Telenav®, Inc. (NASDAQ:TNAV), a leading provider of connected car
and location-based products and services, today released its
financial results for the first fiscal quarter ended Sept. 30,
2019. In connection with this announcement, the company also posted
a supplemental financial results presentation on its website.
Please visit Telenav’s investor relations website at
http://investor.telenav.com to view the financial results and
materials.
“Telenav delivered another solid quarter, with a five-year-high
revenue level, and a significantly increased cash balance to $122
million,” said HP Jin, Chairman and CEO of Telenav. “Further,
we continued to make progress on our Connected Car Strategy,
evident from our recent inorganic investments, and our announced
initiatives with Microsoft and Amazon.”
Financial highlights for the first quarter ended Sept.
30, 2019
- On Aug. 16, 2019 Telenav transferred assets associated with its
Thinknear location-based digital advertising operations to inMarket
Media, LLC; as a result the financial results of Telenav’s
advertising business through the transfer date are reported as
discontinued operations in the company’s financial statements.
- Total revenue for the first quarter of fiscal 2020
was $64.5 million, an increase of 39% compared with $46.3
million in the first quarter of fiscal 2019. Product revenue
for the first quarter of fiscal 2020 was $55.2 million, an increase
of 38% compared with $39.9 million in the first quarter of fiscal
2019. Services revenue for the first quarter of fiscal 2020
was $9.3 million, an increase of 47% compared with $6.3 million in
the first quarter of fiscal 2019.
- GAAP gross profit was $27.6 million in the first quarter of
fiscal 2020, an increase of 48% compared with $18.7 million in the
first quarter of fiscal 2019.
- Billings, a non-GAAP measure, for the first quarter of fiscal
2020 were $76.6 million, an increase of 44% compared with
$53.1 million in the first quarter of fiscal
2019.
- GAAP loss from continuing operations for the first quarter of
fiscal 2020 was $(2.1) million, compared with $(6.1) million in the
first quarter of fiscal 2019. The year-over-year decrease in loss
from continuing operations was primarily due to higher gross
profit.
- GAAP net loss for the first quarter of fiscal 2020
was $(6.1) million, compared with $(7.6) million for the first
quarter of fiscal 2019. Net loss included loss on
discontinued operations for the first quarter of fiscal 2020 of
$(4.0) million, compared with $(1.5) million for the first quarter
of fiscal 2019. Loss on discontinued operations for the first
quarter of fiscal 2020 included a $4.8 million loss on the transfer
of certain assets associated with our advertising business to
inMarket Media. The year-over-year decrease in total net loss was
due primarily to higher gross profit offset by higher operating
expenses.
- Adjusted EBITDA, a non-GAAP measure, for the first quarter of
2020 was $0.4 million, compared with a loss of $(3.9) million for
the first quarter of 2019.
- Ending cash, cash equivalents and short-term investments,
excluding restricted cash, were $121.8 million as
of Sept. 30, 2019, an increase of $22.3 million compared with
$99.5 million as of June 30, 2019. This represented cash, cash
equivalents and short-term investments of $2.51 per share,
based on approximately 48.6 million shares of common stock
outstanding as of Sept. 30, 2019. Telenav had no debt as
of Sept. 30, 2019.
Recent Business Highlights
- 1.4 million Telenav-equipped cars capable of connected services
were deployed into the global market during the quarter ended
Sept. 30, 2019, bringing total cumulative connected units deployed
to date to 16.1 million and total cumulative auto units deployed to
25.8 million.
- Telenav announced an initiative with Microsoft to integrate
Telenav’s intelligent connected-car solutions suite with the
Microsoft Connected Vehicle Platform, running on Microsoft
Azure.
- Telenav announced its connected navigation is a key component
in the latest generation of the Opel Multimedia Navi Pro
Infotainment System found in the automaker’s Insignia models.
- Toyota launched Scout GPS Link on the 2020 Avalon and the 2020
Sienna.
- Telenav completed an investment in Motion Auto to accelerate
In-Car Commerce and Communications domain initiatives.
- Telenav completed an investment in Moove.ai to complement the
Road Intelligence domain initiatives of our Connected Car
Platform.
Q2 Fiscal 2020 Business Outlook
For the second fiscal quarter ending Dec. 31,
2019, Telenav offers the following guidance.
