Digital Turbine Reports Fiscal 2020 Second Quarter Results

Revenue of $32.8 Million Represented 37% Annual Growth

Published

AUSTIN, Texas, Nov. 4, 2019 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal second quarter ended September 30, 2019.  All operating results discussed below, except as otherwise specifically noted, refer only to the continuing operations of the Company, and all comparisons to prior periods have been adjusted to reflect only continuing operations. 

Recent Highlights:

  • Fiscal second quarter revenue was $32.8 million, representing 37% growth when compared to the fiscal second quarter of 2019.
  • GAAP net loss for the fiscal second quarter was $1.3 million, or ($0.02) per share, as compared to GAAP net income of $2.1 million, or $0.03 per share for the fiscal second quarter of 2019. Non-GAAP adjusted net income1 for the fiscal second quarter was $4.1 million, or $0.05 per share, as compared to Non-GAAP adjusted net income of $1.1 million, or $0.01 per share, in the fiscal second quarter of 2019.
  • Non-GAAP adjusted EBITDA2 for the fiscal second quarter was $4.5 million, as compared to Non-GAAP adjusted EBITDA of $1.6 million in the fiscal second quarter of 2019.
  • GAAP cash provided by operating activities totaled $6.7 million in the fiscal second quarter. Non-GAAP free cash flow3 totaled $5.7 million in the fiscal second quarter.
  • GAAP gross margin was 38% for the fiscal second quarter of 2020, as compared to a 32% GAAP gross margin in the fiscal second quarter of 2019. Non-GAAP adjusted gross margin4 was 39% for the fiscal second quarter of 2020, as compared to 34% in the fiscal second quarter of 2019.
  • The Company has surpassed 325 million total devices with Ignite installed to date, including more than 36 million devices installed during the September quarter.
  • The Company's cash balance was $25.2 million as of September 30, 2019, as compared to the June 30, 2019 balance of $16.2 million. The Company had zero total debt as of September 30, 2019.

"I am pleased with our second quarter results," said Bill Stone, CEO.  "Our ability to simultaneously drive strong growth on both the top and bottom lines demonstrates the market momentum and inherent operating leverage of our business.  Spearheaded by growing partner adoption of our leading mobile platform and robust worldwide demand from advertisers, we achieved strong financial results, generating more than $4.5 million in Adjusted EBITDA and $5.7 million in free cash flow during the quarter.  As a result of this performance, we exited the September quarter with more than $25 million in cash on our debt-free balance sheet.  We believe that the results reported today are further demonstration that we have successfully developed an attractive, highly scalable, and profitable platform business."

"In addition to delivering strong operating results, we are also continuing to make meaningful progress in terms of our product development and business development efforts that will prove integral to the company's sustained growth in the future.  On the product development side, our platform diversification efforts are now yielding more noteworthy results, as non-Dynamic Install product revenue grew more than 30% sequentially and represented an all-time high of 18% of total revenue in the September quarter. Additionally, we are strongly encouraged by preliminary results and early indications of interest from our partners for our NewsHub and still other newer platform features that we believe possess potential to contribute significantly in coming years.  Meanwhile, the expanded scale and functionality of our increasingly global platform is helping to set Digital Turbine apart as we work toward new partnerships with additional tier-one mobile OEM and operator partners." 

Mr. Stone concluded, "As we approach the seasonally-strong holiday period for our business, I remain highly confident that Digital Turbine and its platform constituents will continue to prosper via the measurable value that our platform is adding for mobile operators and OEMs, app developers and advertisers, and ultimately end-users in search of a richer, more relevant homescreen experience."

Fiscal Second Quarter Financial Results

Revenue for the second quarter of fiscal 2020 was $32.8 million, representing an increase of 37% year-over-year. Revenue growth was primarily driven by higher revenue-per-device with our large U.S.-based carrier partners, reflecting strong advertiser demand for Dynamic Installs as well as incremental contributions from new partners and products more recently added to the platform.

GAAP gross margin was 38% for the second quarter of fiscal 2020, as compared to a 32% GAAP gross margin in the second quarter of fiscal 2019.  Non-GAAP adjusted gross margin4 increased to 39% for the second quarter of fiscal 2020, as compared to 34% for the second quarter of fiscal 2019.

Net loss from continuing operations for the second quarter of fiscal 2020 was $1.3 million, or ($0.02) per share, as compared to net income from continuing operations for the second quarter of fiscal 2019 of $2.1 million, or $0.03 per share.  Non-GAAP adjusted net income1 for the second quarter of fiscal 2020 was $4.1 million, or $0.05 per share, as compared to Non-GAAP adjusted net income of $1.1 million, or $0.01 per share, during the second quarter of fiscal 2019.

Non-GAAP adjusted EBITDA2 was $4.5 million for the second quarter of fiscal 2020, as compared to Non-GAAP adjusted EBITDA of $1.6 million for the second quarter of fiscal 2019. The reconciliation between GAAP and Non-GAAP financial results for all referenced periods is provided in a table immediately following the Unaudited Consolidated Statement of Cash Flows below.

Business Outlook

Based on information available as of November 4, 2019, the Company expects third quarter fiscal 2020 revenue of between $37.0 million and $38.2 million, and non-GAAP adjusted EBITDA2 of between $5.0 million and $5.5 million.  It is not reasonably practicable to provide a business outlook for GAAP net income/(loss) from continuing operations because the Company cannot reasonably estimate the changes in the fair value of derivatives associated with outstanding warrants issued in connection with the September 2016 convertible notes offering, which are directly impacted by changes in the Company's stock price. 

About Digital Turbine, Inc.

Digital Turbine innovates at the convergence of media and mobile communications, connecting top mobile operators, OEMs and publishers with app developers and advertisers worldwide. Its comprehensive Mobile Delivery Platform powers frictionless user acquisition and engagement, operational efficiency and monetization opportunities. Digital Turbine's technology platform has been adopted by more than 35 mobile operators and OEMs worldwide, and has delivered more than one billion app preloads for tens of thousands advertising campaigns. The company is headquartered in Austin, Texas, with global offices in Durham, Mumbai, San Francisco, Singapore and Tel Aviv. For additional information visit www.digitalturbine.com.

Conference Call Management will host a conference call today at 4:30 p.m. ET to discuss its second quarter financial results and provide operational updates on the business. To participate, interested parties should dial 855-238-2713 in the United States or 412-542-4111 from international locations. A webcast of the conference call will be available at ir.digitalturbine.com/events.

