settle the remaining number of shares of Company common stock to be issued to the Seller at 18,000 shares (i.e., a reduction of 41,289 shares from the 59,289 shares described in (ii)(4) above). As a result, the Company issued a total of 5,775,299 shares of Company common stock to the Seller in connection with the Company’s acquisition of Fyber.
As of March 31, 2022, the Company had recognized the acquisition purchase price liability of $50,000. The Company settled the obligation through the issuance of 1,205,982 shares of the Company's common stock on May 19, 2022.
Pursuant to certain German law on public takeovers, following the closing, the Company launched a public tender offer to the Minority Fyber Shareholders to acquire from them the Minority Fyber Shares. The tender offer was approved and published in July 2021, and is subject to certain minimum price rules under German law. The timing and the conditions of the tender offer, including the consideration of €0.84 per share offered to the Minority Fyber Shareholders in connection with the tender offer, was determined by the Company pursuant to the applicable Dutch and German takeover laws. During the fiscal year ended March 31, 2022, the Company purchased an additional $18,341 of Fyber's outstanding shares, resulting in an ownership percentage of Fyber of approximately 99.5% as of June 30, 2022. The Company expects to complete the purchase of the remaining outstanding Fyber shares during fiscal year 2023.
The delisting of Fyber's remaining outstanding shares on the Frankfurt Stock Exchange was completed on August 6, 2021.



The fair values of the assets acquired and liabilities assumed at the date of acquisition are presented as follows1:
May 25, 2021Measurement Period AdjustmentsMay 25, 2021
(adjusted)
Assets acquired
Cash$71,489 $— $71,489 
Accounts receivable64,877 166 65,043 
Other current assets10,470 — 10,470 
Property and equipment1,561 — 1,561 
Right-of-use asset13,191 — 13,191 
Publisher relationships106,400 (95)106,305 
Developed technology86,900 — 86,900 
Trade names32,100 474 32,574 
Customer relationships31,400 — 31,400 
Favorable lease1,483 — 1,483 
Goodwill303,015 (2,572)300,443 
Other non-current assets851 — 851 
Total assets acquired$723,737 $(2,027)$721,710 
Liabilities assumed
Accounts payable$78,090 $(1,501)$76,589 
Accrued license fees and revenue share5,929 — 5,929 
Accrued compensation52,929 — 52,929 
Other current liabilities12,273 (1,739)10,534 
Short-term debt25,789 — 25,789 
Deferred tax liability, net25,213 3,627 28,840 
Other non-current liabilities15,386 — 15,386 
Total liabilities assumed$215,609 $387 $215,996 
Total purchase price$508,128 $(2,414)$505,714 
During the measurement period ended May 25, 2022, the Company recorded a cumulative net measurement period adjustment that decreased goodwill by $2,572, as presented in the table above. The Company made these measurement period adjustments to reflect facts and circumstances that existed as of the acquisition date and did not result from intervening events subsequent to such date.
The excess of cost of the Fyber Acquisition over the net amounts assigned to the fair values of the net assets acquired was recorded as goodwill and was assigned to the Company’s App Growth Platform ("AGP") segment. The goodwill consists largely of the expected cash flows and future growth anticipated for the Company. The goodwill is not deductible for tax purposes.
The identifiable intangible assets consist of publisher relationships, developed technology, trade names, customer relationships, and a favorable lease. The publisher relationships, developed technology, trade names, and customer relationships intangibles were assigned useful lives of 20.0 years, 7.0 years, 7.0 years, and 3.0 years, respectively. The below-market favorable lease was derived from Fyber's office lease in Berlin, Germany and, per ASC 842, Leases, will be combined with Fyber's right-of-use asset for that lease and will be amortized over the remaining life of that lease. The values for the identifiable intangible assets were determined using the following valuation methodologies:
Publisher Relationships - Multi-Period Excess Earnings Method
Developed Technology - Relief from Royalty Method
Trade Names - Relief from Royalty Method
Customer Relationships - With-and-Without Method
Favorable Lease - Income Approach
1The purchase consideration was translated using the Euro-to-United States ("U.S.") dollar exchange rate in effect on the acquisition closing date, May 25, 2021, of approximately €1.00 to $1.22.



