"For the first quarter of fiscal 2017,
Financial Highlights for the first quarter ending
- Total revenue was
$42.2 million , compared with$44.1 million in the same prior year period. - Automotive revenue was
$30.3 million , compared with$31.7 million in the same prior year period. - Advertising revenue was
$6.5 million , compared with$4.9 million in the same prior year period. - Deferred revenue as of
September 30, 2016 was$28.4 million , compared with$23.4 million as ofJune 30, 2016 . - Billings were
$47.3 million , compared with$47.9 million in the same prior year period. - Operating expenses were
$28.8 million , compared with$31.2 million in the same prior year period. - Net loss was
($9.3) million , or ($0.22 ) per basic and diluted share, compared with($10.8) million , or ($0.27 ) per basic and diluted share, in the same prior year period. - Adjusted EBITDA was a
($6.8) million loss, compared with($6.4) million loss in the same prior year period. - As of
September 30, 2016 , ending cash, cash equivalents and short-term investments, excluding restricted cash, were$102.4 million . This represented cash and short-term investments of$2.37 per share, based on 43.1 million shares of common stock outstanding.Telenav had no debt as of quarter end. - Free cash flow was
($6.1) million , compared with($6.1) million in the same prior year period.
Business Outlook
For the quarter ending
- Total revenue is expected to be
$46 to$49 million ; - Automotive revenue is expected to be 73% to 76% of total revenue;
- Advertising revenue is expected to be approximately 15% of total revenue;
- Billings are expected to be
$51 to$54 million ; - Gross margin is expected to be approximately 42%;
- Operating expenses are expected to be
$30 to$31 million ; - Net loss is expected to be (
$10 ) to($11.5) million ; - Net loss per share is expected to be (
$0.23 ) to ($0.26 ); - Adjusted EBITDA is expected to be (
$6.5 ) to($8.0) million ; and - Weighted average shares outstanding are expected to be approximately 43.5 million.
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.
Conference Call
The company will host an investor conference call and live webcast at
Use of Non-GAAP Financial Measures
Billings measure revenue recognized plus the change in deferred revenue from the beginning to the end of the period. We consider billings to be a useful metric for management and investors because billings drive deferred revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings versus revenue calculated in accordance with GAAP. First, billings include amounts that have not yet been recognized as revenue and may require additional services 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 provisioning of services such as hosting, monitoring and customer support. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. When we use these measures, we compensate for these limitations by providing specific information regarding revenue and evaluating billings together with revenue calculated in accordance with GAAP. We have also provided a breakdown of the calculation of the change in deferred revenue by segment, which is added to revenue in calculating our non-GAAP metric of billings. In connection with our presentation of the change in deferred revenue, we have provided a similar presentation of the change in the related deferred costs. Such 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. As deferred revenue and deferred costs become larger components of our operating results, we believe these metrics are useful in evaluating cash flow.
Non-GAAP net loss excludes the impact of stock-based compensation expense, developed technology amortization expense, and other applicable items, net of tax. Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Stock-based compensation expense has been and will continue to be a significant recurring non-cash expense for
Adjusted EBITDA measures our 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 contingencies, restructuring accruals and reversals, and deferred rent reversals due to lease termination, net of tax. We believe this is a useful measure of profitability before the impact of certain non-cash expenses, interest income, income taxes, and certain other items that management believes affect the comparability of operating results. Adjusted EBITDA, while generally a measure of profitability, can also represent a loss.
Free cash flow is a non-GAAP financial measure we define as net cash provided by (used in) operating activities, less purchases of property and equipment. We consider 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 our business after purchases of property and equipment.
We determined that it would be meaningful to investors to develop a breakout of the operating results of the advertising business beyond the current GAAP segment reporting of revenue, cost of revenue and gross margin, and we are including such presentation in our non-GAAP reporting results. This presentation reflects operating expenses that are directly attributable to the advertising business. We are unable to provide a similar breakout of operating results for the automotive and mobile navigation businesses beyond the current GAAP segment reporting of revenue, cost of revenue and gross margin because these segments share many of the same technologies and resources and as such, have operating expenses which cannot be fully attributable to one versus the other segment. In addition, the reported non-GAAP operating results for the advertising business only include an allocation of certain shared corporate general and administrative costs that directly benefit the business, such as accounting and human resource services.