- Total revenue is expected to be $55 million
to $57 million., assuming approximately $9 million in license
revenue in the quarter from the OpenTerra transaction we previously
announced with Grab.
- Billings, a non-GAAP measure, are expected to be $60
million to $62 million.
- GAAP gross margin is expected to be 43% to 45%.
- GAAP operating expenses are expected to be $29
million to $31 million.
- GAAP net loss is expected to be $(4.5) million to $(6.5)
million.
- Adjusted EBITDA, a non-GAAP measure, is expected to be $(1.5)
million to $(3.5) million.
The above information concerning guidance represents Telenav’s
outlook only as of the date hereof, and is subject to change for
various reasons, including due to developments relating to the
transactions with inMarket Media and Grab, as a result of
amendments to material contracts and other changes in business
conditions. Telenav undertakes no obligation to update or
revise any financial forecast or other forward-looking statements,
as a result of new developments, or otherwise.
Conference Call and Quarterly
Commentary
Telenav will host an investor conference call and live webcast
on Thursday, Nov. 7, 2019 at 2:30 p.m. Pacific Time (5:30
p.m. Eastern Time). Management has posted a supplemental financial
results presentation in combination with Telenav’s First Quarter
Fiscal Year 2020 Financial Results press release on its investor
relations website. To listen to the webcast and view Telenav’s
quarterly presentation, please visit Telenav’s investor
relations website at http://investor.telenav.com.
Listeners can also access the conference call by dialing
888-394-8218 (toll-free, domestic only) or 323-701-0225 (domestic
and international toll) and entering pass code 8907900. A replay of
the conference call will be available for two weeks beginning
approximately two hours after the call’s completion. To access the
replay, dial 888-203-1112 (toll-free, domestic only) or
719-457-0820 (domestic and international toll) and enter pass code
8907900.
Use of Non-GAAP Financial Measures
Telenav prepares its financial statements in accordance with
generally accepted accounting principles for the United States, or
GAAP. The non-GAAP financial measures such as billings, change in
deferred revenue, change in deferred costs, adjusted EBITDA, and
free cash flow included in this press release are different from
those otherwise presented under GAAP. Telenav has provided these
measures in addition to GAAP financial results because management
believes these non-GAAP measures help provide a consistent basis
for comparison between periods that are not influenced by certain
items and, therefore, are helpful in understanding Telenav’s
underlying operating results. These non-GAAP measures are some of
the primary measures Telenav’s management uses for planning and
forecasting. These measures are not in accordance with, or an
alternative to, GAAP and these non-GAAP measures may not be
comparable to information provided by other companies.
To reconcile the historical GAAP results to non-GAAP financial
metrics, please refer to the reconciliations in the financial
statements included in this earnings release.
Billings equals GAAP revenue recognized plus the change in
deferred revenue from the beginning to the end of the applicable
period. In connection with its presentation of the change in
deferred revenue, Telenav has provided a similar presentation of
the change in the related deferred costs. Such deferred costs
primarily include costs associated with third party content and
certain development costs associated with its customized software
solutions whereby customized engineering fees are earned. As the
company enters into more hybrid and brought-in navigation programs,
deferred revenue and deferred costs become larger components of its
operating results, so Telenav believes these metrics are useful in
evaluating cash flows.
Telenav considers billings to be a useful metric for management
and investors because billings drive revenue and deferred revenue,
which is an important indicator of its business. There are a number
of limitations related to the use of billings versus revenue
calculated in accordance with GAAP. First, billings include amounts
that have not yet been recognized as revenue or cost and may
require additional services or costs to be provided over contracted
service periods. For example, billings related to certain
brought-in solutions cannot be fully recognized as revenue in a
given period due to requirements for ongoing map updates and
provisioning of services such as hosting, monitoring, customer
support and, for certain customers, additional period content and
associated technology costs. Second, we may calculate billings in a
manner that is different from peer companies that report similar
financial measures, making comparisons between companies more
difficult. Accordingly, when Telenav uses this measure, it attempts
to compensate for these limitations by providing specific
information regarding billings and how they relate to revenue
calculated in accordance with GAAP.
