November Announcement Telenav 7 th Q1 FY20Earnings , 2019 © 2019
carefullyandthe with understanding thatactualfuture results may be materiallydifferent from what forward availableatSEC’sthe website at elsewherein Formits 10 macroeconomic andpolitical conditions in U.S.the abroad,and inparticular China. reporting;the impact on revenuerecognition andotherreporting financial due toamendment the of contracts or changesin ac to realizedeferred its tax and assetsmay have to take areserve againstthem; Telenav’s automotive customers, inventoryincluding procurementandfulfillment; possible warranty claims, impactandthe on consumer p participantswho may provide comparableto services subscriberswithout charge; timing theof new productreleases vehicland customers for awardsandcontracts on productsin and which services Telenav’s vehiclesin their such as Apple CarPlay and Android Auto; produce vehicles; reductionsin demandfor automobiles;potential impacts of automobile manufacturersandones tier including andones tier for a substantialportion of revenueits impactandthe of labor stoppageson those automobile manufacturers’a including of GM’s announcementregarding Google Automotive Services; extendingcontractsits for currentandnew generation of productswith existingits automobile manufacturersandtier ones, sedans in North America over theterm; near impact the of tariffs on sales of automobilesin United the States andothermark GM andToyota andto supportFord, ToyotaGM and andtheircustomers; the impactof Ford’s recentannouncement regarding the of information currentlyavailable tomanagement. its supplementalThis investor presentationcontains forward Forward risks uncertainties.and potentialThese risks anduncertainties include,among others: - looking looking statementsrepresent management’s beliefs as only of and assumptions thedate made. You review should thecompan ability to performability Amazoninitiativeswith underits Microsoft and fromand benefit thepotentialinitiatives; thatthose to acquireability certification for automobile contractualSPICEand other obligations customers;with failureto reach agre Telenav’s products; adoptionby vehicle purchasers of Scout GPS Link; - looking Statements - K for the fiscal year endedJune30, 2019 and otherfilingsthe with U.S. Securities andExchange Commi www.sec.gov . uncertainties,youGiven these relianceplaceundue not on forward should these Actual eventsActual or results may differ materiallyfrom those describedin this - Telenav’s looking statementsthatare on based Telenav’s continuedreporting of andlosses operating expenses in excess of expectations; Telenav ability toability achieve designadditionalwins anddelivery the dates of automobiles Telenav’s has expendedhas resources developing;competition from other market Telenav’s Telenav relianceautomobile on its manufacturersfor volume androyalty dependenceon limiteda number of automobile manufacturers Telenav’s discussesthese risks in greaterdetail in“Risk Factors” and Telenav abilityto developandimplement products for Ford, Telenav management’sbeliefs assumptionsand andon expect. par ets nd documentdue to cou - e p ssion (“SEC”), whichare ssion (“SEC”), ticularlyFord; impactthe looking statements. Also, Telenav ; co tier ones’to ability erc Telenav’s roductionby ntingstandards; and eli mpetitivecapabilities em eption of eptionof brand;its mination of various entwith y’s SEC filings may not be able successin a number Telenav’s 2 © 2019
effort. of and reconciliations provision (benefit).Accordingly, lossdiluted tax share per value as well of fair future asmarket the costs, stock forward presentation, investorIn this supplemental by its busi of cash (usedin) amount generatedthe about investorsand providesthat management usefulto information measure cash flow is Free a non as manner in samethe results our operating evaluating and understanding others in and investors forperiod can provide a useful measure EBITDA in calculating adjusted develop short to and its annual approve budget and prepare to trends, and performance operating core ofa profitability, used is EBITDA loss. measure a measurewhile also Adjusted a key EBITDA, generally can representAdjusted in which s represent contingencies and settlements Legalconsultants. and directors, its employees, to granted awards equity incentive acquisition and mergerand contingencies and applicable settlements aslegaland such items other taxes, (benefit)income for Adjusted EBITDAGAAP measuresloss net adjusted for discontinued operations the impactofstock and excluding with calculated in accordance revenuebillingsto limitations specific how relateand by providing they information regarding difficult. Ac companies more similar financial