- Fourth Quarter Revenue Grew 26% Year-Over-Year
- Full Year 2015 Revenue Grew 7% Year-Over-Year
- Automotive and Mobile Advertising Revenue Combined Represented 82% of Total Revenue in the Fourth Quarter
SUNNYVALE, Calif., July 30, 2015 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Telenav, Inc. (NASDAQ:TNAV), please note that in the second financial table ("Condensed Consolidated Statements of Operations"),"5,059" ("Three Months Ended June 30, 2015" column; "Cost of revenue:" / "Services" row), should be "5,659". The corrected release follows:
Telenav®, Inc. (NASDAQ:TNAV), a leader in location-based platform services, today announced its financial results for the fourth quarter and the fiscal year that ended June 30, 2015.
"We had another solid quarter, driven by our two major growth areas, automotive and location-based mobile advertising which combined represented 82% of total revenue," said HP Jin, chairman and CEO of Telenav. "We also achieved an important milestone in fiscal 2015, growing our total annual revenue 7% year-over-year, the first year of growth after two consecutive years of declines. We enter fiscal 2016 focused on maintaining this steady growth and continuing to manage our costs."
"We are very excited about today's announcement of a strategic partnership with Toyota," continued Jin. "With 3 of the top 5 global automotive OEMs as our partners, we have established a stronger foundation towards our goal of building the world's largest global network of connected cars."
Financial Highlights
- Revenue for the fourth quarter of fiscal year 2015 was $43.2 million, compared with $42.3 million in the third quarter of fiscal year 2015 and $34.4 million in the fourth quarter of fiscal year 2014. Revenue for fiscal year 2015 was $160.2 million, compared with $150.3 million in fiscal year 2014.
- Deferred revenue as of June 30, 2015 was $6.8 million, compared with $5.4 million as of March 31, 2015, and $2.4 million as of June 30, 2014.
- Automotive revenue was $30.0 million, or 70 percent of total revenue, for the fourth quarter of fiscal year 2015, compared with $29.5 million, or 70 percent of total revenue, in the third quarter of fiscal year 2015 and $18.0 million, or 52 percent of total revenue, in the fourth quarter of fiscal year 2014. Automotive revenue for fiscal year 2015 was $103.1 million, or 64 percent of total revenue, compared with $75.2 million, or 50 percent of total revenue, in fiscal year 2014.
- Mobile advertising revenue was $5.2 million, or 12 percent of total revenue, for the fourth quarter of fiscal year 2015, compared with $4.0 million, or 10 percent of total revenue, for the third quarter of fiscal year 2015, and $3.8 million, or 11 percent of total revenue, for the fourth quarter of fiscal year 2014. Mobile advertising revenue for fiscal year 2015 was $17.9 million, or 11 percent of total revenue, compared with $11.7 million, or 8 percent of total revenue, for fiscal year 2014.
- GAAP net loss for the fourth quarter of fiscal year 2015 was ($7.6) million, or ($0.19) per diluted share, compared with a GAAP net loss of ($4.8) million, or ($0.12) per diluted share, in the third quarter of fiscal year 2015 and a GAAP net loss of ($18.0) million, or ($0.46) per diluted share, for the fourth quarter of fiscal year 2014. GAAP net loss for fiscal year 2015 was ($23.1) million, or ($0.58) per diluted share, compared with ($29.5) million, or ($0.76) per diluted share, for fiscal year 2014.
- Adjusted EBITDA for the fourth quarter of fiscal year 2015 was a ($5.5) million loss adjusted for the impact of stock-based compensation expense, depreciation, amortization, interest income, other income (expense), (benefit) provision for income taxes, and other items such as restructuring costs, compared with a ($4.7) million loss in the third quarter of fiscal year 2015 and a ($7.4) million loss in the fourth quarter of fiscal year 2014. For fiscal year 2015, adjusted EBITDA was ($20.5) million compared with ($12.1) million for fiscal year 2014.
- Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $119.9 million, and Telenav had no debt as of June 30, 2015. This represented cash, cash equivalents and short-term investments of $2.96 per share, based on 40.5 million shares of outstanding common stock as of June 30, 2015.
Recent Business Highlights
- In July 2015, Telenav and Toyota announced a partnership for brought-in navigation services where Scout® GPS Link by Telenav will be available first in the 2016 Toyota Tacoma, as well as other Entune™ Audio Plus equipped 2016 Toyota vehicles in the United States.
