Delaware
(State or other jurisdiction of incorporation)
|
001-34720
(Commission File Number)
|
77-0521800
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.001 Par Value per Share
|
TNAV
|
The NASDAQ Global Market
|
Exhibit Number
|
Description
|
|
|
99.1
|
|
99.2
|
|
TELENAV, INC.
|
|
|
|
|
|
|
|
Date: August 8, 2019
|
By:
|
/s/ HP Jin
|
|
Name:
|
HP Jin
|
|
Title:
|
Chief Executive Officer
|
|
|
|
•
|
Total revenue for the fourth quarter of fiscal 2019 was $58.5 million, an increase of 10% compared with $53.1 million in the third quarter of fiscal 2019, and an increase of 4% compared with $56.0 million in the fourth quarter of fiscal 2018. Total revenue for fiscal 2019 was $220.9 million, an increase of 1% compared with $218.5 million in fiscal 2018. Total revenue for the first half of fiscal 2019 was impacted by lower per unit pricing resulting from lower third-party content costs.
|
•
|
Gross profit for the fourth quarter of fiscal 2019 was $26.4 million, an increase of 12% compared with $23.4 million in the third quarter of fiscal 2019, and an increase of 9% compared with $24.2 million in the fourth quarter of fiscal 2018. Gross profit for fiscal 2019 was $96.2 million, an increase of 6% compared with $90.4 million in fiscal 2018.
|
•
|
Billings for the fourth quarter of fiscal 2019 were $89.8 million, an increase of 30% compared with $69.1 million in the third quarter of fiscal 2019, and an increase of 52% compared with $59.2 million in the fourth quarter of fiscal 2018. Billings in the fourth quarter of 2019 benefitted from a modification to a contract with a major tier one automotive supplier that triggered a one-time billing to the supplier of $17.0 million that was invoiced in the fourth quarter. Billings for fiscal 2019 were $281.5 million, an increase of 11% compared with $253.9 million for fiscal 2018.
|
•
|
Net loss for the fourth quarter of fiscal 2019 was $(12.9) million, compared with $(7.5) million for the third quarter of fiscal 2019 and $(7.5) million for the fourth quarter of fiscal 2018. The year over year quarterly and sequential increase in net loss was due primarily to a goodwill impairment charge recorded in the fourth quarter and increased variable compensation expense associated with an increase in billings. Net loss for fiscal 2019 was $(32.5) million, compared with $(40.8) million for fiscal 2018.
|
•
|
Adjusted cash flow from operations (formerly referred to as adjusted EBITDA on billings) for the fourth quarter of fiscal 2019 was $17.2 million, compared with $4.2 million in the third quarter of fiscal 2019 and $(2.5) million in the fourth quarter of fiscal 2018. The increase in adjusted cash flow from operations was a result of the one-time billing described above and higher unit volumes. Adjusted cash flow from operations for fiscal 2019 was $21.2 million, compared with $(12.8) million in fiscal 2018.
|
•
|
Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $99.5 million as of June 30, 2019. This represented cash, cash equivalents and short-term investments of $2.12 per share, based on 46.9 million shares of common stock outstanding as of June 30, 2019. Telenav had no debt as of June 30, 2019.
|
•
|
Telenav was the number one supplier of navigation software engines installed on vehicles produced in North America in 2018 according to IHSMarkit.
|
•
|
1.4 million Telenav-equipped cars capable of connected services were deployed into the global market during the quarter ended June 30, 2019, bringing total cumulative connected units deployed to date to 14.6 million and total cumulative auto units deployed to 24.2 million.
|
•
|
Telenav introduced VIVID, a hybrid, cloud-connected and personalized in-vehicle infotainment system.
|
•
|
Telenav announced it would accelerate its connected-car media strategy through a strategic transaction with location-based marketing leader inMarket Media — see separate press release issued today.
|
•
|
Telenav announced a series of agreements with Southeast Asia’s leading ride-hailing platform Grab to monetize its OpenTerra™ auto-grade location-based content-as-a-service platform — see separate press release issued today.
|
•
|
Telenav hired former Hewlett Packard Enterprise (HPE) executive Adeel Manzoor as Chief Financial Officer.
|
•
|
Toyota launched Scout GPS Link on the 2020 Prius Prime.