Adjusted EBITDA measures GAAP net loss adjusted for discontinued
operations and excluding the impact of stock-based compensation
expense, depreciation and amortization, other income (expense) net,
provision (benefit) for income taxes, and other applicable items
such as legal settlements and contingencies and merger and
acquisition, or M&A, transaction expenses, net of tax.
Stock-based compensation expense relates to equity incentive awards
granted to its employees, directors, and consultants. Legal
settlements and contingencies represent settlements, offers made to
settle, or loss accruals relating to litigation or other disputes
in which Telenav is a party or the indemnitor of a party. M&A
transaction expenses relate primarily to costs associated with
transactions, such as the inMarket Transaction and the Grab
Transaction.
Adjusted EBITDA, while generally a measure of profitability, can
also represent a loss. Adjusted EBITDA is a key measure used by
Telenav’s management and board of directors to understand and
evaluate Telenav’s core operating performance and trends, to
prepare and approve its annual budget and to develop short- and
long-term operational plans. In particular, Telenav believes that
the exclusion of the expenses eliminated in calculating adjusted
EBITDA and can provide a useful measure for period-to-period
comparisons of Telenav’s core business. Accordingly, Telenav
believes that adjusted EBITDA generally provides useful information
to investors and others in understanding and evaluating our
operating results in the same manner as Telenav’s management and
board of directors.
Free cash flow is a non-GAAP financial measure Telenav defines
as net cash provided by (used in) operating activities, less
purchases of property and equipment. Telenav considers free cash
flow to be a liquidity measure that provides useful information to
management and investors about the amount of cash (used in)
generated by its business after purchases of property and
equipment.
In this press release, Telenav has provided guidance for the
second quarter of fiscal 2020 on a non-GAAP basis for billings and
adjusted EBITDA. Telenav does not provide reconciliations of these
forward-looking non-GAAP financial measures to the corresponding
GAAP measures due to the high variability and difficulty in making
accurate forecasts and projections with respect to deferred
revenue, deferred costs, stock-based compensation and tax provision
(benefit), which are components of these non-GAAP financial
measures. In particular, stock-based compensation is impacted by
future hiring and retention needs, as well as the future fair
market value of Telenav’s common stock, all of which is difficult
to predict and subject to constant change. The actual amounts of
these items will have a significant impact on Telenav’s net loss
per diluted share and tax provision (benefit). Accordingly,
reconciliations of Telenav’s forward-looking non-GAAP financial
measures to the corresponding GAAP measures are not available
without unreasonable effort.
Forward Looking Statements
This press release contains forward-looking statements that are
based on Telenav management’s beliefs and assumptions and on
information currently available to its management. Actual
events or results may differ materially from those described in
this document due to a number of risks and uncertainties. These
potential risks and uncertainties include, among others:
Telenav’s ability to develop and implement products for Ford, GM
and Toyota and to support Ford, GM and Toyota and their customers;
the impact of Ford’s recent announcement regarding the elimination
of various sedans in North America over the near term; the impact
of tariffs on sales of automobiles in the United States and other
markets; Telenav’s success in extending its contracts for current
and new generation of products with its existing automobile
manufacturers and tier ones, particularly Ford; the impact of GM’s
announcement regarding Google Automotive Services; Telenav’s
ability to achieve additional design wins and the delivery dates of
automobiles including Telenav’s products; adoption by vehicle
purchasers of Scout GPS Link; Telenav’s dependence on a limited
number of automobile manufacturers and tier ones for a substantial
portion of its revenue and the impact of labor stoppages on those
automobile manufacturers’ and tier ones’ ability to produce
vehicles; reductions in demand for automobiles; potential impacts
of automobile manufacturers and tier ones including competitive
capabilities in their vehicles such as Apple CarPlay and Android
Auto; Telenav’s continued reporting of losses and operating
expenses in excess of expectations; Telenav’s ability to acquire
certification for automotive SPICE and other contractual
obligations with customers; failure to reach agreement with
customers for awards and contracts on products and services in
which Telenav has expended resources developing; competition from
other market participants who may provide comparable services to
subscribers without charge; the timing of new product releases and
vehicle production by Telenav’s automotive customers, including
inventory procurement and fulfillment; possible warranty claims,
and the impact on consumer perception of its brand; Telenav’s
ability to perform under its initiatives with Amazon and Microsoft,
and benefit from those initiatives; the potential that Telenav may
not be able to realize its deferred tax assets and may have to take
a reserve against them; Telenav’s reliance on its automobile
manufacturers for volume and royalty reporting; the impact on
revenue recognition and other financial reporting due to the
amendment of contracts or changes in accounting standards; and
macroeconomic and political conditions in the U.S. and abroad, in
particular China. Telenav discusses these risks in greater detail
in “Risk Factors” and elsewhere in its Form 10-K for the fiscal
year ended June 30, 2019 and other filings with the U.S. Securities
and Exchange Commission (“SEC”), which are available at the SEC’s
website at www.sec.gov. Given these uncertainties, you should not
place undue reliance on these forward-looking statements. Also,
forward-looking statements represent management’s beliefs and
assumptions only as of the date made. You should review the
company’s SEC filings carefully and with the understanding that
actual future results may be materially different from what Telenav
expect.