For those who are not able to join the live call, a playback will be available through November 11, 2019. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 10136386.

The conference call will discuss guidance and other material information.

Use of Non-GAAP Financial Measures To supplement the Company's condensed consolidated financial statements presented in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), Digital Turbine uses non-GAAP measures of certain components of financial performance.  These non-GAAP measures include non-GAAP adjusted gross profit, non-GAAP gross margin, non-GAAP adjusted EBITDA and non-GAAP free cash flow.   Reconciliations to the nearest GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.

Non-GAAP measures are provided to enhance investors' overall understanding of the Company's current financial performance, prospects for the future and as a means to evaluate period-to-period comparisons.  The Company believes that these Non-GAAP measures provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results.  The Company believes the non-GAAP measures that exclude such items when viewed in conjunction with GAAP results and the accompanying reconciliations enhance the comparability of results against prior periods and allow for greater transparency of financial results.  The Company believes Non-GAAP measures facilitate management's internal comparison of its financial performance to that of prior periods as well as trend analysis for budgeting and planning purposes.  The presentation of Non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

1Non-GAAP adjusted net income and EPS are defined as GAAP net income/(loss) and EPS adjusted to exclude the effect of stock-based compensation, amortization of intangibles, changes in the fair value of derivatives associated with warrants issued in connection with the September 2016 convertible notes offering, and loss on extinguishment of debt.  Readers are cautioned that Non-GAAP adjusted net income and EPS should not be construed as an alternative to comparable GAAP net income figures determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP. 

2Non-GAAP adjusted EBITDA is calculated as GAAP net income/(loss) excluding the following cash and non-cash expenses: interest expense, foreign exchange transaction income, income tax provision/(benefit), depreciation and amortization, stock-based compensation expense, the change in fair value of derivatives associated with warrants issued in connection with the September 2016 convertible notes offering, other expense, and loss on extinguishment of debt.  Readers are cautioned that Non-GAAP adjusted EBITDA should not be construed as an alternative to net income/(loss) determined in accordance with U.S. GAAP as an indicator of performance, which is the most comparable measure under GAAP.

3Non-GAAP free cash flow, which is a non-GAAP financial measure, is defined as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures. Readers are cautioned that free cash flow should not be construed as an alternative to net cash provided by operating activities determined in accordance with U.S. GAAP as an indicator of profitability, performance or liquidity, which is the most comparable measure under GAAP.

4Non-GAAP adjusted gross profit and gross margin are defined as GAAP gross profit and gross margin adjusted to exclude the effect of intangible amortization expense and depreciation of software.  Readers are cautioned that Non-GAAP adjusted gross profit and gross margin should not be construed as an alternative to gross margin determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP. 

Non-GAAP adjusted gross profit and gross margin, Non-GAAP adjusted EBITDA, Non-GAAP adjusted net income / (loss) and EPS, and Non-GAAP free cash flow are used by management as internal measures of profitability, performance and liquidity.  They have been included because the Company believes that the measures are used by certain investors to assess the Company's financial performance before non-cash charges and certain costs that the Company does not believe are reflective of its underlying business.

Forward-Looking Statements  This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are not statements of historical fact and that concern future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events, including financial projections and growth in various products are forward-looking statements that speak only as of the date made and which involve known and unknown risks, uncertainties and other factors which may, should one or more of these risks uncertainties or other factors materialize, cause actual results to differ materially from those expressed or implied by such statements.

These factors and risks include:

  • risks associated with Ignite adoption among existing customers (including the impact of possible delays with major carrier and OEM partners in the roll out for mobile phones deploying Ignite)
  • actual mobile device sales and sell-through where Ignite is deployed is out of our control
  • risks associated with new privacy laws, such as the European Union's GDPR and similar laws which may require changes to our development and user interface for certain functionality of our Ignite product
  • risks associated with the timing of Ignite software pushes to the embedded bases of carrier and OEM partners
  • risks associated with end user take rates of carrier and OEM software pushes which include Ignite
  • new customer adoption and time to revenue with new carrier and OEM partners is subject to delays and factors out of our control
  • risks associated with fluctuations in the number of Ignite slots across US carrier partners
  • required customization and technical integration which may slow down time to revenue notwithstanding the existence of a distribution agreement
  • risks associated with delays in major mobile phone launches, or the failure of such launches to achieve the scale
  • customer adoption that either we or the market may expect
  • the difficulty of extrapolating monthly demand to quarterly demand
  • the challenges, given the Company's comparatively small size, to expand the combined Company's global reach, accelerate growth and create a scalable, low-capex business model that drives EBITDA (as well as Adjusted EBITDA)
  • ability as a smaller Company to manage international operations
  • varying and often unpredictable levels of orders; the challenges inherent in technology development necessary to maintain the Company's competitive advantage such as adherence to release schedules and the costs and time required for finalization and gaining market acceptance of new products
  • changes in economic conditions and market demand
  • rapid and complex changes occurring in the mobile marketplace
  • pricing and other activities by competitors
  • derivative and warrant liabilities on our balance sheet will fluctuate as our stock price moves and will also produce changes in our statement of operations; these fluctuations and changes might materially impact our reported GAAP financials in an adverse manner, particularly if our stock price were to rise
  • technology management risk as the Company needs to adapt to complex specifications of different carriers and the management of a complex technology platform given the Company's relatively limited resources, and
  • other risks including those described from time to time in Digital Turbine's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC), press releases and other communications.

You should not place undue reliance on these forward-looking statements.  The Company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contacts:

Brian Bartholomew Digital Turbine brian.bartholomew@digitalturbine.com

 

Digital Turbine, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income / (Loss)
(in thousands, except per share amounts)
3 Months Ended 3 Months Ended
September 30, 2019 September 30, 2018
(Unaudited) (Unaudited)
Net revenues $                         32,795 $                         23,854
Cost of revenues
License fees and revenue share 20,146 15,802
Other direct cost of revenues 344 508
Total cost of revenues 20,490 16,310
Gross profit 12,305 7,544
Operating expenses
Product development 2,735 2,637
Sales and marketing 2,441 1,913
General and administrative 4,014 2,679
Total operating expenses 9,190 7,229
Income from operations 3,115 315
Interest and other expense, net
Interest income / (expense), net 41 (135)
Change in fair value of convertible note embedded derivative liability - 952
Change in fair value of warrant liability (4,505) 926
Other income 84 (13)
Total interest and other income / (expense), net (4,380) 1,730
Income / (loss) from operations before income taxes (1,265) 2,045
Income tax provision / (benefit) 72 (23)
Net income / (loss) from operations, net of taxes $                          (1,337) $                             2,068
Loss from discontinued operations $                               (88) $                              (356)
     Net loss from discontinued operations, net of taxes $                               (88) $                              (356)
Net income / (loss) $                          (1,425) $                             1,712
Foreign currency translation adjustment (418) -
Comprehensive income / (loss): $                          (1,843) $                             1,712
Basic and diluted net income / (loss) per common share
Continuing operations $                            (0.02) $                               0.03
Discontinued operations $                            (0.00) $                             (0.01)
Net income / (loss) $                            (0.02) $                               0.02
Weighted average common shares outstanding, basic 83,909 77,193
Weighted average common shares outstanding, diluted 83,909 78,780

