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Digital Turbine (NAS:APPS) Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Digital Turbine has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Digital Turbine's Piotroski F-Score or its related term are showing as below:

APPS' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Digital Turbine was 8. The lowest was 2. And the median was 4.


Digital Turbine Piotroski F-Score Historical Data

The historical data trend for Digital Turbine's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Digital Turbine Annual Data
Trend Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 6.00 8.00 6.00

Digital Turbine Quarterly Data
Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 6.00 6.00 6.00

Competitive Comparison

For the Software - Application subindustry, Digital Turbine's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Digital Turbine Piotroski F-Score Distribution

For the Software industry and Technology sector, Digital Turbine's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Digital Turbine's Piotroski F-Score falls in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec22) TTM:Last Year (Dec21) TTM:
Net Income was 20.1 + 14.922 + 11.664 + 4.019 = $50.7 Mil.
Cash Flow from Operations was 41.276 + 36.629 + 27.68 + 33.205 = $138.8 Mil.
Revenue was 184.135 + 188.633 + 174.859 + 162.31 = $709.9 Mil.
Gross Profit was 89.403 + 92.351 + 88.779 + 79.616 = $350.1 Mil.
Average Total Assets from the begining of this year (Dec21)
to the end of this year (Dec22) was
(1473.48 + 1458.509 + 1402.011 + 1374.129 + 1352.675) / 5 = $1412.1608 Mil.
Total Assets at the begining of this year (Dec21) was $1,473.5 Mil.
Long-Term Debt & Capital Lease Obligation was $422.3 Mil.
Total Current Assets was $342.8 Mil.
Total Current Liabilities was $289.4 Mil.
Net Income was 30.056 + 14.284 + -5.852 + 7.014 = $45.5 Mil.

Revenue was 95.082 + 158.075 + 188.568 + 216.818 = $658.5 Mil.
Gross Profit was 39.022 + 69.799 + 89.233 + 98.675 = $296.7 Mil.
Average Total Assets from the begining of last year (Dec20)
to the end of last year (Dec21) was
(232.441 + 260.369 + 1424.044 + 1412.611 + 1473.48) / 5 = $960.589 Mil.
Total Assets at the begining of last year (Dec20) was $232.4 Mil.
Long-Term Debt & Capital Lease Obligation was $341.6 Mil.
Total Current Assets was $428.6 Mil.
Total Current Liabilities was $609.6 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Digital Turbine's current Net Income (TTM) was 50.7. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Digital Turbine's current Cash Flow from Operations (TTM) was 138.8. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec21)
=50.705/1473.48
=0.03441173

ROA (Last Year)=Net Income/Total Assets (Dec20)
=45.502/232.441
=0.1957572

Digital Turbine's return on assets of this year was 0.03441173. Digital Turbine's return on assets of last year was 0.1957572. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Digital Turbine's current Net Income (TTM) was 50.7. Digital Turbine's current Cash Flow from Operations (TTM) was 138.8. ==> 138.8 > 50.7 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=422.31/1412.1608
=0.29905235

Gearing (Last Year: Dec21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec20 to Dec21
=341.59/960.589
=0.35560474

Digital Turbine's gearing of this year was 0.29905235. Digital Turbine's gearing of last year was 0.35560474. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec22)=Total Current Assets/Total Current Liabilities
=342.774/289.366
=1.18456902

Current Ratio (Last Year: Dec21)=Total Current Assets/Total Current Liabilities
=428.568/609.628
=0.70299921

Digital Turbine's current ratio of this year was 1.18456902. Digital Turbine's current ratio of last year was 0.70299921. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Digital Turbine's number of shares in issue this year was 103.348. Digital Turbine's number of shares in issue last year was 103.287. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=350.149/709.937
=0.49321137

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=296.729/658.543
=0.45058409

Digital Turbine's gross margin of this year was 0.49321137. Digital Turbine's gross margin of last year was 0.45058409. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec21)
=709.937/1473.48
=0.48180973

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec20)
=658.543/232.441
=2.83316196

Digital Turbine's asset turnover of this year was 0.48180973. Digital Turbine's asset turnover of last year was 2.83316196. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+0+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Digital Turbine has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Digital Turbine  (NAS:APPS) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Digital Turbine Piotroski F-Score Related Terms

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Digital Turbine (NAS:APPS) Business Description

Digital Turbine logo
Traded in Other Exchanges
Address
110 San Antonio Street, Suite 160, Austin, TX, USA, 78701
Digital Turbine Inc is an independent mobile growth platform. It offers end-to-end products and solutions to all participants in the mobile application ecosystem, enabling brand discovery and advertising, user acquisition and engagement, and operational efficiency for advertisers. Its operating segments are On Device Media (ODM); In App Media-AdColony; and In App Media-Fyber. The company derives key revenue from the ODM segment by providing solutions to all participants in the mobile application ecosystem who 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. It has a global business presence.
Executives
Senthilkumaran Kanagaratnam officer: Chief Technology Officer 5717 LA SEYNE PLACE, SAN JOSE CA 95138
Matthew Gillis officer: President 2400 BOSTON STREET, SUITE 201, BALTIMORE MD 21224
Mary Spilman director C/O CRITEO LEGAL DEPT., 387 PARK AVENUE SOUTH, 12TH FLOOR, NEW YORK NY 10016
Michael Benjamin Miller officer: Chief Accounting Officer 360 WEST FOREST GROVE ROAD, LUCAS TX 75002
Holyce Hess Groos director 58 CHRISTIANA COURT, LAKE GEORGE NY 12845
Christine Collins officer: CTO 111 NUECES STREET, AUSTIN TX 78701
Michelle M Sterling director 5775 MOREHOUSE DRIVE, SAN DIEGO CA 92121
Roy H Chestnutt director 1095 AVENUE OF THE AMERICAS, 8TH FLOOR, NEW YORK NY 10036
J. Barrett Garrison officer: EVP, CFO 1300 GUADALUPE STREET, SUITE 302, AUSTIN TX 78701
David Wesch officer: Acting CAO 1300 GUADALUPE STREET, SUITE 302, AUSTIN TX 78701
Mohan S Gyani director 7277 164TH AVE NE, BLDG1, REDMOND WA 98052
Judson Bowman director 1300 GUADALUPE STREET, SUITE 302, AUSTIN TX 78701
Craig I Forman director 1375 PEACHTREE STREET, ATLANTA GA 30309
James Alejandro officer: Chief Accounting Officer 2811 CAHUENGA BOULEVARD WEST, LOS ANGELES CA 90068
Kirstie Elizabeth Brown officer: Head, Global Fin. Obligations 2811 CAHUENGA BOULEVARD WEST, LOS ANGELES CA 90068

Digital Turbine (NAS:APPS) Headlines

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