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Telenav Reports Third Quarter Fiscal 2014 Financial Results

Stocks in this article: TNAV

-Telenav and Ford Extend Agreement Through Calendar Year 2017

- Location-Based Mobile Advertising Gains Momentum with over 50% Quarterly Bookings Growth

SUNNYVALE, Calif., April 24, 2014 (GLOBE NEWSWIRE) -- Telenav®, Inc. (Nasdaq:TNAV), the leader in personalized navigation, today announced its financial results for the third quarter of fiscal 2014 ended March 31, 2014.

"We continue to execute our strategy to invest and drive growth in our automotive and mobile advertising businesses," said HP Jin, chairman and CEO of Telenav. "We are excited to announce today that Ford has extended our agreement through the end of calendar year 2017. Together with our announcement early in the quarter of an additional top 5 largest global automotive manufacturer partnership, we have proven our product leadership in the global connected navigation market and the superior value we deliver for customers.

In our mobile advertising business, we generated robust bookings up over 50% quarter-over-quarter. As we scale this business, we are pleased to have two seasoned advertising industry executives join our growing Thinknear team."

Financial Highlights

  • Revenue for the third quarter of fiscal year 2014 was $34.5 million, compared with $37.2 million in the second quarter of fiscal year 2014 and $55.0 million in the third quarter of fiscal year 2013.
  • Automotive revenue was $18.3 million, or 53 percent of total revenue, for the third quarter of fiscal year 2014, compared with $19.0 million, or 51 percent of total revenue, in the second quarter of fiscal year 2014 and $25.3 million, or 46 percent of total revenue in the third quarter of fiscal year 2013.
  • Mobile advertising revenue was $2.9 million, or 8 percent of total revenue, for the third quarter of fiscal year 2014, flat with the second quarter of fiscal year 2014, and up approximately 200 percent from the third quarter of fiscal year 2013.
  • GAAP net loss for the third quarter of fiscal year 2014 was ($7.6) million, or ($0.19) per diluted share, compared with GAAP net loss of $(4.0) million, or ($0.10) per diluted share, in the second quarter of fiscal year 2014 and GAAP net income of $3.8 million, or $0.09 per diluted share, for the third quarter of fiscal year 2013.
  • Adjusted EBITDA for the third quarter of fiscal year 2014 was ($6.8) million (GAAP net income (loss) adjusted for the impact of stock-based compensation expense, depreciation, amortization, interest income, other income (expense), provision (benefit) for income taxes, and other items such as legal settlements and restructuring costs), compared with ($2.7) million in the second quarter of fiscal year 2014 and $8.8 million in the third quarter of fiscal year 2013.
  • Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $146.0 million, and Telenav had no debt as of March 31, 2014. This represented cash, cash equivalents and short-term investments of $3.73 per share, based on 39.2 million shares of outstanding common stock as of March 31, 2014. In January 2014, Telenav utilized $19.2 million of its cash to complete the acquisition of skobbler.

Recent Business Highlights

  • In April 2014, Telenav and Ford extended their navigation product agreement to December 31, 2017.
  • In April 2014, Telenav updated the Scout® for iPhone app with features not available through other popular navigation apps, including the ability to search ahead for restaurants, coffee shops, or gas stations and easily add these as pit stops on their current route. Additional updates include a personalized dashboard with community-powered suggestions for where to eat and drink based on Scout user favorites, day of week, time of day, and location and an arrival guide with parking suggestions.
  • In April 2014, Telenav announced the appointment of two new Thinknear® mobile advertising executives. Brent Fraser, who has joined as the chief revenue officer and Tom White, as vice president of ad operations and inventory. Fraser most recently served as vice president of global sales for Proxi Digital - a division of Clear Channel - where he focused on digital audio and location-based mobile advertising. White formerly served as vice president of CityGrid Media's publisher network.
  • In January 2014, Telenav announced that it acquired skobbler, provider of the highest rated OpenStreetMap (OSM)-based GPS navigation apps in the world. With this acquisition, Telenav brings the most successful OSM navigation experts in the world together as one team - including the founder of OSM, Steve Coast, who joined Telenav last year.

Due to the sale of the Enterprise business that closed effective April 1, 2013, the results of operations of that business are presented as discontinued operations in Telenav's income statement for all periods as of fiscal 2013. All financial metrics reported exclude discontinued operations relating to the Enterprise business.

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