 

Digital Turbine, Inc. and Subsidiaries Digital Turbine, Inc. and Subsidiaries Consolidated Balance Sheets
Consolidated Statements of Operations and Comprehensive Income / (Loss)
(in thousands, except par value and share amounts)
(in thousands, except per share amounts)
3 Months Ended 3 Months Ended September 30, 2019 March 31, 2019
September 30, 2019 September 30, 2018 (Unaudited)
(Unaudited) (Unaudited) ASSETS
Net revenues $                         32,795 $                         23,854 Current assets
Cost of revenues Cash and cash equivalents $                         25,154 $                         10,894
License fees and revenue share 20,146 15,802 Restricted cash 165 165
Other direct cost of revenues 344 508 Accounts receivable, net of allowances of $1,053 and $895, respectively 25,303 22,707
Total cost of revenues 20,490 16,310 Prepaid expenses and other current assets 1,434 1,331
Gross profit 12,305 7,544 Current assets held for disposal 1,474 2,026
Operating expenses Total current assets 53,530 37,123
Product development 2,735 2,637 Property and equipment, net 4,278 3,430
Sales and marketing 2,441 1,913 Right-of-use assets 2,133 -
General and administrative 4,014 2,679 Deferred tax assets 13 40
Total operating expenses 9,190 7,229 Goodwill 42,268 42,268
Income from operations 3,115 315 TOTAL ASSETS $                      102,222 $                        82,861
Interest and other expense, net LIABILITIES AND STOCKHOLDERS' EQUITY
Interest income / (expense), net 41 (135) Current liabilities
Change in fair value of convertible note embedded derivative liability - 952 Accounts payable $                         22,314 $                         14,912
Change in fair value of warrant liability (4,505) 926 Accrued license fees and revenue share 11,631 16,205
Other income 84 (13) Accrued compensation 2,460 2,441
Total interest and other income / (expense), net (4,380) 1,730 Warrant liability 8,375 -
Income / (loss) from operations before income taxes (1,265) 2,045 Other current liabilities 3,249 826
Income tax provision / (benefit) 72 (23) Current liabilities held for disposal 3,516 3,924
Net income / (loss) from operations, net of taxes $                          (1,337) $                             2,068 Total current liabilities 51,545 38,308
Loss from discontinued operations $                               (88) $                              (356) Warrant liability - 8,013
     Net loss from discontinued operations, net of taxes $                               (88) $                              (356) Other non-current liabilities 2,110 182
Net income / (loss) $                          (1,425) $                             1,712 Total liabilities 53,655 46,503
Foreign currency translation adjustment (418) - Stockholders' equity
Comprehensive income / (loss): $                          (1,843) $                             1,712 Preferred stock
Basic and diluted net income / (loss) per common share Series A convertible preferred stock at $0.0001 par value;2,000,000 shares authorized, 100,000 issued and outstanding(liquidation preference of $1,000) 100 100
Continuing operations $                            (0.02) $                               0.03 Common stock
Discontinued operations $                            (0.00) $                             (0.01) Common Stock at '$0.0001 par value: 200,000,000 shares authorized; 85,981,426 issued and 85,246,970 outstanding at September 30, 2019; 82,354,940 issued and 81,620,484 outstanding at March 31, 2019 10 10
Net income / (loss) $                            (0.02) $                               0.02 Additional paid-in capital 348,566 332,793
Weighted average common shares outstanding, basic 83,909 77,193 Treasury stock (754,599 shares at September 30, 2019 and March 31, 2019) (71) (71)
Weighted average common shares outstanding, diluted 83,909 78,780 Accumulated other comprehensive loss (676) (356)
Accumulated deficit (299,362) (296,118)
Total stockholders' equity 48,567 36,358
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $                     102,222 $                       82,861

 