report making comparisons betweencompanies that measures,from peer different additional period content customers, for and, support certain customer provisioning monitoring, ashosting, ofsuch services brought certain billings to related example,For periods. service contracted overprovided GAAP. with have that n First, billings calculated accordance amounts ofin include billings userevenue the related to versus Telenav of componentsitsso results, operating company As fees the are earned. engineering customized solutions softwarewhereby customized costs costs primarily include deferred Such costs. deferred in related the similarhas a change provided the of presentation applicable the of p end the to beginning the fromrevenue in deferred plus change the Billingsrecognized GAAP equals revenue GAAP historical the to resultsnon To reconcile non to, alternative GAAPthese or and an with, accordance are helpful understanding in non believestheseaddition GAAP to financial management because results are differe cash flowinvestorfree in and this presentation included supplemental EBITDA,adjusted costs, deferred in change Telenav Use ofNon - considers billings to be a useful metric for management and investors because billings drive revenue and deferred revenue, wh revenue, deferredbillingsand revenue becauseinvestorsdriveand for billings a management be considersusefulto metric GAAP. or States, United the principles for accounting accepted with generally itsin financial accordance prepares statements looking looking non Telenav - based compensation and tax provision (benefit), which are components of these non these of components which provision aretax (benefit), and compensation based is a party or the indemnitor of a party. M&A transaction expenses relate primarily suc primarily associated with transactions, relate costs to expenses transaction of a M&A party. is indemnitor the a or party - GAAP financial measures to the corresponding GAAP measures due to the high variability variability high difficulty the and to GAAPmeasuresdue GAAP in corresponding mak financial the to measures - GAAP financial measure Telenav’s - underlying operating results. These non Theseresults. operating underlying Telenav Telenav’s GAAP Financial Measures Telenav - GAAP financial metrics, please refer to the reconciliations in the financial financial reconciliations GAAPin to the tab the financial please refermetrics, Telenav believes these metrics arebelieves usefulmetrics in theseevaluating cash flows. common stock, all of which is difficult to predict and subject to constant change. The actual willitemsactual amounts hav of these The change. all constant common stock, of to issubject and which difficult predict to has provided guidance for the second quarter of fiscal 2020 on a a non on of fiscalquarter 2020 second the for provided has guidance defines as net cash provided by (used in) operating activities, less purchases of property and equipment. and lesspurchases property of operating activities,(usedas by in) defines cash provided net - GAAP measures may not be comparable to information provided by c other by provided information GAAP to be comparable not measuresmay - to - period period comparisons of - GAAP measures help provide a consistent basisGAAP a provide consistenthelp forcompa measures - GAAP measures are some of measures GAAP primary the are some measures Telenav’s - forward in in solutions be fully recogniz cannot - Telenav’s GAAP financial measures. - enters into enters Telenav’s looking looking non - and long and core business. Accordingly, business.Accordingly, core management and board of directors. board and management more hybrid and brought and hybrid more - GAAP financial measures to the corresponding GAAP measures are not available without unreasonable GAAPunreasonable areavailable not GAAP without measuresfinancial to corresponding the measures - - based compensation term operational operational term - GAAP basis forbillings EBITDA.adjusted and ot ass les included presentation. les in investor included this supplemental In particular, particular, stockIn GA and nt nt by yet been recognized as revenue or cost and may require additional costs be additional servicesor require to may costand or as revenue been recognized yet ett ed as revenue ed , , o ociated with third party content and certain development costs associated with itsassociated with costs developmentcertain and content party third with ociated eri AP. from those otherwise presented under GAAP. under presented those otherwisefrom Telenav’s of Stock tax. net expenses,r transaction M&A, lements, offers made to settle, or loss accruals relating to disputes to lossother or litigation