Digital Turbine, Inc. (APPS) saw its loss narrow to $2.59 million, or $0.04 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.76 million, or $0.09 a share.
Revenue during the quarter dropped 7.49 percent to $22.28 million from $24.09 million in the previous year period. Gross margin for the quarter contracted 73 basis points over the previous year period to 15.11 percent. Operating margin for the quarter stood at negative 24.28 percent as compared to a negative 21.86 percent for the previous year period.
Operating loss for the quarter was $5.41 million, compared with an operating loss of $5.26 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $2.15 million.
Operating cash flow remains negative
Digital Turbine, Inc. has spent $7.79 million cash to meet operating activities during the nine month period as against cash outgo of $5.46 million in the last year period.
The company has spent $0.38 million cash to meet investing activities during the nine month period as against cash outgo of $0.13 million in the last year period.
Cash flow from financing activities was $2.69 million for the nine month period, down 77.98 percent or $9.54 million, when compared with the last year period.
Cash and cash equivalents stood at $5.70 million as on Dec. 31, 2016, down 58.29 percent or $7.97 million from $13.68 million on Dec. 31, 2015.
Working capital turns negative
Working capital of Digital Turbine, Inc. has turned negative to $5.48 million on Dec. 31, 2016 from positive $0.48 million on Dec. 31, 2015. Current ratio was at 0.83 as on Dec. 31, 2016, down from 1.02 on Dec. 31, 2015.
Days sales outstanding went up to 76 days for the quarter compared with 60 days for the same period last year.
At the same time, days payable outstanding went up to 97 days for the quarter from 61 for the same period last year.
Debt comes down
Digital Turbine, Inc. has recorded a decline in total debt over the last one year. It stood at $9.46 million as on Dec. 31, 2016, down 10.71 percent or $1.13 million from $10.60 million on Dec. 31, 2015. Total debt was 8.43 percent of total assets as on Dec. 31, 2016, compared with 8.47 percent on Dec. 31, 2015. Debt to equity ratio was at 0.14 as on Dec. 31, 2016, up from 0.12 as on Dec. 31, 2015.
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