Digital Turbine, Inc. and Subsidiaries Digital Turbine, Inc. and Subsidiaries Consolidated Balance Sheets Digital Turbine, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income / (Loss) Consolidated Statements of Cash Flows
(in thousands, except par value and share amounts) (in thousands)
(in thousands, except per share amounts)
3 Months Ended 3 Months Ended
3 Months Ended 3 Months Ended September 30, 2019 March 31, 2019 September 30, 2019 September 30, 2018
September 30, 2019 September 30, 2018 (Unaudited) (Unaudited) (Unaudited)
(Unaudited) (Unaudited) ASSETS Cash flows from operating activities
Net revenues $                         32,795 $                         23,854 Current assets Net income / (loss) from continuing operations, net of taxes  $                          (1,337) $                           2,068
Cost of revenues Cash and cash equivalents $                         25,154 $                         10,894 Adjustments to reconcile net income / (loss) to net cash used in operating activities:
License fees and revenue share 20,146 15,802 Restricted cash 165 165 Depreciation and amortization 482 707
Other direct cost of revenues 344 508 Accounts receivable, net of allowances of $1,053 and $895, respectively 25,303 22,707 Change in allowance for doubtful accounts 92 76
Total cost of revenues 20,490 16,310 Prepaid expenses and other current assets 1,434 1,331 Loss on disposal of fixed assets 8 -
Gross profit 12,305 7,544 Current assets held for disposal 1,474 2,026 Non-cash interest expense - 27
Operating expenses Total current assets 53,530 37,123 Stock-based compensation 740 479
Product development 2,735 2,637 Property and equipment, net 4,278 3,430 Stock-based compensation for services rendered 175 123
Sales and marketing 2,441 1,913 Right-of-use assets 2,133 - Change in fair value of convertible note embedded derivative liability - (952)
General and administrative 4,014 2,679 Deferred tax assets 13 40 Change in fair value of warrant liability 4,505 (926)
Total operating expenses 9,190 7,229 Goodwill 42,268 42,268 Loss on extinguishment of debt - 15
Income from operations 3,115 315 TOTAL ASSETS $                      102,222 $                        82,861 (Increase)/decrease in assets:
Interest and other expense, net LIABILITIES AND STOCKHOLDERS' EQUITY Accounts receivable (2,662) (1,592)
Interest income / (expense), net 41 (135) Current liabilities Deferred tax assets 78 (23)
Change in fair value of convertible note embedded derivative liability - 952 Accounts payable $                         22,314 $                         14,912 Prepaid expenses and other current assets 65 85
Change in fair value of warrant liability (4,505) 926 Accrued license fees and revenue share 11,631 16,205 Right-of-use asset 35 -
Other income 84 (13) Accrued compensation 2,460 2,441 Increase/(decrease) in liabilities:
Total interest and other income / (expense), net (4,380) 1,730 Warrant liability 8,375 - Accounts payable 3,419 8,460
Income / (loss) from operations before income taxes (1,265) 2,045 Other current liabilities 3,249 826 Accrued license fees and revenue share (1,228) (5,774)
Income tax provision / (benefit) 72 (23) Current liabilities held for disposal 3,516 3,924 Accrued compensation 959 (597)
Net income / (loss) from operations, net of taxes $                          (1,337) $                             2,068 Total current liabilities 51,545 38,308 Accrued interest 119 (132)
Loss from discontinued operations $                               (88) $                              (356) Warrant liability - 8,013 Other current liabilities 1,340 199
     Net loss from discontinued operations, net of taxes $                               (88) $                              (356) Other non-current liabilities 2,110 182 Other non-current liabilities (69) (5)
Net income / (loss) $                          (1,425) $                             1,712 Total liabilities 53,655 46,503 Net cash provided by operating activities - continuing operations 6,721 2,238
Foreign currency translation adjustment (418) - Stockholders' equity Net cash provided by / (used in) operating activities - discontinued operations 38 (1,874)
Comprehensive income / (loss): $                          (1,843) $                             1,712 Preferred stock Net cash provided by operating activities $                           6,759 $                              364
Basic and diluted net income / (loss) per common share Series A convertible preferred stock at $0.0001 par value;2,000,000 shares authorized, 100,000 issued and outstanding(liquidation preference of $1,000) 100 100
Continuing operations $                            (0.02) $                               0.03 Common stock Cash flows from investing activities
Discontinued operations $                            (0.00) $                             (0.01) Common Stock at '$0.0001 par value: 200,000,000 shares authorized; 85,981,426 issued and 85,246,970 outstanding at September 30, 2019; 82,354,940 issued and 81,620,484 outstanding at March 31, 2019 10 10 Capital expenditures $                          (1,022) $                             (674)
Net income / (loss) $                            (0.02) $                               0.02 Additional paid-in capital 348,566 332,793 Cash used in investing activities - continuing operations (1,022) (674)
Weighted average common shares outstanding, basic 83,909 77,193 Treasury stock (754,599 shares at September 30, 2019 and March 31, 2019) (71) (71) Net cash used in investing activities $                          (1,022) $                             (674)
Weighted average common shares outstanding, diluted 83,909 78,780 Accumulated other comprehensive loss (676) (356)
Accumulated deficit (299,362) (296,118) Cash flows from financing activities
Total stockholders' equity 48,567 36,358 Options and warrants exercised $                           3,613 $                              121
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $                     102,222 $                       82,861 Net cash provided by financing activities $                           3,613 $                              121
Effect of exchange rate changes on cash and restricted cash $                             (418) $                                  -
Net change in cash and restricted cash $                           8,932 $                             (189)
Cash and restricted cash, beginning of period $                         16,387 $                           8,969
Cash and restricted cash, end of period $                         25,319 $                           8,780

 

