Telenav®, Inc. (NASDAQ:TNAV), a leading provider of connected car
and location-based services, today released its financial results
for the fourth fiscal quarter ended June 30, 2018 by issuing
this press release and posting a quarterly letter to stockholders
on its website. Please visit Telenav’s investor relations website
at http://investor.telenav.com to view the Q4 and fiscal 2018
financial results and letter to stockholders.
“We are pleased that we continue to increase penetration of our
location-based services solution across more vehicles and brands,
including new GM models such as the 2019 Chevrolet Silverado and
GMC Sierra trucks and Chevrolet Equinox,” said HP Jin, Chairman and
CEO of Telenav. “We continue to work to expand billings and
revenue, with the goal of achieving positive adjusted EBITDA on
billings in fiscal 2019.”
Financial Highlights for the fourth quarter ended June
30, 2018
- Total revenue for the fourth quarter of fiscal 2018
was $16.6 million, compared with $13.8 million in the
third quarter of fiscal 2018, and $40.3 million in the fourth
quarter of fiscal 2017. Total revenue for fiscal 2018 was
$106.2 million, compared with $169.6 million in fiscal 2017.
As previously announced, the year-over-year decline resulted
primarily from a change in revenue recognition due to the
commencement of Ford's map update program, whereby revenue from
certain on-board navigation products offered with map updates is
deferred and recognized over the contractual period during which we
provide map updates, as well as the deferral of all prospective
Ford royalties beginning January 1, 2018 pending completion of
milestone deliveries.
- When we adopt ASC 606 as of July 1, 2018, we expect we will be
able to recognize a substantial portion of revenue as automotive
royalties are billed.
- Billings for the fourth quarter of fiscal 2018 were $59.2
million, compared with $58.7 million in the third quarter of fiscal
2018 and $66.5 million in the fourth quarter of fiscal
2017. The year over year decline was due primarily to lower
per unit pricing resulting from lower third-party content
costs. Billings for fiscal 2018 were $253.9 million, compared
with $233.6 million for fiscal 2017.
- Net loss for the fourth quarter of fiscal 2018 was $(26.6)
million, compared with $(30.8) million for the third quarter of
fiscal 2018 and $(12.8) million for the fourth quarter of fiscal
2017, with the year over year increase in net loss primarily due to
the change in revenue recognition criteria related to the Ford
agreement. Net loss for fiscal 2018 was $(89.1) million
compared with $(47.3) million for fiscal 2017.
- Adjusted EBITDA on billings for the fourth quarter of fiscal
2018 was a $(2.5) million loss compared with a $(4.1)
million loss in the third quarter of fiscal 2018 and a $(0.4)
million loss in the fourth quarter of fiscal 2017.
Adjusted EBITDA on billings for fiscal 2018 was a $(12.8) million
loss, compared with a $(6.1) million loss in fiscal 2017.
- Ending cash, cash equivalents and short-term investments,
excluding restricted cash, were $84.9 million as
of June 30, 2018. This represented cash and short-term
investments of $1.89 per share, based on 44.8 million
shares of common stock outstanding as of June 30, 2018.
Telenav had no debt as of June 30, 2018.
Recent Business Highlights
- 1.2 million Telenav-equipped cars capable of connected services
were deployed into the global market during the quarter ended
June 30, 2018, now totaling 9.4 million cumulative units deployed
to date.
- GM launched Telenav’s hybrid navigation solution on additional
model year 2019 truck and SUV/CUV models, including Chevy
Silverado, GMC Sierra and Chevrolet Equinox.
- On June 20, 2018, Ford Motor Company announced that it had
earned its best-ever scores in the 2018 J.D. Power Initial Quality
Study, which includes improvements in navigation technology.
Telenav provides the embedded navigation solution for Ford SYNC®3
globally, including the recent availability of the connected
services feature.
- Telenav announced its first open-source machine-learning
technology designed to detect navigation features in street-level
imagery to more efficiently improve OpenStreetMaps.
Q1 Fiscal 2019 Business Outlook
For the quarter ending September 30,
2018, Telenav offers the following guidance. The Company
is finalizing its application of ASC 606, Revenue from Contracts
with Customers, effective July 1, 2018, as respects the accounting
treatment of revenue and deferred revenue and the associated cost
of revenue and deferred content costs. In addition, the
Company has not concluded on its application of ASC 340-40, Other
Assets and Deferred Costs, Contracts with Customers, effective July
1, 2018, as respects the accounting treatment regarding the
potential capitalization of research and development costs and
recognition therein as cost of revenue, as discussed below.
Accordingly, for the quarter ending September 30, 2018, forward
looking guidance on certain financial metrics is limited to a
non-GAAP presentation.
- Total revenue is expected to be $52 million
to $56 million, including approximately $3 million of
customized software development fees, which reflects the
anticipated impact of Telenav’s adoption of ASC 606 on July 1,
2018.
- Billings are expected to be $60 million to $62
million.
