SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

Press Release: Telenav Reports Second Quarter -3-

· 02/05/2021 06:30
Telenav, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Six Months Ended December 31, ---------------------- 2020 2019 --------- ----------- Operating activities Net income $ 3,275 $ 9,052 Loss on discontinued operations - 4,042 ------- ------- Income from continuing operations 3,275 13,094 Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Stock-based compensation expense 5,497 3,230 Depreciation and amortization 1,426 1,856 Operating lease amortization, net of accretion 1,727 1,321 Accretion of net premium on short-term investments 170 75 Unrealized gain on non-marketable equity investments - (62) Equity in net (income) of equity method investees (1,895) (797) Other (346) (1) Changes in operating assets and liabilities: Accounts receivable (9,160) 25,835 Deferred income taxes 154 (409) Deferred costs 9,280 (1,961) Prepaid expenses and other current assets (514) (3,992) Other assets (406) 21 Trade accounts payable 19,874 (15,054) Accrued expenses and other liabilities (5,755) 3,945 Income taxes payable (258) 130 Operating lease liabilities (1,673) (1,754) Deferred revenue (11,449) 9,036 ------- ------- Net cash provided by operating activities 9,947 34,513 ------- ------- Investing activities Purchases of property and equipment (155) (1,078) Purchases of short-term investments (10,703) (54,439) Purchases of long-term investments (6,733) (3,500) Proceeds from sale of long-term investments 447 - Proceeds from sales and maturities of short-term investments 24,550 24,067 ------- ------- Net cash provided by (used in) investing activities 7,406 (34,950) ------- ------- Financing activities Proceeds from exercise of stock options 67 8,306 Tax withholdings related to net share settlements of restricted stock units (1,114) (1,148) Proceeds from issuance of common stock under employee stock purchase plan 1,204 - Repurchase of common stock (1,630) (4,019) ------- ------- Net cash provided by (used in) financing activities (1,473) 3,139 ------- ------- Effect of exchange rate changes on cash, cash equivalents and restricted cash 899 (85) ------- ------- Net increase in cash, cash equivalents and restricted cash, continuing operations 16,779 2,617 Net cash used in discontinued operations - (3,975) Cash, cash equivalents and restricted cash, beginning of period 22,012 29,225 ------- ------- Cash, cash equivalents and restricted cash, end of period $ 38,791 $ 27,867 ======= ======= Supplemental disclosure of cash flow information Income taxes paid, net $ 503 $ 1,279 ======= ======= Non-cash investing: Investment in inMarket Media, LLC acquired in exchange for sale of Advertising business $ - $ 15,600 ======= ======= Cash flow from discontinued operations: Net cash used in operating activities $ - $ (3,569) Net cash used in financing activities - (406) Net cash transferred from continuing operations - 3,975 ------- ------- Cash and cash equivalents of discontinued operations, end of period $ - $ - ======= ======= Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets Cash and cash equivalents $ 37,252 $ 26,347 Restricted cash 1,539 1,520 ------- ------- Total cash, cash equivalents and restricted cash $ 38,791 $ 27,867 ======= ======= 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, --------------------- ------------------- 2020 2019 2020 2019 ----------- -------- --------- -------- Revenue $ 65,854 $73,875 $135,450 $140,504 Adjustments: Change in deferred revenue (5,532) (1,210) (10,945) 9,036 ------ ------ ------- ------- Billings $ 60,322 $72,665 $124,505 $149,540 ====== ====== ======= ======= 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 Six Months Ended December 31, December 31, -------------------------- ------------------- 2020 2019 2020 2019 --------------- --------- --------- -------- Deferred revenue, end of period $ 127,998 $144,171 $127,998 $144,171 Deferred revenue, beginning of period 133,530 145,381 138,943 135,135 ------- ------- ------- ------- Change in deferred revenue $ (5,532) $ (1,210) $(10,945) $ 9,036 ======= ======= ======= ======= Deferred costs, end of period $ 71,522 $ 81,763 $ 71,522 $ 81,763 Deferred costs, beginning of period 76,041 77,795 80,669 79,802 ------- ------- ------- ------- Change in deferred costs(1) $ (4,519) $ 3,968 $ (9,147) $ 1,961 ======= ======= ======= ======= (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, ------------------ -------------------- 2020 2019 2020 2019 -------- -------- -------- ---------- Net income (loss) $ (60) $13,006 $ 3,275 $ 9,052 Loss on discontinued operations - 56 - 4,042 ------ ------ ------ ------ Income (loss) from continuing operations (60) 13,062 3,275 13,094 Adjustments: Merger and acquisition expense 3,603 - 3,603 - Stock-based compensation expense 2,640 1,478 5,497 3,230 Depreciation and amortization expense 666 934 1,426 1,856 Other income, net (521) (596) (1,235) (1,157) Provision (benefit) for income taxes (67) 205 (53) 616 Equity in net (income) of equity method investees (1,279) (797) (1,895) (797)

(MORE TO FOLLOW) Dow Jones Newswires

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