QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
(NASDAQ Capital Market) | ||||||||
(Title of Class) | (Trading Symbol) | (Name of Each Exchange on Which Registered) |
☒ | Accelerated Filer | ☐ | |||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||
Emerging Growth Company |
September 30, 2021 | March 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts receivable, net | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Right-of-use assets | ||||||||||||||
Deferred tax assets, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Other non-current assets | ||||||||||||||
TOTAL ASSETS | $ | $ | ||||||||||||
LIABILITIES AND STOCKHOLDER'S EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued license fees and revenue share | ||||||||||||||
Accrued compensation | ||||||||||||||
Short-term debt | ||||||||||||||
Other current liabilities | ||||||||||||||
Acquisition purchase price liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt, net of debt issuance costs | ||||||||||||||
Deferred tax liabilities, net | ||||||||||||||
Other non-current liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 14) | ||||||||||||||
Stockholders' equity | ||||||||||||||
Preferred stock | ||||||||||||||
Series A convertible preferred stock at $ | ||||||||||||||
Common stock | ||||||||||||||
$ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Treasury stock ( | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Total stockholders' equity attributable to Digital Turbine, Inc. | ||||||||||||||
Non-controlling interest | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | $ |
Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Restated | Restated | |||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Costs of revenues and operating expenses | ||||||||||||||||||||||||||
License fees and revenue share | ||||||||||||||||||||||||||
Other direct costs of revenues | ||||||||||||||||||||||||||
Product development | ||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Total costs of revenues and operating expenses | ||||||||||||||||||||||||||
Income from operations | ||||||||||||||||||||||||||
Interest and other income / (expense), net | ||||||||||||||||||||||||||
Change in fair value of contingent consideration | ( | ( | ( | ( | ||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
Foreign exchange transaction loss | ( | ( | ||||||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
Total interest and other income / (expense), net | ( | ( | ( | ( | ||||||||||||||||||||||
Income / (loss) before income taxes | ( | |||||||||||||||||||||||||
Income tax provision / (benefit) | ( | |||||||||||||||||||||||||
Net income / (loss) | ( | |||||||||||||||||||||||||
Less: net loss attributable to non-controlling interest | ( | ( | ||||||||||||||||||||||||
Net income / (loss) attributable to Digital Turbine, Inc. | ( | |||||||||||||||||||||||||
Other comprehensive loss | ||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income / (loss) | ( | ( | ||||||||||||||||||||||||
Less: comprehensive loss attributable to non-controlling interest | ( | ( | ||||||||||||||||||||||||
Comprehensive income / (loss) attributable to Digital Turbine, Inc. | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Net income / (loss) per common share | ||||||||||||||||||||||||||
Basic | $ | ( | $ | $ | $ | |||||||||||||||||||||
Diluted | $ | ( | $ | $ | $ | |||||||||||||||||||||
Weighted-average common shares outstanding | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted |
Six months ended September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Non-cash interest expense | ||||||||||||||
Stock-based compensation | ||||||||||||||
Stock-based compensation for services rendered | ||||||||||||||
Change in fair value of contingent consideration | ||||||||||||||
Right-of-use asset | ||||||||||||||
Deferred income taxes | ||||||||||||||
(Increase) / decrease in assets: | ||||||||||||||
Accounts receivable, gross | ( | ( | ||||||||||||
Allowance for credit losses | ( | |||||||||||||
Prepaid expenses and other current assets | ( | |||||||||||||
Other non-current assets | ||||||||||||||
Increase / (decrease) in liabilities: | ||||||||||||||
Accounts payable | ||||||||||||||
Accrued license fees and revenue share | ||||||||||||||
Accrued compensation | ( | |||||||||||||
Other current liabilities | ||||||||||||||
Other non-current liabilities | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities | ||||||||||||||
Business acquisitions, net of cash acquired | ( | ( | ||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Payment of contingent consideration | ( | |||||||||||||
Proceeds from borrowings | ||||||||||||||
Payment of debt issuance costs | ( | |||||||||||||
Options and warrants exercised | ||||||||||||||
Repayment of debt obligations | ( | ( | ||||||||||||
Net cash provided by / (used in) financing activities | ( | |||||||||||||
Effect of exchange rate changes on cash | ( | ( | ||||||||||||
Net change in cash | ||||||||||||||
Cash and restricted cash, beginning of period | ||||||||||||||
Cash and restricted cash, end of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||
Interest paid | $ | $ | ||||||||||||
Income taxes paid | $ | $ | ||||||||||||
Supplemental disclosure of non-cash activities | ||||||||||||||
Common stock for the acquisition of Fyber | $ | $ | ||||||||||||
Unpaid cash consideration for the acquisition of Fyber Minority Interest | $ | $ | ||||||||||||
Unpaid cash consideration for the acquisition of AdColony | $ | $ | ||||||||||||
Fair value of contingent consideration in connection with business acquisitions | $ | $ |
Common Stock Shares | Amount | Preferred Stock Shares | Amount | Treasury Stock Shares | Amount | Additional Paid-In Capital | Accumulated Other Comprehensive Income / (Loss) | Accumulated Deficit | Non-Controlling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income / (loss) | — | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation for services rendered | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares for acquisition of Fyber | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests in Fyber | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options exercised | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation for services rendered | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares for acquisition of Fyber | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interests in Fyber | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options exercised | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Shares | Amount | Preferred Stock Shares | Amount | Treasury Stock Shares | Amount | Additional Paid-In Capital | Accumulated Other Comprehensive Income / (Loss) | Accumulated Deficit | Non-Controlling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation for services rendered | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options exercised | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation for services rendered | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options exercised | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Six months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Restated | Reported | Adjustment | Restated | |||||||||||||||||||||||||||||||||
Net revenues | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Costs of revenues and operating expenses | ||||||||||||||||||||||||||||||||||||||
License fees and revenue share | ( | ( | ||||||||||||||||||||||||||||||||||||
Other direct costs of revenues | ||||||||||||||||||||||||||||||||||||||
Product development | ( | ( | ||||||||||||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||||||||||||||
Total costs of revenues and operating expenses | ||||||||||||||||||||||||||||||||||||||
Income from operations | $ | $ | $ | $ |
Assets acquired | ||||||||
Cash | $ | |||||||
Accounts receivable | ||||||||
Other current assets | ||||||||
Property and equipment | ||||||||
Right-of-use asset | ||||||||
Publisher relationships | ||||||||
Developed technology | ||||||||
Trade names | ||||||||
Customer relationships | ||||||||
Favorable lease | ||||||||
Goodwill | ||||||||
Other non-current assets | ||||||||
Total assets acquired | $ | |||||||
Liabilities assumed | ||||||||
Accounts payable | $ | |||||||
Accrued license fees and revenue share | ||||||||
Accrued compensation | ||||||||
Other current liabilities | ||||||||
Short-term debt | ||||||||
Deferred tax liability, net | ||||||||
Other non-current liabilities | ||||||||
Total liabilities assumed | $ | |||||||
Total purchase price | $ |
Assets acquired | ||||||||
Cash | $ | |||||||
Accounts receivable | ||||||||
Other current assets | ||||||||
Property and equipment | ||||||||
Right-of-use asset | ||||||||
Customer relationships | ||||||||
Developed technology | ||||||||
Trade names | ||||||||
Publisher relationships | ||||||||
Goodwill | ||||||||
Other non-current assets | ||||||||
Total assets acquired | $ | |||||||
Liabilities assumed | ||||||||
Accounts payable | $ | |||||||
Accrued license fees and revenue share | ||||||||
Accrued compensation | ||||||||
Other current liabilities | ||||||||
Deferred tax liability, net | ||||||||
Other non-current liabilities | ||||||||
Total liabilities assumed | $ | |||||||
Total purchase price | $ |
Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||||||
Restated | Restated | |||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Net loss attributable to controlling interest | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Basic net loss attributable to controlling interest per common share | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Diluted net loss attributable to controlling interest per common share | $ | ( | $ | ( | $ | ( | $ | ( |
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Restated | Restated | Restated | Restated | |||||||||||||||||||||||||||||
ODM | IAM-A | IAM-F | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
License fees and revenue share | ( | |||||||||||||||||||||||||||||||
Segment profit | $ | $ | $ | $ | $ |
Three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||
ODM | IAM-A | IAM-F | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
License fees and revenue share | ||||||||||||||||||||||||||||||||
Segment profit | $ | $ | $ | $ | $ |
Six months ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Restated | Restated | Restated | Restated | |||||||||||||||||||||||||||||
ODM | IAM-A | IAM-F | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
License fees and revenue share | ( | |||||||||||||||||||||||||||||||
Segment profit | $ | $ | $ | $ | $ |
Six months ended September 30, 2020 | ||||||||||||||||||||||||||||||||
ODM | IAM-A | IAM-F | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
License fees and revenue share | ||||||||||||||||||||||||||||||||
Segment profit | $ | $ | $ | $ | $ |
September 30, 2021 | March 31, 2021 | |||||||||||||
United States and Canada | $ | $ | ||||||||||||
Europe, Middle East, and Africa | ||||||||||||||
Asia Pacific and China | ||||||||||||||
Mexico, Central America, and South America | ||||||||||||||
Consolidated property and equipment, net | $ | $ |
Three months ended September 30, 2021 | ||||||||||||||||||||||||||
Restated | Restated | Restated | ||||||||||||||||||||||||
ODM | IAM-A | IAM-F | Total | |||||||||||||||||||||||
United States and Canada | $ | $ | $ | $ | ||||||||||||||||||||||
Europe, Middle East, and Africa | ||||||||||||||||||||||||||
Asia Pacific and China | ||||||||||||||||||||||||||
Mexico, Central America, and South America | ||||||||||||||||||||||||||
Elimination | ( | |||||||||||||||||||||||||
Consolidated net revenues | $ | $ | $ | $ |
Three months ended September 30, 2020 | ||||||||||||||||||||||||||
ODM | IAM-A | IAM-F | Total | |||||||||||||||||||||||
United States and Canada | $ | $ | $ | $ | ||||||||||||||||||||||
Europe, Middle East, and Africa | ||||||||||||||||||||||||||
Asia Pacific and China | ||||||||||||||||||||||||||
Mexico, Central America, and South America | ||||||||||||||||||||||||||
Consolidated net revenues | $ | $ | $ | $ |
Six months ended September 30, 2021 | ||||||||||||||||||||||||||
Restated | Restated | Restated | ||||||||||||||||||||||||
ODM | IAM-A | IAM-F | Total | |||||||||||||||||||||||
United States and Canada | $ | $ | $ | $ | ||||||||||||||||||||||
Europe, Middle East, and Africa | ||||||||||||||||||||||||||
Asia Pacific and China | ||||||||||||||||||||||||||
Mexico, Central America, and South America | ||||||||||||||||||||||||||
Elimination | ( | |||||||||||||||||||||||||
Consolidated net revenues | $ | $ | $ | $ |
Six months ended September 30, 2020 | ||||||||||||||||||||||||||
ODM | IAM-A | IAM-F | Total | |||||||||||||||||||||||
United States and Canada | $ | $ | $ | $ | ||||||||||||||||||||||
Europe, Middle East, and Africa | ||||||||||||||||||||||||||
Asia Pacific and China | ||||||||||||||||||||||||||
Mexico, Central America, and South America | ||||||||||||||||||||||||||
Consolidated net revenues | $ | $ | $ | $ |
ODM | IAM-A | IAM-F | Consolidated | |||||||||||||||||||||||
Goodwill as of March 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
Purchase of AdColony | ||||||||||||||||||||||||||
Purchase of Fyber | ||||||||||||||||||||||||||
Foreign currency translation and other | ( | ( | ( | |||||||||||||||||||||||
Goodwill as of September 30, 2021 | $ | $ | $ | $ |
As of September 30, 2021 | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Weighted-Average Remaining Useful Life | Cost | Accumulated Amortization | Net | |||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | ||||||||||||||||||||||
Developed technology | ( | |||||||||||||||||||||||||
Trade names | ( | |||||||||||||||||||||||||
Publisher relationships | ( | |||||||||||||||||||||||||
Total | $ | $ | ( | $ |
As of March 31, 2021 | ||||||||||||||||||||||||||
Weighted-Average Remaining Useful Life | Cost | Accumulated Amortization | Net | |||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | ||||||||||||||||||||||
Developed technology | ( | |||||||||||||||||||||||||
Trade names | ( | |||||||||||||||||||||||||
Total | $ | $ | ( | $ |
Remainder of fiscal year 2022 | $ | |||||||
Fiscal year 2023 | ||||||||
Fiscal year 2024 | ||||||||
Fiscal year 2025 | ||||||||
Fiscal year 2026 | ||||||||
Thereafter | ||||||||
Total | $ |
September 30, 2021 | March 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Billed | $ | $ | ||||||||||||
Unbilled | ||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
September 30, 2021 | March 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Computer-related equipment | $ | $ | ||||||||||||
Developed software | ||||||||||||||
Furniture and fixtures | ||||||||||||||
Leasehold improvements | ||||||||||||||
Property and equipment, gross | ||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Property and equipment, net | $ | $ |
September 30, 2021 | ||||||||
(Unaudited) | ||||||||
Remainder of fiscal year 2022 | $ | |||||||
Fiscal year 2023 | ||||||||
Fiscal year 2024 | ||||||||
Fiscal year 2025 | ||||||||
Fiscal year 2026 | ||||||||
Thereafter | ||||||||
Total undiscounted cash flows | ||||||||
(Less imputed interest) | ( | |||||||
Present value of lease liabilities | $ |
September 30, 2021 | ||||||||||||||||||||
Balance | Interest Rate | Unused Line Fee | ||||||||||||||||||
Revolver (subject to variable rate) | $ | % | % | |||||||||||||||||
Fyber - Discount Bank (subject to variable rate) | $ | % | % | |||||||||||||||||
Fyber - Bank Leumi (subject to variable rate) | $ | % | % |
September 30, 2021 | March 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Revolver | $ | $ | ||||||||||||
Less: Debt issuance costs | ( | ( | ||||||||||||
Debt assumed through Fyber Acquisition | ||||||||||||||
Total debt, net | ||||||||||||||
Less: Current portion of debt | ( | ( | ||||||||||||
Non-current debt | $ | $ |
Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Interest income / (expense), net | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Amortization of debt issuance costs | ( | ( | ||||||||||||||||||||||||
Unused line of credit fees and other | ( | ( | ||||||||||||||||||||||||
Total interest income / (expense), net | $ | ( | $ | ( | $ | ( | $ | ( |
Number of Shares | Weighted-Average Exercise Price (per share) | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||||||||||||
Options outstanding as of March 31, 2021 | $ | $ | ||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Forfeited / Cancelled | ( | |||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Options outstanding as of September 30, 2021 | $ | $ | ||||||||||||||||||||||||
Vested and expected to vest (net of estimated forfeitures) at September 30, 2021 | $ | $ | ||||||||||||||||||||||||
Exercisable as of September 30, 2021 | $ | $ |
Number of Shares | Weighted-Average Grant Date Fair Value | |||||||||||||
Unvested restricted shares outstanding as of March 31, 2021 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Cancelled | ( | |||||||||||||
Unvested restricted shares outstanding as of September 30, 2021 | $ |
Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income / (loss) | ( | |||||||||||||||||||||||||
Less: net loss attributable to non-controlling interest | ( | ( | ||||||||||||||||||||||||
Net income / (loss) attributable to Digital Turbine, Inc. | $ | ( | $ | $ | $ | |||||||||||||||||||||
Weighted-average common shares outstanding, basic | ||||||||||||||||||||||||||
Basic net income / (loss) per common share attributable to Digital Turbine, Inc. | $ | ( | $ | $ | $ | |||||||||||||||||||||
