Telenav®, Inc. (NASDAQ:TNAV), a leading provider of connected car
and location-based products and services, today released its
financial results for the second fiscal quarter ended Dec. 31,
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, and additional commentary regarding the information in
this release.
“We delivered another solid quarter achieving a five-year high
in revenue, GAAP net income and non-GAAP adjusted EBITDA,” said HP
Jin, Chairman and CEO of Telenav. “The large backlog of
approximately $1 billion from existing customer engagements
provides a solid foundation for the mid-term financial performance.
Our first In-Car Commerce win with a Japanese OEM creates further
momentum for our three-pillar connected car platform strategy for
long-term growth.”
Financial highlights for the second quarter ended Dec.
31, 2019
- Total revenue for the second quarter of fiscal 2020
was $67.3 million, an increase of 34% compared with $50.2
million in the second quarter of fiscal 2019. Product revenue
for the second quarter of fiscal 2020 was $55.4 million, an
increase of 31% compared with $42.4 million in the second quarter
of fiscal 2019. Services revenue for the second quarter of
fiscal 2020 was $12.0 million, an increase of 54% compared with
$7.8 million in the second quarter of fiscal 2019.
- GAAP gross profit was $33.6 million in the second quarter of
fiscal 2020, an increase of 58% compared with $21.3 million in the
second quarter of fiscal 2019.
- Billings, a non-GAAP measure, for the second quarter of fiscal
2020 were $64.4 million, an increase of 14% compared with
$56.6 million in the second quarter of fiscal 2019.
- GAAP income from continuing operations for the second quarter
of fiscal 2020 was $6.5 million, compared with a loss of $(4.1)
million in the second quarter of fiscal 2019. The year-over-year
improvement was primarily due to higher revenue and gross
profit.
- GAAP net income for the second quarter of fiscal 2020
was $6.5 million, compared with a loss of $(4.6) million for
the second quarter of fiscal 2019.
- Adjusted EBITDA, a non-GAAP measure, for the second quarter of
2020 was $7.8 million, compared with a loss of $(1.0) million for
the second quarter of 2019.
- Ending cash, cash equivalents and short-term investments,
excluding restricted cash, were $129.0 million as
of December 31, 2019, an increase of $29.5 million compared
with $99.5 million as of June 30, 2019. This represented cash, cash
equivalents and short-term investments of $2.68 per share,
based on approximately 48.2 million shares of common stock
outstanding as of Dec. 31, 2019. Telenav had no debt as
of Dec. 31, 2019.
Recent Business Highlights
- Telenav continued to execute on its connected car platform
strategy to capitalize on the $500B connected car market.
- Telenav was awarded its first In-Car Commerce solution win with
a Japanese OEM.
- Telenav is included on GM’s newest marquee launch: the Cadillac
Escalade, one of the best-selling luxury SUVs in the world.
The new model features Telenav’s latest connected navigation
software and services on the Escalade’s 38-inch curved OLED display
and rear-seat infotainment screens.
- Telenav continues as Ford’s preferred navigation supplier in
North America for next-gen Sync, planned to launch later this
year. Telenav expects to have the majority of navigation
market share in Ford’s North American portfolio, which includes the
best-selling F150.
- Telenav announced it has extended its work
with Amazon to offer voice-first navigation through
Alexa, providing drivers the convenience of hands-free, intelligent
navigation – even in places where reception is poor or
nonexistent.
- Telenav completed an investment in Synq3, a leading technology
provider focused on order processing and guest relationships for
the restaurant industry, to accelerate In-Car Commerce domain
initiatives.
- 1.3 million Telenav-equipped cars capable of connected services
were deployed into the global market during the quarter ended
Dec. 31, 2019, bringing total cumulative connected units deployed
to date to 17.4 million and total cumulative auto units deployed to
27.2 million.
Conference Call and Quarterly
Commentary
Telenav will host an investor conference call and live webcast
on Thursday, Feb. 6, 2020 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 Second 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
800-263-0877 (toll-free, domestic only) or 646-828-8143 (domestic
and international toll) and entering pass code 5956739. 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
5956739.