ABOUT TELENAV, INC.
Telenav is a leading provider of connected car and
location-based services, focused on transforming life on the go for
people - before, during, and after every drive. Leveraging our
location platform, we enable our customers to deliver custom
connected car and mobile experiences. To learn more about how
Telenav’s location platform powers personalized navigation,
mapping, big data intelligence, social driving, and location-based
advertising, visit www.telenav.com.
Copyright 2018 Telenav, Inc. All Rights Reserved.
Telenav and the “Telenav” logo are trademarks of Telenav, Inc.
All rights reserved. Unless otherwise noted, all other trademarks,
service marks, and logos used in this press release are the
trademarks, service marks or logos of their respective owners.
TNAV-FTNAV-C
Investor Relations:Bishop IRMike
Bishop415-894-9633IR@telenav.com
Media:Raphel Finelli408-667-5970raphelf@telenav.com
|
Telenav,
Inc. |
Condensed
Consolidated Balance Sheets |
(in
thousands, except par value) |
(unaudited) |
|
|
September
30, |
|
June
30, |
|
|
2019 |
|
2019 |
|
|
|
|
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
19,278 |
|
|
$ |
27,275 |
|
Short-term investments |
|
|
102,515 |
|
|
|
72,203 |
|
Accounts receivable, net of allowances of $7 and $7 at September
30, 2019 and June 30, 2019, respectively |
|
|
52,973 |
|
|
|
69,781 |
|
Restricted cash |
|
|
2,452 |
|
|
|
1,950 |
|
Deferred costs |
|
|
19,416 |
|
|
|
18,752 |
|
Prepaid expenses and other current assets |
|
|
4,281 |
|
|
|
3,784 |
|
Assets of discontinued operations, non-current |
|
|
1,788 |
|
|
|
6,330 |
|
Total current assets |
|
|
202,703 |
|
|
|
200,075 |
|
Property and
equipment, net |
|
|
5,304 |
|
|
|
5,583 |
|
Operating
lease right-of-use assets |
|
|
9,325 |
|
|
|
- |
|
Deferred
income taxes, non-current |
|
|
798 |
|
|
|
998 |
|
Goodwill and
intangible assets, net |
|
|
15,483 |
|
|
|
15,701 |
|
Deferred
costs, non-current |
|
|
58,379 |
|
|
|
61,050 |
|
Other
assets |
|
|
18,977 |
|
|
|
1,414 |
|
Assets of
discontinued operations, non-current |
|
|
259 |
|
|
|
12,194 |
|
Total assets |
|
$ |
311,228 |
|
|
$ |
297,015 |
|
Liabilities and stockholders’ equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Trade accounts payable |
|
$ |
17,804 |
|
|
$ |
16,061 |
|
Accrued expenses |
|
|
38,365 |
|
|
|
48,899 |
|
Operating lease liabilities |
|
|
3,566 |
|
|
|
- |
|
Deferred revenue |
|
|
43,073 |
|
|
|
31,270 |
|
Income taxes payable |
|
|
635 |
|
|
|
800 |
|
Liabilities of discontinued operations |
|
|
1,876 |
|
|
|
3,373 |
|
Total current liabilities |
|
|
105,319 |
|
|
|
100,403 |
|
Deferred
rent, non-current |
|
|
- |
|
|
|
1,266 |
|
Operating
lease liabilities, non-current |
|
|
7,011 |
|
|
|
- |
|
Deferred
revenue, non-current |
|
|
104,184 |
|
|
|
103,865 |
|
Other
long-term liabilities |
|
|
639 |
|
|
|
811 |
|
Liabilities
of discontinued operations, non-current |
|
|
107 |
|
|
|
30 |
|
Commitments
and contingencies |
|
|
- |
|
|
|
- |
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.001 par value: 50,000 shares authorized; no
shares issued or outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value: 600,000 shares authorized; 48,566