Weighted-average common shares outstanding, diluted | ||||||||||||||||||||||||||
Diluted net income / (loss) per common share attributable to Digital Turbine, Inc. | $ | ( | $ | $ | $ | |||||||||||||||||||||
Common stock equivalents excluded from net loss per diluted share because their effect would have been anti-dilutive |
Jurisdiction | NOLs | Expiration Dates | ||||||||||||
U.S. Federal | $ | 2032 through 2037 | ||||||||||||
U.S. Federal | $ | Indefinite | ||||||||||||
State taxing jurisdictions | $ | 2026 through 2041 |
Jurisdiction | NOLs | Expiration Dates | ||||||||||||
Germany | $ | Indefinite | ||||||||||||
Israel | $ | Indefinite |
Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % of Change | 2021 | 2020 | % of Change | |||||||||||||||||||||||||||||||||
Restated | Restated | Restated | Restated | |||||||||||||||||||||||||||||||||||
Net revenues | ||||||||||||||||||||||||||||||||||||||
On Device Media | $ | 129,449 | $ | 70,893 | 82.6 | % | $ | 249,832 | $ | 129,905 | 92.3 | % | ||||||||||||||||||||||||||
In App Media - AdColony | 40,641 | — | 100.0 | % | 70,943 | — | 100.0 | % | ||||||||||||||||||||||||||||||
In App Media - Fyber | 23,536 | — | 100.0 | % | 32,708 | — | 100.0 | % | ||||||||||||||||||||||||||||||
Elimination | (5,058) | — | (100.0) | % | (6,840) | — | (100.0) | % | ||||||||||||||||||||||||||||||
Total net revenues | $ | 188,568 | $ | 70,893 | 166.0 | % | $ | 346,643 | $ | 129,905 | 166.8 | % |
Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % of Change | 2021 | 2020 | % of Change | |||||||||||||||||||||||||||||||||
Restated | Restated | Restated | Restated | |||||||||||||||||||||||||||||||||||
Costs of revenues and operating expenses | ||||||||||||||||||||||||||||||||||||||
License fees and revenue share | $ | 91,508 | $ | 40,532 | 125.8 | % | $ | 175,316 | $ | 72,832 | 140.7 | % | ||||||||||||||||||||||||||
Other direct costs of revenues | 7,827 | 662 | 1,082.3 | % | 12,295 | 1,222 | 906.1 | % | ||||||||||||||||||||||||||||||
Product development | 13,915 | 4,217 | 230.0 | % | 26,839 | 8,625 | 211.2 | % | ||||||||||||||||||||||||||||||
Sales and marketing | 17,479 | 4,835 | 261.5 | % | 31,215 | 9,153 | 241.0 | % | ||||||||||||||||||||||||||||||
General and administrative | 41,307 | 8,531 | 384.2 | % | 65,301 | 15,335 | 325.8 | % | ||||||||||||||||||||||||||||||
Total costs of revenues and operating expenses | $ | 172,036 | $ | 58,777 | 192.7 | % | $ | 310,966 | $ | 107,167 | 190.2 | % |
Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % of Change | 2021 | 2020 | % of Change | |||||||||||||||||||||||||||||||||
Interest and other income / (expense), net | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | $ | (1,955) | $ | (287) | (581.2) | % | $ | (3,112) | $ | (593) | (424.8) | % | ||||||||||||||||||||||||||
Change in fair value of contingent consideration | $ | (22,087) | $ | (10,757) | (105.3) | % | $ | (22,087) | $ | (10,757) | (105.3) | % | ||||||||||||||||||||||||||
Foreign exchange transaction loss | (249) | — | (100.0) | % | (519) | — | (100.0) | % | ||||||||||||||||||||||||||||||
Other expense, net | (477) | (38) | (1,155.3) | % | (512) | (38) | (1,247.4) | % | ||||||||||||||||||||||||||||||
Total interest and other income / (expense), net | $ | (24,768) | $ | (11,082) | (123.5) | % | $ | (26,230) | $ | (11,388) | (130.3) | % |
Six months ended September 30, | ||||||||||||||||||||
2021 | 2020 | % of Change | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Consolidated statements of cash flows data: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 7,754 | $ | 29,666 | (73.9) | % | ||||||||||||||
Business acquisitions, net of cash acquired | (148,056) | (7,968) | (1,758.1) | % | ||||||||||||||||
Capital expenditures | (10,411) | (4,177) | (149.2) | % | ||||||||||||||||
Payment of contingent consideration | — | (9,302) | 100.0 | % | ||||||||||||||||
Proceeds from borrowings | 267,134 | — | 100.0 | % | ||||||||||||||||
Payment of debt issuance costs | (2,988) | — | (100.0) | % | ||||||||||||||||
Options and warrants exercised | 2,155 | 3,526 | (38.9) | % | ||||||||||||||||
Repayment of debt obligations | (46,256) | (250) | (18,402.4) | % | ||||||||||||||||
Effect of exchange rate changes on cash | (4,233) | (187) | (2,163.6) | % |
Amendment to Share Purchase Agreement, dated as of August 27, 2021, by and among Digital Turbine, Inc., Digital Turbine Media, Inc., Digital Turbine AdColony AS, AdColony Holding AS, and Otello Corporation ASA (incorporated by reference to the Company Current Report on Form 8-K filed on August 27, 2021). | ||||||||
101 | INS XBRL Instance Document.* | |||||||
101 | SCH XBRL Schema Document.* | |||||||
101 | CAL XBRL Taxonomy Extension Calculation Linkbase Document.* | |||||||
101 | DEF XBRL Taxonomy Extension Definition Linkbase Document.* | |||||||
101 | LAB XBRL Taxonomy Extension Label Linkbase Document.* | |||||||
101 | PRE XBRL Taxonomy Extension Presentation Linkbase Document.* |
Digital Turbine, Inc. | ||||||||||||||
Dated: May 27, 2022 | By: | /s/ William Stone | ||||||||||||
William Stone | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Digital Turbine, Inc. | ||||||||||||||
Dated: May 27, 2022 | By: | /s/ Barrett Garrison | ||||||||||||
Barrett Garrison | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
May 27, 2022 | By: | /s/ William Stone | ||||||
William Stone | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
May 27, 2022 | By: | /s/ Barrett Garrison | ||||||
Barrett Garrison | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
November 2, 2021 | By: | /s/ William Stone | ||||||
William Stone | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
November 2, 2021 | By: | /s/ Barrett Garrison | ||||||
Barrett Garrison | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands |
Sep. 30, 2021
USD ($)
$ / shares
shares
|
Mar. 31, 2021
USD ($)
$ / shares
shares
|
---|---|---|
Statement of Financial Position [Abstract] | ||
Series A convertible preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Series A convertible preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Series A convertible preferred stock, shares issued | 100,000 | 100,000 |
Series A convertible preferred stock, shares outstanding | 100,000 | 100,000 |
Series A convertible preferred stock, liquidation preference | $ | $ 1 | $ 1 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 97,180,782 | 90,685,553 |
Common stock, shares outstanding | 96,619,930 | 89,949,847 |
Treasury stock (in shares) | 754,599 | 754,599 |
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||||||
Income Statement [Abstract] | ||||||||||||||
Net revenues | [1] | $ 188,568 | $ 70,893 | $ 346,643 | $ 129,905 | |||||||||
Costs of revenues and operating expenses | ||||||||||||||
License fees and revenue share | [1] | 91,508 | 40,532 | 175,316 | 72,832 | |||||||||
Other direct costs of revenues | [1] | 7,827 | 662 | 12,295 | 1,222 | |||||||||
Product development | [1] | 13,915 | 4,217 | 26,839 | 8,625 | |||||||||
Sales and marketing | [1] | 17,479 | 4,835 | 31,215 | 9,153 | |||||||||
General and administrative | [1] | 41,307 | 8,531 | 65,301 | 15,335 | |||||||||
Total costs of revenues and operating expenses | [1] | 172,036 | 58,777 | 310,966 | 107,167 | |||||||||
Income from operations | [1] | 16,532 | 12,116 | 35,677 | 22,738 | |||||||||
Interest and other income / (expense), net | ||||||||||||||
Change in fair value of contingent consideration | (22,087) | [1] | (10,757) | [1] | (22,087) | [2] | (10,757) | [1] | ||||||
Interest expense, net | [1] | (1,955) | (287) | (3,112) | (593) | |||||||||
Foreign exchange transaction loss | [1] | (249) | 0 | (519) | 0 | |||||||||
Other expense, net | [1] | (477) | (38) | (512) | (38) | |||||||||
Total interest and other income / (expense), net | [1] | (24,768) | (11,082) | (26,230) | (11,388) | |||||||||
Income / (loss) before income taxes | [1] | (8,236) | 1,034 | 9,447 | 11,350 | |||||||||
Income tax provision / (benefit) | [1] | (2,349) | 661 | 1,081 | 1,037 | |||||||||
Net income / (loss) | (5,887) | [1] | 373 | [1] | 8,366 | [2] | 10,313 | [1] | ||||||
Less: net loss attributable to non-controlling interest | [1] | (35) | 0 | (66) | 0 | |||||||||
Net income / (loss) attributable to Digital Turbine, Inc. | [1] | (5,852) | 373 | 8,432 | 10,313 | |||||||||
Other comprehensive loss | ||||||||||||||
Foreign currency translation adjustment | (15,892) | [1] | (45) | [3] | (36,673) | [1] | (187) | [1] | ||||||
Comprehensive income / (loss) | [1] | (21,779) | 328 | (28,307) | 10,126 | |||||||||
Less: comprehensive loss attributable to non-controlling interest | [1] | (128) | 0 | (921) | 0 | |||||||||
Comprehensive income / (loss) attributable to Digital Turbine, Inc. | [1] | $ (21,651) | $ 328 | $ (27,386) | $ 10,126 | |||||||||
Net income / (loss) per common share | ||||||||||||||
Basic (in dollars per share) | [1] | $ (0.06) | $ 0 | $ 0.09 | $ 0.11 | |||||||||
Diluted (in dollars per share) | [1] | $ (0.06) | $ 0 | $ 0.08 | $ 0.11 | |||||||||
Weighted-average common shares outstanding | ||||||||||||||
Basic (in shares) | [1] | 96,157 | 88,035 | 93,807 | 87,712 | |||||||||
Diluted (in shares) | [1] | 96,157 | 96,057 | 100,457 | 94,988 | |||||||||
|
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) (Parenthetical) |
3 Months Ended |
---|---|
Jun. 30, 2021
business
| |
Income Statement [Abstract] | |
Number of businesses acquired | 2 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||
Cash flows from operating activities | ||||||||
Net income / (loss) | $ 8,366 | [1] | $ 10,313 | [2] | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | [1] | 24,981 | 3,241 | |||||
Non-cash interest expense | [1] | 298 | 36 | |||||
Stock-based compensation | [1] | 5,695 | 3,668 | |||||
Stock-based compensation for services rendered | [1] | 3,935 | 458 | |||||
Change in fair value of contingent consideration | 22,087 | [1] | 10,757 | [2] | ||||
Right-of-use asset | [1] | 1,951 | 244 | |||||
Deferred income taxes | [1] | 178 | 0 | |||||
(Increase) / decrease in assets: | ||||||||
Accounts receivable, gross | [1] | (61,855) | (13,735) | |||||
Allowance for credit losses | [1] | (31) | 597 | |||||
Prepaid expenses and other current assets | [1] | (4,917) | 1,637 | |||||
Other non-current assets | [1] | 95 | 0 | |||||
Increase / (decrease) in liabilities: | ||||||||
Accounts payable | [1] | 51,676 | 4,776 | |||||
Accrued license fees and revenue share | [1] | 1,382 | 2,777 | |||||
Accrued compensation | [1] | (45,694) | 1,225 | |||||
Other current liabilities | [1] | 2,643 | 4,005 | |||||
Other non-current liabilities | [1] | (3,036) | (333) | |||||
Net cash provided by operating activities | [1] | 7,754 | 29,666 | |||||
Cash flows from investing activities | ||||||||
Business acquisitions, net of cash acquired | [1] | (148,056) | (7,968) | |||||
Capital expenditures | [1] | (10,411) | (4,177) | |||||
Net cash used in investing activities | [1] | (158,467) | (12,145) | |||||
Cash flows from financing activities | ||||||||
Payment of contingent consideration | [1] | 0 | (9,302) | |||||
Proceeds from borrowings | [1] | 267,134 | 0 | |||||
Payment of debt issuance costs | [1] | (2,988) | 0 | |||||
Options and warrants exercised | [1] | 2,155 | 3,526 | |||||
Repayment of debt obligations | [1] | (46,256) | (250) | |||||
Net cash provided by / (used in) financing activities | [1] | 220,045 | (6,026) | |||||
Effect of exchange rate changes on cash | [1] | (4,233) | (187) | |||||
Net change in cash | [1] | 65,099 | 11,308 | |||||
Cash and restricted cash, beginning of period | [1] | 31,118 | 21,659 | |||||
Cash and restricted cash, end of period | [1] | 96,217 | 32,967 | |||||
Supplemental disclosure of cash flow information | ||||||||
Interest paid | [1] | 2,199 | 571 | |||||
Income taxes paid | [1] | 693 | 0 | |||||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||||||
Fair value of contingent consideration in connection with business acquisitions | [1] | 235,500 | 0 | |||||
Fyber | ||||||||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||||||
Common stock for the acquisition of Fyber | [1] | 356,686 | 0 | |||||
Unpaid cash consideration for acquisition | [1] | 3,108 | 0 | |||||
AdColony | ||||||||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||||||
Unpaid cash consideration for acquisition | [1] | $ 100,000 | $ 0 | |||||
|
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) |
3 Months Ended |
---|---|
Jun. 30, 2021
business
| |
Statement of Cash Flows [Abstract] | |
Number of businesses acquired | 2 |
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Preferred Stock |
Treasury Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income / (Loss) |
Accumulated Deficit |
Non-Controlling Interest |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Mar. 31, 2020 | [1] | 87,306,784 | 100,000 | 754,599 | ||||||||||||||
Beginning balance at Mar. 31, 2020 | [1] | $ 77,454 | $ 10 | $ 100 | $ (71) | $ 360,224 | $ (591) | $ (282,218) | $ 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income / (loss) | [1] | 9,940 | 9,940 | |||||||||||||||
Foreign currency translation | [1] | (142) | (142) | |||||||||||||||
Stock-based compensation | [1] | 1,438 | 1,438 | |||||||||||||||
Stock-based compensation for services rendered | [1] | 173 | 173 | |||||||||||||||
Options exercised (in shares) | [1] | 224,012 | ||||||||||||||||
Options exercised | [1] | 437 | 437 | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | [1] | 87,530,796 | 100,000 | 754,599 | ||||||||||||||
Ending balance at Jun. 30, 2020 | [1] | 89,300 | $ 10 | $ 100 | $ (71) | 362,272 | (733) | (272,278) | 0 | |||||||||
Beginning balance (in shares) at Mar. 31, 2020 | [1] | 87,306,784 | 100,000 | 754,599 | ||||||||||||||
Beginning balance at Mar. 31, 2020 | [1] | 77,454 | $ 10 | $ 100 | $ (71) | 360,224 | (591) | (282,218) | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income / (loss) | [2] | 10,313 | ||||||||||||||||
Foreign currency translation | [2] | (187) | ||||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | [1] | 88,697,103 | 100,000 | 754,599 | ||||||||||||||
Ending balance at Sep. 30, 2020 | [1] | 95,232 | $ 10 | $ 100 | $ (71) | 367,876 | (778) | (271,905) | 0 | |||||||||
Beginning balance (in shares) at Jun. 30, 2020 | [1] | 87,530,796 | 100,000 | 754,599 | ||||||||||||||
Beginning balance at Jun. 30, 2020 | [1] | 89,300 | $ 10 | $ 100 | $ (71) | 362,272 | (733) | (272,278) | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income / (loss) | 373 | [2] | 373 | [1] | ||||||||||||||
Foreign currency translation | [1] | (45) | (45) | |||||||||||||||
Stock-based compensation (in shares) | [1] | 61,553 | ||||||||||||||||
Stock-based compensation | [1] | 2,230 | 2,230 | |||||||||||||||
Stock-based compensation for services rendered (in shares) | [1] | 45,110 | ||||||||||||||||
Stock-based compensation for services rendered | [1] | 285 | 285 | |||||||||||||||
Options exercised (in shares) | [1] | 1,059,644 | ||||||||||||||||
Options exercised | [1] | 3,089 | 3,089 | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | [1] | 88,697,103 | 100,000 | 754,599 | ||||||||||||||
Ending balance at Sep. 30, 2020 | [1] | 95,232 | $ 10 | $ 100 | $ (71) | 367,876 | (778) | (271,905) | 0 | |||||||||
Beginning balance (in shares) at Mar. 31, 2021 | [1] | 89,949,847 | 100,000 | 754,599 | ||||||||||||||
Beginning balance at Mar. 31, 2021 | [1] | 145,112 | $ 10 | $ 100 | $ (71) | 373,310 | (903) | (227,334) | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income / (loss) | [1] | 14,253 | 14,284 | (31) | ||||||||||||||
Foreign currency translation | [1] | (20,781) | (20,019) | (762) | ||||||||||||||
Stock-based compensation (in shares) | [1] | 207,758 | ||||||||||||||||
Stock-based compensation | [1] | 2,365 | 2,365 | |||||||||||||||
Stock-based compensation for services rendered | [1] | 1,340 | 1,340 | |||||||||||||||
Shares for acquisition of Fyber (in shares) | [1] | 4,716,935 | ||||||||||||||||
Shares for acquisition of Fyber | [1] | 359,233 | 359,233 | |||||||||||||||
Non-controlling interests in Fyber | [1] | 24,558 | 24,558 | |||||||||||||||
Options exercised (in shares) | [1] | 178,127 | ||||||||||||||||
Options exercised | [1] | 695 | 695 | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | [1] | 95,052,667 | 100,000 | 754,599 | ||||||||||||||
Ending balance at Jun. 30, 2021 | [1] | 526,775 | $ 10 | $ 100 | $ (71) | 736,943 | (20,922) | (213,050) | 23,765 | |||||||||
Beginning balance (in shares) at Mar. 31, 2021 | [1] | 89,949,847 | 100,000 | 754,599 | ||||||||||||||
Beginning balance at Mar. 31, 2021 | [1] | 145,112 | $ 10 | $ 100 | $ (71) | 373,310 | (903) | (227,334) | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income / (loss) | [3] | 8,366 | ||||||||||||||||
Foreign currency translation | [2] | $ (36,673) | ||||||||||||||||
Options exercised (in shares) | 658,549 | |||||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | [1] | 96,619,930 | 100,000 | 754,599 | ||||||||||||||
Ending balance at Sep. 30, 2021 | [1] | $ 488,382 | $ 10 | $ 100 | $ (71) | 741,781 | (36,721) | (218,902) | 2,185 | |||||||||
Beginning balance (in shares) at Jun. 30, 2021 | [1] | 95,052,667 | 100,000 | 754,599 | ||||||||||||||
Beginning balance at Jun. 30, 2021 | [1] | 526,775 | $ 10 | $ 100 | $ (71) | 736,943 | (20,922) | (213,050) | 23,765 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income / (loss) | (5,887) | [2] | (5,852) | [1] | (35) | [1] | ||||||||||||
Foreign currency translation | (15,892) | [2] | (15,799) | [1] | (93) | [1] | ||||||||||||
Stock-based compensation (in shares) | [1] | 28,477 | ||||||||||||||||