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.
In this earnings release,
Forward Looking Statements
This press release contains forward-looking statements that are based on
About
Copyright 2016 Telenav, Inc. All Rights Reserved.
TNAV-F
TNAV-C
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, except par value) | ||||||||
2016 | 2016* | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 16,535 | $ | 21,349 | ||||
Short-term investments | 85,816 | 88,277 | ||||||
Accounts receivable, net of allowances of | 42,712 | 42,216 | ||||||
Restricted cash | 4,980 | 5,109 | ||||||
Income taxes receivable | 686 | 687 | ||||||
Deferred costs | 2,354 | 1,784 | ||||||
Prepaid expenses and other current assets | 4,473 | 4,448 | ||||||
Total current assets | 157,556 | 163,870 | ||||||
Property and equipment, net | 5,141 | 5,247 | ||||||
Deferred income taxes, non-current | 642 | 661 | ||||||
35,734 | 35,993 | |||||||
Deferred costs, non-current | 12,579 | 10,292 | ||||||
Other assets | 1,919 | 2,184 | ||||||
Total assets | $ | 213,571 | $ | 218,247 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 9,542 | $ | 4,992 | ||||
Accrued compensation | 6,449 | 9,308 | ||||||
Accrued royalties | 14,777 | 15,331 | ||||||
Other accrued expenses | 10,087 | 11,635 | ||||||
Deferred revenue | 4,994 | 4,334 | ||||||
Income taxes payable | 180 | 88 | ||||||
Total current liabilities | 46,029 | 45,688 | ||||||
Deferred rent, non-current | 1,272 | 1,124 | ||||||
Deferred revenue, non-current | 23,417 | 19,035 | ||||||
Other long-term liabilities | 1,273 | 2,715 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 43 | 43 | ||||||
Additional paid-in capital | 151,083 | 149,775 | ||||||
Accumulated other comprehensive loss | (1,845 | ) | (1,767 | ) | ||||
Retained earnings (deficit) | (7,701 | ) | 1,634 | |||||
Total stockholders' equity | 141,580 | 149,685 | ||||||
Total liabilities and stockholders' equity | $ | 213,571 | $ | 218,247 | ||||
*Derived from audited consolidated financial statements as of and for the year ended | ||||||||
Condensed Consolidated Statements of Operations | |||||||||
(in thousands, except per share amounts) | |||||||||
(unaudited) | |||||||||
Three Months Ended | |||||||||
2016 | 2015 | ||||||||
Revenue: | |||||||||
Product | $ | 29,423 | $ | 31,109 | |||||
Services | 12,804 | 12,952 | |||||||
Total revenue | 42,227 | 44,061 | |||||||
Cost of revenue: | |||||||||
Product | 17,761 | 18,083 | |||||||
Services | 5,715 | 5,304 | |||||||
Total cost of revenue | 23,476 | 23,387 | |||||||
Gross profit | 18,751 | 20,674 | |||||||
Operating expenses: | |||||||||
Research and development | 18,018 | 17,987 | |||||||
Sales and marketing | 5,268 | 6,998 | |||||||
General and administrative | 5,491 | 6,235 | |||||||
Total operating expenses | 28,777 | 31,220 | |||||||
Loss from operations | (10,026 | ) | (10,546 | ) | |||||
Other income (expense), net | 296 | (187 | ) | ||||||
Loss before provision (benefit) for income taxes | (9,730 | ) | (10,733 | ) | |||||
Provision (benefit) for income taxes | (395 | ) | 113 | ||||||
Net loss | $ | (9,335 | ) | $ | (10,846 | ) | |||
Net loss per share: | |||||||||
Basic and diluted | $ | (0.22 | ) | $ | (0.27 | ) | |||
Weighted average shares used in computing net loss per share: | |||||||||
Basic and diluted | 42,838 | 40,601 |
| |||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||
(in thousands) | |||||||||
(unaudited) | |||||||||
Three Months Ended | |||||||||
2016 | 2015 | ||||||||
Operating activities | |||||||||