or accruals settle, relating offersmade to lements, associated technology costs. Second, we may may billings calculate is wethat in manner Second, a costs. associated technology cor nes od. In connection with its presentation of the change in deferred revenue, in deferredchange of itsthe presentation with In connection od. Telenav’s ing accurate forecasts and projections with respect to deferred revenue, deferred revenue, to deferred respect with projections and forecasts accurate ing plans. plans. dingly, when dingly, s after purchases of property and equipment. and purchases property of s after T rison between periods that are not influenced by certain items and, therefore, and, itemscertain not by influenced are that periods rison between Telenav ompanies. he non he - expense, depreciation and provisionnet, depreciation expense,(expense) and amortization, other income ic in navigation programs, deferred revenue and deferred costs become larger become costs and deferredrevenue in deferrednavigation programs, h is an important indicator ofare indicator h isits business. an important There management and board of directors to understand and and evaluateto board and understand of directors management In particular, particular, In in in a given h arein not measures for usesand These planning forecasting. management - - as the as the GAAP revenue, financial asbillings, such in deferredchange measures believes that adjusted EBITDA generally provides useful information provides usefulto information generally EBITDA adjusted that believes based Telenav inMarket compensation is impacted by future hiring and needs, hiring retention and future by is impacted compensation period due to requirements for ongoing map updates and and updates for map ongoing requirements to due period Telenav uses this measure, it attempts to compensate forthese compensate to it attempts this usesmeasure, Transaction and the Grab Transaction. Transaction. Transaction Grab the and believes that the exclusion of the expenses eliminated expenses the of exclusion the that believes Telenav Telenav considers free cash flow to be a liquidity cash a be liquidity flowto considers free Telenav e does not provide reconciliations reconciliations of doesprovide not these - based compensation expense relates to to relates expense compensation based a significant impact on a on impact significant has provided these measures in in measures provided has these a number of a number Telenav’s limitations Telenav’s Telenav net 3 © 2019
1 3 2 Key Messages Delivered a strong quarter and remained focused on our connected car platform strategy for sustainable growthstrategyforplatformfocused connected car sustainableon remained ourand value andDelivered creat strongquarter a Record high cash position Delivered solid financial results Continued to execute to buildon ourconnected strategy upcar platform momentumfor sustainable growth ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Equity investments made in multiple companies to date of approximately date of to companies multiple in made investments Equity cash balance Current represents $122M ImprovedY/Y productivity Achievedpositivenon first Five Road Intelligence: Commerce &In Car Communication: In SW/Service: Car • • • • • • • - year Investment in Closed a transaction with Investment in InMarket Initiatives with make Continue to progress VIVID,with full our IVI Vehicle(In Infotainment) platform Grew #1 share market connected in US car base position our (IHS) to 16Mand achieved in total total in quarter - high revenuehighquarter – Scale Scale towards stake equity rate; took Q1’20in exclusive $70m+with run annual for partnership car in ads. Moove.AI Motion Auto Amazon& MSFT I Q1 FY20 - end end hand cash on , - , GAAP adjustedEBITDA GAAP inthelast fiveyears with GAAP OPEX startup using AI/ML technology to provide AI/ML technology using road startup safety risk data , an innovative location Grab , with total revenue of $64.5 revenue million,, withtotal up 39% Y/Y of over Half of Current TNAV Current Market Cap of overHalf in Q1’20, a leading transportation company Asia East Q1’20, South in transportation a leading in , to build the ecosystem end experienceto buildecosystem our user to enhance the and value OEMs to (cash,cash equivalents, and short as percent of revenue as percent downof 9pts at 46% - based based insurance company - term investments) term $18M of $0.4M of ion 4 © 2019
Connected Car PlatformConnectedCar Strategy Building strategy ourflywheel Building via momentum focuslaser with growththree on to capitalize engines a +$500B on TAM Margin Expansion Higher with I Build, AcquirePartner& I Build, M R O F T A L P R A C D E T C E N N O C » » V A N E L E T Quality Service Big Data +BigAI Intelligence (LBI) Location Based v 5 v ©— 2019Proprietary and Confidential © 2019