|
•
|
Telenav was selected by Daimler to power mapping in a new premium rear-seat entertainment system for the Mercedes-Benz E-class and the current Mercedes-Benz S-class.
|
•
|
Total revenue is expected to be $62 million to $64 million assuming approximately $6 million from the OpenTerra transaction with Grab and excluding advertising revenue.
|
•
|
Billings are expected to be $70 million to $72 million, assuming approximately $12 million from the OpenTerra transaction with Grab and excluding advertising billings.
|
•
|
Gross margin is expected to be 42% to 44%.
|
•
|
Operating expenses are expected to be $29 million to $31 million.
|
•
|
Net loss is expected to be $(4.5) million to $(5.5) million.
|
•
|
Adjusted EBITDA is expected to be breakeven to $1 million.
|
Telenav, Inc.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(in thousands, except par value)
|
||||||||
|
|
|
|
|
||||
|
|
June 30,
2019 |
|
June 30,
2018
As Adjusted
(1)
|
||||
|
|
(unaudited)
|
||||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
27,275
|
|
|
$
|
17,117
|
|
Short-term investments
|
|
72,203
|
|
|
67,829
|
|
||
Accounts receivable, net of allowances of $7 and $17 at June 30, 2019 and 2018, respectively
|
|
75,792
|
|
|
46,188
|
|
||
Restricted cash
|
|
1,950
|
|
|
2,982
|
|
||
Income taxes receivable
|
|
4
|
|
|
—
|
|
||
Deferred costs
|
|
18,752
|
|
|
11,759
|
|
||
Prepaid expenses and other current assets
|
|
4,099
|
|
|
3,867
|
|
||
Total current assets
|
|
200,075
|
|
|
149,742
|
|
||
Property and equipment, net
|
|
5,655
|
|
|
6,987
|
|
||
Deferred income taxes, non-current
|
|
939
|
|
|
867
|
|
||
Goodwill and intangible assets, net
|
|
27,487
|
|
|
31,046
|
|
||
Deferred costs, non-current
|
|
61,050
|
|
|
46,666
|
|
||
Other assets
|
|
1,809
|
|
|
2,372
|
|
||
Total assets
|
|
$
|
297,015
|
|
|
$
|
237,680
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Trade accounts payable
|
|
$
|
17,034
|
|
|
$
|
13,008
|
|
Accrued expenses
|
|
51,299
|
|
|
38,803
|
|
||
Deferred revenue
|
|
31,270
|
|
|
20,714
|
|
||
Income taxes payable
|
|
800
|
|
|
221
|
|
||
Total current liabilities
|
|
100,403
|
|
|
72,746
|
|
||
Deferred rent, non-current
|
|
1,296
|
|
|
1,112
|
|
||
Deferred revenue, non-current
|
|
103,865
|
|
|
53,824
|
|
||
Other long-term liabilities
|
|
811
|
|
|
1,115
|
|
||
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; 46,911 and 44,871 shares issued and outstanding at June 30, 2019 and 2018, respectively
|
|
47
|
|
|
45
|
|
||
Additional paid-in capital
|
|
182,349
|
|
|
167,895
|
|
||
Accumulated other comprehensive loss
|
|
(1,477
|
)
|
|
(1,855
|
)
|
||
Accumulated deficit
|
|
(90,279
|
)
|
|
(57,202
|
)
|
||
Total stockholders’ equity
|
|
90,640
|
|
|
108,883
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
297,015
|
|
|
$
|
237,680
|
|
(1)
Certain amounts have been adjusted to reflect the retrospective adoption of ASC 606.
|
Telenav, Inc.