and 46,911 shares issued and outstanding at September 30, 2019 and
June 30, 2019, respectively |
|
|
49 |
|
|
|
47 |
|
Additional paid-in capital |
|
|
192,055 |
|
|
|
182,349 |
|
Accumulated other comprehensive loss |
|
|
(1,729 |
) |
|
|
(1,477 |
) |
Accumulated deficit |
|
|
(96,407 |
) |
|
|
(90,279 |
) |
Total stockholders’ equity |
|
|
93,968 |
|
|
|
90,640 |
|
Total liabilities and stockholders’ equity |
|
$ |
311,228 |
|
|
$ |
297,015 |
|
|
|
|
|
|
Telenav,
Inc. |
Condensed
Consolidated Statements of Operations |
(in
thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
Three Months
Ended |
|
|
September 30, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Revenue: |
|
|
|
|
Product |
|
$ |
55,183 |
|
|
$ |
39,930 |
|
Services |
|
|
9,272 |
|
|
|
6,322 |
|
Total revenue |
|
|
64,455 |
|
|
|
46,252 |
|
Cost of
revenue: |
|
|
|
|
Product |
|
|
31,989 |
|
|
|
23,588 |
|
Services |
|
|
4,862 |
|
|
|
3,954 |
|
Total cost of revenue |
|
|
36,851 |
|
|
|
27,542 |
|
Gross
profit |
|
|
27,604 |
|
|
|
18,710 |
|
Operating
expenses: |
|
|
|
|
Research and development |
|
|
20,663 |
|
|
|
18,492 |
|
Sales and marketing |
|
|
1,946 |
|
|
|
1,703 |
|
General and administrative |
|
|
7,287 |
|
|
|
5,450 |
|
Total operating expenses |
|
|
29,896 |
|
|
|
25,645 |
|
Loss from
operations |
|
|
(2,292 |
) |
|
|
(6,935 |
) |
Other
income, net |
|
|
561 |
|
|
|
1,590 |
|
Loss from
continuing operations before provision for income taxes |
|
|
(1,731 |
) |
|
|
(5,345 |
) |
Provision
for income taxes |
|
|
411 |
|
|
|
740 |
|
Loss from
continuing operations |
|
|
(2,142 |
) |
|
|
(6,085 |
) |
Discontinued
operations: |
|
|
|
|
Income (loss) from operations of Advertising business, net of
tax |
|
|
832 |
|
|
|
(1,485 |
) |
Loss from sale of Advertising business |
|
|
(4,818 |
) |
|
|
- |
|
Loss on
discontinued operations |
|
|
(3,986 |
) |
|
|
(1,485 |
) |
Net
loss |
|
$ |
(6,128 |
) |
|
$ |
(7,570 |
) |
|
|
|
|
|
Basic and
diluted loss per share: |
|
|
|
|
Loss from continuing operations |
|
$ |
(0.04 |
) |
|
$ |
(0.14 |
) |
Net loss |
|
$ |
(0.13 |
) |
|
$ |
(0.17 |
) |
Weighted
average shares used in computing basic and diluted loss per
share |
|
|
47,780 |
|
|
|
45,018 |
|
|
|
|
|
|
Telenav,
Inc. |
Condensed
Consolidated Statements of Cash Flows |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
2019 |
2018 |
Operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(6,128 |
) |
|
$ |
(7,570 |
) |
Loss on
discontinued operations |
|
|
3,986 |
|
|
|
1,485 |
|
Loss from
continuing operations |
|
|
(2,142 |
) |
|
|
(6,085 |
) |
Adjustments
to reconcile net loss to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
1,752 |
|
|
|
2,048 |
|
Depreciation and amortization |
|
|
922 |
|
|
|
1,010 |
|
Operating lease amortization net of accretion |
|
|
544 |
|
|
|
- |
|
Accretion of net premium on short-term investments |
|
|
12 |
|
|
|
5 |
|
Unealized gain on non-marketable equity investments |
|
|
- |
|
|
|
(1,259 |
) |
Realized loss on non-marketable equity investments |
|
|
100 |
|
|
|
- |
|
Other |
|
|
1 |
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
16,653 |
|
|
|
(252 |
) |
Deferred income taxes |
|
|
171 |
|
|
|
198 |
|
Deferred costs |
|
|