Key Metrics 3 2 1 3 Non 2 periodsall for operations 1 discontinuedfor Adjusted Grew revenue, expanded gross generated margin, cash, and grew base installed GAAP measure - GAAPmeasure Gross Margin % Gross Margin Revenue $64M $77M +44% YoY +44% +2 pts YoY pts +2 YoY+39% Billings 43% 2 3 | Q1FY20 3 6 5 4 1 Adjusted EBITDAAdjusted 46% $0.4M $22M +$4M YoY+$4M - +$22M YoY 9 pts YoY9 pts OPEX FCF 2 of Rev of 3 2 9 8 7 TotalCash on Hand TotalInstalledBase Connected CarsConnected $ +52% YoY +52% YoY +50% +29% YoY+29% 16M 122 26M M 6 © 2019
Services $ Revenue Product $ Revenue Telenav Grew revenue both productexpanding while and grossservices margins Performance Overview Breakdown 1 Adjusted for discontinued operations for all periodsall for operations 1 discontinuedfor Adjusted GAAP areabove measuresAll $9.3 Revenue +39% y/y +38% y/y +47% y/y 55.2 64.5 million million million million Total Company Gross profit of 43% revenue,+2.4 pts y/y $ Gross profit 42% of 42% revenue,+1.1 pts y/y $ 48% of 48% revenue, +10.1 pts y/y $4.4 Gross profit 23.2 27.6 million million million Key Highlights Revenue Mix ➢ ➢ ➢ ➢ ➢ | FY20 Q1 revenue mix Services Q1 FY20 10.1pts Y/Y revenue 47% up $9.3M Y/Y;of Services 48% up GM% of 1.1pts Y/Y Product revenue Y/Y; $55.2M 38% up of 42% up GM% of 2.4pts Y/Y Total revenue 39% up Y/Y; $64.5M of up 43% GM% of margins while expanding arecord revenueDelivered quarter gross business business represented the overall 14% of 1 Services 14% 86% Product 7 © 2019
Five Key - year Financial Metrics - high high Q1 FY19 Q1 FY19 Q1 $46.3 $81.3 in Revenue,in growth significant with across allfinancial reflected metrics Q1 FY20 Q1 FY20 $121.8 $64.5 Revenue ($m) Total Cash on Hand ($m) Adjusted for discontinued operations periods for all operations for discontinued Adjusted short plus Cash equivalents, cash on Hand Total cash, includes Non represent charts Both Adjusted for discontinued operations periods for all operations for discontinued Adjusted non isa Billings a GAAP is measure Revenue | YoY - - GAAP measures GAAP measure - term investments term Q1 FY19 $53.1 Q1 FY19 - $0.7 Q1 FY20 Q1 FY20 $76.6 $21.7 Billings ($m) Free Cash FlowFree ($m) associated with Grab with licensingGrab associated Q1 FY20 includes $12.5M one $12.5M includes FY20 - time billingtime 8 © 2019
Q2 FY20Outlook © 2019
Q2 FY20Outlook Adjusted Adjusted EBITDA Net income/(loss) Operating expenses Gross margin % Billings Revenue November 2019) 7, Guidance (as of All measures above are GAAPexcept denoted bywhere a * (Non * * - GAAP) ($ ($ (dollars in millions) 43% to 45% $29 to $31 $60 to $62 $ 1.5) 4.5) 55 to ($ to ($ to $ 57 3.5) 6.5) 1 0 © 2019
Financial Financial Tables © 2019
Assets Current assets: Property andProperty equipment, net Operating lease right-of-use assets Operating right-of-use lease Deferred income taxes, income non-current Deferred Goodwill and intangible net assets, Deferred costs, non-current costs, Deferred Other Other assets Assets of discontinuednon-current of operations, Assets Cash and cash equivalents Short-term investmentsShort-term Accounts receivable, andallowancesand net of $7 of at 2019 September $7 June30, 30, 2019, respectively 2019, Restricted cash Restricted Deferred costs Deferred Prepaid andexpenses assets current other Assets of discontinuednon-current of operations, Assets Total assets current Total assets $ $ $ $ September 30, September 2019 102,515 202,703 311,228 19,278 52,973 19,416 15,483 58,379 18,977 2,452 4,281 1,788 5,304 9,325 798 259 $ $ $ $ June 30, Condensed Consolidated Balance Sheets Balance Condensed Consolidated 2019 (in thousands,(in par except value) 200,075 297,015 27,275 72,203 69,781 18,752 15,701 61,050 12,194 1,950 3,784 6,330 5,583 1,414 998 - Telenav, Inc. (unaudited) Liabilities and stockholders’ equity and stockholders’ Liabilities Current liabilities: Deferred rent, non-current Deferred Operating lease liabilities, Operatingnon-current liabilities, lease Deferred revenue,Deferred non-current Other long-term liabilities Other long-term Liabilities of discontinuednon-current of operations, Liabilities Commitments andCommitments contingencies Stockholders’ Stockholders’ equity: Preferred stock, $0.001 par value:authorized;shares $0.001 stock, outstanding 50,000 no or issued shares Preferred Common stock, $0.001 par authorized; shares andshares value:Common $0.001 stock, 48,566 46,911 600,000 issued andissued outstanding and respectively at 2019 September June30, 2019, 30, Trade accounts payable Accrued expenses Operating liabilities lease Deferred revenueDeferred Income taxes payable Liabilities of discontinued of operations Liabilities Additional paid-in capital Accumulated comprehensive loss other Accumulated deficit Total equity stockholders’ Total liabilities current Total liabilities Totaland liabilities equity stockholders’ $ $ $ $ September 30, September 2019 105,319 104,184 192,055 311,228 (96,407) 17,804 38,365 43,073 93,968 (1,729) 3,566 1,876 7,011 635 639 107 - 49 — — $ $ $ $ June 30, 2019 12 100,403 103,865 182,349 297,015 (90,279) 16,061 48,899 31,270 90,640 (1,477) 3,373 1,266 800 811 - - 30 47 — — © 2019