|
||||||||||||||||
Unaudited Reconciliation of Non-GAAP Adjustments
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
Reconciliation of Revenue to Billings
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
June 30, |
|
Fiscal Year Ended
June 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Automotive
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
49,816
|
|
|
$
|
46,977
|
|
|
$
|
186,835
|
|
|
$
|
177,842
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Change in deferred revenue
|
|
31,244
|
|
|
3,383
|
|
|
60,640
|
|
|
35,771
|
|
||||
Billings
|
|
$
|
81,060
|
|
|
$
|
50,360
|
|
|
$
|
247,475
|
|
|
$
|
213,613
|
|
Advertising
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
6,749
|
|
|
$
|
6,061
|
|
|
$
|
24,241
|
|
|
$
|
27,229
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Change in deferred revenue
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Billings
|
|
$
|
6,749
|
|
|
$
|
6,061
|
|
|
$
|
24,241
|
|
|
$
|
27,229
|
|
Mobile Navigation
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
1,887
|
|
|
$
|
2,949
|
|
|
$
|
9,820
|
|
|
$
|
13,392
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Change in deferred revenue
|
|
72
|
|
|
(121
|
)
|
|
(43
|
)
|
|
(347
|
)
|
||||
Billings
|
|
$
|
1,959
|
|
|
$
|
2,828
|
|
|
$
|
9,777
|
|
|
$
|
13,045
|
|
Total
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
58,452
|
|
|
$
|
55,987
|
|
|
$
|
220,896
|
|
|
$
|
218,463
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Change in deferred revenue
|
|
31,316
|
|
|
3,262
|
|
|
60,597
|
|
|
35,424
|
|
||||
Billings
|
|
$
|
89,768
|
|
|
$
|
59,249
|
|
|
$
|
281,493
|
|
|
$
|
253,887
|
|
|
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 June 30,
|
||||||||||||||||||||||||||||||
|
|
Automotive
|
|
Advertising
|
|
Mobile Navigation
|
|
Total
|
||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Deferred revenue, ending
|
|
$
|
134,641
|
|
|
$
|
74,001
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
494
|
|
|
$
|
537
|
|
|
$
|
135,135
|
|
|
$
|
74,538
|
|
Deferred revenue, beginning
|
|
103,397
|
|
|
70,618
|
|
|
—
|
|
|
—
|
|
|
422
|
|
|
658
|
|
|
103,819
|
|
|
71,276
|
|
||||||||
Change in deferred revenue
|
|
$
|
31,244
|
|
|
$
|
3,383
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
(121
|
)
|
|
$
|
31,316
|
|
|
$
|
3,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Deferred costs, ending
|
|
$
|
79,802
|
|
|
$
|
58,425
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79,802
|
|
|
$
|
58,425
|
|
Deferred costs, beginning
|
|
72,359
|
|
|
56,813
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72,359
|
|
|
56,813
|
|
||||||||
Change in deferred costs
|
|
$
|
7,443
|
|
|
$
|
1,612
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,443
|
|
|
$
|
1,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Fiscal Year Ended June 30,
|
||||||||||||||||||||||||||||||
|
|
Automotive
|
|
Advertising
|
|
Mobile Navigation
|
|
Total
|
||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Deferred revenue, ending
|
|
$
|
134,641
|
|
|
$
|
74,001
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
494
|
|
|
$
|
537
|
|
|
$
|
135,135
|
|
|
$
|
74,538
|
|
Deferred revenue, beginning
|
|
74,001
|
|
|
38,230
|
|
|
—
|
|
|
—
|
|
|
537
|
|
|
884
|
|
|
74,538
|
|
|
39,114
|
|
||||||||
Change in deferred revenue
|
|
$
|
60,640
|
|
|
$
|
35,771
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(43
|
)
|
|
$
|
(347
|
)
|
|
$
|
60,597
|
|
|
$
|
35,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Deferred costs, ending
|
|
$
|
79,802
|
|
|
$
|
58,425
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79,802
|
|
|
$
|
58,425
|
|
Deferred costs, beginning
|
|
58,425
|
|
|
35,426
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,425
|
|
|
35,426
|
|
||||||||
Change in deferred costs
|
|
$
|
21,377
|
|
|
$
|
22,999
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,377
|
|
|
$
|
22,999
|
|
Telenav, Inc.
