Telenav 10-Q 5 Feb 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Dec. 31, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-34720
Entity Registrant Name	TELENAV, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0521800
Entity Address, Address Line One	4655 Great America Parkway, Suite 300
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	245-3800
Title of 12(b) Security	Common stock, $0.001 Par Value per Share
Trading Symbol	TNAV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	47,999,507
Entity Central Index Key	0001474439
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

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

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 34	$ 5
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	48,000,000	47,342,000
Common stock, shares outstanding (in shares)	48,000,000	47,342,000

Condensed Consolidated Statemen

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	$ 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	0.27	0.07	0.19
Diluted income (loss) per share:
Income (loss) from continuing operations (in dollars per share)	0	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	$ 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 Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (60)	$ 13,006	$ 3,275	$ 9,052
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	346	207	706	(103)
Available-for-sale securities:
Unrealized gain (loss) on available-for-sale securities, net of tax	(230)	(15)	(357)	44
Reclassification adjustments for loss on available-for-sale securities recognized, net of tax	(14)	(1)	(202)	(2)
Net increase (decrease) from available-for-sale securities, net of tax	(244)	(16)	(559)	42
Other comprehensive income (loss), net of tax	102	191	147	(61)
Comprehensive income	$ 42	$ 13,197	$ 3,422	$ 8,991

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Continuing Operations	Continuing OperationsAdditional Paid-in Capital	Discontinued Operations	Discontinued OperationsAdditional Paid-in Capital
Beginning balance (in shares) at Jun. 30, 2019		46,911
Beginning balance at Jun. 30, 2019	$ 90,640	$ 47	$ 182,349	$ (1,477)	$ (90,279)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		1,326
Issuance of common stock upon exercise of stock options	8,341	$ 1	8,340
Release of restricted stock units, net of shares withheld for taxes (in shares)		329
Release of restricted stock units, net of shares withheld for taxes	(1,272)	$ 1	(1,273)
Stock-based compensation expense, continuing operations						$ 1,752	$ 1,752	$ 887	$ 887
Foreign currency translation adjustment, net of tax	(310)			(310)
Unrealized loss on available-for-sale securities, net of tax	58			58
Net income (loss)	(3,954)				(3,954)
Ending balance (in shares) at Sep. 30, 2019		48,566
Ending balance at Sep. 30, 2019	96,142	$ 49	192,055	(1,729)	(94,233)
Beginning balance (in shares) at Jun. 30, 2019		46,911
Beginning balance at Jun. 30, 2019	90,640	$ 47	182,349	(1,477)	(90,279)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,052
Ending balance (in shares) at Dec. 31, 2019		48,151
Ending balance at Dec. 31, 2019	106,481	$ 48	190,593	(1,538)	(82,622)
Beginning balance (in shares) at Sep. 30, 2019		48,566
Beginning balance at Sep. 30, 2019	96,142	$ 49	192,055	(1,729)	(94,233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units, net of shares withheld for taxes (in shares)		352
Release of restricted stock units, net of shares withheld for taxes	(317)		(317)
Repurchase of common stock (in shares)		(767)
Repurchase of common stock	(4,019)	$ (1)	(2,623)		(1,395)
Stock-based compensation expense, continuing operations						$ 1,478	$ 1,478
Foreign currency translation adjustment, net of tax	207			207
Unrealized loss on available-for-sale securities, net of tax	(16)			(16)
Net income (loss)	13,006				13,006
Ending balance (in shares) at Dec. 31, 2019		48,151
Ending balance at Dec. 31, 2019	106,481	$ 48	190,593	(1,538)	(82,622)
Beginning balance (in shares) at Jun. 30, 2020		47,342
Beginning balance at Jun. 30, 2020	96,970	$ 47	192,170	(477)	(94,770)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		14
Issuance of common stock upon exercise of stock options	67		67
Release of restricted stock units, net of shares withheld for taxes (in shares)		162
Release of restricted stock units, net of shares withheld for taxes	(359)		(359)
Issuance of common stock under employee stock purchase plan (in shares)		305
Issuance of common stock under employee stock purchase plan	1,204		1,204
Repurchase of common stock (in shares)		(300)
Repurchase of common stock	(1,630)		(1,027)		(603)
Stock-based compensation expense, continuing operations	2,857		2,857
Foreign currency translation adjustment, net of tax	360			360
Unrealized loss on available-for-sale securities, net of tax	(315)			(315)
Net income (loss)	3,335				3,335
Ending balance (in shares) at Sep. 30, 2020		47,523
Ending balance at Sep. 30, 2020	102,489	$ 47	194,912	(432)	(92,038)
Beginning balance (in shares) at Jun. 30, 2020		47,342
Beginning balance at Jun. 30, 2020	$ 96,970	$ 47	192,170	(477)	(94,770)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	14
Net income (loss)	$ 3,275
Ending balance (in shares) at Dec. 31, 2020		48,000
Ending balance at Dec. 31, 2020	104,416	$ 48	196,796	(330)	(92,098)
Beginning balance (in shares) at Sep. 30, 2020		47,523
Beginning balance at Sep. 30, 2020	102,489	$ 47	194,912	(432)	(92,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units, net of shares withheld for taxes (in shares)		477
Release of restricted stock units, net of shares withheld for taxes	(755)	$ 1	(756)
Stock-based compensation expense, continuing operations	2,640		2,640
Foreign currency translation adjustment, net of tax	346			346
Unrealized loss on available-for-sale securities, net of tax	(244)			(244)
Net income (loss)	(60)				(60)
Ending balance (in shares) at Dec. 31, 2020		48,000
Ending balance at Dec. 31, 2020	$ 104,416	$ 48	$ 196,796	$ (330)	$ (92,098)

Condensed Consolidated Statem_4

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

Summary of business and signifi

Summary of business and significant accounting policies	6 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of business and significant accounting policies	Summary of business and significant accounting policies Description of business Telenav, Inc., also referred to in this report as “Telenav,” the “Company,” “we,” “our” or “us,” was incorporated in September 1999 in the State of Delaware. We are a leading provider of automotive software and services providing both in-vehicle and cloud-based solutions. We focus on navigation and location-based services (LBS), where we pioneered many innovations including the market’s first mobile cloud-based navigation service. Navigation and LBS are the primary applications for in-vehicle infotainment (IVI) systems and we are using our strengths and core competencies to address the growing demand for overall connected car services. We provide our connected-car products and services directly to automobile manufacturers, as well as tier-one suppliers. Our fiscal year ends on June 30, and in this report we refer to the fiscal year ended June 30, 2020 as “fiscal 2020” and the fiscal year ending June 30, 2021 as “fiscal 2021.” Commencing July 1, 2019, we operate in a single segment, automotive. Through June 30, 2019, we operated in three segments - automotive, advertising and mobile navigation. In August 2019, we completed the disposition of our digital advertising operations (the "Ads Business") and have presented the results of operations for the Ads Business as discontinued operations for all prior periods presented. See Note 11. Our mobile navigation services business represented less than 5% of total revenue for the three and six months ended December 31, 2020 and 2019 and we expect the business to continue to decline. Our chief executive officer, or CEO, the chief operating decision maker, does not review mobile navigation revenue and cost of revenue separately. As a result, we combine the mobile navigation business with the automotive business in a single segment. Proposed merger On November 2, 2020, we entered into an Agreement and Plan of Merger (as amended on December 17, 2020, and as it may be further amended, supplemented or otherwise modified in accordance with its terms, the “Merger Agreement”) with V99, Inc., a Delaware corporation led by H.P. Jin, President, Co-Founder, Chair of the Board of Directors, President and Chief Executive Officer of Telenav, and Telenav99, Inc., a newly formed Delaware corporation and wholly owned subsidiary of V99 (“Merger Sub”), providing for, subject to the satisfaction or waiver of specified conditions, the acquisition of Telenav by V99. Subject to the terms and conditions of the Merger Agreement, Merger Sub will be merged with and into Telenav (the “Merger”), with Telenav surviving the Merger as a wholly owned subsidiary of Parent. Subject to the satisfaction of closing conditions, the parties expect the Merger to close in February 2021. See Note 13. Basis of presentation The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The condensed consolidated financial statements include the accounts of Telenav, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The financial statements include all adjustments (consisting only of normal recurring adjustments) that our management believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. Our condensed consolidated financial statements also include the financial results of Shanghai Jitu Software Development Ltd., or Jitu, located in China. Based on our contractual arrangements with the shareholders of Jitu, we have determined that Jitu is a variable interest entity, or VIE, for which we are the primary beneficiary and are required to consolidate in accordance with Accounting Standards Codification, or ASC, subtopic 810-10, or ASC 810-10, Consolidation: Overall . The results of Jitu did not have a material impact on our financial statements for the three and six months ended December 31, 2020 and 2019. The condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for fiscal 2020, included in our Annual Report on Form 10-K for fiscal 2020 filed with the U.S. Securities and Exchange Commission, or SEC, on August 21, 2020, which we refer to as the Form 10-K. Significant accounting policies There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our Form 10-K. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions made by us include the determination of revenue recognition and deferred revenue, including estimating and allocating the transaction price of customer contracts, the recoverability of accounts receivable and short-term investments, the determination of the fair value of non-marketable debt and equity investments, the assessment of goodwill for impairment, the fair value of stock-based awards issued, the determination of income taxes and the recoverability of deferred tax assets. Actual results could differ from those estimates. In March 2020, the World Health Organization declared the outbreak of the novel coronavirus first identified in China in late 2019 (COVID-19) as a pandemic, which continues to spread throughout the U.S. and the world. The COVID-19 pandemic and related adverse public health developments have caused and will continue to cause disruption to the economy and our business operations resulting from shelter-at-home orders, quarantines, self-isolations, or other restrictions on the ability of our employees to perform their jobs. For example, our automotive manufacturer partners closed manufacturing plants in response to the COVID-19 pandemic and only re-opened them in the three months ended June 30, 2020 for production in North America and Europe. The extent of the impact of the COVID-19 pandemic on our operational and financial performance will depend on future developments, including the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume, all of which are uncertain and we cannot predict. During the three and six months ended December 31, 2020, this uncertainty resulted in a higher level of judgment related to our estimates and assumptions concerning short-term investments, long-lived assets, non-marketable equity and debt investments, goodwill, and variable consideration related to revenue recognition. We expect uncertainties around our key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our condensed consolidated financial statements. Disaggregation of revenue In order to further depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors, the following table depicts the disaggregation of revenue according to revenue type and pattern of recognition (in thousands): Three Months Ended December 31, Six Months Ended 2020 2019 2020 2019 Product On-board automotive navigation solutions (point in time) (1) $ 53,449 $ 61,543 $ 110,258 $ 117,533 Total product revenue 53,449 61,543 110,258 117,533 Services Brought-in automotive navigation solutions (over time) (2) 9,988 8,787 20,902 15,009 Automotive maintenance and support and other (over time) 542 1,206 632 2,875 Mobile navigation services (over time) 1,875 2,339 3,658 5,087 Total services revenue 12,405 12,332 25,192 22,971 Total revenue $ 65,854 $ 73,875 $ 135,450 $ 140,504 (1) Includes i) royalties earned and recognized at the point in time usage occurs, ii) map updates and iii) customized software development fees. (2) Includes royalties earned and recognized over time from the allocation of transaction price to service obligations for hybrid automotive solutions. Contract assets Contract assets relate to our rights to consideration for performance obligations satisfied but not billed at the reporting date. As of December 31, 2020 and June 30, 2020, we had no contract assets. Deferred costs Changes in the balance of total deferred costs (current and non-current) during the six months ended December 31, 2020 were as follows (in thousands): Deferred Costs Content Development Total Balance, June 30, 2020 $ 73,598 $ 7,071 $ 80,669 Content licensing costs incurred 64,686 — 64,686 Customized software development costs incurred — 1,468 1,468 Less: cost of revenue recognized (73,014) (2,287) (75,301) Balance, December 31, 2020 $ 65,270 $ 6,252 $ 71,522 Concentrations of risk and significant customers Revenue related to products and services provided through Ford Motor Company and affiliated entities, or Ford, comprised 44% and 39% of total revenue for the three months ended December 31, 2020 and 2019, respectively, and comprised 45% and 45% for the six months ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and June 30, 2020, receivables due from Ford were 36% and 39% of total accounts receivable, respectively. Revenue related to products and services provided through General Motors Holdings and its affiliates, or GM, comprised 47% and 31% of total revenue for the three months ended December 31, 2020 and 2019, respectively, and comprised 46% and 28% for the six months ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and June 30, 2020, receivables due from GM were 47% and 44% of total accounts receivable, respectively. Revenue related to products and services provided to affiliates of Grab Holdings, Inc., which, collectively with certain of its affiliates, we refer to as Grab, comprised 19% and 15% of total revenue for the three and six months ended December 31, 2019, respectively. We did not have any revenue related to Grab in the three and six months ended December 31, 2020. See Note 12. Restricted cash As of December 31, 2020 and June 30, 2020, we had restricted cash of $1.5 million on our condensed consolidated balance sheets, comprised primarily of prepayments from a customer. Accumulated other comprehensive loss, net of tax The components of accumulated other comprehensive loss, net of related taxes, and activity as of December 31, 2020, were as follows (in thousands): Foreign Currency Unrealized Total Balance, net of tax as of June 30, 2020 $ (1,834) $ 1,357 $ (477) Other comprehensive income (loss) before reclassifications, net of tax 706 (357) 349 Amount reclassified from accumulated other comprehensive loss, net of tax — (202) (202) Other comprehensive income (loss), net of tax 706 (559) 147 Balance, net of tax as of December 31, 2020 $ (1,128) $ 798 $ (330) The amount of income tax benefit allocated to each component of accumulated other comprehensive loss was not material for the six months ended December 31, 2020. Recent accounting pronouncements not yet adopted There have been no changes in accounting pronouncements during the six months ended December 31, 2020, as compared to the recent accounting pronouncements not yet adopted described in our Form 10-K, that are of significance or potential significance to us.