Revenue: Cost of revenue: of Cost Gross profit Gross Operating expenses: Loss from operations from Loss Other income, net Other income, Loss from continuing operations before provision for income taxes income provision for continuingbefore from operations Loss Provision for income taxes income for Provision Loss from continuing from operations Loss Discontinued Discontinued operations: Loss on discontinued operations Loss Net loss Net Basic Basic and share: per diluted loss Weighted average used shares in computing basic and per diluted loss share Income (loss) from operations of Advertising of operations from tax business, net of Income (loss) Loss from sale of Advertising of sale from Loss business Loss from continuing from operations Loss Net loss Net Product Services Product Services Research andResearch development Sales Sales and marketing General General and administrative Total revenue Total cost of revenue of Total cost Total operating expenses Condensed Consolidated Statements of Statements Operations Condensed Consolidated (in thousands, amounts)share per (in except Telenav, Inc. (unaudited) $ $ $ $ $ $ $ $ 2019 Three Months Ended 55,183 64,455 31,989 36,851 27,604 20,663 29,896 47,780 (2,292) (1,731) (2,142) (4,818) (3,986) (6,128) September 30, September 9,272 4,862 1,946 7,287 (0.04) (0.13) 561 411 832 $ $ $ $ $ $ $ $ 2018 39,930 46,252 23,588 27,542 18,710 18,492 25,645 45,018 (6,935) (5,345) (6,085) (1,485) (1,485) (7,570) 6,322 3,954 1,703 5,450 1,590 (0.14) (0.17) 740 - 13 © 2019
Operating activities Operating Net loss Net Loss on discontinued operations Loss Loss from continuing from operations Loss Adjustments to reconcile net loss to net cash to provided net loss byAdjustments (used in) operatingreconcile activities: to Stock-based compensation Stock-based expensecompensation Depreciation andDepreciation amortization Operating accretion amortization net of lease Accretion of net premium on short-term investments net premium of on short-term Accretion Unealized gain on non-marketable equity investments Realized loss on non-marketableRealized loss equity investments Other Changes inand operating assets liabilities: Accounts receivable Deferred income taxes income Deferred Deferred costs Deferred Prepaid expenses and Prepaid expenses assets current other Other Other assets Trade payableaccounts Accrued and expenses liabilities other Income taxes payable Deferred rent Deferred Operating liabilities lease Deferred revenueDeferred Net cashNet provided by (used in) operating activities $ $ 2019 Three Months Ended (10,259) 16,653 12,221 22,169 (6,128) (2,142) September 30, September 3,986 1,752 1,979 1,738 (502) (152) (897) 922 544 100 171 - - 12 28 1 $ $ Condensed Consolidated Statements of Statements Cash Flows Condensed Consolidated 2018 (7,570) (6,085) (1,259) (4,381) (2,467) 1,485 2,048 1,010 3,267 6,842 (252) (554) 198 369 149 - - - (35) - 37 5 (in thousands) (in Telenav, Inc. (unaudited) Investing activities Investing Financing activities Financing Supplemental disclosure of cash flow information of cash flow disclosure Supplemental Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated consolidated condensed the cash to ofand cash, cash equivalents restricted Reconciliation balance balance sheets Purchases of property andproperty of Purchases equipment Purchases of short-term investments short-term of Purchases Purchases of long-term investments long-term of Purchases Proceeds from sales and maturities of short-term investments and short-term sales of from maturities Proceeds Proceeds from exercise of stock options stock of exercise from Proceeds Tax withholdings related to net share settlements of restricted stock units stock Tax restricted of withholdings net share settlements to related Effect of exchange of changesrate Effect on cash, cash equivalents cash and restricted Net decrease in cash, decrease cashNet equivalents cash and restricted Net cashNet used in discontinued operation Cash, cash equivalents cash, andbeginning restricted period of Cash, cash equivalents cash, andend period of restricted Income taxes paid, net Non-cash investing: Investment in