Digital Turbine Turning the Corner

• A better quarter from the company, especially for RPD (revenue per device) growth and adjusted EBITDA.

• There is enough operating leverage in the model for things to materially improve with growth, and growth has returned. The shares could be a double from here in 12 months, but a lot has to go right.

• While it looks like the company has turned the corner, we still find it difficult to get a good enough grip on the moving parts of the company, so this isn’t a conviction buy for us.