Telenav, Inc.

CIK:0001474439|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 65,854	$ 73,875	$ 135,450	$ 140,504
Cost of revenue:
Total cost of revenue	38,128	33,722	78,211	70,573
Gross profit	27,726	40,153	57,239	69,931
Operating expenses:
Research and development	18,528	19,717	37,514	40,380
Sales and marketing	1,677	2,134	3,673	4,080
General and administrative	9,448	6,428	15,960	13,715
Total operating expenses	29,653	28,279	57,147	58,175
Income (loss) from operations	(1,927)	11,874	92	11,756
Other income, net	521	596	1,235	1,157
Income (loss) from continuing operations before provision (benefit) for income taxes	(1,406)	12,470	1,327	12,913
Provision (benefit) for income taxes	(67)	205	(53)	616
Equity in net (income) of equity method investees	(1,279)	(797)	(1,895)	(797)
Income (loss) from continuing operations	(60)	13,062	3,275	13,094
Discontinued operations:
Income from operations of Advertising business, net of tax	0	0	0	832
Loss from sale of Advertising business	0	(56)	0	(4,874)
Loss on discontinued operations	0	(56)	0	(4,042)
Net income (loss)	$ (60)	$ 13,006	$ 3,275	$ 9,052
Basic income (loss) per share:
Income (loss) from continuing operations (in dollars per share)	$ (0.00)	$ 0.27	$ 0.07	$ 0.27
Loss on discontinued operations (in dollars per share)	0	0	0	(0.08)
Net income (loss) (in dollars per share)	(0.00)	0.27	0.07	0.19
Diluted income (loss) per share:
Income (loss) from continuing operations (in dollars per share)	(0.00)	0.27	0.07	0.27
Loss on discontinued operations (in dollars per share)	0	0	0	(0.08)
Net income (loss) (in dollars per share)	$ (0.00)	$ 0.27	$ 0.07	$ 0.18
Weighted average shares used in computing income (loss) per share:
Basic (in shares)	47,825	48,475	47,526	48,127
Diluted (in shares)	47,825	48,821	48,151	49,257
Stock-based compensation expense included in continuing operations above:
Total stock-based compensation expense	$ 2,640	$ 1,478	$ 5,497	$ 3,230
Cost of revenue
Stock-based compensation expense included in continuing operations above:
Total stock-based compensation expense	22	13	41	29
Research and development
Stock-based compensation expense included in continuing operations above:
Total stock-based compensation expense	1,603	623	3,433	1,718
Sales and marketing
Stock-based compensation expense included in continuing operations above:
Total stock-based compensation expense	308	190	677	325
General and administrative
Stock-based compensation expense included in continuing operations above:
Total stock-based compensation expense	707	652	1,346	1,158
Product
Revenue:
Total revenue	53,449	61,543	110,258	117,533
Cost of revenue:
Total cost of revenue	31,098	26,434	63,628	58,423
Services
Revenue:
Total revenue	12,405	12,332	25,192	22,971
Cost of revenue:
Total cost of revenue	$ 7,030	$ 7,288	$ 14,583	$ 12,150

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income (loss)	$ 3,275,000	$ 9,052,000
Loss on discontinued operations	0	4,042,000
Income from continuing operations	3,275,000	13,094,000
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Stock-based compensation expense	5,497,000	3,230,000
Depreciation and amortization	1,426,000	1,856,000
Operating lease amortization, net of accretion	1,727,000	1,321,000
Accretion of net premium on short-term investments	170,000	75,000
Unrealized gain on non-marketable equity investments	0	(62,000)
Equity in net (income) of equity method investees	(1,895,000)	(797,000)
Other	(346,000)	(1,000)
Changes in operating assets and liabilities:
Accounts receivable	(9,160,000)	25,835,000
Deferred income taxes	154,000	(409,000)
Deferred costs	9,280,000	(1,961,000)
Prepaid expenses and other current assets	(514,000)	(3,992,000)
Other assets	(406,000)	21,000
Trade accounts payable	19,874,000	(15,054,000)
Accrued expenses and other liabilities	(5,755,000)	3,945,000
Income taxes payable	(258,000)	130,000
Operating lease liabilities	(1,673,000)	(1,754,000)
Deferred revenue	(11,449,000)	9,036,000
Net cash provided by operating activities	9,947,000	34,513,000
Investing activities
Purchases of property and equipment	(155,000)	(1,078,000)
Purchases of short-term investments	(10,703,000)	(54,439,000)
Purchase of long-term investments	(6,733,000)	(3,500,000)
Proceeds from sales and maturities of short-term investments	24,550,000	24,067,000
Proceeds from sales of long-term investments	447,000	0
Net cash provided by (used in) investing activities	7,406,000	(34,950,000)
Financing activities
Proceeds from exercise of stock options	67,000	8,306,000
Tax withholdings related to net share settlements of restricted stock units	(1,114,000)	(1,148,000)
Proceeds from issuance of common stock under employee stock purchase plan	1,204,000	0
Repurchase of common stock	(1,630,000)	(4,019,000)
Net cash provided by (used in) financing activities	(1,473,000)	3,139,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash	899,000	(85,000)
Net increase in cash, cash equivalents and restricted cash, continuing operations	16,779,000	2,617,000
Net cash used in discontinued operations	0	(3,975,000)
Cash, cash equivalents and restricted cash, beginning of period	22,012,000	29,225,000
Cash, cash equivalents and restricted cash, end of period	38,791,000	27,867,000
Supplemental disclosure of cash flow information
Income taxes paid, net	503,000	1,279,000
Non-cash investing: Investment in inMarket Media, LLC acquired in exchange for sale of Advertising business	0	15,600,000
Cash flows from discontinued operations:
Net cash used in operating activities	0	(3,569,000)
Net cash used in financing activities	0	(406,000)
Net cash transferred from continuing operations	0	3,975,000
Net change in cash and cash equivalents from discontinued operations	0	0
Cash and cash equivalents of discontinued operations, beginning of period	0	0
Cash and cash equivalents of discontinued operations, end of period	0	0
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets
Total cash, cash equivalents and restricted cash	$ 38,791,000	$ 27,867,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 37,252	$ 20,518
Short-term investments	75,739	90,315
Accounts receivable, net of allowances of $34 and $5 at December 31, 2020 and June 30, 2020, respectively	44,026	34,542
Restricted cash	1,539	1,494
Deferred costs	20,697	26,121
Prepaid expenses and other current assets	4,893	4,505
Total current assets	184,146	177,495
Property and equipment, net	3,154	4,319
Operating lease right-of-use assets	8,435	7,067
Deferred income taxes, non-current	1,463	1,515
Goodwill	14,255	14,255
Deferred costs, non-current	50,825	54,548
Other assets	43,641	34,552
Total assets	305,919	293,751
Current liabilities:
Trade accounts payable	32,172	12,291
Accrued expenses	30,776	36,210
Operating lease liabilities	3,539	2,786
Deferred revenue	32,816	37,973
Income taxes payable	473	715
Total current liabilities	99,776	89,975
Operating lease liabilities, non-current	5,857	5,191
Deferred revenue, non-current	95,182	100,970
Other long-term liabilities	688	645
Commitments and contingencies	0	0
Stockholders’ equity:
Preferred stock, $0.001 par value: 50,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.001 par value: 600,000 shares authorized; 48,000 and 47,342 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively	48	47
Additional paid-in capital	196,796	192,170
Accumulated other comprehensive loss	(330)	(477)
Accumulated deficit	(92,098)	(94,770)
Total stockholders’ equity	104,416	96,970
Total liabilities and stockholders’ equity	$ 305,919	$ 293,751