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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, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-35958
apps-20221231_g1.jpg
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 February 5, 2023, the Company had 99,197,058 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, 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)
December 31, 2022March 31, 2022
(Unaudited)
ASSETS
Current assets  
Cash$79,307 $126,768 
Restricted cash554 394 
Accounts receivable, net231,001 263,139 
Prepaid expenses and other current assets31,912 20,570 
Total current assets342,774 410,871 
Property and equipment, net38,759 31,086 
Right-of-use assets10,973 15,439 
Intangible assets, net395,181 440,589 
Goodwill560,340 559,792 
Other non-current assets4,648 732 
TOTAL ASSETS$1,352,675 $1,458,509 
LIABILITIES AND STOCKHOLDER’S EQUITY  
Current liabilities 
Accounts payable$154,320 $167,858 
Accrued license fees and revenue share75,380 95,170 
Accrued compensation16,206 28,775 
Acquisition purchase price liabilities 50,000 
Current portion of debt 12,500 
Other current liabilities43,460 30,960 
Total current liabilities289,366 385,263 
Long-term debt, net of debt issuance costs422,310 520,785 
Deferred tax liabilities, net18,786 19,976 
Other non-current liabilities14,586 16,270 
Total liabilities745,048 942,294 
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; 99,901,328 issued and 99,143,203 outstanding at December 31, 2022; 97,921,826 issued and 97,163,701 outstanding at March 31, 2022
10 10 
Additional paid-in capital810,994 745,661 
Treasury stock (758,125 shares at December 31, 2022, and March 31, 2022)
(71)(71)
Accumulated other comprehensive loss(44,201)(39,341)
Accumulated deficit(161,183)(191,788)
Total stockholders’ equity605,649 514,571 
Non-controlling interest1,978 1,644 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,352,675 $1,458,509 
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,
2022202120222021
Net revenue$162,310 $216,818 $525,802 $563,461 
Costs of revenue and operating expenses
License fees and revenue share73,370 109,053 237,618 284,369 
Other direct costs of revenue9,324 9,090 27,438 21,385 
Product development14,218 13,755 43,087 40,594 
Sales and marketing16,469 15,857 48,017 47,072 
General and administrative39,132 39,924 114,328 105,225 
Total costs of revenue and operating expenses152,513 187,679 470,488 498,645 
Income from operations9,797 29,139 55,314 64,816 
Interest and other income / (expense), net
Change in fair value of contingent consideration (18,200) (40,287)
Interest expense, net(6,913)(2,195)(16,224)(5,307)
Foreign exchange transaction gain / (loss)17 2,122 (595)1,603 
Other income / (expense), net8 (86)392 (598)
Total interest and other income / (expense), net(6,888)(18,359)(16,427)(44,589)
Income before income taxes2,909 10,780 38,887 20,227 
Income tax provision / (benefit)(1,153)3,718 8,164 4,799 
Net income4,062 7,062 30,723 15,428 
Less: net income / (loss) attributable to non-controlling interest43 48 118 (18)
Net income attributable to Digital Turbine, Inc.4,019 7,014 30,605 15,446 
Other comprehensive loss
Foreign currency translation adjustment10,144 (8,389)(4,644)(45,062)
Comprehensive income / (loss)14,206 (1,327)26,079 (29,634)
Less: comprehensive income / (loss) attributable to non-controlling interest59 (11)334 (932)
Comprehensive income / (loss) attributable to Digital Turbine, Inc.$14,147 $(1,316)$25,745 $(28,702)
Net income per common share
Basic$0.04 $0.07 $0.31 $0.16 
Diluted$0.04 $0.07 $0.30 $0.15 
Weighted-average common shares outstanding
Basic99,108 96,548 98,623 94,620 
Diluted103,348 103,287 103,674 101,346 
1In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3, “Acquisitions,” 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,
20222021
Cash flows from operating activities  
Net income$30,723 $15,428 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization60,147 40,946 
Non-cash interest expense619 500 