- In July 2015, Douglas Miller was appointed to the Board of Directors and to serve on the Audit and Compensation Committees of the Board.
- In June 2015, Telenav launched a new voice chat feature within its free Scout mobile application, allowing users more options to communicate with friends while navigating on the go.
Business Outlook
For the quarter ending September 30, 2015, Telenav offers the following guidance, which is predicated on management's judgments.
- Total revenue is expected to be $44 to $46 million;
- Automotive revenue is expected to be 72 to 74 percent of total revenue;
- Mobile advertising revenue is expected to be 11 to 12 percent of total revenue;
- GAAP gross margin is expected to be approximately 45 percent;
- Non-GAAP gross margin is expected to be approximately 46.5 percent, and represents GAAP gross margin adjusted for the add back of the amortization of capitalized software and developed technology of approximately $700,000;
- GAAP operating expenses are expected to be $32 to $33 million;
- Non-GAAP operating expenses are expected to be $28.5 to $29.5 million, and represent GAAP operating expenses adjusted for the impact of approximately $3.5 million of stock-based compensation expense;
- Estimated provision (benefit) for income taxes will be de minimis;
- GAAP net loss is expected to be ($11) to ($12) million;
- GAAP diluted net loss per share is expected to be ($0.27) to ($0.29);
- Non-GAAP net loss is expected to be ($7) to ($8) million, and represents GAAP net loss adjusted for the add back of the tax-effected impact of approximately $3.5 million of stock-based compensation expense, and approximately $700,000 of capitalized software and developed technology amortization expenses;
- Non-GAAP diluted net loss per share is expected to be ($0.17) to ($0.19) and represents GAAP net loss per share adjusted for the add back of the tax effected impact of approximately $3.5 million of stock-based compensation expense, and approximately $700,000 of capitalized software and developed technology amortization expenses;
- Adjusted EBITDA is expected to be ($7) to ($8) million, and represents GAAP net loss adjusted for the impact of approximately $3.5 million of stock-based compensation expense, and approximately $1 million of depreciation and amortization expenses, interest income, other income (expense), and benefit from income taxes; and
- Weighted average diluted shares outstanding are expected to be approximately 41 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. Telenav undertakes no obligation to update or revise any financial forecast or other forward looking statements, as a result of new developments or otherwise.
Conference Call
The company will host an investor conference call and live webcast at 2:00 p.m. PT (5:00 p.m. ET) today. To access the conference call, dial 888-481-2844 (toll-free, domestic only) or 719-325-2354 (domestic and international toll) and enter pass code 5993370. The webcast will be accessible on Telenav's investor relations website at http://investor.telenav.com. A replay of the conference call will be available for two weeks beginning approximately two hours after its completion. To access the replay, dial 888-203-1112 (toll-free, domestic only) or 719-457-0820 (domestic and international toll) and enter pass code 5993370.
Segment Reporting
Prior to July 1, 2014, Telenav reported on and operated its business as a single segment: location-based platform services. Commencing July 1, 2014, Telenav began to report its revenue and cost of revenues in three segments: automotive, advertising, and mobile navigation. Telenav has conformed all prior period segment information to the current period presentation for comparative purposes.
Use of Non-GAAP Financial Measures
Telenav prepares its financial statements in accordance with generally accepted accounting principles for the United States, or GAAP. The non-GAAP financial measures such as non-GAAP net income (loss), non-GAAP net income (loss) per share, non-GAAP gross margin, non-GAAP operating expenses, and adjusted EBITDA included in this press release are different from those otherwise presented under GAAP.
Telenav has provided these measures in addition to GAAP financial results because management believes these non-GAAP measures help provide a consistent basis for comparison between periods that are not influenced by certain non-cash or other charges and therefore are helpful in understanding Telenav's underlying operating results. These non-GAAP measures are some of the primary measures Telenav's management uses for planning and forecasting. These measures are not in accordance with, or an alternative to, GAAP and these non-GAAP measures may not be comparable to information provided by other companies.
