Digital Turbine Q4 2021 Results

Ok - Digital Turbine (APPS) has just released a pretty incredible set of results meeting revenues, beating on the bottom line and beating/raising guidance.

Earnings Release:
Digital Turbine:
FQ4 Non-GAAP EPS of $0.25 beats by $0.05; GAAP EPS of $0.34 beats by $0.16.
Revenue of $95.08M (+141.6% Y/Y) in-line.
Q1 2022 Outlook: Revenue of between $188-$192M vs. consensus of $138.2M; Adj. EBITDA of between $32-$34M; Non-GAAP EPS of $0.31 vs. consensus of $0.23, based on ~100M diluted shares outstanding.……


The numbers coming out of this whether on a pro forma or reported basis are incredible:

TAM They are talking about a $300bn mobile advertising market
Programmatic Advertising Fyber (the latest acquisition) announced revenue growth of 900% YoY
SingeTap Grew revenues by 100% sequentially and 1000% YoY
Revenue/employee They are producing $1m revenue per employee which is an remarkable number
Pro Forma YoY Revenue growth 101% pro forma revenue growth for Q4 and 64% for the full year (accelerating)
Operating Leverage Adjusted EBITDA grew 329% in Q4
Guidance 90% pro forma revenue growth and 200% EBITDA growth

With their 3 acquisitions: Fyber, AdColony & Appreciate acquisitions along with original Digital Turbine and its former acquisition SingleTap have combined to unlock synergies but also assembled a complete stack.

If anyone was looking for a hyper growth in digital programatic advertising with a complete stack as an alternative to Magnite (SSP) or in lieu of The Trade Desk (DSP) then this could be the one for you. It also represents diversification away from the Connected TV walled garden ad space options like Roku etc into the mobile space.

It’s also a global growth story well beyond just North America and is benefiting from the 5G upgrade cycle in devices across the world. There is some customer concentration and a skew towards Android but this is an incredible report.