Stock-based compensation | [1] | 3,330 | 3,330 | |||||||||||||||
Stock-based compensation for services rendered | [1] | 2,595 | 2,595 | |||||||||||||||
Shares for acquisition of Fyber (in shares) | [1] | 1,058,364 | ||||||||||||||||
Shares for acquisition of Fyber | [1] | (2,547) | (2,547) | |||||||||||||||
Acquisition of non-controlling interests in Fyber | [1] | (21,452) | (21,452) | |||||||||||||||
Options exercised (in shares) | [1] | 480,422 | ||||||||||||||||
Options exercised | [1] | 1,460 | 1,460 | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | [1] | 96,619,930 | 100,000 | 754,599 | ||||||||||||||
Ending balance at Sep. 30, 2021 | [1] | $ 488,382 | $ 10 | $ 100 | $ (71) | $ 741,781 | $ (36,721) | $ (218,902) | $ 2,185 | |||||||||
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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) |
3 Months Ended |
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Jun. 30, 2021
business
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Statement of Stockholders' Equity [Abstract] | |
Number of businesses acquired | 2 |
Description of Business |
6 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of BusinessDigital Turbine, Inc., through its subsidiaries (collectively "Digital Turbine" or the "Company"), is a leading end-to-end solution for mobile technology companies to enable advertising and monetization solutions. Its digital media platform powers frictionless end-to-end application for brand discovery and advertising, user acquisition and engagement, operational efficiency, and monetization opportunities. The Company provides on-device solutions to all participants in the mobile application ecosystem that want to connect with end users and consumers who hold the device, including mobile carriers and device original equipment manufacturers (“OEMs”) that participate in the app economy, app publishers and developers, and brands and advertising agencies. |
Restatement of Condensed Consolidated Financial Statements |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restatement of Condensed Consolidated Financial Statements | Restatement of Condensed Consolidated Financial Statements On May 11, 2022, management and the Audit Committee of the Board of Directors of the Company concluded (a) the Company will restate its financial statements for the three months ended June 30, 2021, the three and six months ended September 30, 2021, and the three and nine months ended December 31, 2021 (the “Relevant Periods”), and (b) the Company’s previously issued unaudited interim condensed consolidated financial statements for the Relevant Periods included in its Quarterly Reports on Form 10-Q for the Relevant Periods, as originally filed with the Securities and Exchange Commission on August 9, 2021, November 2, 2021, and February 8, 2022, respectively, should no longer be relied upon. In connection with the integration of the Company’s recently acquired businesses (AdColony Holding AS and Fyber N.V. (the “Acquired Companies”)), management performed a review of the presentation of revenue and license fees and revenue share expense based on accounting guidance for revenue recognition, including considerations of principal and agent (or “gross and net”) presentation. After a detailed review of the Acquired Companies' product lines and related contracts with customers and publishers, the Company concluded each Acquired Company acts as an agent in certain of their respective product lines and, as a result, revenue for those product lines should be reported net of license fees and revenue share expense. Previously, all revenue of the Acquired Companies, which are reported as separate segments referred to as In App Media – AdColony ("IAM-A") and In App Media – Fyber ("IAM-F"), were reported on a gross basis. The Company’s legacy business, which is reported in a separate segment referred to as On Device Media, is not impacted by the change described above and it's revenue continues to be reported on a gross basis. Further, the acquisitions of the Acquired Companies were completed during the three-month period ended June 30, 2021, and, as a result, there is no impact to the fiscal year ended March 31, 2021. In addition, management determined certain hosting costs for the Acquired Companies reported as product development expenses should be reclassified as other direct costs of revenue and general and administrative expenses. The corrections have the effect of: 1.Decreasing both net revenue and license fees and revenue share in a like amount on the condensed consolidated statements of operations and comprehensive income / (loss) for the three and six months ended September 30, 2021; 2.Increasing other direct costs of revenue and decreasing product development expenses in a like amount on the condensed consolidated statements of operations and comprehensive income / (loss) for the three and six months ended September 30, 2021; and 3.Increasing other direct costs of revenue and general and administrative expenses and decreasing product development expenses in a like amount on the condensed consolidated statements of operations and comprehensive income / (loss) for the six months ended September 30, 2021. These corrections do not relate to or have any impact on the Company’s operating performance, income from operations, net income / (loss), or cash flows, and the financial position and liquidity of the Company remain unchanged. The following table summarizes the impact of the restatements on select unaudited condensed consolidated statements of operations and comprehensive income / (loss) line items:
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Basis of Presentation and Summary of Significant Accounting Policies |
6 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The Company consolidates the financial results and reports non-controlling interests representing the economic interests held by other equity holders of subsidiaries that are not 100% owned by the Company. The calculation of non-controlling interests excludes any net income / (loss) attributable directly to the Company. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the Company's audited financial statements and related notes included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021 (the "2021 Form 10-K"). Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods indicated. The results of operations for the three and six months ended September 30, 2021, are not necessarily indicative of the operating results for the full fiscal year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for credit losses, stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of contingent earn-out considerations (please see Note 14, "Commitments and Contingencies," for further information on the fair value of the Company's contingent earn-out considerations), incremental borrowing rates for right-of-use assets and lease liabilities, and tax valuation allowances. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management’s estimates using different assumptions or under different conditions. In light of the ongoing and quickly evolving COVID-19 pandemic, management has considered the impacts of the COVID-19 pandemic on the Company’s critical and significant accounting estimates and as of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of its assets or liabilities as a result of the COVID-19 pandemic. These estimates may change as new events occur and additional information is obtained and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed consolidated financial statements. Summary of Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies in Note 4, “Summary of Significant Accounting Policies,” of the notes to the consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021, other than changes for revenue recognition related to the principal-versus-agent presentation matter for the businesses acquired discussed below, "New Accounting Standards Adopted" disclosed below, and changes to the Company's segment reporting disclosed in Note 5, "Segment Information." Revenue Recognition The Company generates revenue from transactions for the purchase and sale of digital advertising inventory through our various platforms and service offerings. Generally, our revenue is based on a percentage of the ad spend through our platforms, although for certain service offerings, we receive a fixed cost-per-thousand ("CPM") or cost-per-install ("CPI") for ad impressions sold or app installs completed. We recognize revenue upon fulfillment of our performance obligation to our customers, which generally occurs at the point in time when an ad is rendered or an end consumer action, such as an app install, is completed. ODM - Carriers and OEMs The Company enters into contracts with OEMs for our On Device Media ("ODM") segment to help the customer control, manage, and monetize the mobile device through the marketing of application slots or advertisement space/inventory to advertisers and delivering the applications or advertisements to the mobile device. The Company generally offers these services under a revenue share model or, to a lesser extent, a customer contract per-device license fee model for a two-to-four year software as a service ("SaaS") license agreement. These agreements typically include the following services: the access to a SaaS platform, hosting, solution features, and general support and maintenance. The Company has concluded that each promised service is delivered concurrently, interdependently, and continuously with all other promised services over the contract term and, as such, has concluded these promises are a single performance obligation that is delivered to the customer over a series of distinct service periods over the contract term. The Company meets the criteria for overtime recognition because the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs, and the same method would be used to measure progress over each distinct service period. The fees for such services are not known at contract inception, but are measurable during each distinct service period. The Company's contracts do not include advance non-refundable fees. The Company’s fees for these services are based upon a revenue-share arrangement with the carrier or OEM. Both parties have agreed to share the revenue earned from third-party advertisers, discussed below, for these services. ODM - Third-Party Advertisers The Company generally offers these services through CPI, cost-per-placement ("CPP"), and/or cost-per-action ("CPA") arrangements with third-party advertisers, developers, agencies, and advertising aggregators, generally in the form of insertion orders. The insertion orders specify the type of arrangement and additional terms such as advertising campaign budgets and timelines as well as any constraints on advertising types. These customer contracts can be open ended in regards to length of time and can renew automatically unless terminated; however, specific advertising campaigns are generally short-term in nature. These agreements typically include the delivery of applications to home screens of mobile devices. Access to inventory of application slots is allocated by carriers or OEMs in the contracts identified above. The Company controls these application slots and markets it on behalf of the carriers and OEMs to the advertisers. The Company has concluded that the performance obligation within the contract is complete upon delivery of the application to the device. Revenue recognition related to CPI and CPA arrangements is dependent upon an action of the end user. As a result, the transaction price is variable and is fully constrained until an install or action occurs. ODM - Programmatic Advertising and Targeted Media Delivery The Company generally offers these services under CPM impression arrangements and page-view arrangements. Through its mobile phone first screen applications and mobile web portals, the Company markets ad space/inventory within its content products for display advertising. The ad space/inventory is allocated to the Company through arrangement with the carrier or OEM in the contracts discussed above. The Company controls this ad space/inventory and markets it on behalf of the carriers and OEMs to the advertisers. The Company’s advertising customers can bid on each individual display ad and the highest bid wins the right to fill each ad impression. Advertising agencies acting on the behalf of advertisers bid on the ad placement via the Company’s advertising exchange customers. When the bid is won, the ad will be received and placed on the mobile device by the Company. The entire process happens almost instantaneously and on a continuous basis. The advertising exchanges bill and collect from the winning bidders and provide daily and monthly reports of the activity to the Company. The Company has concluded that the performance obligation is satisfied at the point in time upon delivery of the advertisement to the device based on the impressions or page-view arrangement, as defined in the contract. Through its mobile phone first screen applications and mobile web portals, the Company’s software platform also recommends sponsored content to mobile phone users and drives web traffic to a customer's website. The Company markets this content to content sponsors, such as Outbrain or Taboola, similarly to the marketing of ad space/inventory. This sponsored content takes the form of articles, graphics, pictures, and similar content. The Company has concluded that the performance obligation within the contract is complete upon delivery of the content to the mobile device. IAM-A and IAM-F - Marketplace The Company, through its IAM-A and IAM-F segments provide platforms that allow demand-side platforms (“DSPs”) and publishers to buy and sell ad inventory, respectively, in a programmatic, real-time bidding ("RTB") auction. The Company generally contracts with DSPs through an RTB Ad Exchange Agreement (“Exchange Agreement”). It also separately contracts with publishers through an Advertising insertion order or service order to provide access to its auction platform and the ad inventory available through the platform. The auction is held when ad inventory becomes available. AdColony will send bid requests to various DSPs, which may choose to bid on the available ad inventory. Once a DSP wins an auction, it must deliver an ad, which is generally served through the Company's software development kits (“SDK”). The entire auction process is nearly instantaneous. The Company bills the DSP based on the total number of impressions and the bid price. It then remits the payment to the publishers, net of a revenue share agreed with the publisher that is generally a percentage of the DSPs’ total spending with the publisher through the platform. IAM-A - Brand and Performance The Company, through its IAM-A segment for its Brand and Performance offerings, contracts directly with advertisers or agencies. through insertion orders, that require the Company to fulfill advertising campaigns by identifying and purchasing targeted ad inventory and serving ads on behalf of the advertiser. The insertion orders or addendum communications provide advertising campaign details, such as campaign start and end date, target demographics, maximum budget, and rate. Rates are generally based on an end user action (CPI) or on a CPM basis. Revenue is recognized based on the rate and the number of impressions or end user actions at the time the ad is rendered or the end suer action is completed. Principal vs Agent Reporting The determination of whether we act as a principal or as an agent in a transaction requires significant judgement and is based on an assessment of the terms of customer arrangements and the relevant accounting guidance. When we are the principal in a transaction, revenue is reported on a gross basis, which is the amount billed to DSPs, advertisers and agencies. When we are an agent in a transaction, revenues are reported net of license fees and revenue share paid to app publishers or developers. The Company has determined that it is a principal for its advertiser services for application management and programmatic advertising and targeted media delivery when it controls the application slots or ad space/inventory. This is because it has been allocated such slots or space from the carrier or OEM and is responsible for marketing or monetizing the slots or space. The advertisers look to the Company to acquire such slots or space, and the Company’s software is used to deliver the applications, ads or content to the mobile device. The Company also may manage application or ad campaigns of advertisers associated with these services. If the applications or advertisements are not delivered to the mobile device or the Company doesn’t comply with certain policies of the advertiser, the Company would be responsible and have to indemnify the customer for these issues. The Company also has discretion in setting the price of the slots or space based on market conditions, collects the transaction prices, and remits the revenue-share percentage of the transaction price to the carrier or OEM. The Company recognizes the transaction price received from advertisers, content providers, or websites gross and the carrier or OEM share of such transaction price as costs of revenue - license fees and revenue share - in the accompanying consolidated statements of operations and comprehensive income / (loss). The carrier or OEM may have the right to market and sell application slots or ad space to advertisers using the Company’s software. The carrier or OEM will share revenue with the Company when it does so. The Company recognizes the revenue shared by the carrier or OEM on a net basis as the Company is not considered the primary obligor in these transactions. The Company has determined that it it is a principal for its Brand and Performance offerings as the advertisers or agencies provide parameters for their target audiences, as well as a budget for ad campaigns. Once an advertiser or advertising agency provides its specifications, the Company has the discretion to fulfill the campaign by utilizing its data and proprietary technology. The Company controls the service because it has the ultimate discretion in purchasing ad inventory; and once an ad inventory slot is purchased, filling that ad inventory slot. As a result, the Company reports the revenues billed to advertisers and agencies on a gross basis and revenue shares paid to publishers as license fees and revenue share. The Company has determined that is an agent in transactions on its Marketplace platforms. The Company acts as an intermediary between DSPs and publishers by providing access to a platform and the SDKs that allow both parties to transact in the buying and selling of ad inventory. The transaction price is determined through a real-time auction and the Company has no pricing discretion or obligation related to the fulfillment of the advertising delivery. New Accounting Standards Adopted ASU 2019-12 In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The Company adopted this guidance as of April 1, 2021. ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements upon adoption. ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The Company is implementing a transition plan to identify and modify its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Company is continuing to assess ASU 2020-04 and its impact on the Company’s condensed consolidated financial statements.