|
||||||||||||
Summarized Financial Information Depicting the Impact of ASC 606
|
||||||||||||
(in thousands, except per share amounts)
|
||||||||||||
(unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
As of June 30, 2018
|
||||||||||
|
|
As Reported
June 30, 2018 Form 10-K |
|
Adjustments
|
|
As Adjusted
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Deferred costs
|
|
$
|
31,888
|
|
|
$
|
(20,129
|
)
|
|
$
|
11,759
|
|
Deferred costs, non-current
|
|
109,269
|
|
|
(62,603
|
)
|
|
46,666
|
|
|||
Total assets
|
|
320,412
|
|
|
(82,732
|
)
|
|
237,680
|
|
|||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
||||||
Deferred revenue
|
|
52,871
|
|
|
(32,157
|
)
|
|
20,714
|
|
|||
Deferred revenue, non-current
|
|
182,236
|
|
|
(128,412
|
)
|
|
53,824
|
|
|||
Accumulated deficit
|
|
(135,042
|
)
|
|
77,840
|
|
|
(57,202
|
)
|
|||
Total liabilities and stockholders’ equity
|
|
320,412
|
|
|
(82,732
|
)
|
|
237,680
|
|
|
|
Three Months Ended June 30, 2018
|
|
Fiscal Year Ended June 30, 2018
|
||||||||||||||||||||
|
|
As Reported
August 7, 2018 Form 8-K |
|
Adjustments
|
|
As Adjusted
|
|
As Reported
June 30, 2018 Form 10-K |
|
Adjustments
|
|
As Adjusted
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
$
|
5,858
|
|
|
$
|
36,987
|
|
|
$
|
42,845
|
|
|
$
|
59,143
|
|
|
$
|
104,456
|
|
|
$
|
163,599
|
|
Services
|
|
10,761
|
|
|
2,381
|
|
|
13,142
|
|
|
47,037
|
|
|
7,827
|
|
|
54,864
|
|
||||||
Total revenue
|
|
16,619
|
|
|
39,368
|
|
|
55,987
|
|
|
106,180
|
|
|
112,283
|
|
|
218,463
|
|
||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
4,685
|
|
|
20,590
|
|
|
25,275
|
|
|
37,517
|
|
|
64,707
|
|
|
102,224
|
|
||||||
Services
|
|
6,167
|
|
|
381
|
|
|
6,548
|
|
|
24,713
|
|
|
1,134
|
|
|
25,847
|
|
||||||
Total cost of revenue
|
|
10,852
|
|
|
20,971
|
|
|
31,823
|
|
|
62,230
|
|
|
65,841
|
|
|
128,071
|
|
||||||
Gross profit
|
|
5,767
|
|
|
18,397
|
|
|
24,164
|
|
|
43,950
|
|
|
46,442
|
|
|
90,392
|
|
||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development
|
|
22,291
|
|
|
(743
|
)
|
|
21,548
|
|
|
87,488
|
|
|
(1,842
|
)
|
|
85,646
|
|
||||||
Total operating expenses
|
|
32,404
|
|
|
(743
|
)
|
|
31,661
|
|
|
132,889
|
|
|
(1,842
|
)
|
|
131,047
|
|
||||||
Loss from operations
|
|
(26,637
|
)
|
|
19,140
|
|
|
(7,497
|
)
|
|
(88,939
|
)
|
|
48,284
|
|
|
(40,655
|
)
|
||||||
Net loss
|
|
(26,605
|
)
|
|
19,140
|
|
|
(7,465
|
)
|
|
(89,118
|
)
|
|
48,284
|
|
|
(40,834
|
)
|
||||||
Net loss per share, basic and diluted
|
|
$
|
(0.59
|
)
|
|
$
|
0.42
|
|
|
$
|
(0.17
|
)
|
|
$
|
(2.00
|
)
|
|
$
|
1.08
|
|
|
$
|
(0.92
|
)
|
Select Financial Data (unaudited)
|
Fiscal 2018
|
Fiscal 2019
|
Y/Y
$ Growth
|
||||||
(in thousands, except gross margin, direct contribution margin and growth)
|
Q4
|
Q4
|
|||||||
Total Company
|
|
|
|
||||||
Revenue
|
$
|
55,987
|
|
$
|
58,452
|
|
$
|
2,465
|
|
Billings*
|
$
|
59,249
|
|
$
|
89,768
|
|
$
|
30,519
|
|
Gross profit
|
$
|
24,164
|
|
$
|
26,357
|
|
$
|
2,193
|
|
Gross margin
|
43
|
%
|
45
|
%
|
|
||||
Direct contribution from billings*
|
$
|
25,814
|
|
$
|
50,230
|
|
$
|
24,416
|
|
Direct contribution margin from billings*
|
44
|
%
|
56
|
%
|
|
||||
Net loss
|
$
|
(7,465
|
)
|
$
|
(12,856
|
)
|
$
|
(5,391
|
)
|
Adjusted cash flow from operations*
|
$
|
(2,452
|
)
|
$
|
17,242
|
|
$
|
19,694
|
|
Telenav, Inc.
