Turbine
Company
Documents about Turbine
Digital Turbine Quarterly Report: Q1 FY2024
Digital Turbine experienced a challenging fiscal start in the first quarter of 2024, characterized by a significant contraction in financial performance.
- Digital Turbine reported a net loss of $8.4 million for the quarter ended June 30, 2023, a significant decline from the $15.0 million net income recorded in the same period of 2022.
- Net cash provided by operating activities dropped sharply to $1.3 million for the quarter ended June 30, 2023, compared to $36.6 million in the prior-year period.
- Interest expense, net, rose by 81% to $7.4 million for the quarter, driven by a 396-basis-point increase in interest rates despite a reduction in average outstanding borrowings.
Digital Turbine Annual Report: Form 10-K FY2023
Digital Turbine’s fiscal year 2023 annual report details the company’s strategic transition into a unified mobile growth platform, structured around two primary segments: On Device Solutions and the App Growth Platform.
- As of March 31, 2023, Digital Turbine had $413.1 million drawn against its revolving credit facility, which carries a variable interest rate of 6.54% following the transition from LIBOR to SOFR.
- The company faces significant concentration risk, as its On Device Media (ODS) business relies on a relatively small number of wireless carriers and OEMs that can terminate agreements without cause.
- Digital Turbine is currently defending against class action lawsuits filed in 2022 in the Western District of Texas regarding the restatement of financial results announced in May 2022.
Digital Turbine Quarterly Report: Q3 FY2023
Digital Turbine experienced a period of significant financial contraction during the third quarter of fiscal year 2023, with net revenue declining to $162.3 million from $216.8 million in the prior-year period.
- Digital Turbine reported a decline in total net revenue for the quarter ended December 31, 2022, falling to $162.3 million from $216.8 million in the same period of the prior year.
- The App Growth Platform (AGP) segment saw a 24.4% revenue decrease for the quarter, driven by weak advertising demand and the absence of the typical holiday season spending uptick.
- On Device Solutions (ODS) revenue declined significantly, contributing to the overall quarterly revenue drop compared to the $133.6 million reported in the prior year's third quarter.
Digital Turbine Quarterly Report: Q2 FY2023
Digital Turbine’s financial performance for the second quarter of fiscal year 2023 reflects a strategic transition period characterized by organizational restructuring and the integration of major acquisitions.
- Digital Turbine is facing multiple class action and derivative lawsuits filed between June and October 2022, alleging federal securities law violations and breaches of fiduciary duty following a May 2022 announcement regarding the restatement of financial results.
- License fees and revenue share costs decreased by 16% to $76.88 million for the quarter ended September 30, 2022, driven by a reduction in total net revenue compared to the same period in 2021.
- Bad debt expense rose significantly to $2.25 million for the six months ended September 30, 2022, compared to $181,000 during the same period in 2021, reflecting changes in customer payment patterns and economic trends.
Digital Turbine Quarterly Report: Q1 FY2023
Digital Turbine achieved significant financial growth in the first quarter of fiscal year 2023, reporting net revenue of $188.6 million, a 19.3% increase over the same period in the previous year.
- Digital Turbine reorganized its reporting structure effective April 1, 2022, consolidating its In-App Media segments (AdColony and Fyber) into a single segment and renaming On Device Media to On Device Solutions.
- Total costs of revenue and operating expenses rose by $25.27 million (18.2%) for the quarter ended June 30, 2022, primarily driven by the full-quarter impact of the AdColony and Fyber acquisitions.
- The company is facing class action lawsuits filed in June and July 2022 in the Western District of Texas alleging violations of federal securities laws, which management intends to defend vigorously.
Digital Turbine Annual Report: Fiscal Year 2022
Digital Turbine’s fiscal year 2022 was defined by a strategic transformation into a comprehensive, end-to-end mobile growth platform.
- Digital Turbine executed a strategy to become an end-to-end mobile advertising and monetization provider through the acquisitions of Appreciate, AdColony, and Fyber.
- The Appreciate acquisition closed on March 2, 2021, for a total cash consideration of $20,003,000, plus up to $6,000,000 in retention and performance bonuses.
- As part of the Fyber acquisition, Digital Turbine assumed $25,789,000 in debt, of which $13,289,000 was settled during the fiscal year ending March 31, 2022, leaving $12,500,000 in short-term debt.
