Digital Turbine, Inc.
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On May 17, 2022, Digital Turbine issued a press release “announc[ing] . . . that it will restate its financial statements for the interim periods ended June 30, 2021, September 30, 2021, and December 31, 2021, following a review of the presentation of revenue net of license fees and revenue share for the Company’s recently acquired businesses.” Digital Turbine specified that “[t]he revenue for certain product lines of the recently acquired businesses, which are separate reportable segments, will now be reported net of license fees and revenue share, rather than on a gross basis, as had been previously reported. The changes have the offsetting effect of decreasing both revenue and license fees and revenue share in a like amount, while simultaneously increasing reported gross profit margin and Non-GAAP Adjusted EBITDA margin, in the interim financial statements for each relevant period. There is no change to the previously reported GAAP income from operations, GAAP net income/loss, Non-GAAP gross profit, Non-GAAP Adjusted EBITDA and Non-GAAP free cash flow results. Restated interim consolidated financial statements for each of the affected quarters will be filed as amendments to the respective Company’s Form 10-Q filings with the Securities and Exchange Commission on or before May 31, 2022.”
On this news, Digital Turbine’s stock price fell $1.93 per share, or 7.09%, to close at $25.28 per share on May 18, 2022.