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 the conference call associated with this press release, or in
the supplemental investor presentation on its website, Telenav may
provide guidance for the third 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 achieve future revenue currently estimated
under customer engagements; 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 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 ability
to demonstrate internal controls over financial reporting and
disclosures, including as it may relate to our recognition of
revenue; 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 2020 Telenav, Inc. All Rights Reserved.
Telenav and the “Telenav” logo are registered trademarks and
“VIVID” is a trademark 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) |
|
December 31, |
|
June 30, |
|
2019 |
|
2019 |
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
26,347 |
|
|
$ |
27,275 |
|
Short-term investments |
|
102,603 |
|
|
|
72,203 |
|
Accounts receivable, net of allowances of $7 and $7 at December 31,
2019 and June 30, 2019, respectively |
|
44,463 |
|
|
|
69,781 |
|
Restricted cash |
|
1,520 |
|
|
|
1,950 |
|
Deferred costs |
|
33,117 |
|
|
|
18,752 |
|
Prepaid expenses and other current assets |
|
3,231 |
|
|
|
3,784 |
|
Assets of discontinued operations, non-current |
|
- |
|
|
|
6,330 |
|
Total current assets |
|
211,281 |
|
|
|
200,075 |
|
Property and equipment, net |
|
5,215 |
|
|
|
5,583 |
|
Operating lease right-of-use assets |
|
8,749 |
|
|
|
- |
|
Deferred income taxes, non-current |
|
1,401 |
|
|
|
998 |
|
Goodwill and intangible assets, net |
|
15,265 |
|
|
|
15,701 |
|
Deferred costs, non-current |
|
48,646 |
|
|
|
61,050 |
|
Other assets |
|
21,285 |
|
|
|
1,414 |
|
Assets of discontinued operations, non-current |
|
- |
|
|
|
12,194 |
|
Total assets |
$ |
311,842 |
|
|
$ |
297,015 |
|
Liabilities and stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
1,113 |
|
|
$ |
16,061 |
|
Accrued expenses |
|
57,856 |
|
|
|
48,899 |
|
Operating lease liabilities |
|
3,532 |
|
|
|
- |
|
Deferred revenue |
|
50,582 |
|
|
|
31,270 |
|
Income taxes payable |
|
928 |
|
|
|
800 |
|
Liabilities of discontinued operations |
|
- |
|
|
|
3,373 |
|
Total current liabilities |
|
114,011 |
|
|
|
100,403 |
|
Deferred rent, non-current |
|
- |
|
|
|
1,266 |
|
Operating lease liabilities, non-current |
|
6,459 |
|
|
|
- |
|
Deferred revenue, non-current |
|
93,755 |
|
|
|
103,865 |
|
Other long-term liabilities |
|
678 |
|
|
|
811 |
|
Liabilities of discontinued operations, non-current |
|
|
|
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; 48,151
and 46,911 shares issued and outstanding at December 31, 2019 and
June 30, 2019, respectively |
|
48 |
|
|
|
47 |
|
Additional paid-in capital |
|
190,593 |
|
|
|
182,349 |
|
Accumulated other comprehensive loss |
|
(1,538 |
) |
|
|
(1,477 |
) |
Accumulated deficit |
|
(92,164 |
) |
|
|
(90,279 |
) |
Total stockholders’ equity |
|
96,939 |
|
|
|
90,640 |
|
Total liabilities and stockholders’ equity |
$ |
311,842 |
|
|
$ |
297,015 |
|
|
|
|
|
|
Telenav, Inc. |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Product |
$ |
55,362 |
|
|
$ |
42,397 |
|
|