Non-GAAP net income (loss), non-GAAP gross margin, and non-GAAP operating expenses exclude the impact of stock-based compensation expense, capitalized software and developed technology amortization expenses, and other items such as changes in valuation allowance on certain deferred tax assets, and restructuring costs, net of taxes or tax benefits, as applicable to each non-GAAP financial metric. 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 Telenav. While we include the dilutive impact of such equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP financial metrics. Capitalized software amortization expense represents internal software costs that are previously capitalized and charged to expense as the software is used in our operations. Developed technology amortization expense relates to the amortization of acquired intangible assets. Changes in valuation allowance on deferred tax assets represent changes in the realization of the underlying assets. Tax benefits represent impact from change in tax accounting method and amended tax return. Restructuring costs represent recognition of the estimated amount of costs associated with restructuring activities. Our non-GAAP tax rate differs from the GAAP tax rate due to the elimination of any tax effect of stock-based compensation expenses, restructuring costs, and other items that are being eliminated to arrive at the non-GAAP net income (loss).
Adjusted EBITDA measures our GAAP net income (loss) excluding the impact of stock-based compensation expense, depreciation, amortization, interest income, other income (expense), provision (benefit) for income taxes, and other items such as restructuring costs. 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.
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.
Forward Looking Statements
This press release contains forward-looking statements that are based on Telenav management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning Telenav's reliance on automotive and advertising revenue, Telenav's future return to profitability and Telenav's goals related to connected cars; actual events or results may differ materially from those described in this document due to a number of risks and uncertainties. These potential risks and uncertainties include, among others; Telenav's ability to develop and implement products for General Motors ("GM") and Toyota and to support GM and Toyota and their customers; adoption by vehicle purchasers of Scout for Cars; Telenav's dependence on a limited number of auto manufacturers and original equipment manufacturers ("OEM") for a substantial portion of its revenue; Telenav's ability to develop and implement products for Ford's Sync 3 system; automotive manufacturers, automotive OEM, and consumer acceptance of Scout; Telenav's success in achieving additional design wins from OEM and automotive manufacturers and the delivery dates of automobiles including Telenav's products; Telenav's ability to grow and scale its advertising through the retention of additional, productive sales personnel, new advertising sales and technology delivery; Telenav incurring losses; competition from other market participants who may provide comparable services to subscribers without charge; Telenav's short history in the automotive navigation market and the advertising market; the timing of new product releases and vehicle production by Telenav's automotive customers, including inventory procurement and fulfillment; Telenav's ability to develop and support products including OSM, as well as transition existing navigation products to OSM and any economic benefit anticipated from the use of OSM versus proprietary map products; the potential that we may not be able to realize our deferred tax assets and may have to take a reserve against them; Telenav's ability to qualify for tax refunds and credits; and macroeconomic and political conditions in the US and abroad, in particular China. We discuss these risks in greater detail in "Risk factors" and elsewhere in our Form 10-Q for the three months ended March 31, 2015 and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at the SEC's website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date made. You should review our SEC filings carefully and with the understanding that our actual future results may be materially different from what we expect.
About Telenav, Inc.
Telenav is a leading provider of location-based platform services. These services consist of our map and navigation platform and our advertising delivery platform. Our map and navigation platform allows Telenav to deliver enhanced location-based services to developers, auto manufacturers and end users through various distribution channels, including wireless carriers. Our advertising delivery platform delivers highly targeted advertising services leveraging our location expertise. Follow us on Twitter, on Facebook and on Google+.
Copyright 2015 Telenav, Inc. All Rights Reserved.
"Telenav," "Scout," and the Telenav and Scout logos are registered trademarks of Telenav, Inc. 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.
TNAV-F
TNAV-C
Media Contact:
Kristen Berry
650-691-7318
telenav@airfoilgroup.com
Investor Relations Contact:
Cynthia Hiponia or Erin Rheaume
The Blueshirt Group for Telenav, Inc.