Digital Turbine Quarterly Report: Q3 FY2022
Digital Turbine experienced a period of transformative expansion during the third quarter of fiscal year 2022, characterized by a 323.8% year-over-year increase in net revenue to $375.5 million.
- Digital Turbine completed two major acquisitions in 2021, AdColony and Fyber, which significantly expanded its In-App Media (IAM) segments and contributed to a consolidated net revenue of $898.3 million for the nine months ended December 31, 2021.
- As of December 31, 2021, the company held $554.9 million in goodwill, with $199.0 million attributed to the AdColony acquisition and $275.7 million to the Fyber acquisition.
- The company amended its credit agreement in December 2021 to increase its revolving line of credit by $125 million, bringing the total capacity to $525 million, with $345.1 million drawn as of year-end.
Digital Turbine Quarterly Report: Q2 FY2022
Digital Turbine underwent a period of aggressive transformation during the second quarter of fiscal year 2022, shifting from a singular focus on on-device media to a diversified mobile advertising powerhouse.
- Digital Turbine underwent a major structural shift by acquiring AdColony and Fyber, resulting in the creation of three distinct operating segments: On Device Media (ODM), In App Media - AdColony (IAM-A), and In App Media - Fyber (IAM-F).
- Consolidated net revenues for the six months ended September 30, 2021, reached $522.8 million, a significant increase from $129.9 million in the same period of the previous year, driven by the new acquisitions.
- The company recognized a $31 million charge in Q2 FY2022 after determining it is now likely that Fyber will achieve its earn-out net revenue targets, triggering a contingent consideration liability.
Digital Turbine Quarterly Report: Q1 FY2022
Digital Turbine’s fiscal performance for the first quarter of 2022 reflects a period of aggressive transformation, characterized by a shift toward a full-stack, independent mobile advertising model.
- Digital Turbine completed the acquisition of a 95.1% majority stake in mobile advertising platform Fyber N.V. on May 25, 2021.
- The company secured a $400 million revolving credit facility with Bank of America and a syndicate of lenders on April 29, 2021, maturing in April 2026.
- As of June 30, 2021, the company held $237.1 million in outstanding secured indebtedness under its new credit agreement, with an additional $30 million drawn shortly thereafter.
Digital Turbine Annual Report: Fiscal Year 2021
Digital Turbine’s fiscal year 2021 performance reflects a strategic pivot toward becoming a comprehensive end-to-end mobile advertising and monetization platform.
- Digital Turbine operates as a single reportable segment, Media Distribution, which provides mobile application discovery and delivery services through partnerships with over 35 mobile operators and OEMs.
- The company's platform has demonstrated significant scale, delivering more than 5.3 billion application preloads for tens of thousands of advertising campaigns through March 31, 2021.
- Revenue recognition for carrier and OEM contracts is primarily based on a revenue share model or a per-device SaaS license fee, treated as a single performance obligation delivered over the contract term.
Digital Turbine Q3 FY2021 10-Q
Digital Turbine experienced substantial financial expansion during the third quarter of fiscal year 2021, driven by a strategic focus on its core Media Distribution segment.
- Digital Turbine reported a significant increase in net cash provided by operating activities, rising to $48.6 million for the nine months ended December 31, 2020, compared to $20.0 million in the same period of the previous year.
- The company's cash and restricted cash position grew to $43.7 million as of December 31, 2020, up from $33.9 million at the end of the previous fiscal year.
- The acquisition of Mobile Posse was integrated to expand the company's Media Distribution segment, providing new platforms for monetizing user actions through media-rich content delivery for OEM and carrier partners.
Digital Turbine Quarterly Report: Q2 FY2021
Digital Turbine achieved substantial financial expansion during the second quarter of fiscal year 2021, characterized by a strategic pivot toward a unified media distribution model.
- Digital Turbine reported significant year-over-year revenue growth, with consolidated net revenues rising to $70.89 million for the quarter ended September 30, 2020, compared to $32.80 million in the same period of 2019.
- The company's primary revenue driver is its application delivery and management software, which enables mobile operators and OEMs to monetize device activations and ongoing app installations.
- Geographic revenue expansion was broad-based, with the United States and Canada remaining the largest market at $47.12 million in quarterly revenue, while the EMEA region grew to $17.53 million.