Technology
Digital Turbine Reports Fiscal 2024 Fourth Quarter and Fiscal Year 2024 Financial Results
Published
4 months agoon
By
Fourth Quarter Revenue Totaled $112.2 Million and Fiscal 2024 Revenue Totaled $544.5 Million
Fourth Quarter GAAP Net Loss of $236.5 Million, or GAAP EPS of ($2.32), Inclusive of a Noncash Goodwill Impairment Charge of $189.5 Million; Fourth Quarter Non-GAAP Adjusted Net Income1 of $12.6 Million and Non-GAAP Adjusted EPS1 of $0.12
Fourth Quarter Non-GAAP Adjusted EBITDA2 Totaled $12.3 Million and Fiscal 2024 Non-GAAP Adjusted EBITDA2 Totaled $92.4 Million
AUSTIN, Texas, May 28, 2024 /PRNewswire/ — Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal fourth quarter and fiscal year ended March 31, 2024.
Recent Financial Highlights:
Fiscal fourth quarter of 2024 revenue totaled $112.2 million, representing a year-over-year decline of 20% as compared to the fiscal fourth quarter of 2023.
GAAP net loss for the fiscal fourth quarter of 2024 was $236.5 million, or ($2.32) per share, as compared to GAAP net loss for the fiscal fourth quarter of 2023 of $13.9 million, or ($0.14) per share. GAAP net loss for the fiscal fourth quarter included a noncash goodwill impairment charge of $189.5 million. Non-GAAP adjusted net income1 for the fiscal fourth quarter of 2024 was $12.6 million, or $0.12 per share, as compared to Non-GAAP adjusted net income1 of $13.6 million, or $0.14 per share, in the fiscal fourth quarter of 2023.
GAAP net loss for fiscal 2024 was $420.4 million, or ($4.16) per share, as compared to GAAP net income for fiscal 2023 of $16.9 million, or $0.16 per share. GAAP net loss for fiscal 2024 included a noncash goodwill impairment charge of $336.6 million. Non-GAAP adjusted net income1 for fiscal 2024 was $60.3 million, or $0.58 per share, as compared to Non-GAAP adjusted net income1 of $117.4 million, or $1.15 per share, in fiscal 2023.
Non-GAAP adjusted EBITDA2 for the fiscal fourth quarter of 2024 was $12.3 million, as compared to Non-GAAP adjusted EBITDA2 of $23.1 million in the fiscal fourth quarter of 2023. Non-GAAP adjusted EBITDA2 for fiscal 2024 was $92.4 million, as compared to Non-GAAP adjusted EBITDA2 of $163.2 million in fiscal 2023.
New partnerships are set to add more than 70 million new devices globally.
“We are seeing encouraging real-time momentum in the marketplace that we believe validates our strategy and positions the Company for a return to growth in the new fiscal year,” said Bill Stone, CEO. “We have recently secured additional global device supply that we believe will help to offset recent headwinds as a result of decade-low upgrade-rates and selective app distribution limitations in the U.S. In addition to adding new devices, we are adding complementary new features on many existing devices, with momentum in the area of alternative app distribution. Recent wins on the media and advertiser side are proof points that our newly re-engineered ad tech platform is now performing at a level at which it is well-positioned to gain market share. Operationally, we have successfully modernized key product functionality and added new leadership personnel that we believe will be integral to sustained growth in the future. Our financial results reported today fail to reflect much of the real-time progress that we are making. We are increasingly convinced that we are on the right track with our overarching corporate strategy, and consequently, we are seeing signs of greater market demand for our unique product offerings that we expect will promote top-line growth, enhanced operating leverage and improved free cash flow generation for the Company in future periods.”
Fiscal 2024 Fourth Quarter Financial Results
Total revenue for the fourth quarter of fiscal 2024 was $112.2 million. Total On Device Solutions revenue before intercompany eliminations was $78.5 million. Total App Growth Platform revenue before intercompany eliminations was $34.4 million.
GAAP net loss for the fourth quarter of fiscal 2024 was $236.5 million, or ($2.32) per share, as compared to GAAP net loss for the fourth quarter of fiscal 2023 of $13.9 million, or ($0.14) per share. GAAP net loss for the fourth quarter of fiscal 2024 included a noncash goodwill impairment charge of $189.5 million.
Non-GAAP adjusted net income1 for the fourth quarter of fiscal 2024 was $12.6 million, or $0.12 per share, as compared to Non-GAAP adjusted net income1 of $13.6 million, or $0.14 per share, in the fourth quarter of fiscal 2023.
Non-GAAP adjusted EBITDA2 for the fourth quarter of fiscal 2024 was $12.3 million, as compared to Non-GAAP adjusted EBITDA2 for the fourth quarter of fiscal 2023 of $23.1 million.
Full Year Fiscal 2024 Financial Results
Total revenue for fiscal 2024 was $544.5 million. Total On Device Solutions revenue before intercompany eliminations was $370.1 million. Total App Growth Platform revenue before intercompany eliminations was $178.8 million.