408-990-1265
IR@telenav.com
Telenav, Inc. | ||
Condensed Consolidated Balance Sheets | ||
(in thousands, except par value) | ||
June 30, 2015 | June 30, 2014 * | |
Assets | (unaudited) | |
Current assets: | ||
Cash and cash equivalents | $ 18,721 | $ 14,534 |
Short-term investments | 101,195 | 122,315 |
Accounts receivable, net of allowances of $211 and $206, at June 30, 2015 and 2014, respectively | 36,493 | 25,762 |
Deferred income taxes | 327 | 784 |
Restricted cash | 4,878 | 5,995 |
Income taxes receivable | 6,080 | 6,932 |
Prepaid expenses and other current assets | 4,288 | 9,491 |
Total current assets | 171,982 | 185,813 |
Property and equipment, net | 7,126 | 8,814 |
Deferred income taxes, non-current | 443 | 550 |
Goodwill and intangible assets, net | 37,528 | 40,733 |
Other assets | 6,843 | 3,931 |
Total assets | $ 223,922 | $ 239,841 |
Liabilities and stockholders' equity | ||
Current liabilities: | ||
Accounts payable | $ 830 | $ 502 |
Accrued compensation | 9,628 | 12,874 |
Accrued royalties | 9,358 | 3,671 |
Other accrued expenses | 10,918 | 12,343 |
Deferred revenue | 2,109 | 2,381 |
Income taxes payable | 724 | 804 |
Total current liabilities | 33,567 | 32,575 |
Deferred rent, non-current | 4,858 | 7,129 |
Deferred revenue, non-current | 4,719 | 55 |
Other long-term liabilities | 4,595 | 7,677 |
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; 40,537 and 39,462 shares issued and outstanding at June 30, 2015 and 2014, respectively | 41 | 40 |
Additional paid-in capital | 140,406 | 129,278 |
Accumulated other comprehensive (loss) income | (1,540) | 576 |
Retained earnings | 37,276 | 62,511 |
Total stockholders' equity | 176,183 | 192,405 |
Total liabilities and stockholders' equity | $ 223,922 | $ 239,841 |
* Derived from audited consolidated financial statements as of and for the year ended June 30, 2014 |
Telenav, Inc. | ||||
Condensed Consolidated Statements of Operations | ||||
(in thousands, except per share amounts) | ||||
Three Months Ended June 30, |
Fiscal Year Ended June 30, |
|||
2015 | 2014 | 2015 | 2014* | |
(unaudited) | (unaudited) | |||
Revenue: | ||||
Product | $ 29,476 | $ 17,400 | $ 100,768 | $ 72,747 |
Services | 13,710 | 16,985 | 59,471 | 77,566 |
Total revenue | 43,186 | 34,385 | 160,239 | 150,313 |
Cost of revenue: | ||||
Product | 16,793 | 9,564 | 55,270 | 36,775 |
Services | 5,659 | 5,815 | 23,514 | 24,066 |
Total cost of revenue | 22,452 | 15,379 | 78,784 | 60,841 |
Gross profit | 20,734 | 19,006 | 82,172 | 89,472 |
Operating expenses: | ||||
Research and development | 17,058 | 16,020 | 68,060 | 60,573 |
Sales and marketing | 7,200 | 8,829 | 26,975 | 33,138 |
General and administrative | 6,014 | 6,708 | 23,606 | 26,176 |
Restructuring costs | 163 | 3,581 | 1,150 | 4,412 |
Total operating expenses | 30,435 | 35,138 | 119,791 | 124,299 |
Loss from operations | (9,701) | (16,132) | (38,336) | (34,827) |
Interest income | 254 | 345 | 990 | 1,299 |
Other (expense) income, net | (1,060) | (116) | 1,277 | (11) |
Loss from continuing operations before (benefit) provision for income taxes | (10,507) | (15,903) | (36,069) | (33,539) |
(Benefit) provision for income taxes | (2,871) | 2,078 | (13,006) | (4,015) |
Net loss | $ (7,636) | $ (17,981) | $ (23,063) | $ (29,524) |
Net loss per share | ||||
Basic | $ (0.19) | $ (0.46) | $ (0.58) | $ (0.76) |
Diluted | $ (0.19) | $ (0.46) | $ (0.58) | $ (0.76) |
Weighted average shares used in computing net loss per share | ||||
Basic | 40,376 | 39,082 | 39,991 | 38,796 |
Diluted | 40,376 | 39,082 | 39,991 | 38,796 |
* Derived from audited consolidated financial statements as of and for the year ended June 30, 2014 |
Telenav, Inc. | ||
Condensed Consolidated Statements of Cash Flows | ||
(in thousands) | ||
Fiscal Year Ended June 30, | ||
