TeleNav (TNAV) Tops Q2 EPS by 21c, Revenues Beat

TeleNav (NASDAQ: TNAV) reported Q2 EPS of $0.13, $0.21 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $67.3 million versus the consensus estimate of $56.14 million.

Financial highlights for the second quarter ended Dec. 31, 2019

• Total revenue for the second quarter of fiscal 2020 was $67.3 million, an increase of 34% compared with $50.2 million in the second quarter of fiscal 2019. Product revenue for the second quarter of fiscal 2020 was $55.4 million, an increase of 31% compared with $42.4 million in the second quarter of fiscal 2019. Services revenue for the second quarter of fiscal 2020 was $12.0 million, an increase of 54% compared with $7.8 million in the second quarter of fiscal 2019.
• GAAP gross profit was $33.6 million in the second quarter of fiscal 2020, an increase of 58% compared with $21.3 million in the second quarter of fiscal 2019.
• Billings, a non-GAAP measure, for the second quarter of fiscal 2020 were $64.4 million, an increase of 14% compared with $56.6 million in the second quarter of fiscal 2019.
• GAAP income from continuing operations for the second quarter of fiscal 2020 was $6.5 million, compared with a loss of $(4.1) million in the second quarter of fiscal 2019. The year-over-year improvement was primarily due to higher revenue and gross profit.
• GAAP net income for the second quarter of fiscal 2020 was $6.5 million, compared with a loss of $(4.6) million for the second quarter of fiscal 2019.
• Adjusted EBITDA, a non-GAAP measure, for the second quarter of 2020 was $7.8 million, compared with a loss of $(1.0) million for the second quarter of 2019.
• Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $129.0 million as of December 31, 2019, an increase of $29.5 million compared with $99.5 million as of June 30, 2019. This represented cash, cash equivalents and short-term investments of $2.68 per share, based on approximately 48.2 million shares of common stock outstanding as of Dec. 31, 2019. Telenav had no debt as of Dec. 31, 2019.

“We delivered another solid quarter achieving a five-year high in revenue, GAAP net income and non-GAAP adjusted EBITDA,” said HP Jin, Chairman and CEO of Telenav. “The large backlog of approximately $1 billion from existing customer engagements provides a solid foundation for the mid-term financial performance. Our first In-Car Commerce win with a Japanese OEM creates further momentum for our three-pillar connected car platform strategy for long-term growth.”

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

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