GAAP net loss for fiscal 2024 was $420.4 million, or ($4.16) per share, as compared to GAAP net income for fiscal 2023 of $16.9 million, or $0.16 per share. GAAP net loss for fiscal 2024 included a noncash goodwill impairment charge of $336.6 million.
Non-GAAP adjusted net income1 for fiscal 2024 was $60.3 million, or $0.58 per share, as compared to Non-GAAP adjusted net income1 of $117.4 million, or $1.15 per share, in fiscal 2023.
Non-GAAP adjusted EBITDA2 for fiscal year 2024 was $92.4 million, as compared to Non-GAAP adjusted EBITDA2 for fiscal year 2023 of $163.2 million. The reconciliations between GAAP and Non-GAAP financial results for all referenced periods are provided in the tables immediately following the Unaudited Consolidated Statements of Cash Flows below.
Business Outlook
Based on information available as of May 28, 2024, and considering the ongoing uncertainties in the macro environment, the Company currently expects the following for fiscal year 2025:
Revenue of between $540 million and $560 millionNon-GAAP adjusted EBITDA2 of between $85 million and $95 million
It is not reasonably practicable to provide a business outlook for GAAP net income because the Company cannot reasonably estimate the changes in stock-based compensation expense, which is directly impacted by changes in the Company’s stock price, or other items that are difficult to predict with precision.
About Digital Turbine, Inc.
Digital Turbine empowers superior mobile consumer experiences and results for the world’s leading telcos, advertisers, and publishers. Its end-to-end platform uniquely simplifies its partners’ abilities to supercharge awareness, acquisition, and monetization – connecting them with more consumers, in more ways, across more devices. Digital Turbine is headquartered in North America, with offices around the world. For additional information visit www.digitalturbine.com.
Conference Call
Management will host a conference call and webcast today at 4:30p ET to discuss its fiscal 2024 fourth quarter financial results and provide operational updates on the business. The conference call will discuss forward guidance and other material information. The call can be accessed online via the webcast link: https://app.webinar.net/a58rLm9LDgx. The call can also be accessed by dialing 888-317-6003 in the United States (or 412-317-6061 from international locations) and entering access code 7883119.
A playback will be available through June 4, 2024. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 4435511. An online webcast will be archived for a period of one year, and is available via the Investor Relations section of Digital Turbine’s website.
Use of Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements presented in accordance with GAAP, Digital Turbine uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP adjusted net income and earnings per share (“EPS”), non-GAAP adjusted EBITDA, non-GAAP free cash flow and non-GAAP gross profit. Reconciliations to the nearest GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.
Non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s current financial performance, prospects for the future and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP measures provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results. The Company believes the non-GAAP measures that exclude such items when viewed in conjunction with GAAP results and the accompanying reconciliations enhance the comparability of results against prior periods and allow for greater transparency of financial results. The Company believes non-GAAP measures facilitate management’s internal comparison of its financial performance to that of prior periods as well as trend analysis for budgeting and planning purposes. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
1Non-GAAP adjusted net income and EPS are defined as GAAP net income and EPS adjusted to exclude the effect of stock-based compensation expense, amortization of intangibles, business transformation costs, transaction-related expenses, severance costs, tax adjustments, impairment of goodwill, and adjustments acquisition-related liabilities and earn-out liabilities. Readers are cautioned that non-GAAP adjusted net income and EPS should not be construed as an alternative to comparable GAAP net income figures determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.
2Non-GAAP adjusted EBITDA is calculated as GAAP net income excluding the following cash and non-cash expenses: stock-based compensation expense, depreciation and amortization, net interest income (expense), net other income (expense), change in fair value of contingent consideration, business transformation costs, foreign exchange transaction gains (losses), income tax (benefit) provision, transaction-related expenses, severance costs, impairment of goodwill, and adjustments to acquisition-related liabilities. Non-GAAP adjusted EBITDA margin is calculated as non-GAAP adjusted EBITDA as a percentage of total revenue. Readers are cautioned that non-GAAP adjusted EBITDA should not be construed as an alternative to net income determined in accordance with U.S. GAAP as an indicator of performance, which is the most comparable measure under GAAP.
3Non-GAAP free cash flow, which is a non-GAAP financial measure, is defined as net cash provided by operating activities (as stated in our Consolidated Statements of Cash Flows), excluding transaction-related expenses, severance costs and business transformation costs, reduced by capital expenditures. Readers are cautioned that free cash flow should not be construed as an alternative to net cash provided by operating activities determined in accordance with U.S. GAAP as an indicator of profitability, performance or liquidity, which is the most comparable measure under GAAP.
4Non-GAAP gross profit is defined as GAAP income from operations adjusted to exclude the effect of product development costs, sales and marketing costs, general and administrative costs, depreciation of software, and impairment of goodwill. Readers are cautioned that non-GAAP gross profit should not be construed as an alternative to income from operations determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.
Non-GAAP adjusted EBITDA, non-GAAP adjusted net income and EPS, non-GAAP free cash flow and non-GAAP gross profit are used by management as internal measures of profitability and performance. They have been included because the Company believes that the measures are used by certain investors to assess the Company’s financial performance before non-cash charges and certain costs that the Company does not believe are reflective of its underlying business.