2015 | 2014* | |
(unaudited) | ||
Operating activities | ||
Net loss | $ (23,063) | $ (29,524) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 5,239 | 6,759 |
Accretion of premium, net on short-term investments | 1,318 | 3,500 |
Stock-based compensation expense | 11,428 | 11,535 |
Changes in valuation allowance on deferred tax assets | (778) | 7,398 |
Loss on disposal of property and equipment | 73 | 112 |
Write-off of long term investments | 1,302 | 250 |
Bad debt expense | 33 | 132 |
Excess tax benefit from employee stock options | -- | 310 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (10,764) | 2,477 |
Deferred income taxes | 1,343 | (4,095) |
Income taxes receivable | 852 | -- |
Restricted cash | 1,117 | (3,327) |
Prepaid expenses and other current assets | 5,203 | (5,248) |
Other assets | (2,162) | (649) |
Accounts payable | 328 | (1,331) |
Accrued compensation | (3,246) | 3,612 |
Accrued royalties | 5,687 | (6,162) |
Accrued expenses and other liabilities | (4,699) | (2,645) |
Income taxes payable | (80) | 398 |
Deferred rent | (1,219) | (1,354) |
Deferred revenue | 4,392 | (4,701) |
Net cash used in operating activities | (7,696) | (22,553) |
Investing activities | ||
Purchases of property and equipment | (1,208) | (1,053) |
Purchases of short-term investments | (113,144) | (66,350) |
Purchases of long-term investments | (2,500) | (600) |
Proceeds from sales and maturities of short-term investments | 132,528 | 106,585 |
Proceeds from sales of long-term investments | 376 | 795 |
Acquisitions, net of cash acquired | -- | (19,245) |
Net cash provided by investing activities | 16,052 | 20,132 |
Financing activities | ||
Proceeds from exercise of stock options | 4,412 | 896 |
Tax withholdings related to net share settlements of restricted stock units | (3,103) | (1,570) |
Repurchase of common stock | (3,780) | (7,899) |
Excess tax benefit from employee stock options | -- | (310) |
Net cash used in financing activities | (2,471) | (8,883) |
Effect of exchange rate changes in cash and cash equivalents | (1,698) | 51 |
Net increase (decrease) in cash and cash equivalents | 4,187 | (11,253) |
Cash and cash equivalents, at beginning of period | 14,534 | 25,787 |
Cash and cash equivalents, at end of period | $ 18,721 | $ 14,534 |
Supplemental disclosure of cash flow information | ||
Income taxes paid, net | $ (10,754) | $ 255 |
* Derived from audited consolidated financial statements as of and for the year ended June 30, 2014 |
Telenav, Inc. | ||||
Condensed Consolidated Segment Summary | ||||
(in thousands, except percentages) | ||||
Three Months Ended June 30, |
Fiscal Year Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
(unaudited) | (unaudited) | |||
Revenue: | ||||
Auto | $ 30,049 | $ 18,002 | $ 103,100 | $ 75,153 |
Ads | 5,215 | 3,846 | 17,941 | 11,699 |
Mobile Navigation | 7,922 | 12,537 | 39,198 | 63,461 |
Total revenue | 43,186 | 34,385 | 160,239 | 150,313 |
Cost of revenue: | ||||
Auto | 17,102 | 9,778 | 56,319 | 37,136 |
Ads | 3,182 | 2,193 | 11,710 | 7,012 |
Mobile Navigation | 2,168 | 3,408 | 10,755 | 16,693 |
Total cost of revenue | 22,452 | 15,379 | 78,784 | 60,841 |
Gross profit: | ||||
Auto | 12,947 | 8,224 | 46,781 | 38,017 |
Ads | 2,033 | 1,653 | 6,231 | 4,687 |
Mobile Navigation | 5,754 | 9,129 | 28,443 | 46,768 |
Total gross profit | $ 20,734 | $ 19,006 | $ 81,455 | $ 89,472 |
Gross margin: | ||||
Auto | 43% | 46% | 45% | 51% |
Ads | 39% | 43% | 35% | 40% |
Mobile Navigation | 73% | 73% | 73% | 74% |
Total gross margin | 48% | 55% | 51% | 60% |
Telenav, Inc. | ||||
Unaudited Reconciliation of Non-GAAP Adjustments | ||||
(in thousands, except per share amounts and percentages) | ||||
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss |
||||
Three Months Ended June 30, |