The Company recognized $560 and $3,599 of costs related to the Fyber Acquisition in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income / (loss) for the three months ended June 30, 2022 and 2021, respectively.
Acquisition of AdColony Holding AS
On April 29, 2021, the Company completed the acquisition of AdColony Holding AS, a Norway company (“AdColony”), pursuant to a Share Purchase Agreement (the "AdColony Acquisition"). The Company acquired all outstanding capital stock of AdColony in exchange for an estimated total consideration in the range of $400,000 to $425,000, to be paid as follows: (1) $100,000 in cash paid at closing (subject to customary closing purchase price adjustments), (2) $100,000 in cash to be paid six months after closing, and (3) an estimated earn-out in the range of $200,000 to $225,000, to be paid in cash, based on AdColony achieving certain future target net revenue, less associated cost of goods sold (as such term is referenced in the Share Purchase Agreement), over a 12-month period ending on December 31, 2021 (the “Earn-Out Period”). Under the terms of the earn-out, the Company would pay the seller a certain percentage of actual net revenue (less associated cost of goods sold, as such term is referenced in the Share Purchase Agreement) of AdColony, depending on the extent to which AdColony achieves certain target net revenue (less associated cost of goods sold, as such term is referenced in the Share Purchase Agreement) over the Earn-Out Period. The earn-out payment will be made following the expiration of the Earn-Out Period.
AdColony is a leading mobile advertising platform servicing advertisers and publishers. AdColony’s proprietary video technologies and rich media formats are widely viewed as a best-in-class technology delivering third-party verified viewability rates for well-known global brands. With the addition of AdColony, the Company expanded its collective experience, reach, and suite of capabilities to benefit mobile advertisers and publishers around the globe. Performance-based spending trends by large, established brand advertisers present material upside opportunities for platforms with unique technology deployable across exclusive access to inventory.
On August 27, 2021, the Company entered into an Amendment to Share Purchase Agreement (the “Amendment Agreement”) with AdColony and Otello Corporation ASA, a Norway company and AdColony's previous parent company. Pursuant to the Amendment Agreement, the Company and Otello agreed to set a fixed dollar amount of $204,500 for the earn-out payment obligation, to set January 15, 2022, as the payment due date for such payment amount, and to eliminate all of the Company’s earn-out support obligations under the Share Purchase Agreement. As a result, the Company recognized an $8,913 reduction of the earn-out payment obligation in change in fair value of contingent consideration on the condensed consolidated statement of operations and comprehensive income / (loss) for the fiscal second quarter ended September 30, 2021.
The Company paid the cash consideration amounts that were due at closing and on October 26, 2021, with a combination of available cash-on-hand and borrowings under the Company’s senior credit facility. The payment made on October 26, 2021, was reduced to $98,175 due to an adjustment for the impact of accrued and unpaid taxes to the net working capital acquired. The difference between the amount due of $100,000 and amount paid resulted in an adjustment to goodwill.
On January 15, 2022, the Company paid the AdColony Acquisition earn-out consideration of $204,500 with available cash-on-hand and an additional $179,000 of borrowings under the New Credit Agreement.



The fair values of the assets acquired and liabilities assumed at the date of acquisition are presented as follows:
April 29, 2021Measurement Period AdjustmentsApril 29, 2021
(adjusted)
Assets acquired
Cash$24,793 $— $24,793 
Accounts receivable57,285 — 57,285 
Other current assets1,845 — 1,845 
Property and equipment1,566 — 1,566 
Right-of-use asset2,460 — 2,460 
Customer relationships102,400 (600)101,800 
Developed technology51,100 — 51,100 
Trade names36,100 (100)36,000 
Publisher relationships4,400 — 4,400 
Goodwill202,552 (3,502)199,050 
Other non-current assets131 — 131 
Total assets acquired$484,632 $(4,202)$480,430 
Liabilities assumed
Accounts payable$21,140 $— $21,140 
Accrued license fees and revenue share28,920 — 28,920 
Accrued compensation8,453 — 8,453 
Other current liabilities1,867 — 1,867 
Deferred tax liability, net10,520 (2,377)8,143 
Other non-current liabilities1,770 — 1,770 
Total liabilities assumed$72,670 $(2,377)$70,293 
Total purchase price$411,962 $(1,825)$410,137 
During the measurement period ended April 29, 2022, the Company recorded a cumulative net measurement period adjustment that decreased goodwill by $3,502, as presented in the table above. The Company made these measurement period adjustments to reflect facts and circumstances that existed as of the acquisition date and did not result from intervening events subsequent to such date.
The excess of cost of the AdColony Acquisition over the net amounts assigned to the fair values of the net assets acquired was recorded as goodwill and was assigned to the Company’s AGP segment. The goodwill consists largely of the expected cash flows and future growth anticipated for the Company. The goodwill is not deductible for tax purposes.
The identifiable intangible assets consist of customer relationships, developed technology, trade names, and publisher relationships and were assigned useful lives of 8.0 years to 15.0 years, 7.0 years, 7.0 years, and 10.0 years, respectively. The values for the identifiable intangible assets were determined using the following valuation methodologies:
Customer Relationships - Multi-Period Excess Earnings Method
Developed Technology - Relief from Royalty Method
Trade Names - Relief from Royalty Method
Publisher Relationships - Cost Approach
The Company recognized $150 and $2,871 of costs related to the AdColony Acquisition in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income / (loss) for the three months ended June 30, 2022 and 2021, respectively.



