Business
Digital Turbine Reports Fiscal 2024 Second Quarter Financial Results
Second Quarter Revenue Totaled $143.3 Million Second Quarter GAAP Net Loss of $161.5 Million, or GAAP EPS of ($1.61), Included a Noncash Goodwill Impairment
About this update from Digital Turbine, Inc.
[{"type":"text","content":"Second Quarter Revenue Totaled $143.3 Million\nSecond Quarter GAAP Net Loss of $161.5 Million, or GAAP EPS of ($1.61), Included a Noncash Goodwill Impairment Charge of $147.2 Million ($1.46 Per Share)\nSecond Quarter Non-GAAP Adjusted Net Income1 of $13.9 Million and Non-GAAP Adjusted EPS of $0.13\nSecond Quarter Non-GAAP Adjusted EBITDA2 Totaled $27.7 Million\nAUSTIN, Texas, Nov. 8, 2023 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal second quarter ended September 30, 2023.\nRecent Financial Highlights:\nFiscal second quarter of 2024 revenue totaled $143.3 million, representing a year-over-year decline of 18% as compared to the fiscal second quarter of 2023.GAAP net loss for the fiscal second quarter of 2024 was $161.5 million, or ($1.61) per share, as compared to GAAP net income for the fiscal second quarter of 2023 of $11.7 million, or $0.11 per share. GAAP net loss for the fiscal second quarter of 2024 included a noncash goodwill impairment charge of $147.2 million, or ($1.46) per share.Non-GAAP adjusted net income1 for the fiscal second quarter of 2024 was $13.9 million, or $0.13 per share, as compared to Non-GAAP adjusted net income1 of $35.0 million, or $0.34 per share, in the fiscal second quarter of 2023.Non-GAAP adjusted EBITDA2 for the fiscal second quarter of 2024 was $27.7 million, representing a 3% sequential increase as compared to the fiscal first quarter of 2024 and a 43% year-over-year decline as compared to the fiscal second quarter of 2023.Net cash provided by operating activities in the fiscal second quarter of 2024 was $27.5 million. Free cash flow3 in the fiscal second quarter of 2024 was $23.9 million. The Company reduced its long-term debt balance by $21.9 million to $383.8 million as of the end of the fiscal second quarter of 2024, as compared to $405.7 million as of the end of the fiscal first quarter of 2024.\"The mobile app distribution market is entering an exciting new era, and I believe that Digital Turbine is uniquely positioning itself to be a major player in its evolution,\" said Bill Stone, CEO. \"We have made, and continue to make, important strategic investments in order to more effectively leverage our advantageous on-device presence to optimize measurable performance for app publishers and advertisers, and to simultaneously provide them acce...