Net income (loss) per share

Net income (loss) per share	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) per share	Net income (loss) per share Basic income (loss) per share is calculated by dividing income (loss) by the weighted-average number of common shares outstanding for the period. Diluted income (loss) per share is computed by dividing income (loss) by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options, restricted stock units and employee stock purchase plan rights using the treasury-stock method. The following table presents the calculation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended December 31, Six Months Ended 2020 2019 2020 2019 Income (loss) from continuing operations $ (60) $ 13,062 $ 3,275 $ 13,094 Loss on discontinued operations — (56) — (4,042) Net income (loss) $ (60) $ 13,006 $ 3,275 $ 9,052 Shares used to compute basic income (loss) per share 47,825 48,475 47,526 48,127 Dilutive potential common shares: Stock options — — — 112 Restricted stock units — 346 609 1,018 Employee stock purchase plan — — 16 — Shares used to compute diluted income (loss) per share 47,825 48,821 48,151 49,257 Basic income (loss) per share: Income (loss) from continuing operations $ (0.00) $ 0.27 $ 0.07 $ 0.27 Loss on discontinued operations — — — (0.08) Net income (loss) $ (0.00) $ 0.27 $ 0.07 $ 0.19 Diluted income (loss) per share: Income (loss) from continuing operations $ (0.00) $ 0.27 $ 0.07 $ 0.27 Loss on discontinued operations — — — (0.08) Net income (loss) $ (0.00) $ 0.27 $ 0.07 $ 0.18 Potential common stock equivalents not included in the calculation of diluted income (loss) per share as the effect would be anti-dilutive 2,629 2,708 1,992 1,296 A total of 1,495,000 and 800,000 outstanding performance-based restricted stock units as of December 31, 2020 and 2019, respectively, as described further in Note 9, were excluded from the diluted shares calculation above because they are contingently issuable and none of the performance milestones had been met.

Cash, cash equivalents and shor

Cash, cash equivalents and short-term investments	6 Months Ended
	Dec. 31, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Cash, cash equivalents and short-term investments	Cash, cash equivalents and short-term investments Cash and cash equivalents consist of unrestricted cash and highly liquid fixed-income investments with original maturities of three months or less at the time of purchase, including money market funds. Short-term investments consist of readily marketable debt securities with a remaining maturity of more than three months from the date of purchase. Short-term investments are classified as current assets, even though maturities may extend beyond one year, because they represent investments of cash available for operations. We classify all cash equivalents and short-term investments as “available for sale,” as these investments are free of trading restrictions. Marketable debt securities are carried at fair value, with the unrealized gains and losses, net of tax, reported as accumulated other comprehensive income (loss) and included as a separate component of stockholders’ equity. Gains and losses are recognized when realized. When we have determined that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is recognized in earnings. Gains and losses are determined using the specific identification method. We had no material realized gains or losses in the six months ended December 31, 2020 or 2019. Cash, cash equivalents and short-term investments consisted of the following as of December 31, 2020 (in thousands): Description Amortized Unrealized Unrealized Estimated Cash $ 37,056 $ — $ — $ 37,056 Cash equivalents: Money market mutual funds 196 — — 196 Total cash equivalents 196 — — 196 Total cash and cash equivalents 37,252 — — 37,252 Short-term investments: U.S. treasury securities 1,531 19 — 1,550 U.S. agency securities 3,182 32 — 3,214 Asset-backed securities 16,547 282 — 16,829 Municipal securities 8,067 72 — 8,139 Commercial paper 1,250 — — 1,250 Corporate bonds 44,150 607 — 44,757 Total short-term investments 74,727 1,012 — 75,739 Cash, cash equivalents and short-term investments $ 111,979 $ 1,012 $ — $ 112,991 Cash, cash equivalents and short-term investments consisted of the following as of June 30, 2020 (in thousands): Description Amortized Unrealized Unrealized Estimated Cash $ 20,323 $ — $ — $ 20,323 Cash equivalents: Money market mutual funds 195 — — 195 Total cash equivalents 195 — — 195 Total cash and cash equivalents 20,518 — — 20,518 Short-term investments: U.S. treasury securities 3,712 41 — 3,753 U.S. agency securities 5,004 54 — 5,058 Asset-backed securities 20,392 434 — 20,826 Municipal securities 9,464 78 — 9,542 Corporate bonds 50,173 963 — 51,136 Total short-term investments 88,745 1,570 — 90,315 Cash, cash equivalents and short-term investments $ 109,263 $ 1,570 $ — $ 110,833 There were no available-for-sale securities that were in a material unrealized loss position as of December 31, 2020 or June 30, 2020. The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated maturities as of December 31, 2020 (in thousands): Amortized Estimated Due within one year $ 39,068 $ 39,438 Due between one and two years 25,936 26,472 Due between two and three years 9,723 9,829 Total $ 74,727 $ 75,739 Declines in fair value judged to be other-than-temporary on securities available for sale are included as a component of other income, net. In order to determine whether a decline in value is other-than-temporary, we evaluate, among other factors: the duration and extent to which the fair value has been less than the carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair market value. As of December 31, 2020, we did not consider any of our short-term investments to be other-than-temporarily impaired.

