TeleNav (TNAV) Misses Q4 EPS by 7c, Revenues Miss

TeleNav (NASDAQ: TNAV) reported Q4 EPS of ($0.20), $0.07 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $35.4 million versus the consensus estimate of $44.43 million.

Financial Highlights for the Fourth Quarter Ended June 30, 2020

• Total revenue for the fourth quarter of fiscal 2020 was $35.4 million, a decrease of 32% compared with $51.7 million in the fourth quarter of fiscal 2019. The lower fourth quarter 2020 revenue is primarily attributable to the temporary closure of our customers’ automobile manufacturing plants.
• Services revenue for the fourth quarter of fiscal 2020 was $13.7 million, an increase of 93% compared with $7.1 million in the fourth quarter of fiscal 2019.
• GAAP gross profit for the fourth quarter of fiscal 2020 was $15.0 million, a decrease of 33% compared with $22.5 million in the fourth quarter of fiscal 2019.
• Billings, a non-GAAP measure, for the fourth quarter of fiscal 2020 were $31.1 million, a decrease of 63% compared with $83.0 million in the fourth quarter of fiscal 2019.
• GAAP loss from continuing operations for the fourth quarter of fiscal 2020 was $(9.2) million, compared with $(9.9) million for the fourth quarter of fiscal 2019.
• Adjusted EBITDA, a non-GAAP measure, for the fourth quarter of fiscal 2020 was a loss of $(6.4) million, compared with a loss of $(7.2) million for the fourth quarter of fiscal 2019.
• Ending cash, cash equivalents and short-term investments, excluding restricted cash, were $110.8 million as of June 30, 2020. This represented cash, cash equivalents and short-term investments of $2.34 per share, based on 47.3 million shares of common stock outstanding as of June 30, 2020. Telenav had no debt as of June 30, 2020.

“Telenav drove continued growth in fiscal 2020, increasing revenue 22% from the year before, while controlling expenses, resulting in a $31.6 million decrease in net loss year-on-year, and driving full-year adjusted EBITDA to more than $12 million, an increase of $27.4 million year-on-year. Also, we increased revenue from General Motors by more than 100%, while positioning the company to capitalize on opportunities across the globe,” said HP Jin, Chair and CEO of Telenav. “The pandemic reduced fourth quarter revenue; however, our team has performed very well working remotely in meeting customer commitments on time. The outlook has improved as automobile manufacturers have returned to production to rebuild inventories to meet consumer demand. Our OEM-centric connected-car strategy is instrumental as the market for connected car capabilities expands.”

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

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