- Deferred revenue is expected to increase by $8 million to $10
million, from a lower, restated balance that will reflect the
adoption of ASC 606 on July 1, 2018.
- Deferred costs are expected to increase by $5 million to $8
million, from a lower restated balance that will reflect the
adoption of ASC 606 on July 1, 2018. Telenav has not yet
finalized the accounting treatment of certain research and
development costs as a result of its adoption of ASC 606 and 340-40
on July 1, 2018. Should we determine that we are required to
capitalize certain research and development costs as deferred
development costs under ASC 340-40 rather than expense them, such
amounts for the three months ending September 30, 2018 are
estimated to be $3 million to $5 million which would be in addition
to the potential recognition during the quarter of approximately
$2.5 million as cost of revenue from the balance of deferred
development costs. This would result in a net increase in
capitalized deferred development costs of $0.5 million to $2.5
million (such recognition and such capitalization, the “Capitalized
Research and Development Costs”).
- Non-GAAP gross profit is expected to be approximately $22
million to $24 million, and non-GAAP gross margin is expected to be
approximately 45 percent, both of which exclude the potential
recognition of $2.5 million as cost of revenue from the balance of
deferred development costs should the company determine such
accounting treatment under ASC 340-40.
- Direct contribution from billings is expected to be
approximately $26 million to $27 million, which range excludes the
potential impact of the Capitalized Research and Development
Costs.
- Direct contribution margin from billings is expected to be
approximately 44%, which margin excludes the potential impact
of Capitalized Research and Development Costs under ASC
340-40.
- Non-GAAP operating expenses are expected to be $34
million to $35 million, which include $3 million to $5
million of potential capitalizable research and development
costs.
- Non-GAAP net loss is expected to be approximately $(9.5)
million to $(11.5) million, which excludes the potential impact of
the Capitalized Research and Development Costs.
- Adjusted EBITDA loss is expected to be approximately $(5.5)
million to $(7.5) million, which excludes the potential
impact of the Capitalized Research and Development Costs.
- Adjusted EBITDA on billings loss is expected to be
approximately $(2.5) million to $(4.5) million, which excludes the
potential impact of the Capitalized Research and Development Costs.
In addition, effective September 30, 2018, the Company anticipates
that the metric “adjusted EBITDA on billings” will be relabeled as
“Adjusted Cash Flow from Operations.”
- Automotive is expected to be approximately 80 percent to 85
percent of total revenue.
- Advertising is expected to be approximately 12 percent of total
revenue.
- Weighted average diluted shares outstanding are expected to be
approximately 45.5 million.
Subject to anticipated volumes, take rates and timing of model
expansion under Telenav’s various automotive OEM programs,
including the potential impact, if any, from Ford’s recent
announcement of its intention to modify its North American
passenger car portfolio, Telenav anticipates that adjusted EBITDA
on billings (adjusted cash flow from operations) will be positive
for fiscal 2019.
The above information concerning guidance represents Telenav’s
outlook only as of the date hereof, and is subject to change, 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 Tuesday, Aug. 7, 2018 at 2:30 p.m. Pacific Time (5:30
p.m. Eastern Time). Management has posted its letter to
stockholders in combination with Telenav’s Fourth Quarter and
Fiscal Year 2018 Financial Results press release on its investor
relations website in lieu of management providing remarks at the
start of the conference call. Instead, management will respond to
questions during the call. To listen to the webcast and view
Telenav’s quarterly commentary, please
visit Telenav’s investor relations website
at http://investor.telenav.com. Listeners can also
access the conference call by dialing 800-347-6311 (toll-free,
domestic only) or 323-794-2094 (domestic and international toll)
and entering pass code 5861321. A replay of the conference call
will be available for two weeks beginning approximately two hours
after its 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 5861321.
ASC 606 Adoption
We anticipate that when we adopt ASC 606, significant amounts
currently set forth in deferred revenue and deferred costs as of
June 30, 2018 will be restated as revenue and cost of revenue in
our prior period statements of operations and as accumulated
deficit on our July 1, 2018 balance sheet.
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, direct
contribution from billings, direct contribution margin from
billings, change in deferred revenue, change in deferred costs,
adjusted EBITDA, adjusted EBITDA on billings 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 measure GAAP revenue recognized plus the change in
deferred revenue from the beginning to the end of the period.
Direct contribution from billings reflects GAAP gross profit plus
change in deferred revenue less change in deferred costs. Direct
contribution margin from billings reflects direct contribution from
billings divided by billings. Telenav has also provided a breakdown
of the calculation of the change in deferred revenue by segment,
which is added to revenue in calculating its non-GAAP metric of
billings. 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 our customized software
solutions whereby customized engineering fees are earned. As
deferred revenue and deferred costs become larger components of its
operating results, Telenav believes these metrics are useful in
evaluating cash flows.
Telenav considers billings, direct contribution from billings
and direct contribution margin from billings to be useful metrics
for management and investors because billings drive revenue and
deferred revenue, which is an important indicator of its business.