Digital Turbine, Inc. and Subsidiaries Digital Turbine, Inc. and Subsidiaries Consolidated Balance Sheets Digital Turbine, Inc. and Subsidiaries GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN
Consolidated Statements of Operations and Comprehensive Income / (Loss) Consolidated Statements of Cash Flows
(in thousands, except par value and share amounts) (in thousands) (in thousands)
(in thousands, except per share amounts)
3 Months Ended 3 Months Ended
3 Months Ended 3 Months Ended September 30, 2019 March 31, 2019 September 30, 2019 September 30, 2018 3 Months Ended 3 Months Ended
September 30, 2019 September 30, 2018 (Unaudited) (Unaudited) (Unaudited) September 30, 2019 September 30, 2018
(Unaudited) (Unaudited) ASSETS Cash flows from operating activities (Unaudited) (Unaudited)
Net revenues $                         32,795 $                         23,854 Current assets Net income / (loss) from continuing operations, net of taxes  $                          (1,337) $                           2,068 Continuing Operations:
Cost of revenues Cash and cash equivalents $                         25,154 $                         10,894 Adjustments to reconcile net income / (loss) to net cash used in operating activities: Revenue $                         32,795 $                         23,854
License fees and revenue share 20,146 15,802 Restricted cash 165 165 Depreciation and amortization 482 707 Gross profit $                         12,305 $                           7,544
Other direct cost of revenues 344 508 Accounts receivable, net of allowances of $1,053 and $895, respectively 25,303 22,707 Change in allowance for doubtful accounts 92 76 Gross margin percentage 37.5% 31.6%
Total cost of revenues 20,490 16,310 Prepaid expenses and other current assets 1,434 1,331 Loss on disposal of fixed assets 8 - Add back items:
Gross profit 12,305 7,544 Current assets held for disposal 1,474 2,026 Non-cash interest expense - 27 Amortization of intangibles $                                   - $                              336
Operating expenses Total current assets 53,530 37,123 Stock-based compensation 740 479 Depreciation of software $                              344 $                              172
Product development 2,735 2,637 Property and equipment, net 4,278 3,430 Stock-based compensation for services rendered 175 123 Non-GAAP gross profit from continuing operations $                         12,649 $                           8,052
Sales and marketing 2,441 1,913 Right-of-use assets 2,133 - Change in fair value of convertible note embedded derivative liability - (952) Non-GAAP gross margin percentage from continuing operations 38.6% 33.8%
General and administrative 4,014 2,679 Deferred tax assets 13 40 Change in fair value of warrant liability 4,505 (926)
Total operating expenses 9,190 7,229 Goodwill 42,268 42,268 Loss on extinguishment of debt - 15
Income from operations 3,115 315 TOTAL ASSETS $                      102,222 $                        82,861 (Increase)/decrease in assets:
Interest and other expense, net LIABILITIES AND STOCKHOLDERS' EQUITY Accounts receivable (2,662) (1,592)
Interest income / (expense), net 41 (135) Current liabilities Deferred tax assets 78 (23)
Change in fair value of convertible note embedded derivative liability - 952 Accounts payable $                         22,314 $                         14,912 Prepaid expenses and other current assets 65 85
Change in fair value of warrant liability (4,505) 926 Accrued license fees and revenue share 11,631 16,205 Right-of-use asset 35 -
Other income 84 (13) Accrued compensation 2,460 2,441 Increase/(decrease) in liabilities:
Total interest and other income / (expense), net (4,380) 1,730 Warrant liability 8,375 - Accounts payable 3,419 8,460
Income / (loss) from operations before income taxes (1,265) 2,045 Other current liabilities 3,249 826 Accrued license fees and revenue share (1,228) (5,774)
Income tax provision / (benefit) 72 (23) Current liabilities held for disposal 3,516 3,924 Accrued compensation 959 (597)
Net income / (loss) from operations, net of taxes $                          (1,337) $                             2,068 Total current liabilities 51,545 38,308 Accrued interest 119 (132)
Loss from discontinued operations $                               (88) $                              (356) Warrant liability - 8,013 Other current liabilities 1,340 199
     Net loss from discontinued operations, net of taxes $                               (88) $                              (356) Other non-current liabilities 2,110 182 Other non-current liabilities (69) (5)
Net income / (loss) $                          (1,425) $                             1,712 Total liabilities 53,655 46,503 Net cash provided by operating activities - continuing operations 6,721 2,238
Foreign currency translation adjustment (418) - Stockholders' equity Net cash provided by / (used in) operating activities - discontinued operations 38 (1,874)
Comprehensive income / (loss): $                          (1,843) $                             1,712 Preferred stock Net cash provided by operating activities $                           6,759 $                              364
Basic and diluted net income / (loss) per common share Series A convertible preferred stock at $0.0001 par value;2,000,000 shares authorized, 100,000 issued and outstanding(liquidation preference of $1,000) 100 100
Continuing operations $                            (0.02) $                               0.03 Common stock Cash flows from investing activities
Discontinued operations $                            (0.00) $                             (0.01) Common Stock at '$0.0001 par value: 200,000,000 shares authorized; 85,981,426 issued and 85,246,970 outstanding at September 30, 2019; 82,354,940 issued and 81,620,484 outstanding at March 31, 2019 10 10 Capital expenditures $                          (1,022) $                             (674)
Net income / (loss) $                            (0.02) $                               0.02 Additional paid-in capital 348,566 332,793 Cash used in investing activities - continuing operations (1,022) (674)
Weighted average common shares outstanding, basic 83,909 77,193 Treasury stock (754,599 shares at September 30, 2019 and March 31, 2019) (71) (71) Net cash used in investing activities $                          (1,022) $                             (674)
Weighted average common shares outstanding, diluted 83,909 78,780 Accumulated other comprehensive loss (676) (356)
Accumulated deficit (299,362) (296,118) Cash flows from financing activities
Total stockholders' equity 48,567 36,358 Options and warrants exercised $                           3,613 $                              121
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $                     102,222 $                       82,861 Net cash provided by financing activities $                           3,613 $                              121
Effect of exchange rate changes on cash and restricted cash $                             (418) $                                  -
Net change in cash and restricted cash $                           8,932 $                             (189)
Cash and restricted cash, beginning of period $                         16,387 $                           8,969
Cash and restricted cash, end of period $                         25,319 $                           8,780

 