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Fair value of financial instruments We measure certain financial instruments at fair value on a recurring basis. We utilize a hierarchy, which consists of three levels, for disclosure of the inputs used to determine the fair value of our financial instruments. Level 1 valuations are based on quoted prices in active markets for identical assets or liabilities. Level 2 valuations are based on inputs that are observable, either directly or indirectly, other than quoted prices included within Level 1. Such inputs used in determining fair value for Level 2 valuations include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 valuations are based upon information that is unobservable and significant to the overall fair value measurement. Where applicable, we use quoted prices in active markets for similar assets to determine fair value of Level 2 short-term investments. If quoted prices in active markets for identical assets are not available to determine fair value, we use quoted prices for similar assets and liabilities or inputs that are observable either directly or indirectly. If quoted prices for identical or similar assets are not available, we use third-party valuations utilizing underlying assets assumptions. All of our cash equivalents and short-term investments are classified within Level 1 or Level 2. The fair values of these financial instruments measured on a recurring basis were determined using the following inputs at December 31, 2020 (in thousands): Fair Value Measurements at December 31, 2020 Using Quoted Prices Significant Significant Description Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 196 $ 196 $ — $ — Total cash equivalents $ 196 $ 196 $ — $ — Short-term investments: U.S. treasury securities 1,550 1,550 — — U.S. agency securities 3,214 — 3,214 — Asset-backed securities 16,829 — 16,829 — Municipal securities 8,139 — 8,139 — Commercial paper 1,250 — 1,250 — Corporate bonds 44,757 — 44,757 — Total short-term investments $ 75,739 $ 1,550 $ 74,189 $ — Warrant to purchase non-marketable equity investment units $ 1,099 $ — $ — $ 1,099 The fair values of our financial instruments were determined using the following inputs at June 30, 2020 (in thousands): Fair Value Measurements at June 30, 2020 Using Quoted Prices Significant Significant Description Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 195 $ 195 $ — $ — Total cash equivalents 195 195 — — Short-term investments: U.S. treasury securities 3,753 3,753 — — U.S. agency securities 5,058 — 5,058 — Asset-backed securities 20,826 — 20,826 — Municipal securities 9,542 — 9,542 — Corporate bonds 51,136 — 51,136 — Total short-term investments $ 90,315 $ 3,753 $ 86,562 $ — Warrant to purchase non-marketable equity investment units $ 713 $ — $ — $ 713 Accretion of net premium on short-term investments totaled $170,000 and $75,000 in the six months ended December 31, 2020 and 2019, respectively. There were no transfers between Level 1 and Level 2 financial instruments in the six months ended December 31, 2020 and 2019. We did not have any financial liabilities measured at fair value on a recurring basis as of December 31, 2020 or June 30, 2020. Non-marketable equity investments Our non-marketable equity securities are investments in privately held companies without readily determinable market values. The carrying value of our non-marketable equity securities is measured at cost and adjusted to fair value for observable transactions for identical or similar investments of the same issuer or impairment (referred to as the measurement alternative). All gains and losses on non-marketable equity securities, realized and unrealized, are recognized in other income, net. Non-marketable equity securities that we remeasure are classified within Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs including volatility, rights, and obligations of the securities we hold. In September 2020, a company in which we held a $200,000 non-marketable equity investment was acquired in an all cash transaction, resulting in a realized gain to us of $247,000. In July 2020, we invested $2.5 million in exchange for Series A-3 redeemable convertible preferred shares representing a less than 20% equity ownership interest in a privately held company. In January 2020, we completed the sale of certain intellectual property and workforce associated with the OpenTerra Platform in exchange for consideration that included a non-marketable equity interest in Grab Holdings, Inc. ordinary shares valued at $6.2 million. See Note 12. Our net unrealized gains from non-marketable equity securities were zero and $62,000 in the six months ended December 31, 2020 and 2019, respectively. The carrying value of our non-marketable equity securities carried at cost and adjusted under the measurement alternative, none of which required remeasurement to fair value, was $9.0 million and $6.7 million at December 31, 2020 and June 30, 2020, respectively. Non-marketable equity investments accounted for under the equity method In August 2019, we completed the disposition of our Ads Business in exchange for a non-marketable equity investment in inMarket Media, LLC, or inMarket, valued at $15.6 million. See Note 11. In assessing the fair value of our investment in inMarket, we made assumptions regarding estimated future cash flows, weighted average cost of capital and timing over which the cash flows will occur, amongst other factors. An investment in a limited liability company such as inMarket that maintains a specific ownership account for each investor is deemed to be similar to an investment in a limited partnership. Accordingly, because we hold more than a 3% to 5% ownership interest in inMarket, we are required to account for our inMarket investment under the equity method of accounting and record our proportionate share of investee earnings each period. In January 2020, we invested $4.0 million in exchange for Series B preferred units and a warrant to purchase additional preferred units in a privately held limited liability company. The warrant expires on the earlier of (i) July 5, 2021, (ii) acceptance of a purchase offer from another entity, or (iii) an initial public offering of the issuer’s common stock. The exercise price of the warrant is variable depending on the achievement of certain performance conditions by the issuer. The warrant meets the definition of a derivative financial instrument. Accordingly, we allocated the $4.0 million cost of the investment first to the fair value of the warrant, with the residual allocated to the preferred units. The fair value of the warrant at issuance was determined to be $448,000, with the remaining $3.6 million allocated to the preferred units. In assessing the fair value of the warrant within Level 3, we utilized a Black-Scholes option pricing model incorporating assumptions regarding probability of achievement of performance conditions, underlying equity value, expected term and risk free rate. The underlying equity used in the option pricing model was determined primarily based on revenue and earnings multiples for comparable companies, amongst other factors. The warrant is accounted for separately and marked to market each reporting period, with any gain or loss reported in other income, net in our condensed consolidated statement of operations. Similar to the inMarket investment, we account for the $3.6 million investment in preferred units under the equity method of accounting because we hold more than a 3% to 5% ownership interest in the investee. We recognized income of $1.3 million and $797,000 related to our proportionate share of investments accounted for under the equity method for the three months ended December 31, 2020 and 2019, respectively, and $1.9 million and $797,000 for the six months ended December 31, 2020 and 2019, respectively. The carrying value of our non-marketable equity investments accounted for under the equity method was $21.8 million and $20.0 million at December 31, 2020 and June 30, 2020, respectively. The warrant mark-to-market adjustment at December 31, 2020 was a gain of $282,000. The carrying value of the warrant was $1.1 million and $713,000 at December 31, 2020 and June 30, 2020, respectively. Non-marketable debt investments In fiscal 2020, we invested $1.5 million and in fiscal 2021 we invested an additional $1.0 million for a total of $2.5 million in the form of a convertible note receivable in a privately held company. The note receivable matures on October 31, 2021 or upon request for payment by a majority of note holders, or otherwise upon a change of control, qualified financing event or event of default involving the privately held company. The note converts to preferred stock or common stock upon certain events as defined, including a qualified preferred stock financing round or a change in control of ownership. Interest accrues annually at 6.5% and is due in full upon maturity. In fiscal 2020, we invested $4.0 million and in July 2020 we invested an additional $3.0 million for a total of $7.0 million in the form of convertible notes receivable in a privately held company. The notes receivable mature upon request for payment by a majority of note holders on or after August 23, 2021, or otherwise upon a change of control, qualified financing event or event of default involving the privately held company. The notes convert to preferred stock or common stock upon certain events as defined, including a qualified preferred stock financing round or a change in control of ownership. Interest accrues annually at 6% and is due in full upon maturity. In fiscal 2020, we invested $417,000 and in July 2020 we invested an additional $90,000 for a total of $507,000 in the form of a convertible note receivable in a privately held company, pursuant to which we agreed to loan up to a total of $710,000. The note receivable matures on March 24, 2021 and is convertible into equity at our discretion. Interest accrues annually at 6% and is due in full upon maturity. The convertible notes are classified as available for sale and are carried at fair value within Level 3. We believe that fair value currently approximates original cost since there have been no significant changes in interest rates, liquidity or the business environment since the date of acquisition of these investments. Any unrealized gains and losses will be reported, net of tax, as accumulated other comprehensive income (loss) and included as a separate component of stockholders’ equity. Gains and losses are recognized when realized and reported in other income, net in our condensed consolidated statement of operations. We did not have any unrealized or realized gains or losses in the three and six months ended December 31, 2020 and 2019. The carrying value of our non-marketable debt investments was $10.0 million and $5.9 million at December 31, 2020 and June 30, 2020, respectively.

Leases

Leases	6 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases We have entered into various non-cancelable office space and other operating leases with original lease periods expiring between 2021 and 2024. These do not contain material variable rent payments, residual value guarantees, covenants or other restrictions. Operating lease costs for the six months ended December 31, 2020 and 2019 were $1.7 million and $1.6 million, respectively. The weighted-average remaining term of our operating leases was 2.5 years and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 5.0% as of December 31, 2020. Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2020 were as follows (in thousands): Fiscal Year 2021 remainder $ 1,749 2022 3,982 2023 3,418 2024 895 2025 — Total lease payments 10,044 Less: imputed interest (648) Total operating lease liabilities $ 9,396

Balance sheet information

Balance sheet information	6 Months Ended
	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Balance sheet information	Balance sheet information Goodwill Goodwill as of December 31, 2020 and June 30, 2020 was $14.3 million. Intangible assets consisted of acquired developed technology, which was fully amortized as of December 31, 2020 and June 30, 2020. Amortization expense related to intangibles was $218,000 and $436,000 for the three and six months ended December 31, 2019, respectively. Other assets Other assets consisted of the following (in thousands): December 31, June 30, Deposits and other assets $ 1,705 $ 1,225 Non-marketable equity investments 8,970 6,670 Warrant to purchase non-marketable equity investment units 1,099 713 Non-marketable equity investments accounted for under the equity method 21,822 20,027 Non-marketable debt investments 10,045 5,917 Total other assets $ 43,641 $ 34,552 Accrued expenses Accrued expenses consisted of the following (in thousands): December 31, June 30, Accrued compensation and benefits $ 11,549 $ 15,117 Accrued royalties 8,162 9,701 Customer overpayments and related reserves 2,645 2,666 Other accrued expenses 8,420 8,726 Total accrued expenses $ 30,776 $ 36,210