Telenav believes direct contribution from billings and direct
contribution margin from billings are useful metrics because they
reflect the impact of the contribution over time for such billings,
exclusive of the incremental costs incurred to deliver any related
service obligations. There are a number of limitations related to
the use of billings, direct contribution from billings and direct
contribution margin from billings versus revenue, gross profit, and
gross margin calculated in accordance with GAAP. First, billings,
direct contribution from billings and direct contribution margin
from 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 connected 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. Accordingly, direct
contribution from billings and direct contribution margin from
billings do not include all costs associated with billings. Second,
Telenav may calculate billings, direct contribution from billings,
and direct contribution margin from billings in a manner that is
different from peer companies that report similar financial
measures, making comparisons between companies more difficult. When
Telenav uses these measures, it attempts to compensate for these
limitations by providing specific information regarding billings,
direct contribution from billings and direct contribution margin
from billings and how they relate to revenue, gross profit and
gross margin calculated in accordance with GAAP.
Adjusted EBITDA measures GAAP net loss excluding the impact of
stock-based compensation expense, depreciation and amortization,
other income (expense), provision (benefit) for income taxes, and
other applicable items such as legal settlements and contingencies,
deferred rent reversal and tenant improvement allowance recognition
due to sublease termination, net of tax and goodwill impairment.
Stock-based compensation expense relates to equity incentive awards
granted to its employees, directors, and consultants. Legal
settlements and contingencies represent settlements and offers made
to settle litigation in which Telenav is a defendant and royalty
disputes. Deferred rent reversal and tenant improvement allowance
recognition represent the reversal of Telenav’s deferred rent
liability and recognition of Telenav’s deferred tenant improvement
allowance, as amortization of these amounts is no longer required
due to the termination of our Santa Clara facility sublease and
subsequent entry into a new lease agreement with our landlord for
this same facility effective September 2017. Goodwill impairment
represents the impairment charge related to Telenav’s Mobile
Navigation segment.
Adjusted EBITDA and adjusted EBITDA on billings are key measures
used by Telenav’s management and board of directors to understand
and evaluate Telenav’s core operating performance and trends, to
prepare and approve our 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 can provide a useful measure for period-to-period
comparisons of Telenav’s core business.
Adjusted EBITDA on billings measures adjusted EBITDA plus the
effect of changes in deferred revenue and deferred costs. Telenav
believes adjusted EBITDA on billings is a useful measure,
especially in light of the impact it continues to expect on
reported GAAP revenue for certain value-added offerings the company
provides its customers, including Ford map updates and the impact
of future deliverables. Adjusted EBITDA and adjusted EBITDA on
billings, while generally measures of profitability, can also
represent losses. In addition, adjusted EBITDA on billings is
a key financial measure used by the compensation committee of
Telenav’s board of directors in connection with the development of
incentive-based compensation for Telenav’s executive officers.
Accordingly, Telenav believes that adjusted EBITDA on billings
generally provides useful information to investors and others in
understanding and evaluating Telenav’s operating results in the
same manner as its management and board of directors. Effective
September 30, 2018, the Company anticipates that the metric
“adjusted EBITDA on billings” will be relabeled as “Adjusted Cash
Flow from Operations.”
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
first quarter of fiscal 2019 on a non-GAAP basis for billings,
change in deferred revenue, gross profit, gross margin, change in
deferred costs, direct contribution from billings, direct
contribution margin from billings, operating expenses, net loss,
adjusted EBITDA and adjusted EBITDA on billings. 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 GAAP net loss per diluted share and GAAP tax
provision. 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; Telenav’s
success in extending its contracts for current and new generation
of products with its existing OEMs and automotive manufacturers,
particularly Ford; 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 automotive
manufacturers and OEMs for a substantial portion of its revenue;
reductions in demand for automobiles; potential impacts of OEMs
including competitive capabilities in their vehicles such as Apple
CarPlay and Android Auto; Telenav’s ability to grow and scale its
advertising business; Telenav’s ability to develop new advertising
products and technology while also achieving cash flow break even
and ultimately profitability in the advertising business; Telenav
incurring losses and operating expenses in excess of expectations;
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 develop and support
products including OpenStreetMap (“OSM”), as well as transition
existing navigation products to OSM and any economic benefit
anticipated from the use of OSM versus proprietary map products;
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 automotive 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, such as the implementation of ASC 606 and ASC
340-40; 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-Q for
the quarter ended March 31, 2018 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
our SEC filings carefully and with the understanding that actual
future results may be materially different from what Telenav
expects.
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, global brands such as Ford, GM, Toyota and
AT&T deliver custom connected car and mobile experiences.
