Digital Turbine Inc

For the period ended Mar 31, 2024. Filed May 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed May 28, 2024

APPS$7.25-35.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS

Consolidated Statements of Cash Flows

(in thousands)

	Year ended March 31,
	2024	2023	2022
Cash flows from operating activities
Net (loss) income	$(420,448)	$16,870	$35,569
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	83,858	81,073	57,452
Non-cash interest expense	102	836	715
Allowance for credit losses	3,202	3,328	1,097
Stock-based compensation expense	33,763	30,401	19,304
Foreign exchange transaction gain	(101)	(1,026)	(2,062)
Change in fair value of contingent consideration	(372)	—	41,087
Right-of-use asset	906	5,661	6,043
Deferred income taxes	6,900	(6,039)	(3,981)
Impairment of goodwill	336,640	—	—
(Increase) decrease in assets:
Accounts receivable, gross	(19,251)	83,893	(73,656)
Prepaid expenses	688	49	(5,500)
Other current assets	(6,287)	7,958	2,296
Other non-current assets	(5,194)	(636)	283
Increase (decrease) in liabilities:
Accounts payable	40,190	(48,831)	31,762
Accrued revenue share	(34,955)	(26,002)	14,566
Accrued compensation	(3,552)	(18,228)	(43,907)
Other current liabilities	14,335	(10,044)	9,634
Other non-current liabilities	(1,747)	(5,887)	(5,964)
Net cash provided by operating activities	28,677	113,376	84,738
Cash flows from investing activities
Equity investments	(19,634)	(8,499)	—
Purchase price adjustment related to business acquisition	65	(2,708)	(148,722)
Capital expenditures	(24,279)	(23,858)	(23,280)
Net cash used in investing activities	(43,848)	(35,065)	(172,002)
Cash flows from financing activities
Proceeds from borrowings	50,000	25,500	549,060
Payment of debt issuance costs	—	(99)	(4,064)
Payment of deferred business acquisition consideration	—	—	(302,676)
Repayment of debt obligations	(77,134)	(149,000)	(52,772)
Acquisition of non-controlling interest in consolidated subsidiaries	(3,751)	—	—
Payment of withholding taxes for net share settlement of equity awards	(1,286)	(6,709)	(8,605)
Options exercised	2,871	2,020	4,300
Net cash provided by (used in) financing activities	(29,300)	(128,288)	185,243
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	2,518	(1,627)	(1,935)
Net change in cash, cash equivalents, and restricted cash	(41,953)	(51,604)	96,044
Cash, cash equivalents, and restricted cash, beginning of period	75,558	127,162	31,118
Cash, cash equivalents, and restricted cash, end of period	$33,605	$75,558	$127,162

Consolidated Statements of Cash Flows

(in thousands)

	Year ended March 31,
	2024	2023	2022
Supplemental disclosure of cash flow information
Interest paid	$30,716	$20,187	$5,985
Income taxes paid	$1,529	$5,658	$1,715
Supplemental disclosure of non-cash activities
Assets acquired not yet paid	$546	$445	$538
Right-of-use assets acquired under operating leases	$2,683	$—	$544
Common stock issued for the acquisition of Fyber	$—	$50,000	$356,686
Unpaid cash consideration for the acquisition of Fyber Minority Interest	$—	$—	$2,578
Fair value of unpaid contingent consideration in connection with business acquisitions	$2,366	$2,738	$50,000

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