Net loss | $ | (9,335 | ) | $ | (10,846 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||
Depreciation and amortization | 637 | 1,069 | |||||||
Accretion of net premium on short-term investments | 125 | 205 | |||||||
Stock-based compensation expense | 2,541 | 3,087 | |||||||
Write-off of long term investments | — | 442 | |||||||
Bad debt expense | 67 | 73 | |||||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable | (563 | ) | (1,933 | ) | |||||
Deferred income taxes | 19 | (247 | ) | ||||||
Restricted cash | 129 | 99 | |||||||
Income taxes receivable | 1 | 608 | |||||||
Deferred costs | (2,857 | ) | (2,673 | ) | |||||
Prepaid expenses and other current assets | (25 | ) | 100 | ||||||
Other assets | 18 | 141 | |||||||
Accounts payable | 4,533 | (97 | ) | ||||||
Accrued compensation | (2,859 | ) | (2,662 | ) | |||||
Accrued royalties | (554 | ) | 3,401 | ||||||
Accrued expenses and other liabilities | (2,775 | ) | (436 | ) | |||||
Income taxes payable | 92 | 27 | |||||||
Deferred rent | 75 | (68 | ) | ||||||
Deferred revenue | 5,042 | 3,841 | |||||||
Net cash used in operating activities | (5,689 | ) | (5,869 | ) | |||||
Investing activities | |||||||||
Purchases of property and equipment | (394 | ) | (242 | ) | |||||
Purchases of short-term investments | (16,841 | ) | (10,249 | ) | |||||
Proceeds from sales and maturities of short-term investments | 19,032 | 11,483 | |||||||
Proceeds from sales of long-term investments | 246 | — | |||||||
Net cash provided by investing activities | 2,043 | 992 | |||||||
Financing activities | |||||||||
Proceeds from exercise of stock options | 23 | 204 | |||||||
Repurchase of common stock | — | (570 | ) | ||||||
Tax withholdings related to net share settlements of restricted stock units | (1,256 | ) | (1,313 | ) | |||||
Net cash used in financing activities | (1,233 | ) | (1,679 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | 65 | (184 | ) | ||||||
Net decrease in cash and cash equivalents | (4,814 | ) | (6,740 | ) | |||||
Cash and cash equivalents, at beginning of period | 21,349 | 18,721 | |||||||
Cash and cash equivalents, at end of period | $ | 16,535 | $ | 11,981 | |||||
Supplemental disclosure of cash flow information | |||||||||
Income taxes paid (received), net | $ | 910 | $ | (549 | ) | ||||
Condensed Consolidated Segment Summary | |||||||||
(in thousands, except percentages) | |||||||||
(unaudited) | |||||||||
Three Months Ended | |||||||||
2016 | 2015 | ||||||||
Revenue: | |||||||||
Automotive | $ | 30,267 | $ | 31,743 | |||||
Advertising | 6,545 | 4,851 | |||||||
Mobile Navigation | 5,415 | 7,467 | |||||||
Total revenue | 42,227 | 44,061 | |||||||
Cost of revenue: | |||||||||
Automotive | 18,545 | 18,521 | |||||||
Advertising | 3,526 | 2,995 | |||||||
Mobile Navigation | 1,405 | 1,871 | |||||||
Total cost of revenue | 23,476 | 23,387 | |||||||
Gross profit: | |||||||||
Automotive | 11,722 | 13,222 | |||||||
Advertising | 3,019 | 1,856 | |||||||
Mobile Navigation | 4,010 | 5,596 | |||||||
Total gross profit | $ | 18,751 | $ | 20,674 | |||||
Gross margin: | |||||||||
Automotive | 39 | % | 42 | % | |||||
Advertising | 46 | % | 38 | % | |||||
Mobile Navigation | 74 | % | 75 | % | |||||
Total gross margin | 44 | % | 47 | % | |||||
Unaudited Reconciliation of Non-GAAP Adjustments | |||||||||||||||||
(in thousands) | |||||||||||||||||
Reconciliation of Revenue to Billings | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Automotive | Advertising | Mobile Navigation | Total | ||||||||||||||
Revenue | $ | 30,267 | $ | 6,545 | $ | 5,415 | $ | 42,227 | |||||||||