Forward-Looking Statements
This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are not statements of historical fact and that concern future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events, including financial projections and growth in various products are forward-looking statements that speak only as of the date made and which involve known and unknown risks, uncertainties and other factors which may, should one or more of these risks uncertainties or other factors materialize, cause actual results to differ materially from those expressed or implied by such statements. These factors and risks include:
Risks Specific to our Business
We have a history of net lossesWe have a limited operating history for our current portfolio of assets.Growth may place significant demands on our management and our infrastructure.Our operations are global in scope, and we face added business, political, regulatory, legal, operational, financial and economic risks as a result of our international operations.Our financial results could vary significantly from quarter-to-quarter and are difficult to predict.A significant portion of our revenue is derived from a limited number of wireless carriers and customers.The risk of impairment of our goodwill.The effects of the current and any future general downturns in the U.S. and the global economy, including financial market disruptions.Our products, services and systems rely on software that is highly technical, and if it contains errors or viruses, our business could be adversely affected.Our business may involve the use, transmission and storage of confidential information and personally identifiable information, and the failure to properly safeguard such information could result in significant reputational harm and monetary damages.Our business and reputation could be impacted by information technology system failures and network disruptionsSystem security risks and cyber-attacks could disrupt our internal operations or information technology services provided to customers.Our business and growth may suffer if we are unable to hire and retain key talent.If we are unable to maintain our corporate culture, our business could be harmed.If we make future acquisitions, this could require significant management attention and disrupt our business.Adverse effects of negative developments affecting the financial services industry, including events or concerns involving liquidity, defaults, or non-performance by financial institutions.Entry into new lines of business, and our offering of new products and services, resulting from our investments may result in exposure to new risks.Litigation may harm out business.
Risks Related to the Mobile Advertising Industry
The mobile advertising business is an intensely competitive industry, and we may not be able to compete successfully.The markets for our products and services are rapidly evolving and may decline or experience limited growth.Our business is dependent on the continued growth in usage of smartphones and other mobile connected devices.Wireless technologies are changing rapidly, and we may not be successful in working with these new technologies.The complexity of and incompatibilities among mobile devices may require us to use additional resources for the development of our products and services.If wireless subscribers do not continue to use their mobile devices to access mobile content and other applications, our business growth and future revenue may be adversely affected.A shift of technology platform by wireless carriers and mobile device manufacturers could lengthen the development period for our offerings, increase our costs, and cause our offerings to be published later than anticipated.Actual or perceived security vulnerabilities in devices or wireless networks could adversely affect our revenue.We may be subject to legal liability associated with providing mobile and online services.Risks of public health issues, such as a major epidemic or pandemic.Risk related to geopolitical conditions and the global economy, including conflicts, financial markets, and inflation.Risk related to the geopolitical relationship between the U.S. and China or changes in China’s economic and regulatory landscape.
Industry Regulatory Risks
We are subject to rapidly changing and increasingly stringent laws, regulations and contractual requirements related to privacy, data security, and protection of children.We are subject to anti-corruption, import/export, government sanction, and similar laws, especially related to our international operations.Government regulation of our marketing methods could restrict or prevent our ability to adequately advertise and promote our content, products and services available in certain jurisdictions.Regulatory requirements pertaining to the marketing, advertising, and promotion of our products and services.Governmental regulation of our marketing methods.Privacy-related litigation and fines.
Risks Related to Our Intellectual Property and Potential Liability
Third parties may obtain and improperly use our intellectual property; and if so, our competitive position may be adversely affected, particularly if we do not, or are unable to, adequately protect our intellectual property rightsThird parties may sue us for intellectual property infringement, which may prevent or limit our use of the intellectual property and disrupt our business and could require us to pay significant damage awards.Our platform contains open source software.Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, damages caused by malicious software, and other losses.
Risks Relating to Our Common Stock and Capital Structure
We have secured and unsecured indebtedness, which could limit our financial flexibility.To service our debt and fund our other obligations and capital requirements, we will require a significant amount of cash, and our ability to generate cash will depend on many factors beyond our control.The market price of our common stock is likely to be highly volatile and subject to wide fluctuations, and you may be unable to resell your shares at or above the current price or the price at which you purchased your shares.Risk of not being able to raise capital to grow our business.Risk to trading volume of lack of securities or industry analysts research coverage.A material weakness in our internal control over financial reporting and disclosure controls and procedures could, if not remediated, result in material misstatements in our financial statements.Maintaining and improvising financial controls and being a public company may strain resources.Anti-takeover provisions in our charter documents could make an acquisition of our company more difficult.Our bylaws designate Delaware as the exclusive forum for certain disputes.Other risks described in the risk factors in Item 1A of our latest Annual Report on Form 10-K under the heading “Risk Factors” and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
You should not place undue reliance on these forward-looking statements. The Company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Brian Bartholomew
Digital Turbine, Inc.