1,979 |
|
|
|
(4,381 |
) |
Prepaid expenses and other current assets |
|
|
(502 |
) |
|
|
369 |
|
Other assets |
|
|
28 |
|
|
|
(35 |
) |
Trade accounts payable |
|
|
1,738 |
|
|
|
3,267 |
|
Accrued expenses and other liabilities |
|
|
(10,259 |
) |
|
|
(2,467 |
) |
Income taxes payable |
|
|
(152 |
) |
|
|
149 |
|
Deferred rent |
|
|
- |
|
|
|
37 |
|
Operating lease liabilities |
|
|
(897 |
) |
|
|
- |
|
Deferred revenue |
|
|
12,221 |
|
|
|
6,842 |
|
Net cash provided by (used in) operating activities |
|
|
22,169 |
|
|
|
(554 |
) |
Investing activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(461 |
) |
|
|
(99 |
) |
Purchases of short-term investments |
|
|
(41,418 |
) |
|
|
(10,624 |
) |
Purchases of long-term investments |
|
|
(2,000 |
) |
|
|
- |
|
Proceeds from sales and maturities of short-term investments |
|
|
11,052 |
|
|
|
10,865 |
|
Net cash provided by (used in) investing activities |
|
|
(32,827 |
) |
|
|
142 |
|
Financing activities |
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
|
8,306 |
|
|
|
24 |
|
Tax withholdings related to net share settlements of restricted
stock units |
|
|
(832 |
) |
|
|
(1,206 |
) |
Net cash provided by (used in) financing activities |
|
|
7,474 |
|
|
|
(1,182 |
) |
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
|
(336 |
) |
|
|
(239 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
|
(3,520 |
) |
|
|
(1,833 |
) |
Net cash used in discontinued operation |
|
|
(3,975 |
) |
|
|
(1,740 |
) |
Cash, cash equivalents and restricted cash, beginning of
period |
|
|
29,225 |
|
|
|
20,099 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
21,730 |
|
|
$ |
16,526 |
|
Supplemental disclosure of cash flow
information |
|
|
|
|
|
|
|
|
Income taxes paid, net |
|
$ |
739 |
|
|
$ |
166 |
|
Non-cash investing: Investment in LLC acquired in exchange for sale
of Advertising business |
|
$ |
15,600 |
|
|
$ |
- |
|
Cash flow from discontinued operations: |
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
$ |
(3,569 |
) |
|
$ |
(1,740 |
) |
Net cash used in financing activities |
|
|
(406 |
) |
|
|
- |
|
Net cash transferred from continuing operations |
|
|
3,975 |
|
|
|
1,740 |
|
Net change in cash and cash equivalent from discontinued
operation |
|
|
- |
|
|
|
- |
|
Cash and cash equivalent of discontinued operations, beginning of
period |
|
|
- |
|
|
|
- |
|
Cash and cash equivalent of discontinued operations, end of
period |
|
$ |
- |
|
|
$ |
- |
|
Reconciliation of cash, cash equivalents and restricted
cash to the condensed consolidated balance sheets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,278 |
|
|
$ |
13,596 |
|
Restricted cash |
|
|
2,452 |
|
|
|
2,930 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
21,730 |
|
|
$ |
16,526 |
|
|
|
|
|
|
|
|
|
|
Telenav,
Inc. |
Unaudited
Reconciliation of Non-GAAP Adjustments |
(in
thousands) |
Reconciliation of Revenue to Billings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
Revenue |
|
$ |
64,455 |
|
$ |
46,252 |
|
Adjustments: |
|
|
|
|
|
Change in deferred revenue |
|
|
12,122 |
|
|
6,842 |
|
Billings |
|
$ |
76,577 |
|
$ |
53,094 |
|
|
|
|
|
|
|
Telenav,
Inc. |
|
Unaudited
Reconciliation of Non-GAAP Adjustments |