$ |
109,408 |
|
|
$ |
82,327 |
|
Services |
|
11,984 |
|
|
|
7,763 |
|
|
|
21,554 |
|
|
|
14,085 |
|
Total revenue |
|
67,346 |
|
|
|
50,160 |
|
|
|
130,962 |
|
|
|
96,412 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Product |
|
26,434 |
|
|
|
25,015 |
|
|
|
58,423 |
|
|
|
48,603 |
|
Services |
|
7,288 |
|
|
|
3,891 |
|
|
|
12,150 |
|
|
|
7,845 |
|
Total cost of revenue |
|
33,722 |
|
|
|
28,906 |
|
|
|
70,573 |
|
|
|
56,448 |
|
Gross profit |
|
33,624 |
|
|
|
21,254 |
|
|
|
60,389 |
|
|
|
39,964 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
19,717 |
|
|
|
17,766 |
|
|
|
40,380 |
|
|
|
36,258 |
|
Sales and marketing |
|
2,134 |
|
|
|
1,665 |
|
|
|
4,080 |
|
|
|
3,368 |
|
General and administrative |
|
6,428 |
|
|
|
5,721 |
|
|
|
13,715 |
|
|
|
11,171 |
|
Legal settlements and contingencies |
|
- |
|
|
|
650 |
|
|
|
- |
|
|
|
650 |
|
Total operating expenses |
|
28,279 |
|
|
|
25,802 |
|
|
|
58,175 |
|
|
|
51,447 |
|
Income (loss) from operations |
|
5,345 |
|
|
|
(4,548 |
) |
|
|
2,214 |
|
|
|
(11,483 |
) |
Other income, net |
|
596 |
|
|
|
532 |
|
|
|
1,157 |
|
|
|
2,122 |
|
Income (loss) from continuing operations before provision for
income taxes |
|
5,941 |
|
|
|
(4,016 |
) |
|
|
3,371 |
|
|
|
(9,361 |
) |
Provision for income taxes |
|
205 |
|
|
|
102 |
|
|
|
616 |
|
|
|
842 |
|
Equity in net (income) of equity method investees |
|
(797 |
) |
|
|
- |
|
|
|
(797 |
) |
|
|
- |
|
Income (loss) from continuing operations |
|
6,533 |
|
|
|
(4,118 |
) |
|
|
3,552 |
|
|
|
(10,203 |
) |
Discontinued operations: |
|
|
|
|
|
|
|
Income (loss) from operations of Advertising business, net of
tax |
|
- |
|
|
|
(463 |
) |
|
|
832 |
|
|
|
(1,948 |
) |
Loss from sale of Advertising business |
|
(56 |
) |
|
|
- |
|
|
|
(4,874 |
) |
|
|
- |
|
Loss on discontinued operations |
|
(56 |
) |
|
|
(463 |
) |
|
|
(4,042 |
) |
|
|
(1,948 |
) |
Net income (loss) |
$ |
6,477 |
|
|
$ |
(4,581 |
) |
|
$ |
(490 |
) |
|
$ |
(12,151 |
) |
|
|
|
|
|
|
|
|
Basic income (loss) per share: |
|
|
|
|
|
|
|
Income (loss) from continuing operations |
$ |
0.13 |
|
|
$ |
(0.09 |
) |
|
$ |
0.07 |
|
|
$ |
(0.23 |
) |
Loss on discontinued operations |
|
- |
|
|
|
(0.01 |
) |
|
|
(0.08 |
) |
|
|
(0.04 |
) |
Net income (loss) |
$ |
0.13 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.27 |
) |
Diluted income (loss) per share: |
|
|
|
|
|
|
|
Income (loss) from continuing operations |
$ |
0.13 |
|
|
$ |
(0.09 |
) |
|
$ |
0.07 |
|
|
$ |
(0.23 |
) |
Loss on discontinued operations |
|
- |
|
|
|
(0.01 |
) |
|
|
(0.08 |
) |
|
|
(0.04 |
) |
Net income (loss) |
$ |
0.13 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.27 |
) |
Weighted average shares used in computing income (loss) per
share |
|
|
|
|
|
|
|
Basic |
|
48,475 |
|
|
|
45,443 |
|
|
|
48,127 |
|
|
|
45,230 |
|
Diluted |
|
48,821 |
|
|
|
45,443 |
|
|
|
49,257 |
|
|
|
45,230 |
|
|
|
|
|
|
|
|
|
|
Telenav, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
Six Months Ended December 31, |
|
2019 |
|
2018 |
Operating activities |
|
|
|
Net loss |
$ |
(490 |
) |
|
$ |
(12,151 |
) |
Loss on discontinued operations |
|
4,042 |
|
|
|
1,948 |
|
Income (loss) from continuing operations |
|
3,552 |
|
|
|