Pro Forma Financial Information (Unaudited)
The pro forma information below gives effect to the Fyber Acquisition and the AdColony Acquisition (collectively, the “Acquisitions”) as if they had been completed on the first day of each period presented. The pro forma results of operations are presented for information purposes only. As such, they are not necessarily indicative of the Company’s results had the Acquisitions been completed on the first day of each period presented, nor do they intend to represent the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the Acquisitions and does not reflect additional revenue opportunities following the Acquisitions. The pro forma information includes adjustments to record the assets and liabilities associated with the Acquisitions at their respective fair values, based on available information and to give effect to the financing for the Acquisitions.
Three months ended June 30,
2021
Unaudited
(in thousands, except per share amounts)
Net revenue$180,472 
Net income / (loss) attributable to controlling interest$(18,417)
Basic net income / (loss) attributable to controlling interest per common share$(0.20)
Diluted net income / (loss) attributable to controlling interest per common share$(0.20)
4.    Segment Information
Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that its Chief Executive Officer is the CODM.
As of March 31, 2022, the Company operated through three operating segments, each of which was a reportable segment. The three segments were On Device Media ("ODM"), In-App Media - AdColony ("IAM-A"), and In-App Media-Fyber ("IAM-F"). Effective April 1, 2022, the Company made certain changes to its organizational and management structure that resulted in the following: (1) the renaming of the On Device Media segment to On Device Solutions and (2) the integration of IAM-A and IAM-F into a single segment. The integration of IAM-A and IAM-F was completed to drive operating efficiencies and revenue synergies. As a result of the integration of IAM-A and IAM-F, the Company reassessed its operating and reportable segments in accordance with ASC 280, Segment Reporting. Effective April 1, 2022, the Company reports its results of operations through the following two segments, each of which represents an operating and reportable segment, as follows:
On Device Solutions ("ODS") - The Company re-named the ODM segment On Device Solutions to better reflect the nature of the segment's product offerings. This segment generates revenue from the delivery of mobile application media or content to end users. This segment provides focused solutions to all participants in the mobile application ecosystem that want to connect with end users and consumers who hold the device, including mobile carriers and device OEMs that participate in the app economy, app publishers and developers, and brands and advertising agencies. This segment's product offerings are enabled through relationships with mobile device carriers and OEMs.
App Growth Platform ("AGP") - This segment consists of the previously reported IAM-A and IAM-F segments. AGP customers are primarily advertisers and publishers and the segment provides platforms that allows mobile app publishers and developers to monetize their monthly active users via display, native, and video advertising. The AGP platforms allow demand side platforms, advertisers, agencies, and publishers to buy and sell digital ad impressions, primarily through programmatic, real-time bidding auctions and, in some cases, through direct-bought/sold advertiser budgets. The segment also provides brand and performance advertising products to advertisers and agencies.
The Company's CODM evaluates segment performance and makes resource allocation decisions primarily through the metric of net revenue less associated license fees and revenue share, as shown in the segment information summary table below. The Company's CODM does not allocate other direct costs of revenue, operating expenses, interest and other income / (expense), net, or provision for income taxes to these segments for the purpose of evaluating segment performance. Additionally, the Company does not allocate assets to segments for internal reporting purposes as the CODM does not manage the Company's segments by such metrics.



A summary of segment information follows:
Three months ended June 30, 2022
ODSAGPEliminationConsolidated
Net revenue$118,637 $72,366 $(2,370)$188,633 
License fees and revenue share68,450 21,287 (2,370)87,367 
Segment profit$50,187 $51,079 $ $101,266 
 Three months ended June 30, 2021
ODSAGPEliminationConsolidated
Net revenue$120,383 $39,474 $(1,782)$158,075 
License fees and revenue share70,031 15,559 (1,782)83,808 
Segment profit$50,352 $23,915 $ $74,267 
Geographic Area Information
Long-lived assets, excluding deferred tax assets and intangible assets, by region follow:
 June 30, 2022March 31, 2022
United States and Canada$27,270 $25,946 
Europe, Middle East, and Africa6,514