brian.bartholomew@digitalturbine.com
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(Unaudited)
(in thousands, except share and per share amounts)
Three months ended March 31,
Year ended March 31,
2024
2023
2024
2023
Net revenue
$ 112,223
$ 140,118
$ 544,482
$ 665,920
Costs of revenue and operating expenses
Revenue share
53,551
71,629
262,226
309,247
Other direct costs of revenue
7,555
9,007
34,799
36,445
Product development
11,284
13,399
54,157
56,486
Sales and marketing
15,935
15,278
61,481
63,295
General and administrative
42,278
39,954
169,617
154,282
Impairment of goodwill
189,459
—
336,640
—
Total costs of revenue and operating expenses
320,062
149,267
918,920
619,755
(Loss) income from operations
(207,839)
(9,149)
(374,438)
46,165
Interest and other income (expense), net
Change in fair value of contingent consideration
—
—
372
—
Interest expense, net
(7,938)
(7,128)
(30,838)
(23,352)
Foreign exchange transaction gain (loss)
(54)
(431)
101
(1,026)
Other expense, net
(261)
(163)
(328)
229
Total interest and other expense, net
(8,253)
(7,722)
(30,693)
(24,149)
(Loss) income before income taxes
(216,092)
(16,871)
(405,131)
22,016
Income tax provision
20,414
(3,018)
15,317
5,146
Net (loss) income
(236,506)
(13,853)
(420,448)
16,870
Less: net (loss) income attributable to non-controlling interest
—
79
(220)
197
Net (loss) income to Digital Turbine, Inc.
(236,506)
(13,932)
(420,228)
16,673
Other comprehensive income (loss)
Foreign currency translation adjustment
(2,462)
2,258
(6,271)
(2,386)
Comprehensive (loss) income
(238,968)
(11,595)
(426,719)
14,484
Less: comprehensive income (loss) attributable to non-controlling interest
—
81
519
415
Comprehensive (loss) income attributable to Digital Turbine, Inc.
$ (238,968)
$ (11,676)
$ (427,238)
$ 14,069
Net (loss) income per common share
Basic
$ (2.32)
$ (0.14)
$ (4.16)
$ 0.17
Diluted
$ (2.32)
$ (0.14)
$ (4.16)
$ 0.16
Weighted-average common shares outstanding
Basic
101,974
99,273
100,975
98,783
Diluted
101,974
100,712
100,975
101,816
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value and share amounts)
March 31, 2024
March 31, 2023
(Unaudited)
ASSETS
Current assets
Cash
$ 33,605
$ 75,558
Accounts receivable, net
191,015
178,189
Prepaid expenses
7,704
8,589
Other current assets
10,017
3,730
Total current assets
242,341
266,066
Property and equipment, net
45,782
39,327
Right-of-use assets
9,127
10,073
Intangible assets, net
313,505
379,632
Goodwill
220,072
561,576
Other non-current assets
34,713
9,882
TOTAL ASSETS
$ 865,540
$ 1,266,556
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$ 159,200
$ 119,338
Accrued revenue share
33,934
69,221
Accrued compensation
7,209
10,984
Other current liabilities
35,681
21,377
Total current liabilities
236,024
220,920
Long-term debt, net of debt issuance costs
383,490
410,522
Deferred tax liabilities, net
20,424
13,940
Other non-current liabilities
11,670
13,919
Total liabilities
651,608
659,301
Commitments and contingencies
Stockholders’ equity
Preferred stock
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and
outstanding (liquidation preference of $1)
100
100
Common stock
$0.0001 par value: 200,000,000 shares authorized; 102,877,057 issued and 102,118,932 outstanding at
March 31, 2024; 100,216,494 issued and 99,458,369 outstanding at March 31, 2023
10
10
Additional paid-in capital
858,191
822,217
Treasury stock (758,125 shares at March 31, 2024 and March 31, 2023)
(71)
(71)
Accumulated other comprehensive loss
(48,955)
(41,945)
Accumulated deficit
(595,343)
(175,115)
Total stockholders’ equity
213,932
605,196
Non-controlling interest
—
2,059
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$ 865,540
$ 1,266,556
Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three months ended March 31,
2024
2023
Cash flows from operating activities:
Net (loss) income
$ (236,506)
$ (13,853)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization
20,924
20,926
Non-cash interest expense
(531)
217
Allowance for credit losses
627
319
Stock-based compensation expense
6,743
10,758
Right-of-use asset
361
793
Deferred income taxes
15,909
(3,545)
Foreign exchange transaction (gain) loss
54
(1,607)
Impairment of goodwill
189,459
—
(Increase) decrease in assets:
Accounts receivable, gross
25,176
51,077
Prepaid expenses
2,920
1,595
Other current assets
(220)
17,809
Other non-current assets
(190)
(736)
Increase (decrease) in liabilities:
Accounts payable
108
(34,718)
Accrued revenue share
(32,119)
(5,678)
Accrued compensation
(111)
(5,097)