Fortune 500 advertisers and local advertisers can now reach
millions of users with Telenav’s highly-targeted advertising
platform. 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,” “Scout,” “Thinknear” and the Telenav, Scout and
Thinknear logos are registered trademarks of Telenav,
Inc. 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) |
|
|
|
|
|
June 30, 2018 |
|
June 30, 2017* |
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
17,117 |
|
|
$ |
20,757 |
|
Short-term investments |
|
|
67,829 |
|
|
|
77,598 |
|
Accounts
receivable, net of allowances of $17 and $75 at June 30, 2018 and
2017, respectively |
|
|
46,188 |
|
|
|
57,834 |
|
Restricted cash |
|
|
2,982 |
|
|
|
3,401 |
|
Income
taxes receivable |
|
|
- |
|
|
|
34 |
|
Deferred
costs |
|
|
31,888 |
|
|
|
11,703 |
|
Prepaid
expenses and other current assets |
|
|
3,867 |
|
|
|
3,988 |
|
Total
current assets |
|
|
169,871 |
|
|
|
175,315 |
|
Property and equipment,
net |
|
|
6,987 |
|
|
|
4,658 |
|
Deferred income taxes,
non-current |
|
|
867 |
|
|
|
900 |
|
Goodwill and intangible
assets, net |
|
|
31,046 |
|
|
|
34,844 |
|
Deferred costs,
non-current |
|
|
109,269 |
|
|
|
42,389 |
|
Other assets |
|
|
2,372 |
|
|
|
1,454 |
|
Total
assets |
|
$ |
320,412 |
|
|
$ |
259,560 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Trade
accounts payable |
|
$ |
13,008 |
|
|
$ |
6,151 |
|
Accrued
expenses |
|
|
38,803 |
|
|
|
51,528 |
|
Deferred
revenue |
|
|
52,871 |
|
|
|
20,345 |
|
Income
taxes payable |
|
|
221 |
|
|
|
197 |
|
Total
current liabilities |
|
|
104,903 |
|
|
|
78,221 |
|
Deferred rent,
non-current |
|
|
1,112 |
|
|
|
996 |
|
Deferred revenue,
non-current |
|
|
182,236 |
|
|
|
67,056 |
|
Other long-term
liabilities |
|
|
1,115 |
|
|
|
1,139 |
|
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; 44,871 and
43,946 shares issued and outstanding at June 30, 2018 and 2017,
respectively |
|
|
45 |
|
|
|
44 |
|
Additional paid-in capital |
|
|
167,895 |
|
|
|
159,666 |
|
Accumulated other comprehensive loss |
|
|
(1,852 |
) |
|
|
(1,934 |
) |
Accumulated deficit |
|
|
(135,042 |
) |
|
|
(45,628 |
) |
Total
stockholders’ equity |
|
|
31,046 |
|
|
|
112,148 |
|
Total
liabilities and stockholders’ equity |
|
$ |
320,412 |
|
|
$ |
259,560 |
|
|
|
|
*Derived
from audited consolidated financial statements as of and for the
year ended June 30, 2017. |
|
|
Telenav, Inc. |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017* |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue: |
|
|
|
|
|
|
|
|
Product |
|
$ |
5,858 |
|
|
$ |
28,132 |
|
|
$ |
59,143 |
|
|
$ |
119,785 |
|
Services |
|
|
10,761 |
|
|
|
12,159 |
|
|
|
47,037 |
|
|
|
49,799 |
|
Total
revenue |
|
|
16,619 |
|
|
|
40,291 |
|
|
|
106,180 |
|
|
|
169,584 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Product |
|
|
4,685 |
|
|
|
16,727 |
|
|
|
37,517 |
|
|
|
70,260 |
|
Services |
|
|
6,167 |
|
|
|
5,738 |
|
|
|
24,713 |
|
|
|
22,075 |
|
Total
cost of revenue |
|
|
10,852 |
|
|
|
22,465 |
|
|
|
62,230 |
|
|
|
92,335 |
|
Gross profit |
|
|
5,767 |
|
|
|
17,826 |
|
|
|
43,950 |
|
|
|
77,249 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research
and development |
|
|
22,291 |
|
|
|
19,677 |
|
|
|
87,488 |
|
|
|
73,102 |
|
Sales and
marketing |
|
|
4,894 |
|
|
|
5,470 |
|
|
|
20,748 |
|
|
|
21,995 |
|
General
and administrative |
|
|
5,219 |
|
|
|
5,193 |
|
|
|
21,562 |
|
|
|
23,041 |
|
Goodwill
impairment |
|
|
- |
|
|
|
- |
|
|
|
2,666 |
|
|
|
- |
|
Legal
settlement and contingencies |
|
|
- |
|
|
|
- |
|
|
|
425 |
|
|
|
6,424 |
|
Total
operating expenses |
|
|
32,404 |
|
|
|
30,340 |
|
|
|
132,889 |
|
|
|
124,562 |
|
Loss from
operations |
|
|
(26,637 |
) |
|
|
(12,514 |
) |
|
|
(88,939 |
) |
|
|
(47,313 |
) |
Other income (expense),
net |
|
|
433 |
|
|
|
(260 |
) |
|
|
833 |
|
|
|
892 |