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Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Acquisition of Fyber N.V. On May 25, 2021, the Company completed the initial closing of the acquisition of 95.1% of the outstanding voting shares (the “Majority Fyber Shares”) of Fyber N.V. (“Fyber”) pursuant to a Sale and Purchase Agreement (the "Fyber Acquisition") between Tennor Holding B.V., Advert Finance B.V., and Lars Windhorst (collectively, the “Seller”), the Company, and Digital Turbine Luxembourg S.ar.l., a wholly-owned subsidiary of the Company. The remaining outstanding shares in Fyber (the “Minority Fyber Shares”) are (to the Company's knowledge) held by other shareholders of Fyber (the “Minority Fyber Shareholders”) and are presented as non-controlling interests within these financial statements. Fyber is a leading mobile advertising monetization platform empowering global app developers to optimize profitability through quality advertising. Fyber’s proprietary technology platform and expertise in mediation, real-time bidding, advanced analytics tools, and video combine to deliver publishers and advertisers a highly valuable app monetization solution. Fyber represents an important and strategic addition for the Company in its mission to develop one of the largest full-stack, fully-independent, mobile advertising solutions in the industry. The combined platform offering is advantageously positioned to leverage the Company’s existing on-device software presence and global distribution footprint. The Company acquired Fyber in exchange for an estimated aggregate consideration of up to $600,000, consisting of: i.Approximately $150,000 in cash, $124,336 of which was paid to the Seller at the closing of the acquisition and the remainder of which is to be paid to the Minority Fyber Shareholders for the Minority Fyber Shares pursuant to the tender offer described below; ii.5,816,588 newly-issued shares of common stock of the Company to the Seller, which such number of shares were determined based on the volume-weighted average price of the common stock on NASDAQ during the 30-day period prior to the closing date, equal in value to $359,233 at the Company's common stock closing price on May 25, 2021, as follows. 1.3,216,935 newly-issued shares of common stock of the Company equal in value to $198,678, issued at the closing of the acquisition; 2.1,500,000 newly-issued shares of common stock of the Company equal in value to $92,640, issued on June 17, 2021; 3.1,040,364 newly-issued shares of common stock of the Company equal in value to $64,253, issued on July 16, 2021; 4.59,289 shares of common stock equal in value to $3,662, to be newly-issued during its fiscal second quarter 2022, but subject to a true-up reduction based on increased transaction costs associated with the staggered delivery of the Majority Fyber Shares to the Company, which true-up reduction has been finalized, as described below; and iii.Contingent upon Fyber’s net revenues (revenues less associated license fees and revenue share) being equal to or higher than $100,000 for the 12-month earn-out period ending on March 31, 2022, as determined in the manner set forth in the Sale and Purchase Agreement, a certain number of shares of the Company's common stock, which will be newly-issued to the Seller at the end of the earn-out period, and under certain circumstances, an amount of cash, which value of such shares, based on the weighted average share price for the 30-days prior to the end of the earn-out period, and cash in aggregate will not exceed $50,000 (subject to set-off against certain potential indemnification claims against the Seller). Based on estimates at the time of the acquisition, the Company initially determined it was unlikely Fyber would achieve the earn-out net revenue target and, as a result, no contingent liability was recognized at that time. The Company paid the cash closing amount on the closing date with a combination of available cash-on-hand and borrowings under the Company’s senior credit facility. On September 30, 2021, the Company entered into the Second Amendment Agreement (the “Second Amendment Agreement”) to the Sale and Purchase Agreement for the Fyber Acquisition. Pursuant to the Second Amendment Agreement, the parties agreed to settle the remaining number of shares of Company common stock to be issued to the Seller at 18,000 shares (i.e., a reduction of 41,289 shares from the 59,289 shares described in (ii)(4) above). As a result, the Company issued a total of 5,775,299 shares of Company common stock to the Seller in connection with the Company’s acquisition of Fyber. As of September 30, 2021, based on current estimates, the Company determined that it is now likely that Fyber will achieve the earn-out net revenue target and, as a result, recognized and accrued the fair value of the contingent earn-out consideration of $31,000 as a charge to change in fair value of contingent consideration on the condensed consolidated statements of operations and comprehensive income / (loss). The fair value of the contingent consideration is subject to material changes based upon certain assumptions, primarily the estimated likelihood of Fyber achieving the earn-out net revenue target. Company will re-evaluate the fair value of the contingent consideration on a quarterly basis until the end of the earn-out period. Pursuant to certain German law on public takeovers, following the closing, the Company launched a public tender offer to the Minority Fyber Shareholders to acquire from them the Minority Fyber Shares. The tender offer was approved and published in July 2021, and is subject to certain minimum price rules under German law. The timing and the conditions of the tender offer, including the consideration of €0.84 per share offered to the Minority Fyber Shareholders in connection with the tender offer, was determined by the Company pursuant to the applicable Dutch and German takeover laws. During the quarter ended September 30, 2021, the Company purchased approximately $21,000 of Fyber's outstanding shares, resulting in an ownership percentage of Fyber of approximately 99.4%. The Company expects to complete the purchase of the remaining outstanding Fyber shares during its fiscal third quarter 2022. The delisting of Fyber's remaining outstanding shares on the Frankfurt Stock Exchange was completed on August 6, 2021. The fair values of the assets acquired and liabilities assumed at the date of acquisition are presented on a preliminary basis and are as follows1:
The excess of cost of the Fyber Acquisition over the net amounts assigned to the fair values of the net assets acquired was recorded as goodwill and was assigned to the Company’s In App Media - Fyber segment. The goodwill consists largely of the expected cash flows and future growth anticipated for the Company. The goodwill is not deductible for tax purposes. The identifiable intangible assets consist of publisher relationships, developed technology, trade names, customer relationships, and a favorable lease. The publisher relationships, developed technology, trade names, and customer relationships intangibles were assigned useful lives of 20.0 years, 7.0 years, 7.0 years, and 3.0 years, respectively. The below-market favorable lease was derived from Fyber's office lease in Berlin, Germany and, per ASC 842, Leases, will be combined with Fyber's right-of-use asset for that lease and will be amortized over the remaining life of that lease. The values for the identifiable intangible assets were determined using the following valuation methodologies: •Publisher Relationships - Multi-Period Excess Earnings Method •Developed Technology - Relief from Royalty Method •Trade Names - Relief from Royalty Method •Customer Relationships - With-and-Without Method •Favorable Lease - Income Approach The Company recognized $8,116 and $11,715 of costs related to the Fyber Acquisition, which were included in general and administrative expenses on the condensed consolidated statement of operations and comprehensive income for the three and six months ended September 30, 2021, respectively. Acquisition of AdColony Holdings AS On April 29, 2021, the Company completed the acquisition of AdColony Holding AS, a Norway company (“AdColony”), pursuant to a Share Purchase Agreement (the "AdColony Acquisition"). The Company acquired all outstanding capital stock of AdColony in exchange for an estimated total consideration in the range of $400,000 to $425,000, to be paid as follows: (1) $100,000 in cash paid at closing (subject to customary closing purchase price adjustments), (2) $100,000 in cash to be paid six months after closing, and (3) an estimated earn-out in the range of $200,000 to $225,000, to be paid in cash, based on AdColony achieving certain future target net revenues, less associated cost of goods sold (as such term is referenced in the Share Purchase Agreement), over a 12-month period ending on December 31, 2021 (the “Earn-Out Period”). Under the terms of the earn-out, the Company would pay the seller a certain percentage of actual net revenues (less associated cost of goods sold, as such term is referenced in the Share Purchase Agreement) of AdColony, depending on the extent to which AdColony achieves certain target net revenues (less associated cost of goods sold, as such term is referenced in the Share Purchase Agreement) over the Earn-Out Period. The earn-out payment will be made following the expiration of the Earn-Out Period. AdColony is a leading mobile advertising platform servicing advertisers and publishers. AdColony’s proprietary video technologies and rich media formats are widely viewed as a best-in-class technology delivering third-party verified viewability rates for well-known global brands. With the addition of AdColony, the Company will expand its collective experience, reach, and suite of capabilities to benefit mobile advertisers and publishers around the globe. Performance-based spending trends by large, established brand advertisers present material upside opportunities for platforms with unique technology deployable across exclusive access to inventory. On August 27, 2021, the Company entered into an Amendment to Share Purchase Agreement (the “Amendment Agreement”) with AdColony and Otello Corporation ASA, a Norway company (“Otello”) and AdColony's previous parent company. Pursuant to the Amendment Agreement, the Company and Otello agreed to set a fixed dollar amount of $204,500 for the earn-out payment obligation, to set January 15, 2022, as the payment due date for such payment amount, and to eliminate all of the Company’s earn-out support obligations under the Share Purchase Agreement. As a result, the Company recognized an $8,913 reduction of the earn-out payment obligation in change in fair value of contingent consideration on the condensed consolidated statements of operations and comprehensive income / (loss) in the fiscal second quarter ended September 30, 2021. The Company paid the cash closing amount and the $100,000 due six months after closing (subsequent to September 30, 2021) with a combination of available cash-on-hand and borrowings under the Company’s senior credit facility. The Company intends to pay the remaining cash consideration with a combination of available cash-on-hand, borrowings under the Company's New Credit Agreement, including utilizing the according feature of the senior credit facility if necessary, and proceeds from future capital financings. The fair values of the assets acquired and liabilities assumed at the date of acquisition are presented on a preliminary basis and are as follows:
The excess of cost of the AdColony Acquisition over the net amounts assigned to the fair values of the net assets acquired was recorded as goodwill and was assigned to the Company’s In App Media - AdColony segment. The goodwill consists largely of the expected cash flows and future growth anticipated for the Company. The goodwill is not deductible for tax purposes. The identifiable intangible assets consist of customer relationships, developed technology, trade names, and publisher relationships and were assigned useful lives of 8.0 years to 15.0 years, 7.0 years, 7.0 years, and 10.0 years, respectively. The values for the identifiable intangible assets were determined using the following valuation methodologies: •Customer Relationships - Multi-Period Excess Earnings Method •Developed Technology - Relief from Royalty Method •Trade Names - Relief from Royalty Method •Publisher Relationships - Cost Approach The Company recognized $620 and $3,491 of costs related to the AdColony Acquisition, which were included in general and administrative expenses on the condensed consolidated statement of operations and comprehensive income for the three and six months ended September 30, 2021, respectively. Acquisition of Appreciate On March 1, 2021, Digital Turbine, through its subsidiary Digital Turbine (EMEA) Ltd. ("DT EMEA"), an Israeli company and wholly-owned subsidiary of the Company, entered into a Share Purchase Agreement with Triapodi Ltd., an Israeli company (d/b/a Appreciate) (“Appreciate”), the stockholder representative, and the stockholders of Appreciate, pursuant to which DT EMEA acquired, on March 2, 2021, all of the outstanding capital stock of Appreciate in exchange for total consideration of $20,003 in cash (the "Appreciate Acquisition"). Under the terms of the Purchase Agreement, DT EMEA entered into bonus arrangements to pay up to $6,000 in retention bonuses and performance bonuses to the founders and certain other employees of Appreciate. None of the goodwill recognized was deductible for tax purposes. The acquisition of Appreciate delivers valuable deep ad-tech and algorithmic expertise to help Digital Turbine execute on its broader, longer-term vision. Deploying Appreciate's technology expertise across Digital Turbine’s global scale and reach should further benefit partners and advertisers that are a part of the combined Company’s platform. Acquisition Purchase Price Liability The Company has recognized acquisition purchase price liability of $335,500 on its condensed consolidated balance sheet as of September 30, 2021, comprised of the following components: •$100,000 of unpaid cash consideration for the AdColony Acquisition •$204,500 of contingent earn-out consideration for the AdColony Acquisition •$31,000 of contingent earn-out consideration for the Fyber Acquisition Pro Forma Financial Information (Unaudited) The pro forma information below gives effect to the Fyber Acquisition, the AdColony Acquisition, and the Appreciate Acquisition (collectively, the “Acquisitions”) as if they had been completed on the first day of each period presented. The pro forma results of operations are presented for information purposes only. As such, they are not necessarily indicative of the Company’s results had the Acquisitions been completed on the first day of each period presented, nor do they intend to represent the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the Acquisitions and does not reflect additional revenue opportunities following the Acquisitions. The pro forma information includes adjustments to record the assets and liabilities associated with the Acquisitions at their respective fair values, which are preliminary at this time, based on available information, and to give effect to the financing for the Acquisitions.