Digital Turbine, Inc. and Subsidiaries Digital Turbine, Inc. and Subsidiaries Consolidated Balance Sheets Digital Turbine, Inc. and Subsidiaries GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED NET INCOME
Consolidated Statements of Operations and Comprehensive Income / (Loss) Consolidated Statements of Cash Flows
(in thousands, except par value and share amounts) (in thousands) (in thousands) (in thousands)
(in thousands, except per share amounts)
3 Months Ended 3 Months Ended
3 Months Ended 3 Months Ended September 30, 2019 March 31, 2019 September 30, 2019 September 30, 2018 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
September 30, 2019 September 30, 2018 (Unaudited) (Unaudited) (Unaudited) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
(Unaudited) (Unaudited) ASSETS Cash flows from operating activities (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net revenues $                         32,795 $                         23,854 Current assets Net income / (loss) from continuing operations, net of taxes  $                          (1,337) $                           2,068 Continuing Operations: Continuing Operations:
Cost of revenues Cash and cash equivalents $                         25,154 $                         10,894 Adjustments to reconcile net income / (loss) to net cash used in operating activities: Revenue $                         32,795 $                         23,854 Net income / (loss) from continuing operations $                          (1,337) $                           2,068
License fees and revenue share 20,146 15,802 Restricted cash 165 165 Depreciation and amortization 482 707 Gross profit $                         12,305 $                           7,544 Add back items:
Other direct cost of revenues 344 508 Accounts receivable, net of allowances of $1,053 and $895, respectively 25,303 22,707 Change in allowance for doubtful accounts 92 76 Gross margin percentage 37.5% 31.6% Stock and stock option compensation 915 602
Total cost of revenues 20,490 16,310 Prepaid expenses and other current assets 1,434 1,331 Loss on disposal of fixed assets 8 - Add back items: Amortization of intangibles - 336
Gross profit 12,305 7,544 Current assets held for disposal 1,474 2,026 Non-cash interest expense - 27 Amortization of intangibles $                                   - $                              336 Change in fair value of convertible noteembedded derivative and warrant liability 4,505 (1,878)
Operating expenses Total current assets 53,530 37,123 Stock-based compensation 740 479 Depreciation of software $                              344 $                              172 Loss on extinguishment of debt - 15
Product development 2,735 2,637 Property and equipment, net 4,278 3,430 Stock-based compensation for services rendered 175 123 Non-GAAP gross profit from continuing operations $                         12,649 $                           8,052 Non-GAAP adjusted net income from continuing operations $                           4,083 $                           1,143
Sales and marketing 2,441 1,913 Right-of-use assets 2,133 - Change in fair value of convertible note embedded derivative liability - (952) Non-GAAP gross margin percentage from continuing operations 38.6% 33.8%
General and administrative 4,014 2,679 Deferred tax assets 13 40 Change in fair value of warrant liability 4,505 (926) Non-GAAP adjusted net income per share from continuing operations $                             0.05 $                             0.01
Total operating expenses 9,190 7,229 Goodwill 42,268 42,268 Loss on extinguishment of debt - 15 Weighted average common shares outstanding, basic 83,909 77,193
Income from operations 3,115 315 TOTAL ASSETS $                      102,222 $                        82,861 (Increase)/decrease in assets:
Interest and other expense, net LIABILITIES AND STOCKHOLDERS' EQUITY Accounts receivable (2,662) (1,592)
Interest income / (expense), net 41 (135) Current liabilities Deferred tax assets 78 (23)
Change in fair value of convertible note embedded derivative liability - 952 Accounts payable $                         22,314 $                         14,912 Prepaid expenses and other current assets 65 85
Change in fair value of warrant liability (4,505) 926 Accrued license fees and revenue share 11,631 16,205 Right-of-use asset 35 -
Other income 84 (13) Accrued compensation 2,460 2,441 Increase/(decrease) in liabilities:
Total interest and other income / (expense), net (4,380) 1,730 Warrant liability 8,375 - Accounts payable 3,419 8,460
Income / (loss) from operations before income taxes (1,265) 2,045 Other current liabilities 3,249 826 Accrued license fees and revenue share (1,228) (5,774)
Income tax provision / (benefit) 72 (23) Current liabilities held for disposal 3,516 3,924 Accrued compensation 959 (597)
Net income / (loss) from operations, net of taxes $                          (1,337) $                             2,068 Total current liabilities 51,545 38,308 Accrued interest 119 (132)
Loss from discontinued operations $                               (88) $                              (356) Warrant liability - 8,013 Other current liabilities 1,340 199
     Net loss from discontinued operations, net of taxes $                               (88) $                              (356) Other non-current liabilities 2,110 182 Other non-current liabilities (69) (5)
Net income / (loss) $                          (1,425) $                             1,712 Total liabilities 53,655 46,503 Net cash provided by operating activities - continuing operations 6,721 2,238
Foreign currency translation adjustment (418) - Stockholders' equity Net cash provided by / (used in) operating activities - discontinued operations 38 (1,874)
Comprehensive income / (loss): $                          (1,843) $                             1,712 Preferred stock Net cash provided by operating activities $                           6,759 $                              364
Basic and diluted net income / (loss) per common share Series A convertible preferred stock at $0.0001 par value;2,000,000 shares authorized, 100,000 issued and outstanding(liquidation preference of $1,000) 100 100
Continuing operations $                            (0.02) $                               0.03 Common stock Cash flows from investing activities
Discontinued operations $                            (0.00) $                             (0.01) Common Stock at '$0.0001 par value: 200,000,000 shares authorized; 85,981,426 issued and 85,246,970 outstanding at September 30, 2019; 82,354,940 issued and 81,620,484 outstanding at March 31, 2019 10 10 Capital expenditures $                          (1,022) $                             (674)
Net income / (loss) $                            (0.02) $                               0.02 Additional paid-in capital 348,566 332,793 Cash used in investing activities - continuing operations (1,022) (674)
Weighted average common shares outstanding, basic 83,909 77,193 Treasury stock (754,599 shares at September 30, 2019 and March 31, 2019) (71) (71) Net cash used in investing activities $                          (1,022) $                             (674)
Weighted average common shares outstanding, diluted 83,909 78,780 Accumulated other comprehensive loss (676) (356)
Accumulated deficit (299,362) (296,118) Cash flows from financing activities
Total stockholders' equity 48,567 36,358 Options and warrants exercised $                           3,613 $                              121
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $                     102,222 $                       82,861 Net cash provided by financing activities $                           3,613 $                              121
Effect of exchange rate changes on cash and restricted cash $                             (418) $                                  -
Net change in cash and restricted cash $                           8,932 $                             (189)
Cash and restricted cash, beginning of period $                         16,387 $                           8,969
Cash and restricted cash, end of period $                         25,319 $                           8,780

 