|
||||||||||||||||
Unaudited Reconciliation of Non-GAAP Adjustments
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
Reconciliation of Revenue to Billings
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
June 30, |
|
Fiscal Year Ended
June 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Automotive
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
49,816
|
|
|
$
|
46,977
|
|
|
$
|
186,835
|
|
|
$
|
177,842
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Change in deferred revenue
|
|
31,244
|
|
|
3,383
|
|
|
60,640
|
|
|
35,771
|
|
||||
Billings
|
|
$
|
81,060
|
|
|
$
|
50,360
|
|
|
$
|
247,475
|
|
|
$
|
213,613
|
|
Advertising
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
6,749
|
|
|
$
|
6,061
|
|
|
$
|
24,241
|
|
|
$
|
27,229
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Change in deferred revenue
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Billings
|
|
$
|
6,749
|
|
|
$
|
6,061
|
|
|
$
|
24,241
|
|
|
$
|
27,229
|
|
Mobile Navigation
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
1,887
|
|
|
$
|
2,949
|
|
|
$
|
9,820
|
|
|
$
|
13,392
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Change in deferred revenue
|
|
72
|
|
|
(121
|
)
|
|
(43
|
)
|
|
(347
|
)
|
||||
Billings
|
|
$
|
1,959
|
|
|
$
|
2,828
|
|
|
$
|
9,777
|
|
|
$
|
13,045
|
|
Total
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
58,452
|
|
|
$
|
55,987
|
|
|
$
|
220,896
|
|
|
$
|
218,463
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Change in deferred revenue
|
|
31,316
|
|
|
3,262
|
|
|
60,597
|
|
|
35,424
|
|
||||
Billings
|
|
$
|
89,768
|
|
|
$
|
59,249
|
|
|
$
|
281,493
|
|
|
$
|
253,887
|
|
|
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 June 30,
|
||||||||||||||||||||||||||||||
|
|
Automotive
|
|
Advertising
|
|
Mobile Navigation
|
|
Total
|
||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Deferred revenue, ending
|
|
$
|
134,641
|
|
|
$
|
74,001
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
494
|
|
|
$
|
537
|
|
|
$
|
135,135
|
|
|
$
|
74,538
|
|
Deferred revenue, beginning
|
|
103,397
|
|
|
70,618
|
|
|
—
|
|
|
—
|
|
|
422
|
|
|
658
|
|
|
103,819
|
|
|
71,276
|
|
||||||||
Change in deferred revenue
|
|
$
|
31,244
|
|
|
$
|
3,383
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
(121
|
)
|
|
$
|
31,316
|
|
|
$
|
3,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Deferred costs, ending
|
|
$
|
79,802
|
|
|
$
|
58,425
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79,802
|
|
|
$
|
58,425
|
|
Deferred costs, beginning
|
|
72,359
|
|
|
56,813
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72,359
|
|
|
56,813
|
|
||||||||
Change in deferred costs
|
|
$
|
7,443
|
|
|
$
|
1,612
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,443
|
|
|
$
|
1,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Fiscal Year Ended June 30,
|
||||||||||||||||||||||||||||||
|
|
Automotive
|
|
Advertising
|
|
Mobile Navigation
|
|
Total
|
||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Deferred revenue, ending
|
|
$
|
134,641
|
|
|
$
|
74,001
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
494
|
|
|
$
|
537
|
|
|
$
|
135,135
|
|
|
$
|
74,538
|
|
Deferred revenue, beginning
|
|
74,001
|
|
|
38,230
|
|
|
—
|
|
|
—
|
|
|
537
|
|
|
884
|
|
|
74,538
|
|
|
39,114
|
|
||||||||
Change in deferred revenue
|
|
$
|
60,640
|
|
|
$
|
35,771
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(43
|
)
|
|
$
|
(347
|
)
|
|
$
|
60,597
|
|
|
$
|
35,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Deferred costs, ending
|
|
$
|
79,802
|
|
|
$
|
58,425
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79,802
|
|
|
$
|
58,425
|
|
Deferred costs, beginning
|
|
58,425
|
|
|
35,426
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,425
|
|
|
35,426
|
|
||||||||
Change in deferred costs
|
|
$
|
21,377
|
|
|
$
|
22,999
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,377
|
|
|
$
|
22,999
|
|
Telenav, Inc.
