TeleNav (TNAV) Misses Q3 EPS by 3c, Revenues Beat; Offers Q4 Revenue Outlook

TeleNav (NASDAQ: TNAV) reported Q3 EPS of ($0.16), $0.03 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $53.1 million versus the consensus estimate of $51.01 million.

Financial highlights for the third quarter ended Mar. 31, 2019

• Total revenue for the third quarter of fiscal 2019 was $53.1 million, an increase of 14% compared with $46.4 million in the third quarter of fiscal 2018.
• Billings for the third quarter of fiscal 2019 were $69.1 million, an increase of 18% compared with $58.7 million in the third quarter of fiscal 2018.
• Gross profit was $23.4 million in the third quarter of fiscal 2019, an increase of 8% compared with $21.7 million in the third quarter of fiscal 2018. Automotive gross profit was $19.4 million in the third quarter of fiscal 2019, an increase of 12% compared with $17.3 million in the third quarter of fiscal 2018.
• Net loss for the third quarter of fiscal 2019 was $(7.5) million, a 48% improvement compared with $(14.5) million for the third quarter of fiscal 2018.
• Adjusted cash flow from operations (formerly referred to as adjusted EBITDA on billings) for the third quarter of fiscal 2019 was $4.2 million, an $8.3 million improvement compared with $(4.1) million in the third quarter of fiscal 2018.
• Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $86.5 million as of Mar. 31, 2019, an increase of $0.6 million compared to the Dec. 31, 2018 balance of $85.9 million. This total represented cash, cash equivalents and short-term investments of $1.89 per share, based on 45.6 million shares of common stock outstanding as of Mar. 31, 2019. Telenav had no debt as of Mar. 31, 2019.
• During the third quarter, the company repurchased 221,333 shares of its common stock in the open market at an average cost of $5.89 per share.

“On a year-over-year basis, we grew revenue and billings, reduced our quarterly net loss by more than $7 million to $(7.5) million, and achieved positive adjusted cash flow from operations, a non-GAAP measure, of more than $4 million during the third quarter of 2019,” said HP Jin, Chairman and CEO of Telenav. “Our financial performance reflects strong growth in our automotive business, our operating leverage and our strong product offering.”

GUIDANCE:

TeleNav sees Q4 2019 revenue of $51-54 million, versus the consensus of $53.89 million.

For earnings history and earnings-related data on TeleNav (TNAV) click here.

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