(10,203 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Stock-based compensation expense |
|
3,230 |
|
|
|
3,923 |
|
Depreciation and amortization |
|
1,856 |
|
|
|
2,016 |
|
Operating lease amortization net of accretion |
|
1,321 |
|
|
|
- |
|
Accretion of net premium on short-term investments |
|
75 |
|
|
|
- |
|
Unrealized gain on non-marketable equity investments |
|
(62 |
) |
|
|
(1,259 |
) |
Equity in net income of equity method investee |
|
(797 |
) |
|
|
- |
|
Other |
|
(1 |
) |
|
|
(14 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
25,835 |
|
|
|
3,390 |
|
Deferred income taxes |
|
(409 |
) |
|
|
445 |
|
Deferred costs |
|
(1,961 |
) |
|
|
(7,040 |
) |
Prepaid expenses and other current assets |
|
1,710 |
|
|
|
216 |
|
Other assets |
|
21 |
|
|
|
(116 |
) |
Trade accounts payable |
|
(15,054 |
) |
|
|
9,812 |
|
Accrued expenses and other liabilities |
|
7,619 |
|
|
|
(9,575 |
) |
Income taxes payable |
|
130 |
|
|
|
39 |
|
Deferred rent |
|
- |
|
|
|
91 |
|
Operating lease liabilities |
|
(1,754 |
) |
|
|
- |
|
Deferred revenue |
|
9,202 |
|
|
|
13,234 |
|
Net cash provided by operating activities |
|
34,513 |
|
|
|
4,959 |
|
Investing activities |
|
|
|
Purchases of property and equipment |
|
(1,078 |
) |
|
|
(445 |
) |
Purchases of short-term investments |
|
(54,439 |
) |
|
|
(15,862 |
) |
Purchases of long-term investments |
|
(3,500 |
) |
|
|
- |
|
Proceeds from sales and maturities of short-term investments |
|
24,067 |
|
|
|
20,342 |
|
Net cash provided by (used in) investing activities |
|
(34,950 |
) |
|
|
4,035 |
|
Financing activities |
|
|
|
Proceeds from exercise of stock options |
|
8,306 |
|
|
|
26 |
|
Tax withholdings related to net share settlements of restricted
stock units |
|
(1,148 |
) |
|
|
(1,559 |
) |
Repurchase of common stock |
|
(4,019 |
) |
|
|
- |
|
Net cash provided by (used in) financing activities |
|
3,139 |
|
|
|
(1,533 |
) |
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
(85 |
) |
|
|
(360 |
) |
Net increase in cash, cash equivalents and restricted cash,
continuing operations |
|
2,617 |
|
|
|
7,101 |
|
Net cash used in discontinued operations |
|
(3,975 |
) |
|
|
(2,319 |
) |
Cash, cash equivalents and restricted cash, beginning of
period |
|
29,225 |
|
|
|
20,099 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
27,867 |
|
|
$ |
24,881 |
|
Supplemental disclosure of cash flow
information |
|
|
|
Income taxes paid, net |
$ |
1,279 |
|
|
$ |
586 |
|
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 |
) |
|
$ |
(2,319 |
) |
Net cash used in financing activities |
|
(406 |
) |
|
|
- |
|
Net cash transferred from continuing operations |
|
3,975 |
|
|
|
2,319 |
|
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 |
$ |
26,347 |
|
|
$ |
22,405 |
|
Restricted cash |
|
1,520 |
|
|
|
2,476 |
|
Total cash, cash equivalents and restricted cash |
$ |
27,867 |
|
|
$ |
24,881 |
|
|
|
|
|
|
Telenav,
Inc. |
Unaudited
Reconciliation of Non-GAAP Adjustments |
(in
thousands) |
Reconciliation of Revenue to Billings |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
December 31, |
|
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
Revenue |
$ |
67,346 |
|
|
$ |
50,160 |
|
$ |
130,962 |
|
$ |
96,412 |
Adjustments: |
|