Other current liabilities
(2,628)
(21,828)
Other non-current liabilities
(1,732)
(570)
Net cash provided by (used in) operating activities
(11,756)
15,862
Cash flows from investing activities
Equity investments
(9,956)
(4,499)
Capital expenditures
(6,895)
(5,260)
Net cash used in investing activities
(16,851)
(9,759)
Cash flows from financing activities
Proceeds from borrowings
25,000
7,500
Payment of debt issuance costs
—
(5)
Repayment of debt obligations
(15,000)
(19,500)
Payment of withholding taxes for net share settlement of equity awards
(110)
(507)
Options exercised
85
925
Net cash provided by (used in) financing activities
9,975
(11,587)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
2,772
1,181
Net change in cash and cash equivalents and restricted cash
(15,860)
(4,303)
Cash and cash equivalents and restricted cash, beginning of period
49,465
79,861
Cash and cash equivalents and restricted cash, end of period
$ 33,605
$ 75,558
REVENUE BY SEGMENT
(in thousands)
(Unaudited)
Three months ended March 31,
Year ended March 31,
2024
2023
% Change
2024
2023
% Change
On Device Solutions
$ 78,504
$ 96,909
(19) %
$ 370,112
$ 420,328
(12) %
App Growth Platform
34,437
44,966
(23) %
178,760
252,995
(29) %
Elimination
(718)
(1,757)
(59) %
(4,390)
(7,403)
(41) %
Consolidated
$ 112,223
$ 140,118
(20) %
$ 544,482
$ 665,920
(18) %
GAAP (LOSS) INCOME FROM OPERATIONS TO NON-GAAP GROSS PROFIT
(in thousands)
(Unaudited)
Three months ended March 31,
Year ended March 31,
2024
2023
2024
2023
Net revenue
$ 112,223
$ 140,118
$ 544,482
$ 665,920
(Loss) income from operations
(207,839)
(9,149)
(374,438)
46,165
Add-back items:
Product development
11,284
13,399
54,157
56,486
Sales and marketing
15,935
15,278
61,481
63,295
General and administrative
42,278
39,954
169,617
154,282
Depreciation of software included in other direct costs of revenue
208
1,694
4,045
6,275
Impairment of goodwill
189,459
—
336,640
—
Non-GAAP gross profit
$ 51,325
$ 61,176
$ 251,502
$ 326,503
Non-GAAP gross profit percentage
46 %
44 %
46 %
49 %
GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED NET INCOME
(in thousands)
(Unaudited)
Three months ended March 31,
Year ended March 31,
2024
2023
2024
2023
Net (loss) income
$ (236,506)
(13,853)
$ (420,448)
$ 16,870
Add-back items:
Stock-based compensation expense
6,743
10,758
33,763
30,401
Amortization of intangibles
16,039
16,126
64,321
64,608
Adjustment to estimated earn-out liability
—
—
(372)
—
Tax adjustment (1)
33,817
—
33,817
—
Business transformation costs
2,127
—
9,418
—
Transaction-related expenses
177
859
338
4,739
Severance costs
710
1,066
2,795
2,176
Impairment of goodwill
189,459
—
336,640
—
Adjustment to acquisition-related liabilities
—
(1,346)
—
(1,346)
Non-GAAP adjusted net income
$ 12,566
$ 13,610
$ 60,272
$ 117,448
Non-GAAP adjusted net income per common share
$ 0.12
$ 0.14
$ 0.58
$ 1.15
Weighted-average common shares outstanding, diluted
103,451
100,712
103,928
101,816
(1) Valuation allowance
GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA
(in thousands)
(Unaudited)
Three months ended March 31,
Year ended March 31,
2024
2023
2024
2023
Net (loss) income
$ (236,506)
$ (13,853)
$ (420,448)
$ 16,870
Add-back items:
Stock-based compensation expense
6,743
10,758
33,763
30,401
Depreciation and amortization
20,924
20,926
83,858
81,073
Interest expense, net
7,938
7,128
30,838
23,352
Other expense, net
261
163
328
(229)
Change in fair value of contingent consideration
—
—
(372)
—
Business transformation costs
2,127
—
9,418
—
Foreign exchange transaction (gain) loss
54
431
(101)
1,026
Income tax provision
20,414
(3,018)
15,317
5,146
Transaction-related expenses
177
859
338
4,739
Severance costs
710
1,066
2,795
2,176
Impairment of goodwill
189,459
—
336,640
—
Adjustment to acquisition-related liabilities
—
(1,346)
—
(1,346)
Non-GAAP adjusted EBITDA
$ 12,301
$ 23,114
$ 92,374
$ 163,208
GAAP CASH FLOW FROM OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
(in thousands)
(Unaudited)
Three months ended March 31,
2024
2023
Net cash provided by (used in) operating activities
$ (11,756)
$ 15,862
Capital expenditures
(6,895)
(5,260)
Transaction-related expenses
177
859
Severance costs
710
1,066
Business transformation costs
2,127
—
Non-GAAP free cash flow provided (used) by operations
$ (15,637)
$ 12,527
View original content to download multimedia:https://www.prnewswire.com/news-releases/digital-turbine-reports-fiscal-2024-fourth-quarter-and-fiscal-year-2024-financial-results-302157072.html
SOURCE Digital Turbine, Inc.
