SANTA CLARA, Calif., May 03, 2018 (GLOBE NEWSWIRE) — Telenav®, Inc. (NASDAQ:TNAV), a leading provider of connected car and location-based platform services, today released its financial results for the third fiscal quarter ended March 31, 2018 by issuing this press release and posting a letter to stockholders on the quarter on its website. Please visit Telenav’s investor relations website at http://investor.telenav.com to view the Q3 fiscal year 2018 financial results and letter to stockholders.
“We are pleased to deliver a record number of Telenav enabled cars to the market during the quarter,” said HP Jin, Chairman and CEO of Telenav. “There are now more than 8 million connected cars on the road powered by Telenav’s location-based services platform.”
Financial Highlights for the third quarter ended March 31, 2018
- Total revenue for the third quarter of fiscal 2018 was $13.8 million, compared with $35.1 million in the same prior year period. As previously announced, the decline was primarily due to the change in revenue recognition as a result of the Company’s commencement of offering multi-year value-added map services in all major markets to Ford®, its largest customer, effective January 1, 2018, which results in significant deferral of amounts that would have previously been recognized as revenue when the vehicle is produced. When Telenav adopts ASC 606 as of July 1, 2018, it expects it will be able to recognize substantial revenue from Ford as our product is delivered.
- Billings for the third quarter of fiscal 2018 were $58.7 million, compared with $60.2 million in the same prior year period.
- GAAP net loss for the third quarter of fiscal 2018 was $(30.8) million, compared with a GAAP net loss of $(13.7) million for the third quarter of fiscal 2017, with the decrease due primarily to the change in revenue recognition criteria for the Ford agreement.
- Adjusted EBITDA on billings for the third quarter of fiscal 2018 was a $(4.1) million loss compared with a $(2.3) million loss in the third quarter of fiscal 2017.
- Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $88.6 million as of March 31, 2018. This represented cash and short-term investments of $1.98 per share, based on 44.7 million shares of common stock outstanding as of March 31, 2018. Telenav had no debt as of March 31, 2018.Q4 Fiscal 2018 Business Outlook
For the quarter ending June 30, 2018, Telenav offers the following guidance:
- Total revenue is expected to be $15 to $16 million
- Billings are expected to be $55 to $58 million
- Deferred revenue is expected to increase by $40 to $42 million
- Deferred costs are expected to increase by approximately $19 to $20 million
- GAAP gross profit is expected to be approximately $6 million
- GAAP gross margin is expected to be approximately 40 percent
- Direct contribution from billings is expected to be approximately $27 to $28 million
- Direct contribution margin from billings is expected to be approximately 48 percent
- GAAP operating expenses are expected to be $34 to $35 million
- GAAP net loss is expected to be $(29) to $(31) million
- Adjusted EBITDA loss is expected to be $(25) to $(27) million
- Adjusted EBITDA loss on billings is expected to be $(3.5) to $(5.5) million
- Automotive is expected to be 40 to 45 percent of total revenue and 85 percent of billings
- Advertising is expected to be approximately 40 percent of total revenue and 11 percent of billings
- Weighted average diluted shares outstanding are expected to be approximately 45.0 million