TeleNav (TNAV) Tops Q3 EPS by 1c, Revenues Beat

TeleNav (NASDAQ: TNAV) reported Q3 EPS of ($0.02), $0.01 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $64.5 million versus the consensus estimate of $62.48 million.

Financial highlights for the third quarter ended March 31, 2020

• Total revenue for the third quarter of fiscal 2020 was $64.5 million, an increase of 33% compared with $48.5 million in the third quarter of fiscal 2019. Product revenue for the third quarter of fiscal 2020 was $52.1 million, an increase of 25% compared with $41.7 million in the third quarter of fiscal 2019. Services revenue for the third quarter of fiscal 2020 was $12.4 million, an increase of 82% compared with $6.8 million in the third quarter of fiscal 2019.
• GAAP gross profit was $29.0 million in the third quarter of fiscal 2020, an increase of 37% compared with $21.1 million in the third quarter of fiscal 2019.
• Billings, a non-GAAP measure, for the third quarter of fiscal 2020 were $63.5 million, a decrease of 2% compared with $64.6 million in the third quarter of fiscal 2019.
• GAAP loss from continuing operations for the third quarter of fiscal 2020 was $(1.2) million, compared with $(5.9) million in the third quarter of fiscal 2019.
• GAAP net loss for the third quarter of fiscal 2020 was $(0.7) million, compared with $(7.5) million for the third quarter of fiscal 2019.
• Adjusted EBITDA, a non-GAAP measure, for the third quarter of fiscal 2020 was $1.6 million, compared with a loss of $(3.3) million for the third quarter of fiscal 2019.
• Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $123.7 million as of March 31, 2020, an increase of $24.3 million compared with $99.5 million as of June 30, 2019. This represented cash, cash equivalents and short-term investments of $2.62 per share, based on approximately 47.3 million shares of common stock outstanding as of March 31, 2020. Telenav had no debt as of March 31, 2020.
• Telenav repurchased approximately 926,000 shares in the third quarter of fiscal 2020 for approximately $5.3 million.

“Telenav executed well in a challenging economic environment, driving strong financial results,” said HP Jin, Chairman and CEO of Telenav. “We responded to the pandemic quickly to maintain productivity of our staff and maintain engineering schedules. We also maintained operational discipline and managed costs, thereby positioning the company to win deals that will emerge as the growth of connected vehicles opens new OEM opportunities.”

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

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