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Technology
Disparities Narrowing Among Patients Undergoing Blood Stem Cell Transplant, Roswell Park Study Reveals
Published
44 mins agoon
September 20, 2024By
Historically, some patients with blood cancers have been less likely than others to receive stem cell transplant, also known as bone marrow transplant. Theresa Hahn, PhD, of Roswell Park is lead author of a new study showing that older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.
BUFFALO, N.Y., Sept. 20, 2024 /PRNewswire-PRWeb/ —
Study led by Dr. Theresa Hahn published in JAMA Network OpenNumber of transplants for blood cancers rose from 2009 to 2018Research team analyzed trends in transplant utilization for that period
Every year, more than 22,000 patients in the U.S. undergo a potentially lifesaving blood stem cell transplant — often called a “bone marrow transplant” — for the treatment of hematologic diseases. But historically, some patients with blood cancers have been less likely than others to receive the treatment. Theresa Hahn, PhD, of Roswell Park Comprehensive Cancer Center is lead author of a new study in the journal JAMA Network Open showing that while progress has been made in reducing those disparities, older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.
The research team analyzed data provided by the Center for International Blood and Marrow Transplant Research (CIBMTR) for 136,280 patients who underwent hematopoietic cell transplant (HCT) in the U.S. between 2009 and 1018, comparing those numbers with the incidence of six blood cancers (acute myeloid and lymphoblastic leukemia, multiple myeloma, Hodgkin and non-Hodgkin lymphoma and myelodysplastic syndrome) in various age, race and ethnic groups the U.S. as reported by the National Cancer Institute’s Surveillance Epidemiology and End Results (SEER) Program.
The team found that during that period, the use of HCT increased for the treatment of most blood cancers — and rose among all age, race and ethnic groups.
The researchers also discovered that in the most recent years analyzed, from 2017-2018:
The rate of HCT utilization for blood cancers rose among Hispanic and younger patients to equal the rate of non-Hispanic white patients.Non-Hispanic Black patients had a lower rate of HCT for all six diseases studied.Pediatric, adolescent and young adult patients had a higher rate than adult patients of allogeneic HCT, which involves receiving cells from a healthy donor.
“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages,” says Dr. Hahn, Professor of Oncology in the Department of Cancer Prevention and Control at Roswell Park and the study’s first author.
The research team also include Dr. Hahn’s Roswell Park colleague Megan Herr, PhD, and collaborators from the Medical College of Wisconsin, Milwaukee; the CIBMTR; and the Mayo Clinic.
From the world’s first chemotherapy research to the PSA prostate cancer biomarker, Roswell Park Comprehensive Cancer Center generates innovations that shape how cancer is detected, treated and prevented worldwide. Driven to eliminate cancer’s grip on humanity, the Roswell Park team of 4,000 makes compassionate, patient-centered cancer care and services accessible across New York State and beyond. Founded in 1898, Roswell Park was among the first three cancer centers nationwide to become a National Cancer Institute-designated comprehensive cancer center and is the only one to hold this designation in Upstate New York. To learn more about Roswell Park Comprehensive Cancer Center and the Roswell Park Care Network, visit http://www.roswellpark.org, call 1-800-ROSWELL (1-800-767-9355) or email ASKRoswell@RoswellPark.org.
Media Contact
Julia Telford, Roswell Park Comprehensive Cancer Center, 716-845-4919, julia.telford@roswellpark.org, roswellpark.org
View original content to download multimedia:https://www.prweb.com/releases/disparities-narrowing-among-patients-undergoing-blood-stem-cell-transplant-roswell-park-study-reveals-302254312.html
SOURCE Roswell Park Comprehensive Cancer Center
Technology
IFIC Monthly Investment Fund Statistics – August 2024
Published
44 mins agoon
September 20, 2024By
Mutual fund and exchange-traded fund (ETF) assets and sales
TORONTO, Sept. 20, 2024 /CNW/ – The Investment Funds Institute of Canada (IFIC) today announced investment fund net sales and net assets for August 2024.
Mutual fund assets totalled $2.145 trillion at the end of August, up by $7.7 billion or 0.4 per cent since July. Mutual fund net sales were $2.4 billion in August.
ETF assets totalled $464.0 billion at the end of August, up by $5.9 billion or 1.3 per cent since July. ETF net sales were $4.3 billion in August.
August insights
Mutual fund net sales were positive for the second consecutive month.Year to date, mutual funds experienced inflows of $3.6 billion, compared to outflows of $23.2 billion over the same period last year.Money market funds experienced the largest single month of outflows since November 2021, largely the result of outflows from high-interest saving account funds.Year to date, ETFs experienced inflows of $41.6 billion, which is 82 per cent higher than inflows over the same period last year.