|
Loss before provision
for income taxes |
|
|
(26,204 |
) |
|
|
(12,774 |
) |
|
|
(88,106 |
) |
|
|
(46,421 |
) |
Provision for income
taxes |
|
|
401 |
|
|
|
36 |
|
|
|
1,012 |
|
|
|
841 |
|
Net loss |
|
$ |
(26,605 |
) |
|
$ |
(12,810 |
) |
|
$ |
(89,118 |
) |
|
$ |
(47,262 |
) |
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.59 |
) |
|
$ |
(0.29 |
) |
|
$ |
(2.00 |
) |
|
$ |
(1.09 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares
used in computing net loss per share: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
44,806 |
|
|
|
43,806 |
|
|
|
44,498 |
|
|
|
43,343 |
|
|
|
|
|
|
|
|
|
|
*Derived
from audited consolidated financial statements as of and for the
year ended June 30, 2017. |
|
|
|
|
|
|
|
|
|
|
Telenav, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
|
|
|
|
|
Fiscal Year Ended June
30, |
|
|
2018 |
|
2017* |
|
|
(unaudited) |
|
|
Operating
activities |
|
|
|
|
Net loss |
|
$ |
(89,118 |
) |
|
$ |
(47,262 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
3,609 |
|
|
|
2,647 |
|
Deferred
rent reversal due to lease termination |
|
|
(538 |
) |
|
|
- |
|
Tenant
improvement allowance recognition due to lease termination |
|
|
(582 |
) |
|
|
- |
|
Accretion
of net premium on short-term investments |
|
|
192 |
|
|
|
403 |
|
Stock-based compensation expense |
|
|
9,876 |
|
|
|
10,162 |
|
Goodwill
impairment |
|
|
2,666 |
|
|
|
- |
|
Bad debt
expense |
|
|
(24 |
) |
|
|
189 |
|
Loss
(gain) on disposal of property and equipment |
|
|
15 |
|
|
|
(14 |
) |
Changes
in operating assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
|
11,708 |
|
|
|
(15,807 |
) |
Deferred
income taxes |
|
|
52 |
|
|
|
(239 |
) |
Restricted cash |
|
|
419 |
|
|
|
1,709 |
|
Income
taxes receivable |
|
|
34 |
|
|
|
654 |
|
Deferred
costs |
|
|
(87,065 |
) |
|
|
(42,016 |
) |
Prepaid
expenses and other current assets |
|
|
42 |
|
|
|
459 |
|
Other
assets |
|
|
(1,300 |
) |
|
|
483 |
|
Trade
accounts payable |
|
|
6,836 |
|
|
|
1,195 |
|
Accrued
expenses and other liabilities |
|
|
(12,725 |
) |
|
|
13,778 |
|
Income
taxes payable |
|
|
23 |
|
|
|
109 |
|
Deferred
rent |
|
|
1,178 |
|
|
|
66 |
|
Deferred
revenue |
|
|
147,706 |
|
|
|
64,032 |
|
Net cash
used in operating activities |
|
|
(6,996 |
) |
|
|
(9,452 |
) |
|
|
|
|
|
Investing
activities |
|
|
|
|
Purchases
of property and equipment |
|
|
(4,648 |
) |
|
|
(1,225 |
) |
Purchases
of short-term investments |
|
|
(49,287 |
) |
|
|
(64,957 |
) |
Proceeds
from sales and maturities of short-term investments |
|
|
58,404 |
|
|
|
74,878 |
|
Proceeds
from sales of long-term investments |
|
|
- |
|
|
|
246 |
|
Net cash
provided by investing activities |
|
|
4,469 |
|
|
|
8,942 |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
Proceeds
from exercise of stock options |
|
|
681 |
|
|
|
2,738 |
|
Tax
withholdings related to net share settlements of restricted stock
units |
|
|
(2,327 |
) |
|
|
(3,008 |
) |
Net cash
used in financing activities |
|
|
(1,646 |
) |
|
|
(270 |
) |
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
|
533 |
|
|
|
188 |
|
Net
decrease in cash and cash equivalents |
|
|
(3,640 |
) |
|
|
(592 |
) |
Cash and
cash equivalents, at beginning of period |
|
|
20,757 |
|
|
|
21,349 |
|
Cash and
cash equivalents, at end of period |
|
$ |
17,117 |
|
|
$ |
20,757 |
|
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
|
Income
taxes paid, net |
|
$ |
1,053 |
|
|
$ |
1,872 |
|
|
|
|
|
|
*Derived
from audited consolidated financial statements as of and for the
year ended June 30, 2017. |
|
|
|
|
|
|
Telenav, Inc. |
Condensed Consolidated Segment
Summary |
(in thousands, except
percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017* |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Automotive |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