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Segment Information | Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that its Chief Executive Officer ("CEO") is the CODM. Prior to the acquisitions of both AdColony and Fyber disclosed above in Note 4, "Acquisitions," the Company had one operating and reportable segment called Media Distribution. As a result of the acquisitions, the Company reassessed its operating and reportable segments in accordance with ASC 280, Segment Reporting. Effective April 1, 2021, the Company reports its results of operations through the following three segments, each of which represents an operating and reportable segment, as follows: •On Device Media ("ODM") - This segment is the legacy single operating and reporting segment of Digital Turbine prior to the AdColony and Fyber acquisitions. This segment generates revenues from services that deliver mobile application media or content media to end users. This segment's customers are mobile device carriers and OEMs that pay for the distribution of media. The other reporting segments are not dependent on these mobile device carrier and OEM relationships. •In App Media – AdColony ("IAM-A") - This segment is inclusive of the acquired AdColony business and generates revenues from services provided as an end-to-end platform for brands, agencies, publishers, and application developers to deliver advertising to consumers on mobile devices around the world. IAM-A customers are primarily advertisers. •In App Media – Fyber ("IAM-F") - This segment is inclusive of the acquired Fyber business and generates revenues from services provided to mobile application developers and digital publishers to monetize their content through advanced technologies, innovative advertisement formats, and data-driven decision making. IAM-F customers are primarily publishers. The Company's CODM evaluates segment performance and makes resource allocation decisions primarily through the metric of net revenues less associated license fees and revenue share, as shown in the segment information summary table below. The Company's CODM does not allocate other direct costs of revenues, operating expenses, interest and other income / (expense), net, or provision for income taxes to these segments for the purpose of evaluating segment performance. Additionally, the Company does not allocate assets to segments for internal reporting purposes as the CODM does not manage the Company's segments by such metrics. A summary of segment information follows:
Geographic Area Information Long-lived assets, excluding deferred tax assets and intangible assets, by region follows:
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill, net, by segment follow:
Intangible Assets The components of intangible assets as of September 30, 2021, and March 31, 2021, were as follows:
Estimated amortization expense in future fiscal years is expected to be:
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Accounts Receivable |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable
Billed accounts receivable represent amounts billed to customers for which the Company has an unconditional right to consideration. Unbilled accounts receivable represents revenues recognized but billed after period-end. All unbilled receivables as of September 30, 2021, and March 31, 2021, are expected to be billed and collected (subject to the allowance for credit losses) within twelve months. Allowance for Credit Losses The Company maintains reserves for current expected credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, current economic trends, and changes in customer payment patterns to evaluate the adequacy of these reserves. The Company recorded $73 and $181 of bad debt expense during the three and six months ended September 30, 2021, respectively, and $136 and $228 of bad debt expense during the three and six months ended September 30, 2020, respectively, in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income.
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has entered into various non-cancellable operating lease agreements for certain offices as well as assumed various leases through its recent acquisitions. These leases currently have lease periods expiring between fiscal years 2022 and 2029. The lease agreements may include one or more options to renew. Renewals were not assumed in the Company's determination of the lease term unless the renewals were deemed to be reasonably assured at lease commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs, weighted-average lease term, and discount rates are detailed below. Schedule, by fiscal year, of maturities of lease liabilities as of:
The current portion of the Company's lease liabilities, payable within the next 12 months, is included in and the long-term portion of the Company's lease liabilities is included in on the condensed consolidated balance sheets. Associated with these financial liabilities, the Company has right-of-use assets of $17,914 as of September 30, 2021, which is calculated using the present value of lease liabilities less any lease incentives received from landlords and any deferred rent liability balances as of the date of implementation. The discount rates used to calculate the imputed interest above range from 2.00% to 6.75% and the weighted-average remaining lease term is 4.89 years.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table summarizes borrowings under the Company's debt obligations and the associated interest rates:
Debt obligations on the condensed consolidated balance sheets consist of the following:
Revolver On February 3, 2021, the Company entered into a credit agreement (the "Credit Agreement") with Bank of America, N.A. (“BoA”), which provides for a revolving line of credit (the "Revolver") of up to $100,000 with an accordion feature enabling the Company to increase the total amount up to $200,000. Funds are to be used for acquisitions, working capital, and general corporate purposes. The Credit Agreement contains customary covenants, representations, and events of default and also requires the Company to comply with a maximum consolidated leverage ratio and minimum fixed charge coverage ratio. The Company incurred $469 in costs to secure the Revolver and had $15,000 drawn against the Revolver, classified as short-term debt on the condensed consolidated balance sheet, with remaining unamortized debt issuance costs of $443 as of March 31, 2021. Deferred debt issuance costs associated with the Revolver are recorded as a reduction of the carrying value of the debt on the condensed consolidated balance sheets. All deferred debt issuance costs are amortized on a straight-line basis over the term of the loan to interest expense. On April 29, 2021, the Company entered into an amended and restated Credit Agreement (the "New Credit Agreement”) with BoA, as a lender and administrative agent, and a syndicate of other lenders, which provides for a revolving line of credit of up to $400,000. The revolving line of credit matures on April 29, 2026, and contains an accordion feature enabling the Company to increase the total amount of the revolver by $75,000 plus an amount that would enable the Company to remain in compliance with its consolidated secured net leverage ratio, on such terms as agreed to by the parties. The New Credit Agreement contains customary covenants, representations, and events of default and also requires the Company to comply with a maximum consolidated secured net leverage ratio and minimum consolidated interest coverage ratio. The Company incurred an additional $2,988 in costs for the New Credit Agreement and had $247,134 drawn against the revolving line of credit, classified as long-term debt on the condensed consolidated balance sheet, with remaining unamortized debt issuance costs of $3,133 as of September 30, 2021, inclusive of the debt issuance costs for the initial Credit Agreement discussed above. Deferred debt issuance costs associated with the New Credit Agreement are recorded as a reduction of the carrying value of the debt on the condensed consolidated balance sheets. All deferred debt issuance costs are amortized on a straight-line basis over the term of the loan to interest expense. Amounts outstanding under the New Credit Agreement accrue interest at an annual rate equal to, at the Company’s election, (i) London Inter-Bank Offered Rate ("LIBOR") plus between 1.50% and 2.25%, based on the Company’s consolidated leverage ratio, or (ii) a base rate based upon the highest of (a) the federal funds rate plus 0.50%, (b) BoA's prime rate, or (c) LIBOR plus 1.00% plus between 0.50% and 1.25%, based on the Company’s consolidated leverage ratio. Additionally, the New Credit Agreement is subject to an unused line of credit fee between 0.15% and 0.35% per annum, based on the Company’s consolidated leverage ratio. As of September 30, 2021, the interest rate was 1.91% and the unused line of credit fee was 0.20%. The Company’s payment and performance obligations under the New Credit Agreement and related loan documents are secured by its grant of a security interest in substantially all of its personal property assets, whether now existing or hereafter acquired, subject to certain exclusions. If the Company acquires any real property assets with a fair market value in excess of $5,000, it is required to grant a security interest in such real property as well. All such security interests are required to be first priority security interests, subject to certain permitted liens. As of September 30, 2021, the Company had $152,866 available to withdraw on the revolving line of credit under the New Credit Agreement and was in compliance with all covenants. The fair value of the Company’s outstanding debt approximates its carrying value. Debt Assumed Through Fyber Acquisition As a part of the Fyber Acquisition, the Company assumed $20,415 of debt previously held by Fyber. This debt was comprised of amounts drawn against three separate revolving lines of credit. During the fiscal second quarter 2022 ended September 30, 2021, the Company settled the balance on one of the lines of credit in the amount of $3,834. Details for the remaining two lines of credit can be found in the first table in this note. The balance of these two lines of credit is classified as short-term debt on the condensed consolidated balance sheet as of September 30, 2021. The remaining revolving lines of credit from Discount Bank and Bank Leumi mature on November 15, 2021, and December 30, 2021, respectively. Interest income / (expense), net Interest income / (expense), net, amortization of debt issuance costs, and unused line of credit fees were recorded in interest and other income / (expense), net, on the condensed consolidated statements of operations and comprehensive income, as follows:
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Equity Plan Activity The following table summarizes stock option activity:
At September 30, 2021 and 2020, total unrecognized stock-based compensation expense related to unvested stock options, net of estimated forfeitures, was $28,197 and $8,956, respectively, with expected remaining weighted-average recognition periods of 2.48 years and 2.25 years, respectively. The following table summarizes restricted stock unit ("RSU") and restricted stock award ("RSA") activity:
At September 30, 2021 and 2020, total unrecognized stock-based compensation expense related to RSUs and RSAs was $12,152 and $1,463, respectively, with expected remaining weighted-average recognition periods of 2.32 years and 2.01 years, respectively. Stock-Based Compensation Expense As of September 30, 2021, 11,274,655 shares of common stock were available for issuance as future awards under the Company's equity incentive plans. Stock-based compensation expense for the three and six months ended September 30, 2021, was $5,926 and $9,631, respectively, and was recorded within general and administrative expenses on the condensed consolidated statements of operations and comprehensive income. Stock-based compensation expense for the three and six months ended September 30, 2020, was $2,515 and $4,126, respectively, and was recorded within general and administrative expenses on the condensed consolidated statements of operations and comprehensive income.
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Earnings per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share Basic net income per common share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per common share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period and including the dilutive effects of employee stock-based awards outstanding during the period. The following table sets forth the computation of basic and diluted net income per share of common stock (in thousands, except per share amounts):
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income TaxesThe Company's provision for income taxes as a percentage of pre-tax earnings (“effective tax rate”) is based on a current estimate of the annual effective income tax rate, adjusted to reflect the impact of discrete items. In accordance with ASC 740, Accounting for Income Taxes, jurisdictions forecasting losses that are not benefited due to valuation allowances are not included in our forecasted effective tax rate. During the three and six months ended September 30, 2021, a tax benefit and provision of $2,349 and $1,081, respectively, resulted in an effective tax rate of 28.5% and 11.4%, respectively. Differences between the tax provision and the statutory rate primarily relate to state income taxes, nontaxable adjustments to the AdColony and Fyber earn-outs, and tax deductions for stock compensation that exceed the book expense. The Company recorded a net increase to deferred tax liabilities of $35,733 in the fiscal first quarter 2022 ended June 30, 2021, related to the AdColony and Fyber acquisitions. The increase in deferred tax liabilities primarily resulted from the revaluation of the acquired intangible assets. The Company’s valuation allowance increased by $13,667 for certain acquired deferred tax assets of Fyber GmbH due to a history of losses in the taxing jurisdiction. Net operating loss (NOL) carryforwards acquired in the AdColony and Fyber acquisitions were as follows: AdColony
Fyber
During the three and six months ended September 30, 2020, a tax provision of $661 and $1,037 resulted in an effective tax rate of 63.9% and 9.1%, respectively. Differences in the tax provision and statutory rate are primarily due to changes in the valuation allowance.