Stock-based compensation expense19,643 15,369 
Foreign exchange transaction (gain) / loss581 (1,603)
Change in fair value of contingent consideration 40,287 
Right-of-use asset4,868 3,270 
Deferred income taxes(2,494)4,799 
(Increase) / decrease in assets:
Accounts receivable, gross32,816 (104,535)
Allowance for credit losses3,009 412 
Prepaid expenses and other current assets(11,397)(5,760)
Other non-current assets100 74 
Increase / (decrease) in liabilities:
Accounts payable(14,113)38,467 
Accrued license fees and revenue share(20,324)29,377 
Accrued compensation(13,131)(33,506)
Other current liabilities11,784 1,114 
Other non-current liabilities(5,317)(1,177)
Net cash provided by operating activities97,514 43,462 
Cash flows from investing activities
Equity investments(4,000) 
Business acquisitions, net of cash acquired(2,708)(148,192)
Capital expenditures(18,598)(15,692)
Net cash used in investing activities(25,306)(163,884)
Cash flows from financing activities
Proceeds from borrowings18,000 369,913 
Payment of debt issuance costs(94)(4,044)
Payment of deferred business acquisition consideration (98,175)
Options and warrants exercised1,095 2,814 
Payment of withholding taxes for net share settlement of equity awards(6,202)(7,587)
Repayment of debt obligations(129,500)(52,623)
Net cash provided by / (used in) financing activities(116,701)210,298 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(2,808)(5,554)
Net change in cash and cash equivalents and restricted cash(47,301)84,322 
Cash and cash equivalents and restricted cash, beginning of period127,162 31,118 
Cash and cash equivalents and restricted cash, end of period$79,861 $115,440 
Supplemental disclosure of cash flow information
Interest paid$12,912 $3,882 
Income taxes paid$3,917 $954 
Supplemental disclosure of non-cash activities
Common stock issued for the acquisition of Fyber$50,000 $356,686 
Unpaid cash consideration for the acquisition of Fyber Minority Interest$2,578 $3,106 
Fair value of unpaid contingent consideration in connection with business acquisitions$2,738 $204,500 
1In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3, “Acquisitions,” 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, 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 
Net income— — — — — — — — 11,664 39 11,703 
Foreign currency translation— — — — — — — (9,239)— (7)(9,246)
Stock-based compensation expense— — — — — — 6,142 — — — 6,142 
Shares issued:
Exercise of stock options198,778 — — — — — 643 — — — 643 
Issuance of restricted shares and vesting of restricted units29,035 — — — — — — — — — — 
Payment of withholding taxes related to the net share settlement of equity awards— — — — — — (1,572)— — — (1,572)
Balance at September 30, 202298,985,435 $10 100,000 $100 758,125 $(71)$803,276 $(54,329)$(165,202)$1,919 $585,703 
Net income— — — — — — — — 4,019 43 4,062 
Foreign currency translation— — — — — — — 10,128 — 16 10,144 
Stock-based compensation expense— — — — — — 7,835 — — — 7,835 
Shares issued:
Exercise of stock options84,594 — — — — — 156 — — — 156 
Issuance of restricted shares and vesting of restricted units73,174 — — — — — — — — — — 
Payment of withholding taxes related to the net share settlement of equity awards— — — — — — (273)— — — (273)
Balance at December 31, 202299,143,203 $10 100,000 $100 758,125 $(71)$810,994 $(44,201)$(161,183)$1,978 $607,627 
1In the fiscal quarter ended June 30, 2021, the Company initiated two significant acquisitions. Please refer to Note 3, “Acquisitions,” 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 SharesAmountAdditional
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 
Net loss— — — — — — — — (5,852)(35)(5,887)
Foreign currency translation— — — — — — — (15,799)— (93)(15,892)
Stock-based compensation expense— — — — — — 5,925 — — — 5,925 
Shares issued:
Exercise of stock options480,422 — — — — — 1,460 — — — 1,460 
Issuance of restricted shares and vesting of restricted units28,477 — — — — — — — — — — 
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 $(36,721)$