Business
Digital Turbine Announces Fiscal 2022 Quarterly Results to be Restated to Reflect Recognition of Revenue on a Net Basis for Certain Product Lines of Recently Acquired Businesses
No Changes to All Reported GAAP Income from Operations, GAAP Net Income/Loss, Non-GAAP Gross Profit1, Non-GAAP Adjusted EBITDA2 and Non-GAAP Free Cash Flow3
About this update from Digital Turbine, Inc.
[{"type":"text","content":" No Changes to All Reported GAAP Income from Operations, GAAP Net Income/Loss, Non-GAAP Gross Profit1, Non-GAAP Adjusted EBITDA2 and Non-GAAP Free Cash Flow3 Results \nRe-Affirms Guidance for Non-GAAP Adjusted EBITDA2 and Non-GAAP Adjusted EPS4 for Fiscal Year Ended March 31, 2022 \nAUSTIN, Texas, May 17, 2022 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced today that it will restate its financial statements for the interim periods ended June 30, 2021, September 30, 2021, and December 31, 2021, following a review of the presentation of revenue net of license fees and revenue share for the Company's recently acquired businesses. The revenue for certain product lines of the recently acquired businesses, which are separate reportable segments, will now be reported net of license fees and revenue share, rather than on a gross basis, as had been previously reported. The changes have the offsetting effect of decreasing both revenue and license fees and revenue share in a like amount, while simultaneously increasing reported gross profit margin and Non-GAAP Adjusted EBITDA margin, in the interim financial statements for each relevant period. There is no change to the previously reported GAAP income from operations, GAAP net income/loss, Non-GAAP gross profit1, Non-GAAP Adjusted EBITDA2 and Non-GAAP free cash flow3 results. Restated interim consolidated financial statements for each of the affected quarters will be filed as amendments to the respective Company's Form 10-Q filings with the Securities and Exchange Commission on or before May 31, 2022.\n\"We believe that this change will also help facilitate peer comparisons for analysts and investors,\" said Barrett Garrison, CFO. \"Furthermore, we believe that it will help us to more effectively highlight the relative gross margin and EBITDA margin profile of our profitable business model.\"\nGuidance for Fiscal Year Ended March 31, 2022 \nThe Company is re-affirming its previously issued guidance for Non-GAAP Adjusted EBITDA2 between $195 million and $197 million, and Non-GAAP Adjusted EPS4 of between $1.66 and $1.68, for the full fiscal year ended March 31, 2022. Previously issued guidance for revenue for the full fiscal year is no longer applicable as per today's reported accounting restatement. The Company expects to report full fiscal year 2022 financial results on Ma...