7,609 |
|
|
$ |
29,297 |
|
|
$ |
65,559 |
|
|
$ |
123,784 |
|
Cost of
revenue |
|
|
6,244 |
|
|
|
17,828 |
|
|
|
43,161 |
|
|
|
73,923 |
|
Gross
profit |
|
$ |
1,365 |
|
|
$ |
11,469 |
|
|
$ |
22,398 |
|
|
$ |
49,861 |
|
Gross
margin |
|
|
18 |
% |
|
|
39 |
% |
|
|
34 |
% |
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
Advertising |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
6,061 |
|
|
$ |
6,804 |
|
|
$ |
27,229 |
|
|
$ |
26,841 |
|
Cost of
revenue |
|
|
3,353 |
|
|
|
3,055 |
|
|
|
13,341 |
|
|
|
12,724 |
|
Gross
profit |
|
$ |
2,708 |
|
|
$ |
3,749 |
|
|
$ |
13,888 |
|
|
$ |
14,117 |
|
Gross
margin |
|
|
45 |
% |
|
|
55 |
% |
|
|
51 |
% |
|
|
53 |
% |
|
|
|
|
|
|
|
|
|
Mobile Navigation |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
2,949 |
|
|
$ |
4,190 |
|
|
$ |
13,392 |
|
|
$ |
18,959 |
|
Cost of
revenue |
|
|
1,255 |
|
|
|
1,582 |
|
|
|
5,728 |
|
|
|
5,688 |
|
Gross
profit |
|
$ |
1,694 |
|
|
$ |
2,608 |
|
|
$ |
7,664 |
|
|
$ |
13,271 |
|
Gross
margin |
|
|
57 |
% |
|
|
62 |
% |
|
|
57 |
% |
|
|
70 |
% |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
16,619 |
|
|
$ |
40,291 |
|
|
$ |
106,180 |
|
|
$ |
169,584 |
|
Cost of
revenue |
|
|
10,852 |
|
|
|
22,465 |
|
|
|
62,230 |
|
|
|
92,335 |
|
Gross
profit |
|
$ |
5,767 |
|
|
$ |
17,826 |
|
|
$ |
43,950 |
|
|
$ |
77,249 |
|
Gross
margin |
|
|
35 |
% |
|
|
44 |
% |
|
|
41 |
% |
|
|
46 |
% |
|
|
|
|
|
|
|
|
|
*Derived from audited consolidated financial statements as of
and for the year ended June 30, 2017. |
|
|
|
|
Telenav, Inc. |
Unaudited Reconciliation of Non-GAAP
Adjustments |
(in thousands) |
|
Reconciliation of Revenue to Billings
(Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Automotive |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
7,609 |
|
|
$ |
29,297 |
|
|
$ |
65,559 |
|
|
$ |
123,784 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
42,751 |
|
|
|
26,434 |
|
|
|
148,053 |
|
|
|
64,364 |
|
Billings |
|
$ |
50,360 |
|
|
$ |
55,731 |
|
|
$ |
213,612 |
|
|
$ |
188,148 |
|
|
|
|
|
|
|
|
|
|
Advertising |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
6,061 |
|
|
$ |
6,804 |
|
|
$ |
27,229 |
|
|
$ |
26,841 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Billings |
|
$ |
6,061 |
|
|
$ |
6,804 |
|
|
$ |
27,229 |
|
|
$ |
26,841 |
|
|
|
|
|
|
|
|
|
|
Mobile Navigation |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
2,949 |
|
|
$ |
4,190 |
|
|
$ |
13,392 |
|
|
$ |
18,959 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
(121 |
) |
|
|
(217 |
) |
|
|
(347 |
) |
|
|
(332 |
) |
Billings |
|
$ |
2,828 |
|
|
$ |
3,973 |
|
|
$ |
13,045 |
|
|
$ |
18,627 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
16,619 |
|
|
$ |
40,291 |
|
|
$ |
106,180 |
|
|
$ |
169,584 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
42,630 |
|
|
|
26,217 |
|
|
|
147,706 |
|
|
|
64,032 |
|
Billings |
|
$ |
59,249 |
|
|
$ |
66,508 |
|
|
$ |
253,886 |
|
|
$ |
233,616 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive |
|
Advertising |
|
Mobile Navigation |
|
Total |
|
|
Three Months Ended June
30, |
|
Three Months Ended June
30, |
|
Three Months Ended June
30, |
|
Three Months Ended June
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Deferred revenue, June
30 |
|
$ |
234,570 |
|
$ |
86,517 |
|
$ |
- |
|
$ |
- |
|
$ |
537 |
|
|
$ |
884 |
|
|
$ |
235,107 |
|
$ |
87,401 |
Deferred revenue, March
31 |
|
|
191,819 |
|
|
60,083 |
|
|
- |
|
|
- |
|
|
658 |
|
|
|
1,101 |
|
|
|
192,477 |
|
|
61,184 |
Change in deferred
revenue |
|
$ |
42,751 |
|
$ |
26,434 |
|
$ |
- |
|
$ |
- |
|
$ |
(121 |
) |
|
$ |
(217 |
) |
|
$ |
42,630 |
|
$ |
26,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred costs, June
30 |
|
$ |
141,157 |
|
$ |
54,092 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
141,157 |
|
$ |
54,092 |
Deferred costs, March