Deferred revenue and remaining

Deferred revenue and remaining performance obligations	6 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue and remaining performance obligations	Deferred revenue and remaining performance obligations Deferred revenue Deferred revenue, which is a contract liability, consists primarily of payments received in advance of revenue recognition under our contracts with customers and is recognized upon transfer of control. Changes in the balance of total deferred revenue (current and non-current) during the six months ended December 31, 2020 were as follows (in thousands): Beginning balance, June 30, 2020 $ 138,943 Revenue recognized that was included in beginning balance (36,243) Amount billed, net of revenue recognized that was not included in beginning balance 25,298 Ending balance, December 31, 2020 $ 127,998 The cumulative adjustment as a result of changes in the estimate of the transaction price of customer contracts during the three and six months ended December 31, 2020 was a net increase in revenue recognized of $202,000 and $498,000, respectively. In addition, the amount of revenue recognized in the three and six months ended December 31, 2020 from performance obligations satisfied or partially satisfied in previous periods was $207,000 and $498,000, respectively.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Guarantees and indemnifications Our agreements with our customers generally include certain provisions for indemnifying them against liabilities if our products and services infringe a third party’s intellectual property rights or for other specified matters. We have in the past received, and expect to continue to receive, indemnification requests or notices of their intent to seek indemnification in the future from our customers with respect to specific litigation claims in which our customers have been named as defendants. We have in the past offered to contribute to settlement amounts and incurred legal fees in connection with certain of these indemnity demands. Furthermore, in response to these demands, we may be required to assume control of and bear all costs associated with the defense of our customers in compliance with our contractual commitments. The maximum amount of potential future indemnification is unlimited. We have agreed to indemnify our directors, officers and certain other employees for certain events or occurrences, subject to certain limits, while such persons are or were serving at our request in such capacity, including with respect to claims asserted against them in connection with the Merger. We may terminate the indemnification agreements with these persons upon the termination of their services with us, but termination will not affect claims for indemnification related to events occurring prior to the effective date of termination. The maximum amount of potential future indemnification is unlimited. We have a directors’ and officers’ insurance policy that limits our potential exposure. We believe that any financial exposure related to these indemnification agreements is not material. Other contractual commitments As of December 31, 2020, we had $6.3 million of future minimum non-cancelable financial commitments primarily related to license fees due to certain of our third-party content providers, regardless of usage level. These commitments are primarily due within five years. Contingencies From time to time, we may become involved in legal proceedings, claims and litigation arising in the ordinary course of business. When we believe a loss or a cost of indemnification is probable and which we can reasonably estimate, we accrue our estimate of the loss or cost of indemnification in our condensed consolidated financial statements. Where we cannot determine the outcome of these matters, we do not make a provision in our financial statements until the loss or cost of indemnification, if any, is probable and can be reasonably estimated or the outcome becomes known. We expense legal fees related to these matters as they are incurred. On November 6, 2020, a stockholder complaint was filed in the Court of Chancery of the State of Delaware state court related to the Merger Agreement: George P. Assad, Jr. v. Telenav, Inc., et al., C.A. No. 2020-0950-JTL (Del. Ch.) (filed Nov. 6, 2020) (the “Delaware Action” and such complaint filed in the Delaware Action, the “Delaware Complaint”). The Delaware Complaint was brought by a putative stockholder against Telenav and members of the Telenav Board of Directors and the special committee of Telenav’s Board of Directors, consisting entirely of independent and disinterested directors (the “Special Committee”), and it asserted one count for violation of Section 203 of the Delaware General Corporation Law (“Section 203”). Specifically, the Delaware Complaint alleged that Dr. Jin and/or his affiliated entities reached an “agreement, arrangement or understanding,” as those terms are defined in Section 203, with Samuel Chen and/or his affiliates, prior to Special Committee and Board approval of the Merger, that shares owned by Mr. Chen and/or his affiliates would be voted in favor of the Merger and, therefore, triggered Section 203’s requirement that at least 66 and two-thirds percent of the outstanding stock unaffiliated with Dr. Jin and Mr. Chen vote in favor of the Merger. The Delaware Complaint sought, among other things, an order enjoining the stockholder vote on the Merger. Telenav disputed the Delaware Complaint’s allegations, including the allegation that Dr. Jin and Mr. Chen entered into any “agreement, arrangement, or understanding” with respect to the Merger prior to the Telenav Board of Directors’ approval of the Merger and/or prior to the Board of Directors’ approval of any such “agreement, arrangement, or understanding.” Notwithstanding that, as of the date of this filing, in order to moot the claims asserted in the Delaware Complaint to avoid more costly litigation and delays, Telenav has made it a requirement that the Merger will be conditioned on the affirmative vote of the holders of (i) at least 66 and two-thirds percent of the outstanding shares of common stock not beneficially owned by V99, Merger Sub, H.P. Jin, Samuel Chen, Fiona Chang, Yi-Ting Chen, Yi-Chun Chen, Changbin Wang and Digital Mobile Venture Limited, and any affiliate of the foregoing or trust in which any of the foregoing are a beneficiary (collectively, the “Purchaser Group”), which approval will also serve as a waiver of certain limitations set forth in Section 203 of the DGCL, and (ii) at least a majority of the outstanding shares of common stock, as described in the section of Telenav’s proxy statement in connection with the proposed Merger (the “Proxy Statement”) captioned “The Special Meeting of Telenav’s Stockholders—Votes Required,” and have entered into and filed with the Delaware Court of Chancery a stipulation memorializing that agreement for the purpose of mooting the Delaware Action. As a result of this action, the plaintiff in the Delaware Action agreed to voluntarily dismiss the Delaware Action and accordingly filed a notice of dismissal on December 23, 2020. The Court of Chancery entered the notice of dismissal as an order on December 30, 2020, thereby dismissing the Delaware Action without prejudice and retaining jurisdiction to consider any application for an award of attorney’s fees and expenses in connection with the plaintiff’s counsel’s prosecution of the Delaware Action. As of the date of this filing, Telenav is aware of four other complaints filed in federal district court related to the Merger: Stein v. Telenav, Inc. et al. , Case 5:20-cv-09314-SVK (N.D. Cal.) (filed Dec. 23, 2020) (the “Stein Complaint”), Dang v. Telenav, Inc. et al. , Case 1:20-cv-11116 (S.D.N.Y) (filed Dec. 31, 2020) (the “Dang Complaint”), Secor v. Telenav, Inc. et al. , Case 1:21-cv-00083 (S.D.N.Y.) (filed Jan. 5, 2021) (the “Secor Complaint”), and Essemann v. Telenav, Inc. et al. , Case 1:21-cv-00103 (S.D.N.Y.) (filed Jan. 6, 2021) (the “Essemann Complaint”), Madell v. Telenav, Inc. et al. , Case 1:21-cv-00106 (E.D.N.Y.) (filed Jan. 8, 2021) (the “Madell Complaint”), and Ryan v. Telenav, Inc. et al. , Case 5:21-cv-00506 (N.D. Cal.) (filed Jan. 21, 2021) (the “Ryan Complaint” and, together with the Stein Complaint, the Dang Complaint, and the Secor Complaint, the Essemann Complaint and the Madell Complaint, the “Federal Complaints”). Each of the Federal Complaints was filed on behalf of a purported Telenav stockholder, and the complaints contain similar allegations. Each of the Federal Complaints alleges that the Proxy Statement is materially false and misleading in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. Each of the Federal Complaints alleges that the Proxy Statement’s disclosures related to B. Riley’s fairness opinion are inadequate because the Proxy Statement fails to disclose certain inputs into the analyses underlying that fairness opinion. The Secor , Essemann , Madell , and Ryan Complaints further allege that the Proxy Statement’s disclosures are inadequate because the Proxy Statement fails to disclose certain details about B. Riley’s compensation and the extent to which B. Riley performed past services for the counterparties to the Merger. The Stein , Dang , Secor , Madell , and Ryan Complaints also allege that the Proxy Statement’s disclosures related to Telenav’s Fiscal 2021 Plan and its Long Term Financial Model (the “Projections”) are inadequate because the Proxy Statement fails to provide the value of certain line items used to calculate various non-GAAP financial measures included in the Projections. The Stein , Dang , and Madell Complaints further allege that the Proxy Statement lacks disclosures reconciling those non-GAAP financial measures to the most comparable GAAP measures. The Secor , Madell , and Ryan Complaints also allege that the Proxy Statement’s disclosures are inadequate because the Proxy Statement fails to disclose the “Maintenance Projections” Telenav’s management provided to B. Riley in connection with its financial analysis. The Secor and Madell Complaints also allege that the Proxy Statement’s disclosures are inadequate because the Proxy Statement fails to disclose the specific nature of discussions during the merger process about the need to update Telenav’s long- term financial forecast, and also fails to disclose whether Telenav entered into any new non-disclosure or confidentiality agreements with third parties during the go-shop period. The Essemann Complaint also alleges that the Proxy Statement’s disclosures are inadequate because the Proxy Statement fails to disclose cash flow projections and instead discloses only “Adjusted EBITDA” projections. With respect to the Delaware Action, we have accrued an immaterial amount representing the estimated probable loss at which we believe would be a reasonable basis to settle the Delaware Action. We currently cannot form an estimate of the range of loss in excess of our amount already accrued. Each of the Federal Complaints seeks, among other things, an order enjoining the Merger’s consummation unless Telenav makes additional disclosures that remedy the alleged omissions described above. We believe all of the Federal Complaints are baseless. While we believe that we have meritorious defenses against the Federal Complaints, we believe that it is reasonably possible that we will incur a loss; however, we cannot currently estimate a range of any possible losses we may experience in connection with the Federal Complaints. While we currently believe that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, cash flows or overall trends in results of operations, legal proceedings are subject to inherent uncertainties and unfavorable rulings could occur and will at least cause Telenav to incur additional legal fees and potential settlement costs. Unfavorable outcomes or settlements we may enter into could have a material adverse impact on our business, financial position, cash flows or overall trends in results of our operations.