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Commitments and Contingencies |
6 Months Ended |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Acquisition of AdColony Under the terms of the AdColony Acquisition, the Company had an obligation to pay $100,000 in cash on or before October 26, 2021. The payment of $100,000 in cash was made on October 26, 2021. Please see Note 15, "Subsequent Events," for further information. Contingent Earn-Out Considerations The Company's recent acquisitions of AdColony and Fyber include contingent earn-out considerations as part of the purchase prices under which it will make future payments or issue shares of common stock to the sellers upon the achievement of certain benchmarks. AdColony Under the terms of the Share Purchase Agreement for the AdColony Acquisition, the Company must pay an earn-out estimated between $200,000 to $225,000 in cash following December 31, 2021. On August 27, 2021, the Company entered into an Amendment to Share Purchase Agreement (the “Amendment Agreement”) with AdColony and Otello Corporation ASA, a Norway company (“Otello”) and AdColony's previous parent company. Pursuant to the Amendment Agreement, the Company and Otello agreed to set a fixed dollar amount of $204,500 for the earn-out payment obligation, to set January 15, 2022, as the payment due date for such payment amount, and to eliminate all of the Company’s earn-out support obligations under the Share Purchase Agreement. This amount is included in acquisition price liabilities on the condensed consolidated balance sheet as of September 30, 2021. Fyber Under the terms of the Fyber Acquisition, the Company may have to make an earn-out payment of up to $50,000 through the issuance of a variable number of shares of its common stock based on the 30-day weighted average stock price prior to the end of the earn out period or, under certain circumstances, cash, following March 31, 2022. As of September 30, 2021, the Company estimates the fair value of this payment to be $31,000. The Company will evaluate the probability of payment of the estimated fair value of the contingent earn-out consideration on a quarterly basis over the earn-out period. Actual results are compared to the estimates and probabilities of achievement used in forecasts. Should Fyber's actual results increase or decrease as compared to the estimates and assumptions used, the estimated fair value of the contingent earn-out consideration liability will increase or decrease. Changes in the estimated fair value of the contingent earn-out consideration, as a factor of a change in inputs, would be reflected in the Company's results of operations in the periods in which they are identified. Acquisition Purchase Price Liability The Company has recognized acquisition purchase price liability of $335,500 on its condensed consolidated balance sheet as of September 30, 2021, comprised of the following components: •$100,000 of unpaid cash consideration for the AdColony Acquisition •$204,500 of unpaid cash consideration for the AdColony Acquisition •$31,000 of contingent earn-out consideration for the Fyber Acquisition
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Subsequent Events |
6 Months Ended |
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Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of AdColony Subsequent to its fiscal second quarter ended September 30, 2021, the Company drew an additional $98,000 under its New Credit Agreement in order to fund the payment of the $100,000 of unpaid consideration for the AdColony Acquisition due six months after the closing of the acquisition. The payment, which was made on October 26, 2021, was reduced to $98,175 due to an adjustment for the impact of accrued and unpaid taxes to the net working capital acquired. Please refer to Note 4, "Acquisitions," for further information regarding the AdColony Acquisition.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The Company consolidates the financial results and reports non-controlling interests representing the economic interests held by other equity holders of subsidiaries that are not 100% owned by the Company. The calculation of non-controlling interests excludes any net income / (loss) attributable directly to the Company. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the Company's audited financial statements and related notes included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021 (the "2021 Form 10-K").
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Unaudited Interim Financial Information | Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods indicated. The results of operations for the three and six months ended September 30, 2021, are not necessarily indicative of the operating results for the full fiscal year.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for credit losses, stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of contingent earn-out considerations (please see Note 14, "Commitments and Contingencies," for further information on the fair value of the Company's contingent earn-out considerations), incremental borrowing rates for right-of-use assets and lease liabilities, and tax valuation allowances. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management’s estimates using different assumptions or under different conditions. In light of the ongoing and quickly evolving COVID-19 pandemic, management has considered the impacts of the COVID-19 pandemic on the Company’s critical and significant accounting estimates and as of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of its assets or liabilities as a result of the COVID-19 pandemic. These estimates may change as new events occur and additional information is obtained and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed consolidated financial statements.
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Revenue Recognition | Revenue Recognition The Company generates revenue from transactions for the purchase and sale of digital advertising inventory through our various platforms and service offerings. Generally, our revenue is based on a percentage of the ad spend through our platforms, although for certain service offerings, we receive a fixed cost-per-thousand ("CPM") or cost-per-install ("CPI") for ad impressions sold or app installs completed. We recognize revenue upon fulfillment of our performance obligation to our customers, which generally occurs at the point in time when an ad is rendered or an end consumer action, such as an app install, is completed. ODM - Carriers and OEMs The Company enters into contracts with OEMs for our On Device Media ("ODM") segment to help the customer control, manage, and monetize the mobile device through the marketing of application slots or advertisement space/inventory to advertisers and delivering the applications or advertisements to the mobile device. The Company generally offers these services under a revenue share model or, to a lesser extent, a customer contract per-device license fee model for a two-to-four year software as a service ("SaaS") license agreement. These agreements typically include the following services: the access to a SaaS platform, hosting, solution features, and general support and maintenance. The Company has concluded that each promised service is delivered concurrently, interdependently, and continuously with all other promised services over the contract term and, as such, has concluded these promises are a single performance obligation that is delivered to the customer over a series of distinct service periods over the contract term. The Company meets the criteria for overtime recognition because the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs, and the same method would be used to measure progress over each distinct service period. The fees for such services are not known at contract inception, but are measurable during each distinct service period. The Company's contracts do not include advance non-refundable fees. The Company’s fees for these services are based upon a revenue-share arrangement with the carrier or OEM. Both parties have agreed to share the revenue earned from third-party advertisers, discussed below, for these services. ODM - Third-Party Advertisers The Company generally offers these services through CPI, cost-per-placement ("CPP"), and/or cost-per-action ("CPA") arrangements with third-party advertisers, developers, agencies, and advertising aggregators, generally in the form of insertion orders. The insertion orders specify the type of arrangement and additional terms such as advertising campaign budgets and timelines as well as any constraints on advertising types. These customer contracts can be open ended in regards to length of time and can renew automatically unless terminated; however, specific advertising campaigns are generally short-term in nature. These agreements typically include the delivery of applications to home screens of mobile devices. Access to inventory of application slots is allocated by carriers or OEMs in the contracts identified above. The Company controls these application slots and markets it on behalf of the carriers and OEMs to the advertisers. The Company has concluded that the performance obligation within the contract is complete upon delivery of the application to the device. Revenue recognition related to CPI and CPA arrangements is dependent upon an action of the end user. As a result, the transaction price is variable and is fully constrained until an install or action occurs. ODM - Programmatic Advertising and Targeted Media Delivery The Company generally offers these services under CPM impression arrangements and page-view arrangements. Through its mobile phone first screen applications and mobile web portals, the Company markets ad space/inventory within its content products for display advertising. The ad space/inventory is allocated to the Company through arrangement with the carrier or OEM in the contracts discussed above. The Company controls this ad space/inventory and markets it on behalf of the carriers and OEMs to the advertisers. The Company’s advertising customers can bid on each individual display ad and the highest bid wins the right to fill each ad impression. Advertising agencies acting on the behalf of advertisers bid on the ad placement via the Company’s advertising exchange customers. When the bid is won, the ad will be received and placed on the mobile device by the Company. The entire process happens almost instantaneously and on a continuous basis. The advertising exchanges bill and collect from the winning bidders and provide daily and monthly reports of the activity to the Company. The Company has concluded that the performance obligation is satisfied at the point in time upon delivery of the advertisement to the device based on the impressions or page-view arrangement, as defined in the contract. Through its mobile phone first screen applications and mobile web portals, the Company’s software platform also recommends sponsored content to mobile phone users and drives web traffic to a customer's website. The Company markets this content to content sponsors, such as Outbrain or Taboola, similarly to the marketing of ad space/inventory. This sponsored content takes the form of articles, graphics, pictures, and similar content. The Company has concluded that the performance obligation within the contract is complete upon delivery of the content to the mobile device. IAM-A and IAM-F - Marketplace The Company, through its IAM-A and IAM-F segments provide platforms that allow demand-side platforms (“DSPs”) and publishers to buy and sell ad inventory, respectively, in a programmatic, real-time bidding ("RTB") auction. The Company generally contracts with DSPs through an RTB Ad Exchange Agreement (“Exchange Agreement”). It also separately contracts with publishers through an Advertising insertion order or service order to provide access to its auction platform and the ad inventory available through the platform. The auction is held when ad inventory becomes available. AdColony will send bid requests to various DSPs, which may choose to bid on the available ad inventory. Once a DSP wins an auction, it must deliver an ad, which is generally served through the Company's software development kits (“SDK”). The entire auction process is nearly instantaneous. The Company bills the DSP based on the total number of impressions and the bid price. It then remits the payment to the publishers, net of a revenue share agreed with the publisher that is generally a percentage of the DSPs’ total spending with the publisher through the platform. IAM-A - Brand and Performance The Company, through its IAM-A segment for its Brand and Performance offerings, contracts directly with advertisers or agencies. through insertion orders, that require the Company to fulfill advertising campaigns by identifying and purchasing targeted ad inventory and serving ads on behalf of the advertiser. The insertion orders or addendum communications provide advertising campaign details, such as campaign start and end date, target demographics, maximum budget, and rate. Rates are generally based on an end user action (CPI) or on a CPM basis. Revenue is recognized based on the rate and the number of impressions or end user actions at the time the ad is rendered or the end suer action is completed. Principal vs Agent Reporting The determination of whether we act as a principal or as an agent in a transaction requires significant judgement and is based on an assessment of the terms of customer arrangements and the relevant accounting guidance. When we are the principal in a transaction, revenue is reported on a gross basis, which is the amount billed to DSPs, advertisers and agencies. When we are an agent in a transaction, revenues are reported net of license fees and revenue share paid to app publishers or developers. The Company has determined that it is a principal for its advertiser services for application management and programmatic advertising and targeted media delivery when it controls the application slots or ad space/inventory. This is because it has been allocated such slots or space from the carrier or OEM and is responsible for marketing or monetizing the slots or space. The advertisers look to the Company to acquire such slots or space, and the Company’s software is used to deliver the applications, ads or content to the mobile device. The Company also may manage application or ad campaigns of advertisers associated with these services. If the applications or advertisements are not delivered to the mobile device or the Company doesn’t comply with certain policies of the advertiser, the Company would be responsible and have to indemnify the customer for these issues. The Company also has discretion in setting the price of the slots or space based on market conditions, collects the transaction prices, and remits the revenue-share percentage of the transaction price to the carrier or OEM. The Company recognizes the transaction price received from advertisers, content providers, or websites gross and the carrier or OEM share of such transaction price as costs of revenue - license fees and revenue share - in the accompanying consolidated statements of operations and comprehensive income / (loss). The carrier or OEM may have the right to market and sell application slots or ad space to advertisers using the Company’s software. The carrier or OEM will share revenue with the Company when it does so. The Company recognizes the revenue shared by the carrier or OEM on a net basis as the Company is not considered the primary obligor in these transactions. The Company has determined that it it is a principal for its Brand and Performance offerings as the advertisers or agencies provide parameters for their target audiences, as well as a budget for ad campaigns. Once an advertiser or advertising agency provides its specifications, the Company has the discretion to fulfill the campaign by utilizing its data and proprietary technology. The Company controls the service because it has the ultimate discretion in purchasing ad inventory; and once an ad inventory slot is purchased, filling that ad inventory slot. As a result, the Company reports the revenues billed to advertisers and agencies on a gross basis and revenue shares paid to publishers as license fees and revenue share. The Company has determined that is an agent in transactions on its Marketplace platforms. The Company acts as an intermediary between DSPs and publishers by providing access to a platform and the SDKs that allow both parties to transact in the buying and selling of ad inventory. The transaction price is determined through a real-time auction and the Company has no pricing discretion or obligation related to the fulfillment of the advertising delivery.
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New Accounting Standards Adopted | New Accounting Standards Adopted ASU 2019-12 In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The Company adopted this guidance as of April 1, 2021. ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements upon adoption. ASU 2020-04 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The Company is implementing a transition plan to identify and modify its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Company is continuing to assess ASU 2020-04 and its impact on the Company’s condensed consolidated financial statements.