|
||||||||||||
Summarized Financial Information Depicting the Impact of ASC 606
|
||||||||||||
(in thousands, except per share amounts)
|
||||||||||||
(unaudited)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
As of June 30, 2018
|
||||||||||
|
|
As Reported
June 30, 2018 Form 10-K |
|
Adjustments
|
|
As Adjusted
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Deferred costs
|
|
$
|
31,888
|
|
|
$
|
(20,129
|
)
|
|
$
|
11,759
|
|
Deferred costs, non-current
|
|
109,269
|
|
|
(62,603
|
)
|
|
46,666
|
|
|||
Total assets
|
|
320,412
|
|
|
(82,732
|
)
|
|
237,680
|
|
|||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
||||||
Deferred revenue
|
|
52,871
|
|
|
(32,157
|
)
|
|
20,714
|
|
|||
Deferred revenue, non-current
|
|
182,236
|
|
|
(128,412
|
)
|
|
53,824
|
|
|||
Accumulated deficit
|
|
(135,042
|
)
|
|
77,840
|
|
|
(57,202
|
)
|
|||
Total liabilities and stockholders’ equity
|
|
320,412
|
|
|
(82,732
|
)
|
|
237,680
|
|
|
|
Three Months Ended June 30, 2018
|
|
Fiscal Year Ended June 30, 2018
|
||||||||||||||||||||
|
|
As Reported
August 7, 2018 Form 8-K |
|
Adjustments
|
|
As Adjusted
|
|
As Reported
June 30, 2018 Form 10-K |
|
Adjustments
|
|
As Adjusted
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
$
|
5,858
|
|
|
$
|
36,987
|
|
|
$
|
42,845
|
|
|
$
|
59,143
|
|
|
$
|
104,456
|
|
|
$
|
163,599
|
|
Services
|
|
10,761
|
|
|
2,381
|
|
|
13,142
|
|
|
47,037
|
|
|
7,827
|
|
|
54,864
|
|
||||||
Total revenue
|
|
16,619
|
|
|
39,368
|
|
|
55,987
|
|
|
106,180
|
|
|
112,283
|
|
|
218,463
|
|
||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
4,685
|
|
|
20,590
|
|
|
25,275
|
|
|
37,517
|
|
|
64,707
|
|
|
102,224
|
|
||||||
Services
|
|
6,167
|
|
|
381
|
|
|
6,548
|
|
|
24,713
|
|
|
1,134
|
|
|
25,847
|
|
||||||
Total cost of revenue
|
|
10,852
|
|
|
20,971
|
|
|
31,823
|
|
|
62,230
|
|
|
65,841
|
|
|
128,071
|
|
||||||
Gross profit
|
|
5,767
|
|
|
18,397
|
|
|
24,164
|
|
|
43,950
|
|
|
46,442
|
|
|
90,392
|
|
||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development
|
|
22,291
|
|
|
(743
|
)
|
|
21,548
|
|
|
87,488
|
|
|
(1,842
|
)
|
|
85,646
|
|
||||||
Total operating expenses
|
|
32,404
|
|
|
(743
|
)
|
|
31,661
|
|
|
132,889
|
|
|
(1,842
|
)
|
|
131,047
|
|
||||||
Loss from operations
|
|
(26,637
|
)
|
|
19,140
|
|
|
(7,497
|
)
|
|
(88,939
|
)
|
|
48,284
|
|
|
(40,655
|
)
|
||||||
Net loss
|
|
(26,605
|
)
|
|
19,140
|
|
|
(7,465
|
)
|
|
(89,118
|
)
|
|
48,284
|
|
|
(40,834
|
)
|
||||||
Net loss per share, basic and diluted
|
|
$
|
(0.59
|
)
|
|
$
|
0.42
|
|
|
$
|
(0.17
|
)
|
|
$
|
(2.00
|
)
|
|
$
|
1.08
|
|
|
$
|
(0.92
|
)
|