Digital Turbine, Inc. and Subsidiaries Digital Turbine, Inc. and Subsidiaries Consolidated Balance Sheets Digital Turbine, Inc. and Subsidiaries GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED NET INCOME GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED EBITDA
Consolidated Statements of Operations and Comprehensive Income / (Loss) Consolidated Statements of Cash Flows
(in thousands, except par value and share amounts) (in thousands) (in thousands) (in thousands) (in thousands)
(in thousands, except per share amounts)
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
3 Months Ended 3 Months Ended September 30, 2019 March 31, 2019 September 30, 2019 September 30, 2018 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended September 30, 2019 September 30, 2018
September 30, 2019 September 30, 2018 (Unaudited) (Unaudited) (Unaudited) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Continuing Operations: (Unaudited) (Unaudited)
(Unaudited) (Unaudited) ASSETS Cash flows from operating activities (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net income / (loss) from continuing operations $                          (1,337) $                           2,068
Net revenues $                         32,795 $                         23,854 Current assets Net income / (loss) from continuing operations, net of taxes  $                          (1,337) $                           2,068 Continuing Operations: Continuing Operations: Add back items:
Cost of revenues Cash and cash equivalents $                         25,154 $                         10,894 Adjustments to reconcile net income / (loss) to net cash used in operating activities: Revenue $                         32,795 $                         23,854 Net income / (loss) from continuing operations $                          (1,337) $                           2,068 Stock and stock option compensation 915 602
License fees and revenue share 20,146 15,802 Restricted cash 165 165 Depreciation and amortization 482 707 Gross profit $                         12,305 $                           7,544 Add back items: Amortization of intangibles - 336
Other direct cost of revenues 344 508 Accounts receivable, net of allowances of $1,053 and $895, respectively 25,303 22,707 Change in allowance for doubtful accounts 92 76 Gross margin percentage 37.5% 31.6% Stock and stock option compensation 915 602 Depreciation expense 482 371
Total cost of revenues 20,490 16,310 Prepaid expenses and other current assets 1,434 1,331 Loss on disposal of fixed assets 8 - Add back items: Amortization of intangibles - 336 Interest income / (expense), net (41) 135
Gross profit 12,305 7,544 Current assets held for disposal 1,474 2,026 Non-cash interest expense - 27 Amortization of intangibles $                                   - $                              336 Change in fair value of convertible noteembedded derivative and warrant liability 4,505 (1,878) Other expense (84) 13
Operating expenses Total current assets 53,530 37,123 Stock-based compensation 740 479 Depreciation of software $                              344 $                              172 Loss on extinguishment of debt - 15 Change in fair value of convertible noteembedded derivative and warrant liability 4,505 (1,878)
Product development 2,735 2,637 Property and equipment, net 4,278 3,430 Stock-based compensation for services rendered 175 123 Non-GAAP gross profit from continuing operations $                         12,649 $                           8,052 Non-GAAP adjusted net income from continuing operations $                           4,083 $                           1,143 Income tax provision / (benefit) 72 (23)
Sales and marketing 2,441 1,913 Right-of-use assets 2,133 - Change in fair value of convertible note embedded derivative liability - (952) Non-GAAP gross margin percentage from continuing operations 38.6% 33.8% Non-GAAP adjusted EBITDA from continuing operations $                           4,512 $                           1,624
General and administrative 4,014 2,679 Deferred tax assets 13 40 Change in fair value of warrant liability 4,505 (926) Non-GAAP adjusted net income per share from continuing operations $                             0.05 $                             0.01
Total operating expenses 9,190 7,229 Goodwill 42,268 42,268 Loss on extinguishment of debt - 15 Weighted average common shares outstanding, basic 83,909 77,193
Income from operations 3,115 315 TOTAL ASSETS $                      102,222 $                        82,861 (Increase)/decrease in assets:
Interest and other expense, net LIABILITIES AND STOCKHOLDERS' EQUITY Accounts receivable (2,662) (1,592)
Interest income / (expense), net 41 (135) Current liabilities Deferred tax assets 78 (23)
Change in fair value of convertible note embedded derivative liability - 952 Accounts payable $                         22,314 $                         14,912 Prepaid expenses and other current assets 65 85
Change in fair value of warrant liability (4,505) 926 Accrued license fees and revenue share 11,631 16,205 Right-of-use asset 35 -
Other income 84 (13) Accrued compensation 2,460 2,441 Increase/(decrease) in liabilities:
Total interest and other income / (expense), net (4,380) 1,730 Warrant liability 8,375 - Accounts payable 3,419 8,460
Income / (loss) from operations before income taxes (1,265) 2,045 Other current liabilities 3,249 826 Accrued license fees and revenue share (1,228) (5,774)
Income tax provision / (benefit) 72 (23) Current liabilities held for disposal 3,516 3,924 Accrued compensation 959 (597)
Net income / (loss) from operations, net of taxes $                          (1,337) $                             2,068 Total current liabilities 51,545 38,308 Accrued interest 119 (132)
Loss from discontinued operations $                               (88) $                              (356) Warrant liability - 8,013 Other current liabilities 1,340 199
     Net loss from discontinued operations, net of taxes $                               (88) $                              (356) Other non-current liabilities 2,110 182 Other non-current liabilities (69) (5)
Net income / (loss) $                          (1,425) $                             1,712 Total liabilities 53,655 46,503 Net cash provided by operating activities - continuing operations 6,721 2,238
Foreign currency translation adjustment (418) - Stockholders' equity Net cash provided by / (used in) operating activities - discontinued operations 38 (1,874)
Comprehensive income / (loss): $                          (1,843) $                             1,712 Preferred stock Net cash provided by operating activities $                           6,759 $                              364
Basic and diluted net income / (loss) per common share Series A convertible preferred stock at $0.0001 par value;2,000,000 shares authorized, 100,000 issued and outstanding(liquidation preference of $1,000) 100 100
Continuing operations $                            (0.02) $                               0.03 Common stock Cash flows from investing activities
Discontinued operations $                            (0.00) $                             (0.01) Common Stock at '$0.0001 par value: 200,000,000 shares authorized; 85,981,426 issued and 85,246,970 outstanding at September 30, 2019; 82,354,940 issued and 81,620,484 outstanding at March 31, 2019 10 10 Capital expenditures $                          (1,022) $                             (674)
Net income / (loss) $                            (0.02) $                               0.02 Additional paid-in capital 348,566 332,793 Cash used in investing activities - continuing operations (1,022) (674)
Weighted average common shares outstanding, basic 83,909 77,193 Treasury stock (754,599 shares at September 30, 2019 and March 31, 2019) (71) (71) Net cash used in investing activities $                          (1,022) $                             (674)
Weighted average common shares outstanding, diluted 83,909 78,780 Accumulated other comprehensive loss (676) (356)
Accumulated deficit (299,362) (296,118) Cash flows from financing activities
Total stockholders' equity 48,567 36,358 Options and warrants exercised $                           3,613 $                              121
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $                     102,222 $                       82,861 Net cash provided by financing activities $                           3,613 $                              121
Effect of exchange rate changes on cash and restricted cash $                             (418) $                                  -
Net change in cash and restricted cash $                           8,932 $                             (189)
Cash and restricted cash, beginning of period $                         16,387 $                           8,969
Cash and restricted cash, end of period $                         25,319 $                           8,780

 