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Restatement of Condensed Consolidated Financial Statements (Tables) |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restatement Impact |
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Acquisitions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The fair values of the assets acquired and liabilities assumed at the date of acquisition are presented on a preliminary basis and are as follows1:
The fair values of the assets acquired and liabilities assumed at the date of acquisition are presented on a preliminary basis and are as follows:
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Summary of Pro Forma Information | The pro forma information includes adjustments to record the assets and liabilities associated with the Acquisitions at their respective fair values, which are preliminary at this time, based on available information, and to give effect to the financing for the Acquisitions.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | A summary of segment information follows:
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Schedule of Long-lived Assets by Geographic Areas | Long-lived assets, excluding deferred tax assets and intangible assets, by region follows:
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Schedule of Revenue by Geographic Areas | Net revenues by geography are based on the billing addresses of the Company's customers and a reconciliation of disaggregated revenues by segment follows:
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill, net, by segment follow:
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Components of Intangible Assets | The components of intangible assets as of September 30, 2021, and March 31, 2021, were as follows:
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Schedule of Future Amortization Expense | Estimated amortization expense in future fiscal years is expected to be:
|
Accounts Receivable (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable |
|
Property and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment |
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Lease Liabilities | Schedule, by fiscal year, of maturities of lease liabilities as of:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table summarizes borrowings under the Company's debt obligations and the associated interest rates:
Debt obligations on the condensed consolidated balance sheets consist of the following:
Interest income / (expense), net, amortization of debt issuance costs, and unused line of credit fees were recorded in interest and other income / (expense), net, on the condensed consolidated statements of operations and comprehensive income, as follows:
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Stock-Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | The following table summarizes stock option activity:
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Summary of RSU Activity | The following table summarizes restricted stock unit ("RSU") and restricted stock award ("RSA") activity:
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Earnings per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share of Common Stock | The following table sets forth the computation of basic and diluted net income per share of common stock (in thousands, except per share amounts):
|
Income Taxes (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Operating Loss Carryforwards | Net operating loss (NOL) carryforwards acquired in the AdColony and Fyber acquisitions were as follows: AdColony
Fyber
|
Restatement of Condensed Consolidated Financial Statements (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net revenues | [1] | $ 188,568 | $ 70,893 | $ 346,643 | $ 129,905 | |
License fees and revenue share | [1] | 91,508 | 40,532 | 175,316 | 72,832 | |
Other direct costs of revenues | [1] | 7,827 | 662 | 12,295 | 1,222 | |
Product development | [1] | 13,915 | 4,217 | 26,839 | 8,625 | |
Sales and marketing | [1] | 17,479 | 4,835 | 31,215 | 9,153 | |
General and administrative | [1] | 41,307 | 8,531 | 65,301 | 15,335 | |
Total costs of revenues and operating expenses | [1] | 172,036 | 58,777 | 310,966 | 107,167 | |
Income from operations | [1] | 16,532 | $ 12,116 | 35,677 | $ 22,738 | |
As Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net revenues | 310,205 | 522,820 | ||||
License fees and revenue share | 213,145 | 351,493 | ||||
Other direct costs of revenues | 3,838 | 6,371 | ||||
Product development | 17,904 | 33,451 | ||||
Sales and marketing | 17,479 | 31,215 | ||||
General and administrative | 41,307 | 64,613 | ||||
Total costs of revenues and operating expenses | 293,673 | 487,143 | ||||
Income from operations | 16,532 | 35,677 | ||||
Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net revenues | (121,637) | (176,177) | ||||
License fees and revenue share | (121,637) | (176,177) | ||||
Other direct costs of revenues | 3,989 | 5,924 | ||||
Product development | (3,989) | (6,612) | ||||
Sales and marketing | 0 | 0 | ||||
General and administrative | $ 0 | $ 688 | ||||
|
Acquisitions - Additional Information (Detail) |
3 Months Ended | 4 Months Ended | 6 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 26, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
shares
|
Jul. 16, 2021
USD ($)
shares
|
Jun. 17, 2021
USD ($)
shares
|
May 25, 2021
USD ($)
shares
|
Apr. 29, 2021
USD ($)
|
Mar. 02, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
shares
|
Sep. 30, 2020
USD ($)
|
[1] |
Sep. 30, 2021
USD ($)
shares
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
[1] |
Sep. 30, 2021
€ / shares
|
Mar. 31, 2021
USD ($)
|
|||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Reduction in fair value of contingent consideration | $ (22,087,000) | [1] | $ (10,757,000) | $ (22,087,000) | [2] | $ (10,757,000) | ||||||||||||||||||
Acquisition purchase price liabilities | [3] | $ 335,500,000 | 335,500,000 | $ 335,500,000 | 335,500,000 | $ 0 | ||||||||||||||||||
Fyber | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Percentage of voting interests acquired | 95.10% | |||||||||||||||||||||||
Total consideration | $ 600,000,000 | |||||||||||||||||||||||
Payment to acquire business | $ 124,336,000 | $ 150,000,000 | ||||||||||||||||||||||
Business acquisition, stock issued (in shares) | shares | 18,000 | 1,040,364 | 1,500,000 | 3,216,935 | 5,775,299 | |||||||||||||||||||
Business acquisition, value of stock issued | $ 64,253,000 | $ 92,640,000 | $ 198,678,000 | $ 359,233,000 | ||||||||||||||||||||
Contingent consideration, revenue threshold, minimum | 100,000,000 | |||||||||||||||||||||||
Estimated contingent consideration, maximum | $ 50,000,000 | |||||||||||||||||||||||
Business acquisition, stock reduction (in shares) | shares | 41,289 | |||||||||||||||||||||||
Contingent consideration | $ 31,000,000 | 31,000,000 | $ 31,000,000 | $ 31,000,000 | ||||||||||||||||||||
Additional equity interest purchased | $ 21,000,000 | |||||||||||||||||||||||
Cumulative voting interest acquired | 99.40% | 99.40% | 99.40% | 99.40% | ||||||||||||||||||||
Acquisition costs | $ 8,116,000 | $ 11,715,000 | ||||||||||||||||||||||
Fyber | Plan | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Business acquisition, stock issued (in shares) | shares | 59,289 | 5,816,588 | ||||||||||||||||||||||
Business acquisition, value of stock issued | $ 3,662,000 | |||||||||||||||||||||||
Fyber | Minority Fyber Shareholders | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Business acquisition, per share price (in EUR per share) | € / shares | € 0.84 | |||||||||||||||||||||||
Fyber | Publisher relationships | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 20 years | |||||||||||||||||||||||
Fyber | Developed technology | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 7 years | |||||||||||||||||||||||
Fyber | Trade names | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 7 years | |||||||||||||||||||||||
Fyber | Customer relationships | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 3 years | |||||||||||||||||||||||
AdColony | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payment to acquire business | $ 100,000,000 | |||||||||||||||||||||||
Estimated contingent consideration, maximum | 225,000,000 | |||||||||||||||||||||||
Acquisition purchase price liabilities, unpaid cash consideration | $ 100,000,000 | $ 100,000,000 | 100,000,000 | $ 100,000,000 | 100,000,000 | |||||||||||||||||||
Acquisition purchase price liabilities, unpaid cash consideration, payment term | 6 months | |||||||||||||||||||||||
Contingent consideration | $ 204,500,000 | 204,500,000 | $ 204,500,000 | 204,500,000 | ||||||||||||||||||||
Acquisition costs | 620,000 | $ 3,491,000 | ||||||||||||||||||||||
Estimated contingent consideration, minimum | $ 200,000,000 | |||||||||||||||||||||||
Reduction in fair value of contingent consideration | $ 8,913,000 | |||||||||||||||||||||||
AdColony | Publisher relationships | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 10 years | |||||||||||||||||||||||
AdColony | Developed technology | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 7 years | |||||||||||||||||||||||
AdColony | Trade names | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 7 years | |||||||||||||||||||||||
AdColony | Minimum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total consideration | $ 400,000,000 | |||||||||||||||||||||||
AdColony | Minimum | Customer relationships | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 8 years | |||||||||||||||||||||||
AdColony | Maximum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total consideration | $ 425,000,000 | |||||||||||||||||||||||
AdColony | Maximum | Customer relationships | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets acquired, useful life | 15 years | |||||||||||||||||||||||
AdColony | Subsequent event | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payment to acquire business | $ 98,175,000 | |||||||||||||||||||||||
Appreciate | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total consideration | $ 20,003,000 | |||||||||||||||||||||||
Business combination, retention bonus liability recognized | 6,000,000,000 | |||||||||||||||||||||||
Goodwill, tax deductible | $ 0 | |||||||||||||||||||||||
|
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands |
Sep. 30, 2021
USD ($)
|
May 25, 2021
USD ($)
|
Apr. 29, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
||
---|---|---|---|---|---|---|
Assets acquired | ||||||
Goodwill | [1] | $ 559,033 | $ 80,176 | |||
Liabilities assumed | ||||||
Deferred tax liability, net | $ 35,733 | |||||
Fyber | ||||||
Assets acquired | ||||||
Cash | $ 71,489 | |||||
Accounts receivable | 64,877 | |||||
Other current assets | 10,470 | |||||
Property and equipment | 1,561 | |||||
Right-of-use asset | 13,191 | |||||
Goodwill | 300,705 | |||||
Other non-current assets | 851 | |||||
Total assets acquired | 721,806 | |||||
Liabilities assumed | ||||||
Accounts payable | 78,090 | |||||
Accrued license fees and revenue share | 5,929 | |||||
Accrued compensation | 52,929 | |||||
Other current liabilities | 12,049 | |||||
Short-term debt | 25,789 | |||||
Deferred tax liability, net | 25,920 | |||||
Other non-current liabilities | 15,386 | |||||
Total liabilities assumed | 216,092 | |||||
Purchase price | $ 505,714 | |||||
Foreign currency exchange rate | 1.22 | |||||
Fyber | Publisher relationships | ||||||
Assets acquired | ||||||
Amortizable intangible assets | $ 106,305 | |||||
Fyber | Developed technology | ||||||
Assets acquired | ||||||
Amortizable intangible assets | 86,900 | |||||
Fyber | Trade names | ||||||
Assets acquired | ||||||
Amortizable intangible assets | 32,574 | |||||
Fyber | Customer relationships | ||||||
Assets acquired | ||||||
Amortizable intangible assets | 31,400 | |||||
Favorable lease | $ 1,483 | |||||
AdColony | ||||||
Assets acquired | ||||||
Cash | $ 24,793 | |||||
Accounts receivable | 57,285 | |||||
Other current assets | 1,845 | |||||
Property and equipment | 1,566 | |||||
Right-of-use asset | 2,460 | |||||
Goodwill | 200,875 | |||||
Other non-current assets | 131 | |||||
Total assets acquired | 482,255 | |||||
Liabilities assumed | ||||||
Accounts payable | 21,140 | |||||
Accrued license fees and revenue share | 28,920 | |||||
Accrued compensation | 8,453 | |||||
Other current liabilities | 1,867 | |||||
Deferred tax liability, net | 8,143 | |||||
Other non-current liabilities | 1,770 | |||||
Total liabilities assumed | 70,293 | |||||
Purchase price | 411,962 | |||||
AdColony | Publisher relationships | ||||||
Assets acquired | ||||||
Amortizable intangible assets | 4,400 | |||||
AdColony | Developed technology | ||||||
Assets acquired | ||||||
Amortizable intangible assets | 51,100 | |||||
AdColony | Trade names | ||||||
Assets acquired | ||||||
Amortizable intangible assets | 36,000 | |||||
AdColony | Customer relationships | ||||||
Assets acquired | ||||||
Amortizable intangible assets | $ 101,800 | |||||
|
Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Business Combination and Asset Acquisition [Abstract] | ||||
Net revenue | $ 188,568 | $ 123,997 | $ 369,040 | $ 226,372 |
Net loss attributable to controlling interest | $ (5,852) | $ (7,542) | $ (24,269) | $ (3,957) |
Basic net loss attributable to controlling interest per common share (in dollars per share) | $ (0.06) | $ (0.08) | $ (0.26) | $ (0.04) |
Diluted net loss attributable to controlling interest per common share (in dollars per share) | $ (0.06) | $ (0.08) | $ (0.26) | $ (0.04) |
Segment Information - Additional Information (Details) |
6 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | [1] | $ 188,568 | $ 70,893 | $ 346,643 | $ 129,905 | |
License fees and revenue share | [1] | 91,508 | 40,532 | 175,316 | 72,832 | |
Segment profit | 97,060 | 30,361 | 171,327 | 57,073 | ||
Eliminations | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | (5,058) | 0 | (6,840) | 0 | ||
License fees and revenue share | (5,058) | 0 | (6,840) | 0 | ||
Segment profit | 0 | 0 | 0 | 0 | ||
ODM | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 129,449 | 70,893 | 249,832 | 129,905 | ||
ODM | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 129,449 | 70,893 | 249,832 | 129,905 | ||
License fees and revenue share | 75,587 | 40,532 | 145,618 | 72,832 | ||
Segment profit | 53,862 | 30,361 | 104,214 | 57,073 | ||
ODM | Eliminations | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 0 | 0 | ||||
IAM-A | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 40,641 | 0 | 70,943 | 0 | ||
IAM-A | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 40,641 | 0 | 70,943 | 0 | ||
License fees and revenue share | 20,979 | 0 | 36,538 | 0 | ||
Segment profit | 19,662 | 0 | 34,405 | 0 | ||
IAM-A | Eliminations | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 0 | 0 | ||||
IAM-F | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 23,536 | 0 | 32,708 | 0 | ||
IAM-F | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 23,536 | 0 | 32,708 | 0 | ||
License fees and revenue share | 0 | 0 | 0 | 0 | ||
Segment profit | 23,536 | $ 0 | 32,708 | $ 0 | ||
IAM-F | Eliminations | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | $ 0 | $ 0 | ||||
|
Segment Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
||
---|---|---|---|---|
Entity Wide Revenue Major Customer [Line Items] | ||||
Property and equipment, net | [1] | $ 22,116 | $ 13,050 | |
United States and Canada | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Property and equipment, net | 18,345 | 12,995 | ||
Europe, Middle East, and Africa | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Property and equipment, net | 3,679 | 40 | ||
Asia Pacific and China | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Property and equipment, net | 92 | 15 | ||
Mexico, Central America, and South America | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Property and equipment, net | $ 0 | $ 0 | ||
|
Segment Information - Schedule of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | [1] | $ 188,568 | $ 70,893 | $ 346,643 | $ 129,905 | |
Eliminations | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | (5,058) | 0 | (6,840) | 0 | ||
ODM | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 129,449 | 70,893 | 249,832 | 129,905 | ||
ODM | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 129,449 | 70,893 | 249,832 | 129,905 | ||
ODM | Eliminations | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 0 | 0 | ||||
IAM-A | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 40,641 | 0 | 70,943 | 0 | ||
IAM-A | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 40,641 | 0 | 70,943 | 0 | ||
IAM-A | Eliminations | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 0 | 0 | ||||
IAM-F | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 23,536 | 0 | 32,708 | 0 | ||
IAM-F | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 23,536 | 0 | 32,708 | 0 | ||
IAM-F | Eliminations | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 0 | 0 | ||||
United States and Canada | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 105,362 | 47,118 | 197,103 | 85,358 | ||
United States and Canada | ODM | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 75,100 | 47,118 | 146,231 | 85,358 | ||
United States and Canada | IAM-A | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 17,990 | 0 | 33,060 | 0 | ||
United States and Canada | IAM-F | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 12,272 | 0 | 17,812 | 0 | ||
Europe, Middle East, and Africa | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 56,912 | 17,528 | 100,611 | 32,883 | ||
Europe, Middle East, and Africa | ODM | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 30,591 | 17,528 | 60,651 | 32,883 | ||
Europe, Middle East, and Africa | IAM-A | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 19,170 | 0 | 31,476 | 0 | ||