Stock-based compensation

Stock-based compensation	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation Under our 2019 Equity Incentive Plan, or the 2019 Plan, (and historically under our 2009 Equity Incentive Plan, which terminated as to new awards in October 2019), eligible employees, directors and consultants are able to participate in our future performance through awards of nonqualified stock options, incentive stock options and restricted stock units as authorized by our board of directors. A summary of our stock option activity is as follows (in thousands except per share and contractual life amounts): Weighted Weighted Aggregate Options outstanding as of June 30, 2020 1,638 $ 6.55 Granted — — Exercised (14) 4.92 Canceled or expired (42) 6.61 Options outstanding as of December 31, 2020 1,582 $ 6.56 4.73 $ — As of December 31, 2020: Options vested and expected to vest 1,573 $ 6.57 4.70 $ — Options exercisable 1,466 $ 6.67 4.46 $ — A summary of our restricted stock unit, or RSU, activity is as follows (in thousands except contractual life amounts): Number of Weighted Aggregate RSUs outstanding as of June 30, 2020 2,476 Granted 1,399 Vested (881) Canceled (227) RSUs outstanding as of December 31, 2020 2,767 1.44 $ 13,006 As of December 31, 2020: RSUs expected to vest 2,444 1.39 $ 11,485 Performance-based RSUs In September 2020, the Compensation Committee of our Board of Directors (the “Compensation Committee”) approved the grant under our 2019 Plan of performance-based RSUs covering a target of 195,000 shares of common stock under individual grants to certain of our executive officers, which we refer to as the 2021 PSU Awards. The 2021 PSU Awards are subject to four performance milestones, each requiring achievement of a specified trailing average closing stock price for a 30-trading day period on or before the four-year anniversary of the 2021 PSU Awards’ grant date. In the event our Board of Directors approves entering a transaction which, if consummated, would constitute a “change in control” of the Company as defined in the 2019 Plan, the performance milestones are increased with respect to shares not already eligible to vest under the 2021 PSU Awards, and the performance period is extended to the five-year anniversary of the 2021 PSU Awards’ grant date. Achieving each individual stock price performance milestone will result in one quarter of the shares subject to the 2021 PSU Awards becoming eligible to vest. If a stock price performance milestone is achieved, then the shares that became eligible to vest will vest in four equal quarterly installments as of the ensuing March 1, June 1, September 1 and December 1 following the date of certification of the date the performance milestone was achieved, in each case subject to the respective executive’s continued service with the Company through the applicable vesting date. Vesting under the 2021 PSU Awards may be accelerated under certain conditions involving a change in control of our Company, including as provided under respective change in control agreements entered between us and the executive. The maximum number of shares subject to the 2021 PSU Awards that may vest is 195,000. No shares had vested as of December 31, 2020 under the 2021 PSU Awards. In February 2020, the Compensation Committee approved the grant under our 2019 Plan of performance-based RSUs covering a target of 500,000 shares of common stock under individual grants to certain of our executive officers, which we refer to as the 2020 PSU Awards. The 2020 PSU Awards are subject to four performance milestones, each requiring achievement of a specified trailing average closing stock price for a 30-trading day period on or before the three-year anniversary of the 2020 PSU Awards’ grant date. In the event our Board of Directors approves entering a transaction which, if consummated, would constitute a “change in control” of the Company as defined in the 2019 Plan, the performance milestones are increased with respect to shares not already eligible to vest under the 2020 PSU Award, and the performance period is extended to the four-year anniversary of the 2020 PSU Awards’ grant date. Achieving each individual stock price performance milestone will result in one quarter of the shares subject to the 2020 PSU Award becoming eligible to vest. If a stock price performance milestone is achieved, then the shares that became eligible to vest will vest in four equal quarterly installments as of the ensuing March 10, June 10, September 10 and December 10 following the date of certification of the date the performance milestone was achieved, in each case subject to the respective executive’s continued service with the Company through the applicable vesting date. Vesting under the 2020 PSU Award may be accelerated under certain conditions involving a change in control of our Company, including as provided under respective change in control agreements entered between us and the executive. The maximum number of shares subject to the 2020 PSU Award that may vest is 500,000. No shares had vested as of December 31, 2020 under the 2020 PSU Awards. In September 2019, the Compensation Committee approved the grant under our 2009 Equity Incentive Plan of performance-based RSUs covering a target of 560,000 shares of common stock under individual grants to several of our executive officers, which we refer to as the 2019 PSU Awards. The 2019 PSU Awards are subject to four performance milestones, each requiring achievement of a specified trailing average closing stock price for a 30 trading day period on or before the three-year anniversary of the 2019 PSU Awards’ grant date. Achieving each individual stock price performance milestone will result in one quarter of the shares subject to the 2019 PSU Award becoming eligible to vest. If a stock price performance milestone is achieved, then one half of the shares that became eligible to vest under the 2019 PSU Award upon achievement of that stock price performance milestone will vest on the later of November 1, 2020, or the date that the Compensation Committee certifies achievement of the milestone, and the remaining one half of the shares that became eligible to vest will vest on the one-year anniversary of the date the performance milestone was achieved, in each case subject to the respective executive’s continued service with the Company through the applicable vesting date. The 2019 PSU Award milestones are subject to change upon a change in control, as defined in the agreement. The maximum number of shares subject to the 2019 PSU Award that may vest is 560,000. No shares had vested as of December 31, 2020 under the 2019 PSU Awards. In October 2018, the Compensation Committee approved the grant under our 2009 Equity Incentive Plan of performance-based RSUs covering a target of 240,000 shares of common stock to Dr. HP Jin, our CEO, which we refer to as the CEO PSU Award. The CEO PSU Award is subject to four performance milestones, each requiring achievement of a specified trailing average closing stock price for a 30 trading day period on or before the three-year anniversary of the CEO PSU Award’s grant date. Achieving each individual stock price performance milestone will result in one quarter of the shares subject to the CEO PSU Award becoming eligible to vest. If a stock price performance milestone is achieved, then one half of the shares that became eligible to vest under the CEO PSU Award upon achievement of that stock price performance milestone will vest on the later of November 1, 2019, or the date that the Compensation Committee certifies achievement of the milestone, and the remaining one half of the shares that became eligible to vest will vest on the one-year anniversary of the date the performance milestone was achieved, in each case subject to Dr. Jin’s continued service with the Company through the applicable vesting date. The CEO PSU Award milestones are subject to change upon a change in control, as defined in the agreement. The maximum number of shares subject to the CEO PSU Award that may vest is 240,000. No shares had vested as of December 31, 2020 under the CEO PSU Award. Since achievement of the awards is dependent on a market condition, stock-based compensation expense associated with these awards is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been met. We utilized the Monte Carlo valuation method to determine the fair value and derived service periods of each of the stock price performance milestones. Total stock-based compensation expense associated with all PSU Awards, included in the stock-based compensation expense table below, was $0.7 million and $1.8 million for the three and six months ended December 31, 2020, respectively, and was not material for the three and six months ended December 31, 2019. As of December 31, 2020, no performance-based RSU awards had been earned or canceled, and 1,495,000 shares subject to performance-based RSU awards remained outstanding. Shares available for grant In November 2019, our stockholders approved the 2019 Plan, pursuant to which 5,700,000 shares were initially reserved for future grants and up to an additional 5,800,000 shares are reserved to the extent shares subject to grants under the previous 2009 Equity Incentive Plan, or 2009 Plan, were outstanding as of November 20, 2019 but later expire or otherwise terminate without having been exercised in full (in which case the shares subject to such grants will be returned to the 2019 Plan and available for future issuance). The 2019 Plan became effective on November 20, 2019 and will automatically terminate 10 years from its date of adoption by our Board of Directors. A summary of our shares available for grant activity is as follows (in thousands): Number of Shares available for grant as of June 30, 2020 5,280 Shares added from 5,800,000 reserved share pool available (1) 218 Granted (1,593) RSUs withheld for taxes in net share settlements 54 Canceled or expired 50 Shares available for grant as of December 31, 2020 4,009 (1) Additional shares are available up to a maximum of 5,800,000 shares only to the extent shares subject to grants under the 2009 Plan were outstanding as of November 20, 2019 but later expire or otherwise terminate without having been exercised in full. Employee Stock Purchase Plan In November 2019, the Company’s stockholders approved the 2019 Employee Stock Purchase Plan, or ESPP, which became effective on November 20, 2019. A total of 2,500,000 shares were authorized for issuance to participating employees upon adoption of the ESPP. The ESPP provides for 12-month offering periods beginning March 1 and September 1 of each year, and each offering period will consist of two six-month purchase periods. The initial offering period commenced on March 1, 2020 and will end on March 1, 2021. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (i) the fair market value of our stock on the enrollment date of the offering period or (ii) the fair market value of our stock on the exercise date. During the six months ended December 31, 2020, the Company’s employees purchased 304,964 shares of its common stock under the ESPP. The shares were purchased at a weighted-average purchase price of $3.94 per share, with total proceeds to the Company of $1.2 million. As of December 31, 2020, there was $1.2 million of unrecognized stock-based compensation expense related to the ESPP that is expected to be recognized over an average vesting period of 0.39 years. Stock-based compensation expense The following table summarizes the stock-based compensation expense for continuing operations recorded for stock options, RSUs, including performance-based RSUs, and ESPP purchase rights (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Stock option awards $ 48 $ 226 $ 156 $ 534 RSU awards 2,178 1,252 4,529 2,696 ESPP 414 — 812 — Total stock-based compensation expense $ 2,640 $ 1,478 $ 5,497 $ 3,230 We use valuation pricing models to determine the fair value of stock-based awards. The determination of the fair value of stock-based payment awards on the date of grant is affected by the stock price as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, risk-free interest rates and expected dividends. No stock option awards were granted during the three and six months ended December 31, 2020. The weighted average assumptions used to value ESPP purchase rights during the initial offering period beginning March 1, 2020 and subsequent offering period beginning September 1, 2020 were as follows: Expected volatility 88 % Expected term (in years) 0.65 Risk-free interest rate 0.38 % Dividend yield — %

Income taxes

Income taxes	6 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes For interim reporting purposes, we calculate an annual estimated tax rate and apply that rate to actual results to estimate our taxes. In cases when we cannot reliably estimate an annual estimated tax rate, actual tax expense or the “cutoff method” is utilized as the estimate. The effective tax rate for the periods presented is the result of the mix of forecasted fiscal year income earned or loss incurred in various tax jurisdictions that apply a broad range of income tax rates. Our provision (benefit) for income taxes for continuing operations was $(53,000) in the six months ended December 31, 2020 compared to $616,000 in the six months ended December 31, 2019 and was comprised primarily of foreign withholding taxes and income taxes and tax benefits in foreign jurisdictions. Our effective tax provision rate of 2% of income from continuing operations for the six months ended December 31, 2020 was less than the tax amount computed at the U.S. federal statutory income tax rate due primarily to the release of the valuation allowance. Our effective tax provision rate of 4% of income from continuing operations for the six months ended December 31, 2019 was greater than the tax amount computed at the U.S. federal statutory income tax rate due primarily to the application of the cutoff method to compute US taxes. We record liabilities related to unrecognized tax benefits in accordance with authoritative guidance on accounting for uncertain tax positions. As of December 31, 2020 and June 30, 2020, our cumulative unrecognized tax benefits were $5.7 million and $5.4 million, respectively. Included in the balance of unrecognized tax benefits at December 31, 2020 and June 30, 2020 was $100,000 that if recognized would affect the effective tax rate. We recognize interest and penalties related to unrecognized tax benefits as part of our provision for federal, state and foreign income taxes. We accrued zero for the payment of interest and penalties at December 31, 2020 and June 30, 2020. We file income tax returns with the Internal Revenue Service, or IRS, California and various states and foreign tax jurisdictions in which we have filing obligations. The statute of limitations remains open from fiscal 2017 for federal tax purposes, from fiscal 2016 in state jurisdictions and from fiscal 2015 in foreign jurisdictions. Fiscal years outside the normal statute of limitation remain open to audit by tax authorities due to tax attributes generated in those early years which have been carried forward and may be audited in subsequent years when utilized. Due to operating losses in previous years and continued earnings volatility, we maintain a valuation allowance on the majority of our deferred tax assets. Our valuation allowance at June 30, 2020 was $46.8 million. In evaluating our ability to recover our deferred tax assets each quarter, we consider all available positive and negative evidence, including current and previous operating results, ability to carryback losses for a tax refund, and forecasts of future operating results. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (NOL) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. Due to the Company’s history of losses and previous carrybacks, we will not receive any tax benefit from the NOL carryback provisions of the CARES Act.

Sale of Ads Business

Sale of Ads Business	6 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Sale of Ads Business	Sale of Ads Business On August 16, 2019, we completed the disposition of our Ads Business to inMarket, which we refer to as the inMarket Transaction. In consideration, inMarket issued to us limited liability company units of inMarket representing a 14.5%-member interest in inMarket at the time of the closing of the inMarket Transaction. We also received a perpetual, non-exclusive, irrevocable, royalty-free license under software and other intellectual property rights being assigned to inMarket as part of the inMarket Transaction, as set forth in the Asset Purchase Agreement, dated August 8, 2019, by and among us, Thinknear, Inc., our wholly owned subsidiary, and inMarket, as amended. Pursuant to the terms of a Transition Services Agreement, we also agreed to provide inMarket with transition services for a period of time generally not to exceed eight months following the closing of the inMarket Transaction. The historical financial results attributable to the Ads Business are presented as discontinued operations in our condensed consolidated statements of operations for all periods presented. A reconciliation of the major line items comprising loss from operations of the Ads Business included as part of discontinued operations to the amount presented separately in our condensed consolidated statement of operations for the six months ended December 31, 2019 is presented in the following table: Three Months Ended December 31, 2019 Six Months Ended Revenue - services $ — $ 3,614 Cost of revenue - services — 1,335 Gross profit — 2,279 Operating expenses: Research and development — 697 Sales and marketing — 750 General and administrative — — Total operating expenses — 1,447 Provision for (benefit from) income taxes — — Income from operations of Ads Business $ — $ 832 Our 14.5%-member interest in inMarket was valued at $15.6 million at the closing of the inMarket Transaction and is recorded in other assets on our condensed consolidated balance sheet at December 31, 2020 and June 30, 2020. See Note 4. Our loss from the sale of the Ads Business of $4.9 million included $1.9 million comprising severance for Ads Business employees who were not offered employment with inMarket and acceleration of stock-based awards vesting for certain Ads Business executives who were not offered employment with inMarket, and $363,000 comprising legal fees and third-party consulting fees associated with the inMarket Transaction.

