Business
Digital Turbine Reports Fiscal 2024 Third Quarter Financial Results
Third Quarter Revenue Totaled $142.6 Million Third Quarter GAAP Net Loss of $14.1 Million, or GAAP EPS of ($0.14); Third Quarter Non-GAAP Adjusted Net Income1
About this update from Digital Turbine, Inc.
[{"type":"text","content":"Third Quarter Revenue Totaled $142.6 Million\nThird Quarter GAAP Net Loss of $14.1 Million, or GAAP EPS of ($0.14); Third Quarter Non-GAAP Adjusted Net Income1 of $15.6 Million and Non-GAAP Adjusted EPS of $0.15\nThird Quarter Non-GAAP Adjusted EBITDA2 Totaled $25.4 Million\nAUSTIN, Texas, Feb. 7, 2024 /PRNewswire/ -- Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal third quarter ended December 31, 2023.\nRecent Financial Highlights:\nFiscal third quarter of 2024 revenue totaled $142.6 million, representing a year-over-year decline of 12% as compared to the fiscal third quarter of 2023.GAAP net loss for the fiscal third quarter of 2024 was $14.1 million, or ($0.14) per share, as compared to GAAP net income for the fiscal third quarter of 2023 of $4.1 million, or $0.04 per share.Non-GAAP adjusted net income1 for the fiscal third quarter of 2024 was $15.6 million, or $0.15 per share, as compared to Non-GAAP adjusted net income1 of $30.2 million, or $0.29 per share, in the fiscal third quarter of 2023.Non-GAAP adjusted EBITDA2 for the fiscal third quarter of 2024 was $25.4 million, as compared to Non-GAAP adjusted EBITDA2 of $40.0 million in the fiscal third quarter of 2023.Net cash provided by operating activities in the fiscal third quarter of 2024 was $11.7 million. Non-GAAP free cash flow3 in the fiscal third quarter of 2024 was $14.3 million. The Company reduced its long-term debt balance by $9.8 million to $374.0 million as of the end of the fiscal third quarter of 2024, as compared to $383.8 million as of the end of the fiscal second quarter of 2024.\"Weaker U.S. device upgrade rates and temporary platform consolidation factors represent near-term headwinds, but in no way impact our broader outlook on the tremendous market opportunity in front of us, particularly with respect to the prevailing winds of change in the alternative app distribution world,\" said Bill Stone, CEO. \"Recent regulatory and legislative news, along with the soon-to-be-effective Digital Markets Act in the European Union, are drawing global operators, OEMs, and app publishers to our advantageously positioned direct distribution platform offerings. We are making positive progress in this area, inclusive of key strategic investments, and look forward to converting this progress into future growth for the Company in calendar ...