Europe, Middle East, and Africa | IAM-F | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 7,151 | 0 | 8,484 | 0 | ||
Asia Pacific and China | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 24,804 | 5,901 | 46,302 | 11,112 | ||
Asia Pacific and China | ODM | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 17,969 | 5,901 | 34,759 | 11,112 | ||
Asia Pacific and China | IAM-A | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 2,829 | 0 | 5,238 | 0 | ||
Asia Pacific and China | IAM-F | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 4,006 | 0 | 6,305 | 0 | ||
Mexico, Central America, and South America | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 6,548 | 346 | 9,467 | 552 | ||
Mexico, Central America, and South America | ODM | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 5,789 | 346 | 8,191 | 552 | ||
Mexico, Central America, and South America | IAM-A | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | 652 | 0 | 1,169 | 0 | ||
Mexico, Central America, and South America | IAM-F | Operating segments | ||||||
Entity Wide Revenue Major Customer [Line Items] | ||||||
Net revenues | $ 107 | $ 0 | $ 107 | $ 0 | ||
|
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021
USD ($)
| ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning | $ 80,176 | [1] | ||
Foreign currency translation and other | (22,723) | |||
Goodwill, ending | 559,033 | [1] | ||
ODM | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning | 80,176 | |||
Foreign currency translation and other | 0 | |||
Goodwill, ending | 80,176 | |||
IAM-A | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning | 0 | |||
Foreign currency translation and other | (6,544) | |||
Goodwill, ending | 194,331 | |||
IAM-F | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning | 0 | |||
Foreign currency translation and other | (16,179) | |||
Goodwill, ending | 284,526 | |||
AdColony | ||||
Goodwill [Roll Forward] | ||||
Purchases | 200,875 | |||
AdColony | ODM | ||||
Goodwill [Roll Forward] | ||||
Purchases | 0 | |||
AdColony | IAM-A | ||||
Goodwill [Roll Forward] | ||||
Purchases | 200,875 | |||
AdColony | IAM-F | ||||
Goodwill [Roll Forward] | ||||
Purchases | 0 | |||
Fyber | ||||
Goodwill [Roll Forward] | ||||
Purchases | 300,705 | |||
Fyber | ODM | ||||
Goodwill [Roll Forward] | ||||
Purchases | 0 | |||
Fyber | IAM-A | ||||
Goodwill [Roll Forward] | ||||
Purchases | 0 | |||
Fyber | IAM-F | ||||
Goodwill [Roll Forward] | ||||
Purchases | $ 300,705 | |||
|
Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Mar. 31, 2021 |
|||
Finite Lived Intangible Assets [Line Items] | ||||
Cost | $ 504,038 | $ 68,926 | ||
Accumulated Amortization | (36,510) | (15,626) | ||
Net | [1] | $ 467,528 | $ 53,300 | |
Customer relationships | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Weighted-Average Remaining Useful Life | 12 years 6 months 25 days | 16 years 9 months 21 days | ||
Cost | $ 176,286 | $ 46,400 | ||
Accumulated Amortization | (11,850) | (4,171) | ||
Net | $ 164,436 | $ 42,229 | ||
Developed technology | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Weighted-Average Remaining Useful Life | 6 years 9 months 3 days | 9 years 1 month 13 days | ||
Cost | $ 153,839 | $ 20,526 | ||
Accumulated Amortization | (18,792) | (11,141) | ||
Net | $ 135,047 | $ 9,385 | ||
Trade names | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Weighted-Average Remaining Useful Life | 6 years 8 months 8 days | 9 years 11 months 1 day | ||
Cost | $ 68,959 | $ 2,000 | ||
Accumulated Amortization | (4,000) | (314) | ||
Net | $ 64,959 | $ 1,686 | ||
Publisher relationships | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Weighted-Average Remaining Useful Life | 19 years 3 months | |||
Cost | $ 104,954 | |||
Accumulated Amortization | (1,868) | |||
Net | $ 103,086 | |||
|
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 13,999 | $ 670 | $ 21,100 | $ 1,341 |
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of fiscal year 2022 | $ 27,550 |
Fiscal year 2023 | 55,101 |
Fiscal year 2024 | 55,101 |
Fiscal year 2025 | 46,821 |
Fiscal year 2026 | 44,878 |
Thereafter | 238,077 |
Total | $ 467,528 |
Accounts Receivable (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Mar. 31, 2021 |
|||
Receivables [Abstract] | |||||||
Billed | $ 158,856 | $ 158,856 | $ 28,636 | ||||
Unbilled | 76,692 | 76,692 | 38,837 | ||||
Allowance for credit losses | (7,441) | (7,441) | (5,488) | ||||
Accounts receivable, net | [1] | 228,107 | 228,107 | $ 61,985 | |||
Bad debt expense | $ 73 | $ 228 | $ 181 | $ 136 | |||
|
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
||
---|---|---|---|---|
Property Plant And Equipment [Line Items] | ||||
Property and equipment, gross | $ 35,913 | $ 23,632 | ||
Accumulated depreciation | (13,797) | (10,582) | ||
Property and equipment, net | [1] | 22,116 | 13,050 | |
Computer-related equipment | ||||
Property Plant And Equipment [Line Items] | ||||
Property and equipment, gross | 2,653 | 2,263 | ||
Developed software | ||||
Property Plant And Equipment [Line Items] | ||||
Property and equipment, gross | 27,550 | 18,473 | ||
Furniture and fixtures | ||||
Property Plant And Equipment [Line Items] | ||||
Property and equipment, gross | 1,995 | 714 | ||
Leasehold improvements | ||||
Property Plant And Equipment [Line Items] | ||||
Property and equipment, gross | $ 3,715 | $ 2,182 | ||
|
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 2,329 | $ 1,018 | $ 3,881 | $ 1,900 |
Internal use assets | General and administrative | ||||
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | 961 | 356 | 1,821 | 678 |
Developed software | Other direct costs of revenue | ||||
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 734 | $ 662 | $ 1,426 | $ 1,222 |
Leases - Additional Information (Details) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021
USD ($)
renewalOption
|
Mar. 31, 2021
USD ($)
|
|||
Lessee, Lease, Description [Line Items] | ||||
Number of renewal options, minimum | renewalOption | 1 | |||
Operating lease liability, current, statement of financial position location | Other current liabilities | |||
Operating lease liability, noncurrent, statement of financial position location | Other non-current liabilities | |||
Right-of-use assets | $ | [1] | $ 17,914 | $ 3,495 | |
Weighted-average remaining lease term | 4 years 10 months 20 days | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Weighted average discount rate | 2.00% | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Weighted average discount rate | 6.75% | |||
|
Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of fiscal year 2022 | $ 2,724 |
Fiscal year 2023 | 4,576 |
Fiscal year 2024 | 4,101 |
Fiscal year 2025 | 3,028 |
Fiscal year 2026 | 2,578 |
Thereafter | 3,000 |
Total undiscounted cash flows | 20,007 |
(Less imputed interest) | (1,778) |
Present value of lease liabilities | $ 18,229 |
Debt - Summary of Borrowings (Details) - Revolving credit facility - Line of credit - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Mar. 31, 2021 |
|
Credit Agreement, BoA | ||
Debt Instrument [Line Items] | ||
Debt, gross | $ 247,134 | $ 15,000 |
Interest Rate | 1.91% | |
Unused Line Fee | 0.20% | |
Credit Agreement, Fyber - Discount Bank | ||
Debt Instrument [Line Items] | ||
Debt, gross | $ 993 | |
Interest Rate | 5.88% | |
Unused Line Fee | 0.60% | |
Credit Agreement, Fyber - Bank Leumi | ||
Debt Instrument [Line Items] | ||
Debt, gross | $ 12,430 | |
Interest Rate | 5.88% | |
Unused Line Fee | 1.00% |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
||
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Less: Debt issuance costs | $ (3,133) | $ (443) | ||
Total debt, net | 257,424 | 14,557 | ||
Less: Current portion of debt | (13,423) | (14,557) | ||
Non-current debt | [1] | 244,001 | 0 | |
Line of credit | Revolving credit facility | Credit Agreement, BoA | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | 247,134 | 15,000 | ||
Line of credit | Revolving credit facility | Credit Agreement, Fyber | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | $ 13,423 | $ 0 | ||
|
Debt - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
May 25, 2021 |
Apr. 29, 2021 |
Sep. 30, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Mar. 31, 2021 |
Feb. 03, 2021 |
|||||
Debt Instrument [Line Items] | |||||||||||
Short-term debt | [1] | $ 13,423,000 | $ 13,423,000 | $ 14,557,000 | |||||||
Debt issuance costs, net | 3,133,000 | 3,133,000 | 443,000 | ||||||||
Payment of debt issuance costs | [2] | 2,988,000 | $ 0 | ||||||||
Line of credit | Credit Agreement, BoA | Revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||
Maximum borrowing capacity, including accordion feature | $ 400,000,000 | 200,000,000 | |||||||||
Issuance costs | $ 469,000 | ||||||||||
Short-term debt | 15,000,000 | ||||||||||
Maximum borrowing capacity, accordion feature | 75,000,000 | ||||||||||
Debt, gross | 247,134,000 | $ 247,134,000 | 15,000,000 | ||||||||
Unused Line Fee | 0.20% | ||||||||||
Interest Rate | 1.91% | ||||||||||
Collateral, threshold amount to grant security interest | $ 5,000,000 | ||||||||||
Remaining borrowing capacity | 152,866,000 | $ 152,866,000 | |||||||||
Line of credit | Credit Agreement, BoA | LIBOR | Revolving credit facility | Election two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, basis spread on variable rate | 1.00% | ||||||||||
Line of credit | Credit Agreement, BoA | Federal funds rate | Revolving credit facility | Election two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, basis spread on variable rate | 0.50% | ||||||||||
Line of credit | Credit Agreement, BoA | Minimum | Revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused Line Fee | 0.15% | ||||||||||
Line of credit | Credit Agreement, BoA | Minimum | LIBOR | Revolving credit facility | Election one | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, basis spread on variable rate | 1.50% | ||||||||||
Line of credit | Credit Agreement, BoA | Minimum | Base Rate | Revolving credit facility | Election two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, basis spread on variable rate | 0.50% | ||||||||||
Line of credit | Credit Agreement, BoA | Maximum | Revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused Line Fee | 0.35% | ||||||||||
Line of credit | Credit Agreement, BoA | Maximum | LIBOR | Revolving credit facility | Election one | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, basis spread on variable rate | 2.25% | ||||||||||
Line of credit | Credit Agreement, BoA | Maximum | Base Rate | Revolving credit facility | Election two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, basis spread on variable rate | 1.25% | ||||||||||
Line of credit | Credit Agreement, Fyber | Fyber | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt assumed | $ 20,415,000 | ||||||||||
Repayment of line of credit | 3,834,000 | ||||||||||
Line of credit | Credit Agreement, Fyber | Revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, gross | $ 13,423,000 | $ 13,423,000 | $ 0 | ||||||||
|
Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Debt Disclosure [Abstract] | ||||||
Interest income / (expense), net | $ (1,706) | $ (287) | $ (2,625) | $ (593) | ||
Amortization of debt issuance costs | (178) | 0 | (310) | 0 | ||
Unused line of credit fees and other | (71) | 0 | (177) | 0 | ||
Interest expense, net | [1] | $ (1,955) | $ (287) | $ (3,112) | $ (593) | |
|
Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021
USD ($)
$ / shares
shares
|
Mar. 31, 2021
USD ($)
$ / shares
shares
|
|
Number of Shares | ||
Options outstanding, beginning (in shares) | shares | 8,146,445 | |
Granted (in shares) | shares | 630,989 | |
Forfeited / Cancelled (in shares) | shares | (214,884) | |
Exercised (in shares) | shares | (658,549) | |
Options outstanding, ending (in shares) | shares | 7,904,001 | 8,146,445 |
Vested and expected to vest (net of estimated forfeitures) (in shares) | shares | 7,784,152 | |
Exercisable (in shares) | shares | 5,642,551 | |
Weighted-Average Exercise Price (per share) | ||
Options outstanding, beginning (in dollars per share) | $ / shares | $ 4.01 | |
Granted (in dollars per share) | $ / shares | 72.31 | |
Forfeited/Cancelled (in dollars per share) | $ / shares | 8.41 | |
Exercised (in dollars per share) | $ / shares | 3.27 | |
Options outstanding, ending (in dollars per share) | $ / shares | 9.40 | $ 4.01 |
Vested and expected to vest (net of estimated forfeitures) (in dollars per share) | $ / shares | 9.04 | |
Exercisable (in dollars per share) | $ / shares | $ 3.58 | |
Weighted-Average Remaining Contractual Life (in years) | ||
Outstanding | 6 years 7 months 24 days | 6 years 10 months 9 days |
Vested and expected to vest (net of estimated forfeitures) | 6 years 7 months 9 days | |
Exercisable | 5 years 9 months 29 days | |
Aggregate Intrinsic Value (in thousands) | ||
Outstanding | $ | $ 473,227 | $ 622,249 |
Vested and expected to vest (net of estimated forfeitures) | $ | 468,633 | |
Exercisable | $ | $ 368,277 |
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock base compensation expense, options | $ 28,197 | $ 8,956 | $ 28,197 | $ 8,956 |
Unrecognized stock base compensation expense, RSU and RSA | $ 12,152 | 1,463 | $ 12,152 | 1,463 |
Reserved for future issuance (in shares) | 11,274,655 | 11,274,655 | ||
Stock compensation expense | $ 5,926 | $ 2,515 | $ 9,631 | $ 4,126 |
Stock option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock base compensation expense, period of recognition | 2 years 5 months 23 days | 2 years 3 months | ||
RSU/RSA | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock base compensation expense, period of recognition | 2 years 3 months 25 days | 2 years 3 days |
Stock-Based Compensation - Summary of RSU Activity (Details) - RSU/RSA |
6 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
shares
| |
Number of Shares | |
Unvested, beginning balance (in shares) | shares | 333,544 |
Granted (in shares) | shares | 332,061 |
Vested (in shares) | shares | (298,350) |
Cancelled (in shares) | shares | (3,526) |
Unvested, ending balance (in shares) | shares | 363,729 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 4.55 |
Granted (in dollars per share) | $ / shares | 45.62 |
Vested (in dollars per share) | $ / shares | 3.69 |
Cancelled (in dollars per share) | $ / shares | 13.88 |
Unvested ending balance (in dollars per share) | $ / shares | $ 42.65 |
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
[2] | Sep. 30, 2020 |
Jun. 30, 2020 |
[2] | Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||
Net income / (loss) | $ (5,887) | [1] | $ 14,253 | $ 373 | [1] | $ 9,940 | $ 8,366 | [3] | $ 10,313 | [1] | ||||||||
Less: net loss attributable to non-controlling interest | [1] | (35) | 0 | (66) | 0 | |||||||||||||
Net income / (loss) attributable to Digital Turbine, Inc. | [1] | $ (5,852) | $ 373 | $ 8,432 | $ 10,313 | |||||||||||||
Weighted-average common shares outstanding, basic | [1] | 96,157 | 88,035 | 93,807 | 87,712 | |||||||||||||
Basic net income per common share (in dollars per share) | $ (0.06) | $ 0 | $ 0.09 | $ 0.11 | ||||||||||||||
Weighted-average common shares outstanding, diluted | [1] | 96,157 | 96,057 | 100,457 | 94,988 | |||||||||||||
Diluted net income per common share (in dollars per share) | $ (0.06) | $ 0 | $ 0.08 | $ 0.11 | ||||||||||||||
Common stock equivalents excluded from net loss per diluted share because their effect would have been anti-dilutive (in shares) | 6,563 | 0 | 0 | 0 | ||||||||||||||
|
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ (2,349) | $ 661 | $ 1,081 | $ 1,037 |
Effective tax rate | 28.50% | 63.90% | 11.40% | 9.10% |
Deferred tax liability, net | $ 35,733 | $ 35,733 | ||
Increase in valuation allowance | $ 13,667 |
Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
U.S. Federal | AdColony | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards, subject to expiration | $ 60,924 |
Operating loss carryforwards, not subject to expiration | 47,704 |
State taxing jurisdictions | AdColony | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards, subject to expiration | 129,685 |
Foreign tax authority | Fyber | Germany | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards, not subject to expiration | 90,203 |
Foreign tax authority | Fyber | Israel | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards, not subject to expiration | $ 17,885 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
May 25, 2021 |
Apr. 29, 2021 |
Mar. 31, 2021 |
||
---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||
Acquisition purchase price liabilities | [1] | $ 335,500 | $ 0 | |||
AdColony | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase price liabilities, unpaid cash consideration | 100,000 | $ 100,000 | ||||
Estimated contingent consideration, minimum | 200,000 | |||||
Estimated contingent consideration, maximum | $ 225,000 | |||||
Contingent consideration | 204,500 | |||||
Fyber | ||||||
Business Acquisition [Line Items] | ||||||
Estimated contingent consideration, maximum | $ 50,000 | |||||
Contingent consideration | $ 31,000 | |||||
|
Subsequent Events (Details) - USD ($) $ in Thousands |
1 Months Ended | |||
---|---|---|---|---|
Oct. 26, 2021 |
Apr. 29, 2021 |
Oct. 26, 2021 |
Sep. 30, 2021 |
|
AdColony | ||||
Loss Contingencies [Line Items] | ||||
Acquisition purchase price liabilities, unpaid cash consideration | $ 100,000 | $ 100,000 | ||
Payment to acquire business | $ 100,000 | |||
Subsequent event | Revolving credit facility | Credit Agreement, BoA | Line of credit | ||||
Loss Contingencies [Line Items] | ||||
Proceeds from line of credit | $ 98,000 | |||
Subsequent event | AdColony | ||||
Loss Contingencies [Line Items] | ||||
Payment to acquire business | $ 98,175 |
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