Sale of intellectual property a

Sale of intellectual property and workforce	6 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Sale of intellectual property and workforce	Sale of intellectual property and workforce In August 2019, we entered into certain agreements with affiliates of Grab, including: (i) a services agreement pursuant to which we agreed to provide certain services to Grab through certain of our employees designated to work on our OpenTerra Platform; (ii) a license agreement pursuant to which we granted to Grab a perpetual license to certain intellectual property associated with the OpenTerra Platform; and (iii) an asset purchase agreement pursuant to which we sold certain intellectual property associated with the OpenTerra Platform to Grab and facilitated offers for employment or consulting arrangements by Grab of certain of our OpenTerra employees. In January 2020, Grab completed the acquisition of assets pursuant to which we sold certain intellectual property associated with the OpenTerra Platform to Grab and facilitated the making of offers for employment or consulting arrangements by Grab to certain of our OpenTerra employees in exchange for a non-marketable equity interest in Grab Holdings, Inc. ordinary shares. We also received a perpetual, royalty-free license under the OpenTerra intellectual property rights assigned to Grab. Grab’s acquired workforce consisted of 59 of our employees. We recorded a $6.2 million non-marketable equity investment in Grab Holdings, Inc. (see Note 4) and an $800,000 capitalized software asset representing the perpetual license received, and we recognized an immaterial gain on the sale. The non-marketable equity investment and capitalized software are recorded in Other assets and Property and equipment net, respectively, on our condensed consolidated balance sheet.

Agreement and Plan of Merger

Agreement and Plan of Merger	6 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Agreement and Plan of Merger	Agreement and Plan of Merger We are party to the Merger Agreement with V99 and Merger Sub, providing for, subject to the satisfaction or waiver of specified conditions, the acquisition of Telenav by V99. If the Merger contemplated by the Merger Agreement is completed, the holders of common stock will receive $4.80 in cash, without interest and less applicable withholding tax (the “Merger Consideration”), for each share of common stock that they own immediately prior to the time the Merger becomes effective (the “Effective Time”), other than shares (i) held in the treasury of Telenav or (ii) held by holders who shall neither have voted in favor of the Merger nor consented thereto in writing, and who shall have properly and validly perfected, and not withdrawn or lost, their statutory rights of appraisal under Section 262 of the Delaware General Corporation Law immediately prior to the Effective Time. The Merger Agreement also provides for the cancellation of out-of-the-money options; the conversion of in-the-money options to the right to receive the Merger Consideration less the applicable exercise price and withholding taxes; the conversion of unvested restricted stock units into the right to receive the Merger Consideration less applicable withholding taxes; and the cash out of vested restricted stock units for the Merger Consideration less applicable withholding taxes . On February 16, 2021, we are holding a special meeting of Telenav stockholders at 10:00 a.m. (the “Special Meeting”) to consider and vote on certain proposals, including a proposal to adopt and approve the Merger Agreement. Upon receipt of the required stockholder approvals, the Merger will be consummated.

Summary of business and signi_2

Summary of business and significant accounting policies (Policies)	6 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The condensed consolidated financial statements include the accounts of Telenav, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The financial statements include all adjustments (consisting only of normal recurring adjustments) that our management believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. Our condensed consolidated financial statements also include the financial results of Shanghai Jitu Software Development Ltd., or Jitu, located in China. Based on our contractual arrangements with the shareholders of Jitu, we have determined that Jitu is a variable interest entity, or VIE, for which we are the primary beneficiary and are required to consolidate in accordance with Accounting Standards Codification, or ASC, subtopic 810-10, or ASC 810-10, Consolidation: Overall . The results of Jitu did not have a material impact on our financial statements for the three and six months ended December 31, 2020 and 2019. The condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for fiscal 2020, included in our Annual Report on Form 10-K for fiscal 2020 filed with the U.S. Securities and Exchange Commission, or SEC, on August 21, 2020, which we refer to as the Form 10-K.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions made by us include the determination of revenue recognition and deferred revenue, including estimating and allocating the transaction price of customer contracts, the recoverability of accounts receivable and short-term investments, the determination of the fair value of non-marketable debt and equity investments, the assessment of goodwill for impairment, the fair value of stock-based awards issued, the determination of income taxes and the recoverability of deferred tax assets. Actual results could differ from those estimates. In March 2020, the World Health Organization declared the outbreak of the novel coronavirus first identified in China in late 2019 (COVID-19) as a pandemic, which continues to spread throughout the U.S. and the world. The COVID-19 pandemic and related adverse public health developments have caused and will continue to cause disruption to the economy and our business operations resulting from shelter-at-home orders, quarantines, self-isolations, or other restrictions on the ability of our employees to perform their jobs. For example, our automotive manufacturer partners closed manufacturing plants in response to the COVID-19 pandemic and only re-opened them in the three months ended June 30, 2020 for production in North America and Europe. The extent of the impact of the COVID-19 pandemic on our operational and financial performance will depend on future developments, including the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume, all of which are uncertain and we cannot predict. During the three and six months ended December 31, 2020, this uncertainty resulted in a higher level of judgment related to our estimates and assumptions concerning short-term investments, long-lived assets, non-marketable equity and debt investments, goodwill, and variable consideration related to revenue recognition. We expect uncertainties around our key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our condensed consolidated financial statements.
Contract assets	Contract assets Contract assets relate to our rights to consideration for performance obligations satisfied but not billed at the reporting date.
Recent accounting pronouncements	Recent accounting pronouncements not yet adopted There have been no changes in accounting pronouncements during the six months ended December 31, 2020, as compared to the recent accounting pronouncements not yet adopted described in our Form 10-K, that are of significance or potential significance to us.

Summary of business and signi_3

Summary of business and significant accounting policies (Tables)	6 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of disaggregation of revenue	In order to further depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors, the following table depicts the disaggregation of revenue according to revenue type and pattern of recognition (in thousands): Three Months Ended December 31, Six Months Ended 2020 2019 2020 2019 Product On-board automotive navigation solutions (point in time) (1) $ 53,449 $ 61,543 $ 110,258 $ 117,533 Total product revenue 53,449 61,543 110,258 117,533 Services Brought-in automotive navigation solutions (over time) (2) 9,988 8,787 20,902 15,009 Automotive maintenance and support and other (over time) 542 1,206 632 2,875 Mobile navigation services (over time) 1,875 2,339 3,658 5,087 Total services revenue 12,405 12,332 25,192 22,971 Total revenue $ 65,854 $ 73,875 $ 135,450 $ 140,504 (1) Includes i) royalties earned and recognized at the point in time usage occurs, ii) map updates and iii) customized software development fees. (2) Includes royalties earned and recognized over time from the allocation of transaction price to service obligations for hybrid automotive solutions.
Changes in the balance of total deferred costs	Changes in the balance of total deferred costs (current and non-current) during the six months ended December 31, 2020 were as follows (in thousands): Deferred Costs Content Development Total Balance, June 30, 2020 $ 73,598 $ 7,071 $ 80,669 Content licensing costs incurred 64,686 — 64,686 Customized software development costs incurred — 1,468 1,468 Less: cost of revenue recognized (73,014) (2,287) (75,301) Balance, December 31, 2020 $ 65,270 $ 6,252 $ 71,522 Beginning balance, June 30, 2020 $ 138,943 Revenue recognized that was included in beginning balance (36,243) Amount billed, net of revenue recognized that was not included in beginning balance 25,298 Ending balance, December 31, 2020 $ 127,998
Accumulated other comprehensive loss, net of tax	The components of accumulated other comprehensive loss, net of related taxes, and activity as of December 31, 2020, were as follows (in thousands): Foreign Currency Unrealized Total Balance, net of tax as of June 30, 2020 $ (1,834) $ 1,357 $ (477) Other comprehensive income (loss) before reclassifications, net of tax 706 (357) 349 Amount reclassified from accumulated other comprehensive loss, net of tax — (202) (202) Other comprehensive income (loss), net of tax 706 (559) 147 Balance, net of tax as of December 31, 2020 $ (1,128) $ 798 $ (330)

Net income (loss) per share (Ta

Net income (loss) per share (Tables)	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted net loss per share	The following table presents the calculation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended December 31, Six Months Ended 2020 2019 2020 2019 Income (loss) from continuing operations $ (60) $ 13,062 $ 3,275 $ 13,094 Loss on discontinued operations — (56) — (4,042) Net income (loss) $ (60) $ 13,006 $ 3,275 $ 9,052 Shares used to compute basic income (loss) per share 47,825 48,475 47,526 48,127 Dilutive potential common shares: Stock options — — — 112 Restricted stock units — 346 609 1,018 Employee stock purchase plan — — 16 — Shares used to compute diluted income (loss) per share 47,825 48,821 48,151 49,257 Basic income (loss) per share: Income (loss) from continuing operations $ (0.00) $ 0.27 $ 0.07 $ 0.27 Loss on discontinued operations — — — (0.08) Net income (loss) $ (0.00) $ 0.27 $ 0.07 $ 0.19 Diluted income (loss) per share: Income (loss) from continuing operations $ (0.00) $ 0.27 $ 0.07 $ 0.27 Loss on discontinued operations — — — (0.08) Net income (loss) $ (0.00) $ 0.27 $ 0.07 $ 0.18 Potential common stock equivalents not included in the calculation of diluted income (loss) per share as the effect would be anti-dilutive 2,629 2,708 1,992 1,296

Cash, cash equivalents and sh_2

Cash, cash equivalents and short-term investments (Tables)	6 Months Ended
	Dec. 31, 2020
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Schedule of cash, cash equivalents and short-term investments	Cash, cash equivalents and short-term investments consisted of the following as of December 31, 2020 (in thousands): Description Amortized Unrealized Unrealized Estimated Cash $ 37,056 $ — $ — $ 37,056 Cash equivalents: Money market mutual funds 196 — — 196 Total cash equivalents 196 — — 196 Total cash and cash equivalents 37,252 — — 37,252 Short-term investments: U.S. treasury securities 1,531 19 — 1,550 U.S. agency securities 3,182 32 — 3,214 Asset-backed securities 16,547 282 — 16,829 Municipal securities 8,067 72 — 8,139 Commercial paper 1,250 — — 1,250 Corporate bonds 44,150 607 — 44,757 Total short-term investments 74,727 1,012 — 75,739 Cash, cash equivalents and short-term investments $ 111,979 $ 1,012 $ — $ 112,991 Cash, cash equivalents and short-term investments consisted of the following as of June 30, 2020 (in thousands): Description Amortized Unrealized Unrealized Estimated Cash $ 20,323 $ — $ — $ 20,323 Cash equivalents: Money market mutual funds 195 — — 195 Total cash equivalents 195 — — 195 Total cash and cash equivalents 20,518 — — 20,518 Short-term investments: U.S. treasury securities 3,712 41 — 3,753 U.S. agency securities 5,004 54 — 5,058 Asset-backed securities 20,392 434 — 20,826 Municipal securities 9,464 78 — 9,542 Corporate bonds 50,173 963 — 51,136 Total short-term investments 88,745 1,570 — 90,315 Cash, cash equivalents and short-term investments $ 109,263 $ 1,570 $ — $ 110,833
Schedule of cost and estimated fair value of short-term fixed income securities classified as short-term investments	The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated maturities as of December 31, 2020 (in thousands): Amortized Estimated Due within one year $ 39,068 $ 39,438 Due between one and two years 25,936 26,472 Due between two and three years 9,723 9,829 Total $ 74,727 $ 75,739