31 |
|
|
119,248 |
|
|
36,216 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
119,248 |
|
|
36,216 |
Change in deferred
costs |
|
$ |
21,909 |
|
$ |
17,876 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
21,909 |
|
$ |
17,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive |
|
Advertising |
|
Mobile
Navigation |
|
Total |
|
|
Fiscal Year
Ended June
30, |
|
Fiscal Year
Ended June
30, |
|
Fiscal Year
Ended June
30, |
|
Fiscal Year
Ended June
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Deferred revenue,
ending |
|
$ |
234,570 |
|
$ |
86,517 |
|
$ |
- |
|
$ |
- |
|
$ |
537 |
|
|
$ |
884 |
|
|
$ |
235,107 |
|
$ |
87,401 |
Deferred revenue,
beginning |
|
|
86,517 |
|
|
22,153 |
|
|
- |
|
|
- |
|
|
884 |
|
|
|
1,216 |
|
|
|
87,401 |
|
|
23,369 |
Change in deferred
revenue |
|
$ |
148,053 |
|
$ |
64,364 |
|
$ |
- |
|
$ |
- |
|
$ |
(347 |
) |
|
$ |
(332 |
) |
|
$ |
147,706 |
|
$ |
64,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred costs,
ending |
|
$ |
141,157 |
|
$ |
54,092 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
141,157 |
|
$ |
54,092 |
Deferred costs,
beginning |
|
|
54,092 |
|
|
12,076 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
54,092 |
|
|
12,076 |
Change in deferred
costs |
|
$ |
87,065 |
|
$ |
42,016 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
87,065 |
|
$ |
42,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telenav, Inc. |
Unaudited Reconciliation of Non-GAAP
Adjustments |
(in thousands, except
percentages) |
|
|
|
|
|
|
|
|
|
Reconciliation of Gross Profit to Direct
Contribution from Billings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Automotive |
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
1,365 |
|
|
$ |
11,469 |
|
|
$ |
22,398 |
|
|
$ |
49,861 |
|
Gross
margin |
|
|
18 |
% |
|
|
39 |
% |
|
|
34 |
% |
|
|
40 |
% |
Adjustments to gross profit: |
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
42,751 |
|
|
|
26,434 |
|
|
|
148,053 |
|
|
|
64,364 |
|
Change in
deferred costs(1) |
|
|
(21,909 |
) |
|
|
(17,876 |
) |
|
|
(87,065 |
) |
|
|
(42,016 |
) |
Net
change |
|
|
20,842 |
|
|
|
8,558 |
|
|
|
60,988 |
|
|
|
22,348 |
|
Direct
contribution from billings(1) |
|
$ |
22,207 |
|
|
$ |
20,027 |
|
|
$ |
83,386 |
|
|
$ |
72,209 |
|
Direct
contribution margin from billings(1) |
|
|
44 |
% |
|
|
36 |
% |
|
|
39 |
% |
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
Advertising |
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
2,708 |
|
|
$ |
3,749 |
|
|
$ |
13,888 |
|
|
$ |
14,117 |
|
Gross
margin |
|
|
45 |
% |
|
|
55 |
% |
|
|
51 |
% |
|
|
53 |
% |
Adjustments to gross profit: |
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change in
deferred costs(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net
change |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Direct
contribution from billings(1) |
|
$ |
2,708 |
|
|
$ |
3,749 |
|
|
$ |
13,888 |
|
|
$ |
14,117 |
|
Direct
contribution margin from billings(1) |
|
|
45 |
% |
|
|
55 |
% |
|
|
51 |
% |
|
|
53 |
% |
|
|
|
|
|
|
|
|
|
Mobile Navigation |
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
1,694 |
|
|
$ |
2,608 |
|
|
$ |
7,664 |
|
|
$ |
13,271 |
|
Gross
margin |
|
|
57 |
% |
|
|
62 |
% |
|
|
57 |
% |
|
|
70 |
% |
Adjustments to gross profit: |
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
(121 |
) |
|
|
(217 |
) |
|
|
(347 |
) |
|
|
(332 |
) |
Change in
deferred costs(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net
change |
|
|
(121 |
) |
|
|
(217 |
) |
|
|
(347 |
) |
|
|
(332 |
) |
Direct
contribution from billings(1) |
|
$ |
1,573 |
|
|
$ |
2,391 |
|
|
$ |
7,317 |
|
|
$ |
12,939 |
|
Direct
contribution margin from billings(1) |
|
|
56 |
% |
|
|
60 |
% |
|
|
56 |
% |
|
|
69 |
% |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
5,767 |