Fiscal Year Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
GAAP net loss | $ (7,636) | $ (17,981) | $ (23,063) | $ (29,524) |
Adjustments: | ||||
Benefit for income taxes due to changes in tax accounting method and amended tax returns | -- | -- | (4,061) | -- |
Restructuring costs | 163 | 3,581 | 1,150 | 4,412 |
Capitalized software and developed technology amortization expenses | 753 | 923 | 3,275 | 3,588 |
Change in valuation allowance against deferred tax asset | (778) | 7,398 | (778) | 7,398 |
Stock-based compensation expense: | ||||
Cost of revenue | 32 | 17 | 98 | 100 |
Research and development | 1,407 | 1,287 | 5,275 | 4,490 |
Sales and marketing | 750 | 1,083 | 2,943 | 3,306 |
General and administrative | 680 | 1,127 | 3,112 | 3,639 |
Total stock-based compensation expense | 2,869 | 3,514 | 11,428 | 11,535 |
Tax effect of adding back adjustments | (215) | (2,101) | (840) | (4,248) |
Non-GAAP net loss | $ (4,844) | $ (4,666) | $ (12,889) | $ (6,839) |
Non-GAAP net loss per share | ||||
Basic | $ (0.12) | $ (0.12) | $ (0.32) | $ (0.18) |
Diluted | $ (0.12) | $ (0.12) | $ (0.32) | $ (0.18) |
Weighted average shares used in computing non-GAAP net loss per share | ||||
Basic | 40,376 | 39,082 | 39,991 | 38,796 |
Diluted | 40,376 | 39,082 | 39,991 | 38,796 |
Telenav, Inc. | ||||
Unaudited Reconciliation of Non-GAAP Adjustments | ||||
(in thousands, except per share amounts and percentages) | ||||
Reconciliation of GAAP Net Loss to Adjusted EBITDA | ||||
Three Months Ended June 30, |
Fiscal Year Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
GAAP net loss | $ (7,636) | $ (17,981) | $ (23,063) | $ (29,524) |
Adjustments: | ||||
Restructuring costs | 163 | 3,581 | 1,150 | 4,412 |
Stock-based compensation expense | 2,869 | 3,514 | 11,428 | 11,535 |
Depreciation and amortization expenses | 1,185 | 1,640 | 5,239 | 6,759 |
Interest income | (254) | (345) | (990) | (1,299) |
Other expense (income), net | 1,060 | 116 | (1,277) | 11 |
(Benefit) provision for income taxes | (2,869) | 2,078 | (13,004) | (4,015) |
Adjusted EBITDA | $ (5,484) | $ (7,397) | $ (20,519) | $ (12,121) |
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses | ||||
Three Months Ended June 30, |
Fiscal Year Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
GAAP operating expenses | $ 30,435 | $ 35,138 | $ 119,791 | $ 124,299 |
Adjustments: | ||||
Restructuring costs | (163) | (3,581) | (1,150) | (4,412) |
Stock-based compensation expense | (2,837) | (3,497) | (11,330) | (11,435) |
Non-GAAP operating expenses | $ 27,435 | $ 28,060 | $ 107,311 | $ 108,452 |
Telenav, Inc. | ||||||||
Unaudited Reconciliation of Non-GAAP Adjustments | ||||||||
(in thousands, except percentages) | ||||||||
Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin | ||||||||
Auto | Ads | Mobile Navigation | Total | |||||
Three Months Ended June 30, |
Three Months Ended June 30, |
Three Months Ended June 30, |
Three Months Ended June 30, |
|||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
GAAP gross margin | 43% | 46% | 39% | 43% | 73% | 73% | 48% | 55% |
Adjustments: | ||||||||
Capitalized software and developed technology amortization expenses | 1% | 1% | 8% | 11% | 0% | 2% | 2% | 3% |
Non-GAAP gross margin | 44% | 47% | 47% | 54% | 73% | 75% | 50% | 58% |
Auto | Ads | Mobile Navigation | Total | |||||
Fiscal Year Ended June 30, |
Fiscal Year Ended June 30, |
Fiscal Year Ended June 30, |
Fiscal Year Ended June 30, |
|||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
GAAP gross margin | 45% | 51% | 35% | 40% | 73% | 74% | 51% | 60% |
Adjustments: | ||||||||
Capitalized software and developed technology amortization expenses | 1% | 0% | 9% | 15% | 1% | 2% | 2% | 2% |
Non-GAAP gross margin | 46% | 51% | 44% | 55% | 74% | 76% | 53% | 62% |