LLC acquired in Advertisingexchange of sale for business Cash discontinued flowoperations: from Cash and cash equivalents Restricted cash Restricted Total cash, cash equivalents cash and restricted Net cashNet used in operating activities Net cashNet used in financing activities Net cash transferred from continuing from operations cashNet transferred Net changeNet in cash and cash equivalent discontinued operation from Cash and cash equivalent beginning discontinued operations, of period of Cash and cash equivalent end period discontinued operations, of of Net cashNet provided by (used in) investing activities Net cashNet provided by (used in) financing activities $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2019 Three Months Ended (41,418) (32,827) 11,052 29,225 21,730 15,600 19,278 21,730 (2,000) (3,520) (3,975) (3,569) September 30, September 8,306 7,474 3,975 2,452 (461) (832) (336) (406) 739 - - - $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2018 14 (10,624) 10,865 20,099 16,526 13,596 16,526 (1,206) (1,182) (1,833) (1,740) (1,740) 1,740 2,930 (239) 142 166 (99) - - - - - - 24 © 2019
(1) customized software solutions, the costs incurred to develop those solutions. We expect to incur additionalto expect We develop incurred to solutions. those the costs customized software solutions, costs inprovide the to future due requirements costs ongoingto map updates and provisioning such asservices of hosting, monitoring, customer hosting,support additional and,monitoring, customer and customers, content certain period for associated technology technology costs. Deferred revenue,Deferred September 30 Deferred revenue,Deferred June 30 Change revenue in deferred Deferred costs, September 30 costs, Deferred Deferred costs, June 30 costs, Deferred Change costs in deferred Revenue Adjustments: Billings Change revenue in deferred Deferred costs primarily include costs associated with associated primarily includethird-party costs costs and content Deferred within connection certain Reconciliation ofRevenue ChangeDeferred Revenue to Deferred in Reconciliation Reconciliation of Deferred Costs to Change Costs to Deferred in ofCosts Deferred Reconciliation Unaudited Reconciliation of Non-GAAP Adjustments Unaudited Reconciliation (1) Unaudited Reconciliation of Non-GAAP Adjustments Unaudited Reconciliation Reconciliation of Revenue Billings to Reconciliation (in thousands)(in Telenav, Inc. (in thousands)(in Telenav, Inc. $ $ $ $ $ $ $ $ $ $ $ $ 2019 Three Months Ended 2019 64,455 12,122 76,577 September 30, September Three Months Ended 147,257 135,135 12,122 77,795 79,802 (2,007) September 30, September $ $ $ $ $ $ $ $ $ $ $ $ 2018 2018 46,252 53,094 6,842 81,380 74,538 62,806 58,425 6,842 4,381 15 © 2019
Net loss Net Loss on discontinuedLoss operations Loss from continuing from Loss operations Adjustments: Adjusted EBITDA Stock-based compensation expense Depreciation andDepreciation amortization expense Other income, netOther income, Provision for income taxes income for Provision Unaudited Reconciliation of Non-GAAP Adjustments Unaudited Reconciliation Reconciliation of Net Loss to Adjusted to of Loss Net EBITDA Reconciliation (in thousands)(in Telenav, Inc. $ $ $ $ 2019 Three Months Ended (6,128) (2,142) 3,986 1,752 September 30, September (561) 922 411 382 $ $ $ $ 2018 (7,570) (6,085) (1,590) (3,877) 1,485 2,048 1,010 740 16 © 2019
Net loss Net Loss on discontinuedLoss operations Loss from continuing from Loss operations Adjustments to reconcile net loss to net cash to provided net loss Adjustmentsby reconcile (used to in) operating activities: Net cashNet provided by (used in) operating activities Free cash Free flow (1) (2) (3) Change revenue in deferred Change costs in deferred Changes andoperatingin other assets liabilities Other Other adjustments Less: Purchases of property and of Purchases Less: equipment Consists of product royalties, customized software development fees, service fees and customized software developmentfees product service fees. royalties, of subscription fees, Consists Consists primarily andthird of partyConsists costs customized software developmentcontent expenses. Consist primarily of depreciation andprimarily depreciation Consist of amortization, compensation expense stock-based and non-cash other items. (3) (2) (1) Unaudited Reconciliation of Non-GAAP Adjustments Unaudited Reconciliation Reconciliation of Net Loss to Free Cash Flow Free to of Loss Net Reconciliation (in thousands)(in Telenav, Inc. $ $ $ $ 2019 Three Months Ended 12,221 22,169 21,708 (6,128) (2,142) September 30, September 3,986 1,979 6,780 3,331 (461) $ $ $ $ 2018 (7,570) (6,085) (4,381) 1,485 6,842 1,266 1,804 (554) (653) (99) 17 © 2019