|
|
|
|
|
|
Change in deferred revenue |
|
(2,920 |
) |
|
|
6,392 |
|
|
9,202 |
|
|
13,234 |
Billings |
$ |
64,426 |
|
|
$ |
56,552 |
|
$ |
140,164 |
|
$ |
109,646 |
|
|
|
|
|
|
|
|
|
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 December 31, |
|
Six Months Ended December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
2019 |
|
|
2018 |
Deferred revenue, end of period |
$ |
144,337 |
|
|
$ |
87,772 |
|
$ |
144,337 |
|
$ |
87,772 |
Deferred revenue, beginning of period |
|
147,257 |
|
|
|
81,380 |
|
|
135,135 |
|
|
74,538 |
Change in deferred revenue |
$ |
(2,920 |
) |
|
$ |
6,392 |
|
$ |
9,202 |
|
$ |
13,234 |
|
|
|
|
|
|
|
|
Deferred costs, end of period |
$ |
81,763 |
|
|
$ |
65,465 |
|
$ |
81,763 |
|
$ |
65,465 |
Deferred costs, beginning of period |
|
77,795 |
|
|
|
62,806 |
|
|
79,802 |
|
|
58,425 |
Change in deferred costs(1) |
$ |
3,968 |
|
|
$ |
2,659 |
|
$ |
1,961 |
|
$ |
7,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Income (Loss) to Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
6,477 |
|
|
$ |
(4,581 |
) |
|
$ |
(490 |
) |
|
$ |
(12,151 |
) |
Loss on discontinued operations |
|
56 |
|
|
|
463 |
|
|
|
4,042 |
|
|
|
1,948 |
|
Income (loss) from continuing operations |
|
6,533 |
|
|
|
(4,118 |
) |
|
|
3,552 |
|
|
|
(10,203 |
) |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Legal settlement and contingencies |
|
- |
|
|
|
650 |
|
|
|
- |
|
|
|
650 |
|
Stock-based compensation expense |
|
1,478 |
|
|
|
1,875 |
|
|
|
3,230 |
|
|
|
3,923 |
|
Depreciation and amortization expense |
|
934 |
|
|
|
1,006 |
|
|
|
1,856 |
|
|
|
2,016 |
|
Other income, net |
|
(596 |
) |
|
|
(532 |
) |
|
|
(1,157 |
) |
|
|
(2,122 |
) |
Provision for income taxes |
|
205 |
|
|
|
102 |
|
|
|
616 |
|
|
|
842 |
|
Equity in net income of equity method investees |
|
(797 |
) |
|
|
- |
|
|
|
(797 |
) |
|
|
- |
|
Adjusted EBITDA |
$ |
7,757 |
|
|
$ |
(1,017 |
) |
|
$ |
7,300 |
|
|
$ |
(4,894 |
) |
|
|
|
|
|
|
|
|
|
Telenav, Inc. |
Unaudited Reconciliation of Non-GAAP
Adjustments |
(in thousands) |
Reconciliation of Net Income (Loss) to Free Cash
Flow |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
6,477 |
|
|
$ |
(4,581 |
) |
|
$ |
(490 |
) |
|
$ |
(12,151 |
) |
Loss on discontinued operations |
|
56 |
|
|
|
463 |
|
|
|
4,042 |
|
|
|
1,948 |
|
Income (Loss) from continuing operations |
|
6,533 |
|
|
|
(4,118 |
) |
|
|
3,552 |
|
|
|
(10,203 |
) |
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Change in deferred revenue (1) |
|
(3,019 |
) |
|
|
6,392 |
|
|
|
9,202 |
|
|
|
13,234 |
|
Change in deferred costs (2) |
|
(3,940 |
) |
|
|
(2,659 |
) |
|
|
(1,961 |
) |
|
|
(7,040 |
) |
Changes in other operating assets and liabilities |
|
10,479 |
|
|
|
3,036 |
|
|
|
18,098 |
|
|
|
4,302 |
|
Other adjustments (3) |
|
2,291 |
|
|
|
2,862 |
|
|
|
5,622 |
|
|
|
4,666 |
|
Net cash provided by operating activities |
|
12,344 |
|
|
|
5,513 |
|
|
|
34,513 |
|
|
|
4,959 |
|
Less: Purchases of property and equipment |
|
(617 |
) |
|
|
(346 |
) |
|
|
(1,078 |
) |
|
|
(445 |
) |
Free cash flow |
$ |
11,727 |
|
|
$ |
5,167 |
|
|
$ |
33,435 |
|
|
$ |
4,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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