Adjustments: | |||||||||||||||||
Change in deferred revenue | 5,113 | — | (71 | ) | 5,042 | ||||||||||||
Billings | $ | 35,380 | $ | 6,545 | $ | 5,344 | $ | 47,269 | |||||||||
Three Months Ended | |||||||||||||||||
Automotive | Advertising | Mobile Navigation | Total | ||||||||||||||
Revenue | $ | 31,743 | $ | 4,851 | $ | 7,467 | $ | 44,061 | |||||||||
Adjustments: | |||||||||||||||||
Change in deferred revenue | 3,817 | — | 24 | 3,841 | |||||||||||||
Billings | $ | 35,560 | $ | 4,851 | $ | 7,491 | $ | 47,902 | |||||||||
Reconciliation of Deferred Revenue to Increase (Decrease) in Deferred Revenue | |||||||||||||||||||||||||||||
Reconciliation of Deferred Costs to Increase (Decrease) in Deferred Costs | |||||||||||||||||||||||||||||
Automotive | Advertising | Mobile Navigation | Total | ||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months
Ended | ||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||
Deferred revenue, | $ | 27,266 | $ | 9,009 | $ — | $ — | $ | 1,145 | $ | 1,660 | $ | 28,411 | $ | 10,669 | |||||||||||||||
Deferred revenue, | 22,153 | 5,192 | — | — | 1,216 | 1,636 | 23,369 | 6,828 | |||||||||||||||||||||
Increase (decrease) in deferred revenue | $ | 5,113 | $ | 3,817 | $ — | $ — | $ | (71 | ) | $ | 24 | $ | 5,042 | $ | 3,841 | ||||||||||||||
Deferred costs, | $ | 14,933 | $ | 5,814 | $ — | $ — | $ — | $ — | $ | 14,933 | $ | 5,814 | |||||||||||||||||
Deferred costs, | 12,076 | 3,141 | — | — | — | — | 12,076 | 3,141 | |||||||||||||||||||||
Increase in deferred costs | $ | 2,857 | $ | 2,673 | $ — | $ — | $ — | $ — | $ | 2,857 | $ | 2,673 | |||||||||||||||||
Unaudited Reconciliation of Non-GAAP Adjustments | |||||||||
(in thousands) | |||||||||
Reconciliation of Net Loss to Adjusted EBITDA | |||||||||
Three Months Ended | |||||||||
2016 | 2015 | ||||||||
Net loss | $ | (9,335 | ) | $ | (10,846 | ) | |||
Adjustments: | |||||||||
Stock-based compensation expense | 2,541 | 3,087 | |||||||
Depreciation and amortization expense | 637 | 1,069 | |||||||
Other income (expense), net | (296 | ) | 187 | ||||||
Provision (benefit) for income taxes | (395 | ) | 113 | ||||||
Adjusted EBITDA | $ | (6,848 | ) | $ | (6,390 | ) | |||
Reconciliation of Net Loss to Free Cash Flow | |||||||||||
Three Months Ended | |||||||||||
2016 | 2015 | ||||||||||
Net loss | $ | (9,335 | ) | $ | (10,846 | ) | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Increase in deferred revenue (1) | 5,042 | 3,841 | |||||||||
Increase in deferred costs (2) | (2,857 | ) | (2,673 | ) | |||||||
Changes in other operating assets and liabilities | (1,909 | ) | (1,067 | ) | |||||||
Other adjustments (3) | 3,370 | 4,876 | |||||||||
Net cash used in operating activities | (5,689 | ) | (5,869 | ) | |||||||
Less: Purchases of property and equipment | (394 | ) | (242 | ) | |||||||
Free cash flow | $ | (6,083 | ) | $ | (6,111 | ) | |||||
(1) Consists of royalties, customized software development 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. | |||||||||||
Unaudited Reconciliation of Non-GAAP Adjustments | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Non-GAAP metrics for the Advertising segment and the combined Automotive and Mobile Navigation segments | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
GAAP Consolidated | Non-GAAP Consolidated | Non-GAAP Advertising | Automotive (1) | Mobile Navigation (1) | Non-GAAP Automotive and Mobile Navigation (1) | |||||||||||||||||||||||
Revenue | $ | 42,227 | $ | 6,545 | $ | 30,267 | $ | 5,415 | $ | 35,682 | ||||||||||||||||||
Cost of revenue | 23,476 | 3,526 | 18,545 | 1,405 | 19,950 | |||||||||||||||||||||||