Mutual fund net sales/net redemptions ($ millions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
YTD 2024
YTD 2023
Long-term funds
Balanced
(1,383)
(1,025)
(4,750)
(21,271)
(31,002)
Equity
1,093
2,088
(2,152)
1,212
(13,584)
Bond
2,538
3,307
(427)
16,339
8,591
Specialty
547
800
366
5,157
2,642
Total long-term funds
2,795
5,169
(6,963)
1,436
(33,353)
Total money market funds
(420)
31
1,302
2,194
10,142
Total
2,375
5,200
(5,661)
3,630
(23,211)
Mutual fund net assets ($ billions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
Dec 2023
Long-term funds
Balanced
964.3
962.9
893.6
904.3
Equity
823.5
821.3
701.3
714.4
Bond
268.7
264.7
234.5
242.3
Specialty
34.1
33.7
25.8
27.0
Total long-term funds
2,090.6
2,082.6
1,855.2
1,888.0
Total money market funds
54.4
54.8
45.7
50.7
Total
2,145.0
2,137.4
1,900.9
1,938.7
*
See below for important information about this data.
ETF net sales/net redemptions ($ millions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
YTD 2024
YTD 2023
Long-term funds
Balanced
464
558
140
3,305
1,103
Equity
1,748
2,380
330
22,822
6,776
Bond
1,176
1,463
641
13,359
7,085
Specialty
991
254
(280)
1,288
1,047
Total long-term funds
4,378
4,655
832
40,775
16,011
Total money market funds
(94)
310
1,051
863
6,864
Total
4,285
4,965
1,883
41,638
22,875
ETF net assets ($ billions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
Dec 2023
Long-term funds
Balanced
20.2
19.6
13.9
15.1
Equity
290.5
286.6
219.7
232.5
Bond
109.2
107.7
86.3
94.6
Specialty
17.8
17.7
11.7
14.4
Total long-term funds
437.8
431.7
331.6
356.7
Total money market funds
26.3
26.4
23.1
25.3
Total
464.0
458.1
354.7
382.0
*
See below for important information about data.
IFIC direct survey data (which accounts for approximately 87 per cent of total mutual fund industry assets and approximately 80 per cent of total ETF industry assets) is complemented by estimated data to provide comprehensive industry totals.
IFIC makes every effort to verify the accuracy, currency, and completeness of the information, however, IFIC does not guarantee, warrant, represent or undertake that the information provided is correct, accurate or current.
© The Investment Funds Institute of Canada. No reproduction or republication in whole or in part is permitted without permission.
* Important information about investment fund data
Mutual fund data is adjusted to remove double counting arising from mutual funds that invest in other mutual funds.Starting with January 2022 data, ETF data is adjusted to remove double counting arising from Canadian-listed ETFs that invest in units of other Canadian-listed ETFs. Any references to IFIC ETF assets and sales figures prior to 2022 data should indicate that the data has not been adjusted for ETF of ETF double counting.The balanced funds category includes funds that invest directly in a mix of stocks and bonds or obtain exposure through investing in other funds.Mutual fund data reflects the investment activity of Canadian retail investors.ETF data reflects the investment activity of Canadian retail and institutional investors.
About IFIC
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation. Learn more about IFIC
SOURCE The Investment Funds Institute of Canada
Technology
VINFAST REPORTS UNAUDITED SECOND QUARTER 2024 FINANCIAL RESULTS
Published
45 mins agoon
September 20, 2024By
SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a subsidiary of Vingroup JSC, and Vietnam’s only pure-play electric vehicle manufacturer, today announced its unaudited financial results for the second quarter ended June 30, 2024.
VinFast delivered 13,172 EVs in Q2, up by 44% QoQ and 43% YoY, bringing its delivery total for the first half of 2024 to 22,348 vehicles, a 101% increase compared to the same period last year.The Company recorded $357 million in revenue for Q2, up by 33% QoQ and 9% YoY.Vietnam, where momentum is accelerating, will play a key role in driving VinFast’s revenue in the remainder of 2024.
Madam Thuy Le, Chairwoman of VinFast, said: “We remain focused on our mission to contribute to a sustainable future for everyone. Our strategy is unchanged with regards to being a vertically-integrated green mobility solutions company providing high quality and good-value electric vehicles. With the delivery of VF 3 starting in Q3, we have completed the development of all 7 e-SUV models.”
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Q2 of 2024 aligned with our forecasts, driven in large part by the increasing demand for VinFast’s EVs in Vietnam. This growth in our home market has been crucial in advancing our mission to promote EV adoption and green mobility. The momentum we’ve built in Vietnam has laid a solid foundation for our strong position in this key market to continue thriving.”
VinFast EV Deliveries Rose 44% QoQ and Revenue Grew 33% QoQ
During the quarter, VinFast delivered 13,172 vehicles, a 44% increase compared to the previous quarter and a 43% increase year-over-year. This brings total deliveries for the first half of 2024 to 22,348 vehicles, representing a 101% increase compared to the same period last year.
One of the key drivers behind this growth was the increasing adoption of electric vehicles in the Vietnamese market, where VinFast recorded a 108% year-over-year increase in B2C deliveries in Q2.
VinFast reported $357 million in revenue in Q2, up by 9% year-over-year and by 33% quarter-over-quarter.
The Company’s gross loss for Q2 was ($224) million, equivalent to a gross margin of (62.7%). This was primarily due to an impairment charge on Net Residual Value (NRV) of $104 million, compared to $5 million in Q1.