Digital Turbine, Inc. and Subsidiaries Digital Turbine, Inc. and Subsidiaries Consolidated Balance Sheets Digital Turbine, Inc. and Subsidiaries GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED NET INCOME GAAP NET INCOME / (LOSS) TO NON-GAAP ADJUSTED EBITDA GAAP CASH FLOW FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS TO NON-GAAP FREE CASH FLOW FROM CONTINUING OPERATIONS
Consolidated Statements of Operations and Comprehensive Income / (Loss) Consolidated Statements of Cash Flows
(in thousands, except par value and share amounts) (in thousands) (in thousands) (in thousands) (in thousands) (in thousands)
(in thousands, except per share amounts)
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
3 Months Ended 3 Months Ended September 30, 2019 March 31, 2019 September 30, 2019 September 30, 2018 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended September 30, 2019 September 30, 2018 3 Months Ended 3 Months Ended
September 30, 2019 September 30, 2018 (Unaudited) (Unaudited) (Unaudited) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Continuing Operations: (Unaudited) (Unaudited) September 30, 2019 September 30, 2018
(Unaudited) (Unaudited) ASSETS Cash flows from operating activities (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net income / (loss) from continuing operations $                          (1,337) $                           2,068 (Unaudited) (Unaudited)
Net revenues $                         32,795 $                         23,854 Current assets Net income / (loss) from continuing operations, net of taxes  $                          (1,337) $                           2,068 Continuing Operations: Continuing Operations: Add back items: Net cash provided by operating activities from continuing operations $                                6,721 $                              2,238
Cost of revenues Cash and cash equivalents $                         25,154 $                         10,894 Adjustments to reconcile net income / (loss) to net cash used in operating activities: Revenue $                         32,795 $                         23,854 Net income / (loss) from continuing operations $                          (1,337) $                           2,068 Stock and stock option compensation 915 602 Capital expenditures (1,022) (674)
License fees and revenue share 20,146 15,802 Restricted cash 165 165 Depreciation and amortization 482 707 Gross profit $                         12,305 $                           7,544 Add back items: Amortization of intangibles - 336
Other direct cost of revenues 344 508 Accounts receivable, net of allowances of $1,053 and $895, respectively 25,303 22,707 Change in allowance for doubtful accounts 92 76 Gross margin percentage 37.5% 31.6% Stock and stock option compensation 915 602 Depreciation expense 482 371 Non-GAAP free cash flow provided by continuing operations $                                5,699 $                              1,564
Total cost of revenues 20,490 16,310 Prepaid expenses and other current assets 1,434 1,331 Loss on disposal of fixed assets 8 - Add back items: Amortization of intangibles - 336 Interest income / (expense), net (41) 135
Gross profit 12,305 7,544 Current assets held for disposal 1,474 2,026 Non-cash interest expense - 27 Amortization of intangibles $                                   - $                              336 Change in fair value of convertible noteembedded derivative and warrant liability 4,505 (1,878) Other expense (84) 13
Operating expenses Total current assets 53,530 37,123 Stock-based compensation 740 479 Depreciation of software $                              344 $                              172 Loss on extinguishment of debt - 15 Change in fair value of convertible noteembedded derivative and warrant liability 4,505 (1,878)
Product development 2,735 2,637 Property and equipment, net 4,278 3,430 Stock-based compensation for services rendered 175 123 Non-GAAP gross profit from continuing operations $                         12,649 $                           8,052 Non-GAAP adjusted net income from continuing operations $                           4,083 $                           1,143 Income tax provision / (benefit) 72 (23)
Sales and marketing 2,441 1,913 Right-of-use assets 2,133 - Change in fair value of convertible note embedded derivative liability - (952) Non-GAAP gross margin percentage from continuing operations 38.6% 33.8% Non-GAAP adjusted EBITDA from continuing operations $                           4,512 $                           1,624
General and administrative 4,014 2,679 Deferred tax assets 13 40 Change in fair value of warrant liability 4,505 (926) Non-GAAP adjusted net income per share from continuing operations $                             0.05 $                             0.01
Total operating expenses 9,190 7,229 Goodwill 42,268 42,268 Loss on extinguishment of debt - 15 Weighted average common shares outstanding, basic 83,909 77,193
Income from operations 3,115 315 TOTAL ASSETS $                      102,222 $                        82,861 (Increase)/decrease in assets:
Interest and other expense, net LIABILITIES AND STOCKHOLDERS' EQUITY Accounts receivable (2,662) (1,592)
Interest income / (expense), net 41 (135) Current liabilities Deferred tax assets 78 (23)
Change in fair value of convertible note embedded derivative liability - 952 Accounts payable $                         22,314 $                         14,912 Prepaid expenses and other current assets 65 85
Change in fair value of warrant liability (4,505) 926 Accrued license fees and revenue share 11,631 16,205 Right-of-use asset 35 -
Other income 84 (13) Accrued compensation 2,460 2,441 Increase/(decrease) in liabilities:
Total interest and other income / (expense), net (4,380) 1,730 Warrant liability 8,375 - Accounts payable 3,419 8,460
Income / (loss) from operations before income taxes (1,265) 2,045 Other current liabilities 3,249 826 Accrued license fees and revenue share (1,228) (5,774)
Income tax provision / (benefit) 72 (23) Current liabilities held for disposal 3,516 3,924 Accrued compensation 959 (597)
Net income / (loss) from operations, net of taxes $                          (1,337) $                             2,068 Total current liabilities 51,545 38,308 Accrued interest 119 (132)
Loss from discontinued operations $                               (88) $                              (356) Warrant liability - 8,013 Other current liabilities 1,340 199
     Net loss from discontinued operations, net of taxes $                               (88) $                              (356) Other non-current liabilities 2,110 182 Other non-current liabilities (69) (5)
Net income / (loss) $                          (1,425) $                             1,712 Total liabilities 53,655 46,503 Net cash provided by operating activities - continuing operations 6,721 2,238
Foreign currency translation adjustment (418) - Stockholders' equity Net cash provided by / (used in) operating activities - discontinued operations 38 (1,874)
Comprehensive income / (loss): $                          (1,843) $                             1,712 Preferred stock Net cash provided by operating activities $                           6,759 $                              364
Basic and diluted net income / (loss) per common share Series A convertible preferred stock at $0.0001 par value;2,000,000 shares authorized, 100,000 issued and outstanding(liquidation preference of $1,000) 100 100
Continuing operations $                            (0.02) $                               0.03 Common stock Cash flows from investing activities
Discontinued operations $                            (0.00) $                             (0.01) Common Stock at '$0.0001 par value: 200,000,000 shares authorized; 85,981,426 issued and 85,246,970 outstanding at September 30, 2019; 82,354,940 issued and 81,620,484 outstanding at March 31, 2019 10 10 Capital expenditures $                          (1,022) $                             (674)
Net income / (loss) $                            (0.02) $                               0.02 Additional paid-in capital 348,566 332,793 Cash used in investing activities - continuing operations (1,022) (674)
Weighted average common shares outstanding, basic 83,909 77,193 Treasury stock (754,599 shares at September 30, 2019 and March 31, 2019) (71) (71) Net cash used in investing activities $                          (1,022) $                             (674)
Weighted average common shares outstanding, diluted 83,909 78,780 Accumulated other comprehensive loss (676) (356)
Accumulated deficit (299,362) (296,118) Cash flows from financing activities
Total stockholders' equity 48,567 36,358 Options and warrants exercised $                           3,613 $                              121
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $                     102,222 $                       82,861 Net cash provided by financing activities $                           3,613 $                              121
Effect of exchange rate changes on cash and restricted cash $                             (418) $                                  -
Net change in cash and restricted cash $                           8,932 $                             (189)
Cash and restricted cash, beginning of period $                         16,387 $                           8,969
Cash and restricted cash, end of period $                         25,319 $                           8,780

 

 

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