|
|
$ |
17,826 |
|
|
$ |
43,950 |
|
|
$ |
77,249 |
|
Gross
margin |
|
|
35 |
% |
|
|
44 |
% |
|
|
41 |
% |
|
|
46 |
% |
Adjustments to gross profit: |
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
42,630 |
|
|
|
26,217 |
|
|
|
147,706 |
|
|
|
64,032 |
|
Change in
deferred costs(1) |
|
|
(21,909 |
) |
|
|
(17,876 |
) |
|
|
(87,065 |
) |
|
|
(42,016 |
) |
Net
change |
|
|
20,721 |
|
|
|
8,341 |
|
|
|
60,641 |
|
|
|
22,016 |
|
Direct
contribution from billings(1) |
|
$ |
26,488 |
|
|
$ |
26,167 |
|
|
$ |
104,591 |
|
|
$ |
99,265 |
|
Direct
contribution margin from billings(1) |
|
|
45 |
% |
|
|
39 |
% |
|
|
41 |
% |
|
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 prepaid content and associated
technology costs. Accordingly, direct contribution from
billings and direct contribution margin from billings do not
reflect all costs associated with billings. |
|
|
|
|
|
|
|
|
|
|
Telenav, Inc. |
Unaudited Reconciliation of Non-GAAP
Adjustments |
(in thousands) |
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Adjusted EBITDA
and Adjusted EBITDA on Billings |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(26,605 |
) |
|
$ |
(12,810 |
) |
|
$ |
(89,118 |
) |
|
$ |
(47,262 |
) |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Goodwill
impairment |
|
|
- |
|
|
|
- |
|
|
|
2,666 |
|
|
|
- |
|
Legal
settlement and contingencies |
|
|
- |
|
|
|
- |
|
|
|
425 |
|
|
|
6,424 |
|
Deferred
rent reversal due to lease termination |
|
|
- |
|
|
|
- |
|
|
|
(538 |
) |
|
|
- |
|
Tenant
improvement allowance recognition due to lease termination |
|
|
- |
|
|
|
- |
|
|
|
(582 |
) |
|
|
- |
|
Stock-based compensation expense |
|
|
2,262 |
|
|
|
3,008 |
|
|
|
9,876 |
|
|
|
10,162 |
|
Depreciation and amortization expense |
|
|
1,133 |
|
|
|
761 |
|
|
|
3,609 |
|
|
|
2,647 |
|
Other
income (expense), net |
|
|
(433 |
) |
|
|
260 |
|
|
|
(833 |
) |
|
|
(892 |
) |
Provision
for income taxes |
|
|
401 |
|
|
|
36 |
|
|
|
1,012 |
|
|
|
841 |
|
Adjusted EBITDA |
|
|
(23,242 |
) |
|
|
(8,745 |
) |
|
|
(73,483 |
) |
|
|
(28,080 |
) |
|
|
|
|
|
|
|
|
|
Change in
deferred revenue |
|
|
42,630 |
|
|
|
26,217 |
|
|
|
147,706 |
|
|
|
64,032 |
|
Change in
deferred costs(1) |
|
|
(21,909 |
) |
|
|
(17,876 |
) |
|
|
(87,065 |
) |
|
|
(42,016 |
) |
Adjusted EBITDA on
billings(1) |
|
$ |
(2,521 |
) |
|
$ |
(404 |
) |
|
$ |
(12,842 |
) |
|
$ |
(6,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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 prepaid content and associated technology costs.
Accordingly, adjusted EBITDA on billings does not reflect all costs
associated with billings. |
|
|
|
|
|
|
|
|
|
|
Telenav, Inc. |
Unaudited Reconciliation of Non-GAAP
Adjustments |
(in thousands) |
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Free Cash
Flow |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(26,605 |
) |
|
$ |
(12,810 |
) |
|
$ |
(89,118 |
) |
|
$ |
(47,262 |
) |
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Change in
deferred revenue (1) |
|
|
42,630 |
|
|
|
26,217 |
|
|
|
147,706 |
|
|
|
64,032 |
|
Change in
deferred costs (2) |
|
|
(21,909 |
) |
|
|
(17,876 |
) |
|
|
(87,065 |
) |
|
|
(42,016 |
) |
Changes
in other operating assets and liabilities |
|
|
(658 |
) |
|
|
2,060 |
|
|
|
6,267 |
|
|
|
2,407 |
|
Other
adjustments (3) |
|
|
3,427 |
|
|
|
3,875 |
|
|
|
15,214 |
|
|
|
13,387 |
|
Net cash provided by
(used in) operating activities |
|
|
(3,115 |
) |
|
|
1,466 |
|
|
|
(6,996 |
) |
|
|
(9,452 |
) |
Less:
Purchases of property and equipment |
|
|
(76 |
) |
|
|
(358 |
) |
|
|
(4,648 |
) |
|
|
(1,225 |
) |
Free cash flow |
|
$ |
(3,191 |
) |
|
$ |
1,108 |
|
|
$ |
(11,644 |
) |
|
$ |
(10,677 |
) |
|
|
|
|
|
|
|
|
|
(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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