|
(in
thousands) |
Reconciliation of Deferred Revenue to Change in Deferred
Revenue |
|
Reconciliation of Deferred Costs to Change in Deferred
Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
2019 |
|
|
|
2018 |
|
Deferred
revenue, September 30 |
|
$ |
147,257 |
|
|
$ |
81,380 |
|
Deferred
revenue, June 30 |
|
|
135,135 |
|
|
|
74,538 |
|
Change in
deferred revenue |
|
$ |
12,122 |
|
|
$ |
6,842 |
|
|
|
|
|
|
|
Deferred
costs, September 30 |
|
$ |
77,795 |
|
|
$ |
62,806 |
|
Deferred
costs, June 30 |
|
|
79,802 |
|
|
|
58,425 |
|
Change in
deferred costs(1) |
|
$ |
(2,007 |
) |
|
$ |
4,381 |
|
|
|
|
|
|
|
(1) Deferred costs primarily include costs associated with
third-party content and in connection with certain customized
software solutions, the costs incurred to develop those solutions.
We expect to incur additional costs in the future due to
requirements to provide ongoing map updates and provisioning of
services such as hosting, monitoring, customer support and, for
certain customers, additional period content and associated
technology costs. |
|
|
|
Telenav,
Inc. |
Unaudited
Reconciliation of Non-GAAP Adjustments |
(in
thousands) |
Reconciliation of Net Loss to Adjusted EBITDA |
|
|
|
|
|
|
|
Three Months
Ended |
|
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
Net
loss |
|
$ |
(6,128 |
) |
|
$ |
(7,570 |
) |
Loss on
discontinued operations |
|
|
3,986 |
|
|
|
1,485 |
|
Loss from
continuing operations |
|
|
(2,142 |
) |
0 |
|
(6,085 |
) |
|
|
|
|
|
Adjustments: |
|
|
|
|
Stock-based compensation expense |
|
|
1,752 |
|
|
|
2,048 |
|
Depreciation and amortization expense |
|
|
922 |
|
|
|
1,010 |
|
Other income, net |
|
|
(561 |
) |
|
|
(1,590 |
) |
Provision for income taxes |
|
|
411 |
|
|
|
740 |
|
Adjusted
EBITDA |
|
$ |
382 |
|
|
$ |
(3,877 |
) |
|
|
|
|
|
Telenav,
Inc. |
Unaudited
Reconciliation of Non-GAAP Adjustments |
(in
thousands) |
Reconciliation of Net Loss to Free Cash Flow |
|
|
|
|
|
|
|
Three Months
Ended |
|
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
Net
loss |
|
$ |
(6,128 |
) |
|
$ |
(7,570 |
) |
Loss on
discontinued operations |
|
|
3,986 |
|
|
|
1,485 |
|
Loss from
continuing operations |
|
|
(2,142 |
) |
|
|
(6,085 |
) |
|
|
|
|
|
Adjustments
to reconcile net loss to net cash provided by (used in) operating
activities: |
|
|
|
|
Change in deferred revenue (1) |
|
|
12,221 |
|
|
|
6,842 |
|
Change in deferred costs (2) |
|
|
1,979 |
|
|
|
(4,381 |
) |
Changes in other operating assets and liabilities |
|
|
6,780 |
|
|
|
1,266 |
|
Other adjustments (3) |
|
|
3,331 |
|
|
|
1,804 |
|
Net cash
provided by (used in) operating activities |
|
|
22,169 |
|
|
|
(554 |
) |
Less: Purchases of property and equipment |
|
|
(461 |
) |
|
|
(99 |
) |
Free cash
flow |
|
$ |
21,708 |
|
|
$ |
(653 |
) |
|
|
|
|
|
|
|
|
|
|
(1) Consists of product royalties, customized software development
fees, service fees and subscription fees. |
(2) Consists primarily of third party content costs and customized
software development expenses. |
|
(3) Consist primarily of depreciation and amortization, stock-based
compensation expense and other non-cash items. |
|
|
|
|
|
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