Fair value of financial instr_2

Fair value of financial instruments (Tables)	6 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair values of financial instruments	The fair values of these financial instruments measured on a recurring basis were determined using the following inputs at December 31, 2020 (in thousands): Fair Value Measurements at December 31, 2020 Using Quoted Prices Significant Significant Description Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 196 $ 196 $ — $ — Total cash equivalents $ 196 $ 196 $ — $ — Short-term investments: U.S. treasury securities 1,550 1,550 — — U.S. agency securities 3,214 — 3,214 — Asset-backed securities 16,829 — 16,829 — Municipal securities 8,139 — 8,139 — Commercial paper 1,250 — 1,250 — Corporate bonds 44,757 — 44,757 — Total short-term investments $ 75,739 $ 1,550 $ 74,189 $ — Warrant to purchase non-marketable equity investment units $ 1,099 $ — $ — $ 1,099 The fair values of our financial instruments were determined using the following inputs at June 30, 2020 (in thousands): Fair Value Measurements at June 30, 2020 Using Quoted Prices Significant Significant Description Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market mutual funds $ 195 $ 195 $ — $ — Total cash equivalents 195 195 — — Short-term investments: U.S. treasury securities 3,753 3,753 — — U.S. agency securities 5,058 — 5,058 — Asset-backed securities 20,826 — 20,826 — Municipal securities 9,542 — 9,542 — Corporate bonds 51,136 — 51,136 — Total short-term investments $ 90,315 $ 3,753 $ 86,562 $ — Warrant to purchase non-marketable equity investment units $ 713 $ — $ — $ 713

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of operating lease maturity	Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2020 were as follows (in thousands): Fiscal Year 2021 remainder $ 1,749 2022 3,982 2023 3,418 2024 895 2025 — Total lease payments 10,044 Less: imputed interest (648) Total operating lease liabilities $ 9,396

Balance sheet information (Tabl

Balance sheet information (Tables)	6 Months Ended
	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Schedule of other assets	Other assets consisted of the following (in thousands): December 31, June 30, Deposits and other assets $ 1,705 $ 1,225 Non-marketable equity investments 8,970 6,670 Warrant to purchase non-marketable equity investment units 1,099 713 Non-marketable equity investments accounted for under the equity method 21,822 20,027 Non-marketable debt investments 10,045 5,917 Total other assets $ 43,641 $ 34,552
Schedule of accrued expenses	Accrued expenses consisted of the following (in thousands): December 31, June 30, Accrued compensation and benefits $ 11,549 $ 15,117 Accrued royalties 8,162 9,701 Customer overpayments and related reserves 2,645 2,666 Other accrued expenses 8,420 8,726 Total accrued expenses $ 30,776 $ 36,210

Deferred revenue and remainin_2

Deferred revenue and remaining performance obligations (Tables)	6 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of changes in the balance of total deferred revenue	Changes in the balance of total deferred costs (current and non-current) during the six months ended December 31, 2020 were as follows (in thousands): Deferred Costs Content Development Total Balance, June 30, 2020 $ 73,598 $ 7,071 $ 80,669 Content licensing costs incurred 64,686 — 64,686 Customized software development costs incurred — 1,468 1,468 Less: cost of revenue recognized (73,014) (2,287) (75,301) Balance, December 31, 2020 $ 65,270 $ 6,252 $ 71,522 Beginning balance, June 30, 2020 $ 138,943 Revenue recognized that was included in beginning balance (36,243) Amount billed, net of revenue recognized that was not included in beginning balance 25,298 Ending balance, December 31, 2020 $ 127,998

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock option activity	A summary of our stock option activity is as follows (in thousands except per share and contractual life amounts): Weighted Weighted Aggregate Options outstanding as of June 30, 2020 1,638 $ 6.55 Granted — — Exercised (14) 4.92 Canceled or expired (42) 6.61 Options outstanding as of December 31, 2020 1,582 $ 6.56 4.73 $ — As of December 31, 2020: Options vested and expected to vest 1,573 $ 6.57 4.70 $ — Options exercisable 1,466 $ 6.67 4.46 $ —
Restricted stock units award activity	A summary of our restricted stock unit, or RSU, activity is as follows (in thousands except contractual life amounts): Number of Weighted Aggregate RSUs outstanding as of June 30, 2020 2,476 Granted 1,399 Vested (881) Canceled (227) RSUs outstanding as of December 31, 2020 2,767 1.44 $ 13,006 As of December 31, 2020: RSUs expected to vest 2,444 1.39 $ 11,485
Summary of shares available for grant activity	A summary of our shares available for grant activity is as follows (in thousands): Number of Shares available for grant as of June 30, 2020 5,280 Shares added from 5,800,000 reserved share pool available (1) 218 Granted (1,593) RSUs withheld for taxes in net share settlements 54 Canceled or expired 50 Shares available for grant as of December 31, 2020 4,009 (1) Additional shares are available up to a maximum of 5,800,000 shares only to the extent shares subject to grants under the 2009 Plan were outstanding as of November 20, 2019 but later expire or otherwise terminate without having been exercised in full.
Stock-based compensation expense	The following table summarizes the stock-based compensation expense for continuing operations recorded for stock options, RSUs, including performance-based RSUs, and ESPP purchase rights (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Stock option awards $ 48 $ 226 $ 156 $ 534 RSU awards 2,178 1,252 4,529 2,696 ESPP 414 — 812 — Total stock-based compensation expense $ 2,640 $ 1,478 $ 5,497 $ 3,230
Weighted average assumptions used to value ESPP purchase rights	The weighted average assumptions used to value ESPP purchase rights during the initial offering period beginning March 1, 2020 and subsequent offering period beginning September 1, 2020 were as follows: Expected volatility 88 % Expected term (in years) 0.65 Risk-free interest rate 0.38 % Dividend yield — %

Sale of Ads Business (Tables)

Sale of Ads Business (Tables)	6 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets and liabilities of discontinued operations	A reconciliation of the major line items comprising loss from operations of the Ads Business included as part of discontinued operations to the amount presented separately in our condensed consolidated statement of operations for the six months ended December 31, 2019 is presented in the following table: Three Months Ended December 31, 2019 Six Months Ended Revenue - services $ — $ 3,614 Cost of revenue - services — 1,335 Gross profit — 2,279 Operating expenses: Research and development — 697 Sales and marketing — 750 General and administrative — — Total operating expenses — 1,447 Provision for (benefit from) income taxes — — Income from operations of Ads Business $ — $ 832

Summary of business and signi_4

Summary of business and significant accounting policies - Description of Business (Details) - segment	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments					3
Revenue from Contract with Customer Benchmark | Product Concentration Risk | Mobile Navigation Services
Concentration Risk [Line Items]
Concentration risk, percentage	5.00%	5.00%	5.00%	5.00%

Summary of business and signi_5

Summary of business and significant accounting policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 65,854	$ 73,875	$ 135,450	$ 140,504
Product
Disaggregation of Revenue [Line Items]
Total revenue	53,449	61,543	110,258	117,533
Services
Disaggregation of Revenue [Line Items]
Total revenue	12,405	12,332	25,192	22,971
Point in Time | On-board automotive navigation solutions
Disaggregation of Revenue [Line Items]
Total revenue	53,449	61,543	110,258	117,533
Over Time | Brought-in automotive navigation solutions (over time)
Disaggregation of Revenue [Line Items]
Total revenue	9,988	8,787	20,902	15,009
Over Time | Automotive maintenance and support and other (over time)
Disaggregation of Revenue [Line Items]
Total revenue	542	1,206	632	2,875
Over Time | Mobile navigation services (over time)
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,875	$ 2,339	$ 3,658	$ 5,087

Summary of business and signi_6

Summary of business and significant accounting policies - Contract Assets (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets	$ 0	$ 0

Summary of business and signi_7

Summary of business and significant accounting policies - Deferred Costs (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2020USD ($)
Contract with Customer Asset [Roll Forward]
Beginning balance	$ 80,669
Content licensing costs incurred	64,686
Customized software development costs incurred	1,468
Less: cost of revenue recognized	(75,301)
Ending balance	71,522
Content
Contract with Customer Asset [Roll Forward]
Beginning balance	73,598
Content licensing costs incurred	64,686
Customized software development costs incurred	0
Less: cost of revenue recognized	(73,014)
Ending balance	65,270
Development
Contract with Customer Asset [Roll Forward]
Beginning balance	7,071
Content licensing costs incurred	0
Customized software development costs incurred	1,468
Less: cost of revenue recognized	(2,287)
Ending balance	$ 6,252

Summary of business and signi_8

Summary of business and significant accounting policies - Concentration of Risk and Significant Customers (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Concentration Risk [Line Items]
Total revenue	$ 65,854,000	$ 73,875,000	$ 135,450,000	$ 140,504,000
Grab
Concentration Risk [Line Items]
Total revenue	$ 0		$ 0
Customer Concentration Risk | Ford Motor Company | Sales Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	44.00%	39.00%	45.00%	45.00%
Customer Concentration Risk | Ford Motor Company | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage			36.00%		39.00%
Customer Concentration Risk | GM | Sales Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	47.00%	31.00%	46.00%	28.00%
Customer Concentration Risk | GM | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage			47.00%		44.00%
Customer Concentration Risk | Grab | Sales Revenue
Concentration Risk [Line Items]
Concentration risk, percentage		19.00%		15.00%

Summary of business and signi_9

Summary of business and significant accounting policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 1,539	$ 1,494	$ 1,520

Summary of business and sign_10

Summary of business and significant accounting policies - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 102,489	$ 96,142	$ 96,970	$ 90,640
Other comprehensive income (loss) before reclassifications, net of tax			349
Amount reclassified from accumulated other comprehensive loss, net of tax			(202)
Other comprehensive income (loss), net of tax	102	191	147	(61)
Ending balance	104,416	106,481	104,416	106,481
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(432)	(1,729)	(477)	(1,477)
Ending balance	(330)	$ (1,538)	(330)	$ (1,538)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(1,834)
Other comprehensive income (loss) before reclassifications, net of tax			706
Amount reclassified from accumulated other comprehensive loss, net of tax			0
Other comprehensive income (loss), net of tax			706
Ending balance	(1,128)		(1,128)
Unrealized Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			1,357
Other comprehensive income (loss) before reclassifications, net of tax			(357)
Amount reclassified from accumulated other comprehensive loss, net of tax			(202)
Other comprehensive income (loss), net of tax			(559)
Ending balance	$ 798		$ 798

