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Press Release: Telenav Reports Second Quarter -2-

· 02/05/2021 06:30
Telenav, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited) December 31, June 30, 2020 2020 -------------- ----------- Assets Current assets: Cash and cash equivalents $ 37,252 $ 20,518 Short-term investments 75,739 90,315 Accounts receivable, net of allowances of $34 and $5 at December 31, 2020 and June 30, 2020, respectively 44,026 34,542 Restricted cash 1,539 1,494 Deferred costs 20,697 26,121 Prepaid expenses and other current assets 4,893 4,505 --------- ------- Total current assets 184,146 177,495 Property and equipment, net 3,154 4,319 Operating lease right-of-use assets 8,435 7,067 Deferred income taxes, non-current 1,463 1,515 Goodwill and intangible assets, net 14,255 14,255 Deferred costs, non-current 50,825 54,548 Other assets 43,641 34,552 --------- ------- Total assets $ 305,919 $293,751 ========= ======= Liabilities and stockholders' equity Current liabilities: Trade accounts payable $ 32,172 $ 12,291 Accrued expenses 30,776 36,210 Operating lease liabilities 3,539 2,786 Deferred revenue 32,816 37,973 Income taxes payable 473 715 --------- ------- Total current liabilities 99,776 89,975 Operating lease liabilities, non-current 5,857 5,191 Deferred revenue, non-current 95,182 100,970 Other long-term liabilities 688 645 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; 48,000 and 47,342 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively 48 47 Additional paid-in capital 196,796 192,170 Accumulated other comprehensive loss (330) (477) Accumulated deficit (92,098) (94,770) --------- ------- Total stockholders' equity 104,416 96,970 --------- ------- Total liabilities and stockholders' equity $ 305,919 $293,751 ========= ======= Telenav, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended December 31, December 31, ------------------ ---------------------- 2020 2019 2020 2019 -------- -------- --------- ----------- Revenue: Product $53,449 $61,543 $110,258 $117,533 Services 12,405 12,332 25,192 22,971 ------ ------ ------- ------- Total revenue 65,854 73,875 135,450 140,504 ------ ------ ------- ------- Cost of revenue: Product 31,098 26,434 63,628 58,423 Services 7,030 7,288 14,583 12,150 ------ ------ ------- ------- Total cost of revenue 38,128 33,722 78,211 70,573 ------ ------ ------- ------- Gross profit 27,726 40,153 57,239 69,931 Operating expenses: Research and development 18,528 19,717 37,514 40,380 Sales and marketing 1,677 2,134 3,673 4,080 General and administrative 9,448 6,428 15,960 13,715 ------ ------ ------- ------- Total operating expenses 29,653 28,279 57,147 58,175 ------ ------ ------- ------- Income (loss) from operations (1,927) 11,874 92 11,756 Other income, net 521 596 1,235 1,157 ------ ------ ------- ------- Income (loss) from continuing operations before provision (benefit) for income taxes (1,406) 12,470 1,327 12,913 Provision (benefit) for income taxes (67) 205 (53) 616 Equity in net (income) of equity method investees (1,279) (797) (1,895) (797) ------ ------ ------- ------- Income (loss) from continuing operations (60) 13,062 3,275 13,094 ------ ------ ------- ------- Loss on discontinued operations - (56) - (4,042) ------ ------ ------- ------- Net income (loss) $ (60) $13,006 $ 3,275 $ 9,052 ====== ====== ======= ======= Basic income (loss) per share: Income (loss) from continuing operations $ (0.00) $ 0.27 $ 0.07 $ 0.27 Loss on discontinued operations - - - (0.08) ------ ------ ------- ------- Net income (loss) $ (0.00) $ 0.27 $ 0.07 $ 0.19 ====== ====== ======= ======= Diluted income (loss) per share: Income (loss) from continuing operations $ (0.00) $ 0.27 $ 0.07 $ 0.27 Loss on discontinued operations - - - (0.08) ------ ------ ------- ------- Net income (loss) $ (0.00) $ 0.27 $ 0.07 $ 0.18 ====== ====== ======= ======= Weighted average shares used in computing income (loss) per share Basic 47,825 48,475 47,526 48,127 ====== ====== ======= ======= Diluted 47,825 48,821 48,151 49,257 ====== ====== ======= =======

Company's dependence on a limited number of automobile manufacturers and tier ones for a substantial portion of its revenue, such as Ford and GM; reductions in demand for automobiles in general and specifically for Ford and GM vehicles; potential impacts of automobile manufacturers and tier ones, in particular Ford and GM, including competitive capabilities in their vehicles such as Apple CarPlay and Android Auto; the Company's continued reporting of losses and operating expenses in excess of expectations; the timing of new product releases and vehicle production by the Company's automotive customers, including inventory procurement and fulfillment; possible warranty claims, and the impact on consumer perception of its brand; the Company's ability to perform under its initiatives with Amazon and Microsoft, and benefit from those initiatives; and the potential that the Company may not be able to realize its deferred tax assets and may have to take a reserve against them. Telenav discusses these risks in greater detail in "Risk Factors" and elsewhere in its Form 10-Q for the fiscal quarter ended September 30, 2020 and other filings with the U.S. Securities and Exchange Commission ("SEC"), including any subsequent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, which are available on the SEC's website at www.sec.gov. 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 expects. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

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 2021 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.

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February 05, 2021 06:30 ET (11:30 GMT)