Expanding Global Footprint to Drive Sales
VinFast’s strategic expansion through dealership network has shown progress.
As of August 31, VinFast had 155 showrooms across all markets, of which around 70% were dealerships.
Strengthening Presence in Key Markets
Vietnam
VinFast achieved its highest year-over-year growth for Vietnam in the first half of 2024. The VF 5 model has been instrumental in driving the Company’s strong sales performance, securing the VF 5’s position as a domestic leader in its segment. Additionally, the Company began delivering its highly anticipated VF 3, VinFast’s mini electric SUV, in the third quarter of 2024.
North America
In the second quarter of 2024, VinFast continued to build its foundation in the U.S. by introducing its products and strategies to key dealerships. To bolster brand awareness, VinFast expanded customer outreach through its dealer network and established a Dealer Advisory Council to gain valuable insights. As of the second quarter, VinFast now operates in eight states, California, Connecticut, Florida, Kansas, Kentucky, North Carolina, New York, and Texas, with a combined network of dealer stores and VinFast-owned showrooms.
In Canada, VinFast recorded 15% quarter-over-quarter growth in the second quarter and is seeing this momentum continue in the third quarter, with July and August seeing its highest delivery levels for North America in the past year.
Southeast Asia
VinFast entered the Indonesian market less than six months ago and has since established 15 showrooms across major cities, including Jakarta and Surabaya. VinFast began delivering its first batch of VF e34 electric vehicle during the third quarter of 2024, making Indonesian customers the first globally to receive right-hand drive VinFast EVs. VinFast also broke ground its completely knocked down (CKD) facility in Indonesia.
VinFast’s innovative battery subscription offer has been a key driver of sales in Indonesia, accounting for nearly 100% of its total sales and orders. This program has also garnered positive feedback in the Philippines, further validating its commitment to making electric vehicles more accessible.
Building on the positive response from dealers in the Philippines, VinFast is eager to introduce additional models to the market in the coming months, further expanding its footprint and product offerings in the region.
Outlook for the Remainder of 2024
VinFast reaffirms its target to deliver approximately 80,000 units in 2024.
Vietnam is expected to play a key role in driving revenue for the remainder of 2024. The growing success of the VF 5 model, along with VinFast’s extensive charging infrastructure, flexible battery subscription program, and strong after-sales services, are expected to reinforce its leadership position in the Vietnamese electric vehicle market.
While international markets continue to face near-term challenges, they remain integral to VinFast’s longer-term growth strategy as the company expands its global brand and distribution network.
VinFast remains committed to its mission of accelerating the global shift to sustainable electric mobility through continuous innovation, product expansion, and market presence./.
Conference Call
The Company’s management will host its second quarter 2024 earnings conference call at 8:00 AM U.S. Eastern Time on September 20, 2024.
Live Webcast: https://edge.media-server.com/mmc/p/urnhoxtg
For additional information, please visit https://vinfastauto.us/investor-relations/
Investor Relations – Email: ir@vinfastauto.com
Media Relations – Email: info@vingroup.com
About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us
Forward-Looking Statements
Forward-looking statements in this announcement, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the effect of the consummation of the business combination and the public listing of the Company’s securities on its business relationships, performance, financial condition and business generally, (ii) the risk that the Company’s securities may experience a material price decline and volatility in the price of such securities due to a variety of factors, (iii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company’s business, (iv) the Company’s potential inability to maintain the listing of its securities on Nasdaq, (v) the risk associated with the Company’s limited operating history, (vi) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (vii) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (viii) risks associated with being a new entrant in the EV industry, (ix) the risks of the Company’s brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (x) the Company’s ability to successfully introduce and market new products and services, (xi) competition in the automotive industry, (xii) the Company’s ability to adequately control the costs associated with its operations, (xiii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xiv) the Company’s ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xv) the Company’s ability to establish manufacturing facilities outside of Vietnam and expand capacity in a timely manner and within budget, (xvi) the risk that the Company’s actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xvii) the demand for, and consumers’ willingness to adopt, EVs, (xiii) the availability and accessibility of EV charging stations or related infrastructure, (xix) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xx) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company’s financial condition, results of operations or cash flows, (xxi) battery pack failures in the Company or its competitor’s EVs, (xxii) failure of the Company’s business partners to deliver their services, (xxiii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company’s EVs or operations, (xxiv) the risk that the Company’s research and development efforts may not yield expected results, (xxv) risks associated with autonomous driving technologies, (xxvi) product recalls that the Company may be required to make, (xxvii) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company, (xxiii) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates, (xxix) conflicts of interests with or any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroup and Vingroup affiliates and (xxx) other risks discussed in our reports filed or furnished to the Securities and Exchange Commission.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date of this announcement. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this announcement does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/vinfast-reports-unaudited-second-quarter-2024-financial-results-302254421.html
SOURCE VinFast
Disparities Narrowing Among Patients Undergoing Blood Stem Cell Transplant, Roswell Park Study Reveals
IFIC Monthly Investment Fund Statistics – August 2024
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