- Digital Turbine (APPS) recently announced its first quarter 2023 results. These are the details.
Digital Turbine (APPS) recently announced its first quarter 2023 results. Below are the highlights.
Recent Financial Highlights:
– Revenue for the first quarter of fiscal 2023 totaled $188.6 million, an increase of 19% year-on-year based on published data compared to the first quarter of fiscal 2022 and an increase of 5% on a pro forma basis compared to the comparable pro forma figure for the first quarter of fiscal year 2022.
– GAAP net income for the first quarter of fiscal 2023 was $15.0 million, or $0.15 per share, compared to GAAP net income for the first fiscal quarter of 2022 of $14.3 million, or $0.14 per share. Adjusted non-GAAP net income for the first quarter of fiscal 2023 was $38.6 million, or $0.38 per share, compared to adjusted non-GAAP net income of $33.4 million, or $0.38 per share $0.34 per share in the first fiscal quarter of 2022.
– Non-GAAP Adjusted EBITDA2 for the first quarter of fiscal 2023 was $51.9 million, an increase of 30% compared to Non-GAAP Adjusted EBITDA of $39.8 million in the first quarter of the 2022 financial year.
Based on information available on August 8, 2022, the Company currently expects the following for the second quarter of fiscal 2023:
– Earnings between $170 and $180 million
– Non-GAAP Adjusted EBITDA2 between $46 million and $50 million
– Non-GAAP adjusted earnings per share1 of $0.32 to $0.34, based on approximately 104 million diluted shares outstanding and a 25% effective tax rate on non-GAAP net income for the fiscal second quarter
“Like most companies, we are experiencing challenging macro conditions. However, despite these macro headwinds, I was pleased with the demonstrated emphasis on profitable growth and our continued progress on several strategic initiatives such as SingleTap, which should serve as key growth drivers going forward. It has now been a full year for us as “OneDT” and we have generated $207 million in aggregate non-GAAP Adjusted EBITDA2 and $144 million in non-GAAP Free Cash Flow3 for the last four quarters, while we have integrated our full spectrum of platform assets. We are focused on maintaining our highly profitable business model despite macroeconomic headwinds while continuing to make strategic investments in a wide range of future growth initiatives, including exploring strategic partnerships with other app distribution platform providers. These investments should position Digital Turbine as a far more diverse and valuable business for all of our stakeholders.”
– Bill Stone CEO