Gross profit | 18,751 | 3,019 | $ | 11,722 | $ | 4,010 | 15,732 | |||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||
Research and development | 18,018 | 1,173 | (2 | ) | 16,845 | |||||||||||||||||||||||
Sales and marketing | 5,268 | 2,470 | (2 | ) | 2,798 | |||||||||||||||||||||||
General and administrative | 5,491 | 463 | (3 | ) | 5,028 | |||||||||||||||||||||||
Total operating expenses | 28,777 | 4,106 | 24,671 | |||||||||||||||||||||||||
Loss from operations | (10,026 | ) | (1,087 | ) | (8,939 | ) | ||||||||||||||||||||||
Other income (expense), net | 296 | — | (4 | ) | 296 | |||||||||||||||||||||||
Loss before benefit from income taxes | (9,730 | ) | (1,087 | ) | (8,643 | ) | ||||||||||||||||||||||
Benefit from income taxes | (395 | ) | — | (5 | ) | (395 | ) | |||||||||||||||||||||
Net loss | $ | (9,335 | ) | $ | (9,335 | ) | $ | (1,087 | ) | $ | (8,248 | ) | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Stock-based compensation expense | 2,541 | 199 | 2,342 | |||||||||||||||||||||||||
Depreciation and amortization expense | 637 | 52 | 585 | |||||||||||||||||||||||||
Other income (expense), net | (296 | ) | — | (4 | ) | (296 | ) | |||||||||||||||||||||
Benefit from income taxes | (395 | ) | — | (5 | ) | (395 | ) | |||||||||||||||||||||
Adjusted EBITDA | $ | (6,848 | ) | $ | (836 | ) | $ | (6,012 | ) | |||||||||||||||||||
(1) Automotive and mobile navigation segments share many of the same technologies and resources. Accordingly, we are unable to fully attribute the operating expenses, other income (expense), net and provision (benefit) for income taxes to one segment versus the other. | ||||||||||||||||||||||||||||
For purposes of calculating the Non-GAAP net loss attributable to the advertising segment: | ||||||||||||||||||||||||||||
(2) These expenses represent research and development and sales and marketing costs directly attributable to the advertising segment. | ||||||||||||||||||||||||||||
(3) These expenses represent actual general and administrative costs directly attributable to the advertising segment as well as an allocation of certain shared corporate costs that directly benefit the advertising segment such as accounting and human resource services. | ||||||||||||||||||||||||||||
(4) Expenses or income cannot be directly allocated to the advertising segment. | ||||||||||||||||||||||||||||
(5) Benefit from income taxes relates primarily to the automotive and mobile navigation segments. | ||||||||||||||||||||||||||||
Unaudited Reconciliation of Non-GAAP Adjustments | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Non-GAAP metrics for the Advertising segment and the combined Automotive and Mobile Navigation segments | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
GAAP Consolidated | Non-GAAP Consolidated | Non-GAAP Advertising | Automotive (1) | Mobile Navigation (1) | Non-GAAP Automotive and Mobile Navigation (1) | |||||||||||||||||||||||
Revenue | $ | 44,061 | $ | 4,851 | $ | 31,743 | $ | 7,467 | $ | 39,210 | ||||||||||||||||||
Cost of revenue | 23,387 | 2,995 | 18,521 | 1,871 | 20,392 | |||||||||||||||||||||||
Gross profit | 20,674 | 1,856 | $ | 13,222 | $ | 5,596 | 18,818 | |||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||
Research and development | 17,987 | 1,479 | (2 | ) | 16,508 | |||||||||||||||||||||||
Sales and marketing | 6,998 | 3,830 | (2 | ) | 3,168 | |||||||||||||||||||||||
General and administrative | 6,235 | 541 | (3 | ) | 5,694 | |||||||||||||||||||||||
