Business
Digital Turbine Reports Fiscal 2023 Third Quarter Financial Results
Third Quarter Revenue Totaled $162.3 Million Third Quarter GAAP Net Income of $4.0 Million and GAAP EPS of $0.04; Third Quarter Non-GAAP Adjusted Net Income1
About this update from Digital Turbine, Inc.
[{"type":"text","content":"Third Quarter Revenue Totaled $162.3 Million\nThird Quarter GAAP Net Income of $4.0 Million and GAAP EPS of $0.04; Third Quarter Non-GAAP Adjusted Net Income1 of $30.2 Million and Non GAAP EPS of $0.29\nThird Quarter Non-GAAP Adjusted EBITDA2 Totaled $40.0 Million\nAUSTIN, Texas, Feb. 8, 2023 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal third quarter ended December 31, 2022.\nRecent Financial Highlights:\nFiscal third quarter of 2023 revenue totaled $162.3 million representing a 25% decline year-over-year as compared to the fiscal third quarter of 2022.GAAP net income for the fiscal third quarter of 2023 was $4.0 million, or $0.04 per share, as compared to GAAP net income for the fiscal third quarter of 2022 of $7.0 million, or $0.07 per share. Non-GAAP adjusted net income1 for the fiscal third quarter of 2023 was $30.2 million, or $0.29 per share, as compared to Non-GAAP adjusted net income1 of $50.9 million, or $0.49 per share, in the fiscal third quarter of 2022.Non-GAAP adjusted EBITDA2 for the fiscal third quarter of 2023 was $40.0 million, as compared to Non-GAAP adjusted EBITDA2 of $57.0 million in the fiscal third quarter of 2022.GAAP cash provided by operating activities was $33.2 million in the fiscal third quarter of 2023. Non-GAAP free cash flow3 was $29.9 million in the fiscal third quarter of 2023.\"While nothing has changed regarding our long-term view of the digital media industry or our strategic positioning within the industry, macro headwinds are impacting our near-term results,\" said Bill Stone, CEO. \"We expect current macro headwinds to continue into the first half of the calendar year, but our high-level strategic vision remains intact, as advertising spending tends to be among the first items to be negatively impacted at the onset of a cyclical downturn, but is typically also among the first items to rebound. We remain laser-focused on the execution of our core growth objectives, and effectively controlling that which we can control. We are making important progress on our SingleTap licensing business, new ad tech platform enhancements, and other initiatives that opportunistically leverage our on-device presence and first-party data. The history of Digital Turbine shows that we have successfully navigated challenges far more difficult than today's macro ...