Total operating expenses | 31,220 | 5,850 | 25,370 | |||||||||||||||||||||||||
Loss from operations | (10,546 | ) | (3,994 | ) | (6,552 | ) | ||||||||||||||||||||||
Other income (expense), net | (187 | ) | — | (4 | ) | (187 | ) | |||||||||||||||||||||
Loss before benefit from income taxes | (10,733 | ) | (3,994 | ) | (6,739 | ) | ||||||||||||||||||||||
Provision for income taxes | 113 | — | (5 | ) | 113 | |||||||||||||||||||||||
Net loss | $ | (10,846 | ) | $ | (10,846 | ) | $ | (3,994 | ) | $ | (6,852 | ) | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Stock-based compensation expense | 3,087 | 322 | 2,765 | |||||||||||||||||||||||||
Depreciation and amortization expense | 1,069 | 453 | 616 | |||||||||||||||||||||||||
Other income (expense), net | 187 | — | (4 | ) | 187 | |||||||||||||||||||||||
Provision for income taxes | 113 | — | (5 | ) | 113 | |||||||||||||||||||||||
Adjusted EBITDA | $ | (6,390 | ) | $ | (3,219 | ) | $ | (3,171 | ) | |||||||||||||||||||
(1) Automotive and mobile navigation segments share many of the same technologies and resources. Accordingly, we are unable to fully attribute the operating expenses, other income (expense), net and provision (benefit) for income taxes to one segment versus the other. | ||||||||||||||||||||||||||||
For purposes of calculating the Non-GAAP net loss attributable to the advertising segment: | ||||||||||||||||||||||||||||
(2) These expenses represent research and development and sales and marketing costs directly attributable to the advertising segment. | ||||||||||||||||||||||||||||
(3) These expenses represent actual general and administrative costs directly attributable to the advertising segment as well as an allocation of certain shared corporate costs that directly benefit the advertising segment such as accounting and human resource services. | ||||||||||||||||||||||||||||
(4) Expenses or income cannot be directly allocated to the advertising segment. | ||||||||||||||||||||||||||||
(5) Provision for income taxes relates primarily to the automotive and mobile navigation segments. |
Unaudited Reconciliation of Non-GAAP Adjustments | ||||||||||
(in thousands, except per share amounts) | ||||||||||
Reconciliation of Net Loss to Non-GAAP Net Loss | ||||||||||
Three Months Ended | ||||||||||
2016 | 2015 | |||||||||
Net loss | $ | (9,335 | ) | $ | (10,846 | ) | ||||
Adjustments: | ||||||||||
Developed technology amortization expense | 259 | 708 | ||||||||
Stock-based compensation expense: | ||||||||||
Cost of revenue | 29 | 32 | ||||||||
Research and development | 1,490 | 1,458 | ||||||||
Sales and marketing | 494 | 840 | ||||||||
General and administrative | 528 | 757 | ||||||||
Total stock-based compensation expense | 2,541 | 3,087 | ||||||||
Tax effect of adding back adjustments | — | — | ||||||||
Non-GAAP net loss | $ | (6,535 | ) | $ | (7,051 | ) | ||||
Non-GAAP net loss per share | ||||||||||
Basic and diluted | $ | (0.15 | ) | $ | (0.17 | ) | ||||
Weighted average shares used in computing non-GAAP net loss per share | ||||||||||
Basic and diluted | 42,838 | 40,601 | ||||||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses | ||||||||||
Three Months Ended | ||||||||||
2016 | 2015 | |||||||||
Operating expenses | $ | 28,777 | $ | 31,220 | ||||||
Adjustments: | ||||||||||
Stock-based compensation expense | (2,512 | ) | (3,055 | ) | ||||||
Non-GAAP operating expenses | $ | 26,265 | $ | 28,165 | ||||||
Investor Relations Contact:Source:Cynthia Hiponia orErin Rheaume The Blueshirt Group for Telenav, Inc. 408-990-1265 IR@telenav.com
News Provided by Acquire Media