Net income (loss) per share (De

Net income (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income from continuing operations	$ (60)		$ 13,062		$ 3,275	$ 13,094
Loss on discontinued operations	0		(56)		0	(4,042)
Net income (loss)	$ (60)	$ 3,335	$ 13,006	$ (3,954)	$ 3,275	$ 9,052
Shares used to compute basic income (loss) per share (in shares)	47,825		48,475		47,526	48,127
Dilutive potential common shares:
Shares used to compute diluted income (loss) per share (in shares)	47,825		48,821		48,151	49,257
Basic income (loss) per share:
Income (loss) from continuing operations (in dollars per share)	$ 0		$ 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		0.27		0.07	0.19
Diluted income (loss) per share:
Income (loss) from continuing operations (in dollars per share)	0		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		$ 0.27		$ 0.07	$ 0.18
Potential common stock equivalents not included in the calculation of diluted income per share as the effect would be anti-dilutive (in shares)	2,629		2,708		1,992	1,296
Performance-based restricted stock units
Diluted income (loss) per share:
Potential common stock equivalents not included in the calculation of diluted income per share as the effect would be anti-dilutive (in shares)					1,495	800
Stock options
Dilutive potential common shares:
Dilutive potential common shares (in shares)	0		0		0	112
Restricted stock units
Dilutive potential common shares:
Dilutive potential common shares (in shares)	0		346		609	1,018
Employee stock purchase plan
Dilutive potential common shares:
Dilutive potential common shares (in shares)	0		0		16	0

Cash, cash equivalents and sh_3

Cash, cash equivalents and short-term investments - Summary of cash, cash equivalents and short-term investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Cash	$ 37,056	$ 20,323
Total cash equivalents	196	195
Total cash and cash equivalents	37,252	20,518	$ 26,347
Debt securities
Amortized Cost	74,727
Estimated Fair Value	75,739
Short-term investments
Amortized Cost	74,727	88,745
Unrealized Gains	1,012	1,570
Unrealized Losses	0	0
Estimated Fair Value	75,739	90,315
Cash, cash equivalents and short-term investments
Amortized Cost	111,979	109,263
Unrealized Gains	1,012	1,570
Unrealized Losses	0	0
Estimated Fair Value	112,991	110,833
U.S. treasury securities
Debt securities
Amortized Cost	1,531	3,712
Unrealized Gains	19	41
Unrealized Losses	0	0
Estimated Fair Value	1,550	3,753
U.S. agency securities
Debt securities
Amortized Cost	3,182	5,004
Unrealized Gains	32	54
Unrealized Losses	0	0
Estimated Fair Value	3,214	5,058
Asset-backed securities
Debt securities
Amortized Cost	16,547	20,392
Unrealized Gains	282	434
Unrealized Losses	0	0
Estimated Fair Value	16,829	20,826
Municipal securities
Debt securities
Amortized Cost	8,067	9,464
Unrealized Gains	72	78
Unrealized Losses	0	0
Estimated Fair Value	8,139	9,542
Commercial paper
Debt securities
Amortized Cost	1,250
Unrealized Gains	0
Unrealized Losses	0
Estimated Fair Value	1,250
Corporate bonds
Debt securities
Amortized Cost	44,150	50,173
Unrealized Gains	607	963
Unrealized Losses	0	0
Estimated Fair Value	44,757	51,136
Money market mutual funds
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents	$ 196	$ 195

Cash, cash equivalents and sh_4

Cash, cash equivalents and short-term investments - Summary of cost and estimated fair value of short-term investments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Amortized Cost
Due within one year	$ 39,068
Due between one and two years	25,936
Due between two and three years	9,723
Amortized Cost	74,727
Estimated Fair Value
Due within one year	39,438
Due between one and two years	26,472
Due between two and three years	9,829
Total	$ 75,739

- Fair Value of Financial Instr

- Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 75,739		$ 90,315
Accretion of net premium on short-term investments	(170)	$ (75)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	196		195
Total short-term investments	75,739		90,315
Warrant to purchase non-marketable equity investment units	1,099		713
Quoted Prices in Active Markets for Identical Assets | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	196		195
Total short-term investments	1,550		3,753
Warrant to purchase non-marketable equity investment units	0		0
Significant Other Observable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Total short-term investments	74,189		86,562
Warrant to purchase non-marketable equity investment units	0		0
Significant Unobservable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Total short-term investments	0		0
Warrant to purchase non-marketable equity investment units	1,099		713
U.S. treasury securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	1,550		3,753
U.S. treasury securities | Quoted Prices in Active Markets for Identical Assets | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	1,550		3,753
U.S. treasury securities | Significant Other Observable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
U.S. treasury securities | Significant Unobservable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
U.S. agency securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	3,214		5,058
U.S. agency securities | Quoted Prices in Active Markets for Identical Assets | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
U.S. agency securities | Significant Other Observable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	3,214		5,058
U.S. agency securities | Significant Unobservable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
Asset-backed securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	16,829		20,826
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
Asset-backed securities | Significant Other Observable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	16,829		20,826
Asset-backed securities | Significant Unobservable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
Municipal securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	8,139		9,542
Municipal securities | Quoted Prices in Active Markets for Identical Assets | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
Municipal securities | Significant Other Observable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	8,139		9,542
Municipal securities | Significant Unobservable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
Commercial paper | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	1,250
Commercial paper | Quoted Prices in Active Markets for Identical Assets | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Commercial paper | Significant Other Observable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	1,250
Commercial paper | Significant Unobservable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Corporate bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	44,757		51,136
Corporate bonds | Quoted Prices in Active Markets for Identical Assets | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
Corporate bonds | Significant Other Observable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	44,757		51,136
Corporate bonds | Significant Unobservable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0		0
Money market mutual funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	196		195
Money market mutual funds | Quoted Prices in Active Markets for Identical Assets | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	196		195
Money market mutual funds | Significant Other Observable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Money market mutual funds | Significant Unobservable Inputs | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0		$ 0

Fair value of financial instr_3

Fair value of financial instruments - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2020	Jun. 30, 2020	Jan. 31, 2020	Aug. 31, 2019	Aug. 16, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable equity investments		$ 8,970,000		$ 8,970,000			$ 6,670,000
Unrealized gain (loss) on non-marketable equity securities				0	$ 62,000
Income related to proportionate share of equity investment		1,279,000	$ 797,000	1,895,000	$ 797,000
Non-marketable equity investments accounted for under the equity method		21,822,000		21,822,000			20,027,000
Fair value adjustment of warrants				282,000
Warrant to purchase non-marketable equity investment units		1,099,000		1,099,000			713,000
Non-marketable debt investments		10,045,000		10,045,000			5,917,000
Grab
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable equity investments								$ 6,200,000
Equity method investment								6,200,000
Series B Preferred Stock Units and Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment								4,000,000
Preferred Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment								3,600,000
Investment In Acquired Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable equity investments	$ 200,000
Realized gain on non-marketable equity investments	$ 247,000
Series A-3 Redeemable Convertible Preferred Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable equity investments						$ 2,500,000
Convertible Note Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable debt investments		$ 10,000,000		$ 10,000,000			$ 5,900,000
Convertible Note Receivable 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes receivable, interest rate							6.50%
Convertible Note Receivable 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes receivable, interest rate							6.00%
Convertible Note Receivable 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes receivable, interest rate		6.00%		6.00%
Significant Unobservable Inputs | Convertible Note Receivable 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable debt investments		$ 2,500,000		$ 2,500,000			$ 1,500,000
Additional investment				1,000,000
Significant Unobservable Inputs | Convertible Note Receivable 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable debt investments		7,000,000		7,000,000		3,000,000	4,000,000
Significant Unobservable Inputs | Convertible Note Receivable 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-marketable debt investments		507,000		507,000		$ 90,000	$ 417,000
Maximum loan amount		$ 710,000		$ 710,000
Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant to purchase non-marketable equity investment units								$ 448,000
Discontinued Operations, Disposed of by Sale | Ads Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Member interest value									$ 15,600,000	$ 15,600,000

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 1.7	$ 1.6
Weighted average remaining operating lease term	2 years 6 months
Weighted average discount rate	5.00%
Cash payments included in measurement of operating lease liabilities	$ 1.6	$ 1.7

Leases - Schedule of operating

Leases - Schedule of operating lease maturity (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021 remainder	$ 1,749
2022	3,982
2023	3,418
2024	895
2025	0
Total lease payments	10,044
Less: imputed interest	(648)
Total operating lease liabilities	$ 9,396

Balance sheet information - Int

Balance sheet information - Intangibles, Other Assets and Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Jun. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Goodwill			$ 14,255	$ 14,255
Amortization of intangible assets	$ 218	$ 436
Other Assets
Deposits and other assets			1,705	1,225
Non-marketable equity investments			8,970	6,670
Warrant to purchase non-marketable equity investment units			1,099	713
Non-marketable equity investments accounted for under the equity method			21,822	20,027
Non-marketable debt investments			10,045	5,917
Total other assets			43,641	34,552
Accrued Expenses
Accrued compensation and benefits			11,549	15,117
Accrued royalties			8,162	9,701
Customer overpayments and related reserves			2,645	2,666
Other accrued expenses			8,420	8,726
Total accrued expenses			$ 30,776	$ 36,210

Deferred revenue and remainin_3

Deferred revenue and remaining performance obligations - Contract with customer, liability (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Contract with Customer, Liability [Roll Forward]
Beginning balance, June 30, 2020		$ 138,943
Revenue recognized that was included in beginning balance		(36,243)
Amount billed, net of revenue recognized that was not included in beginning balance		25,298
Ending balance, December 31, 2020	$ 127,998	127,998
Cumulative adjustment as a result of changes in the estimate of the transaction price	202	498
Revenue recognized from performance obligations satisfied or partially satisfied in previous periods	$ 207	$ 498

Deferred revenue and remainin_4

Deferred revenue and remaining performance obligations - Performance Obligation (Details) $ in Millions	Dec. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 54.6
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, remaining duration (in years)	1 year
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, remaining duration (in years)	6 years

Commitments and contingencies (

Commitments and contingencies (Details) $ in Millions	6 Months Ended
	Dec. 31, 2020USD ($)	Feb. 05, 2021complaint
Loss Contingencies [Line Items]
Financial commitments | $	$ 6.3
Financial commitment, term	5 years
Subsequent Event
Loss Contingencies [Line Items]
Number of complaints | complaint		4

Stock-based compensation - Summ

Stock-based compensation - Summary of stock option activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Number of Shares
Beginning balance (shares) | shares	1,638
Granted (shares) | shares	0
Exercised (shares) | shares	(14)
Canceled or expired (shares) | shares	(42)
Ending balance (shares) | shares	1,582
Options vested and expected to vest (shares) | shares	1,573
Options exercisable (shares) | shares	1,466
Weighted Average Exercise Price
Weighted average exercise (in dollars per share) | $ / shares	$ 6.55
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	4.92
Canceled or expired (in dollars per share) | $ / shares	6.61
Weighted average exercise (in dollars per share) | $ / shares	6.56
Options vested and expected to vest (in dollars per share) | $ / shares	6.57
Options exercisable (in dollars per share) | $ / shares	$ 6.67
Weighted Average Remaining Contractual Life
Options outstanding	4 years 8 months 23 days
Options vested and expected to vest	4 years 8 months 12 days
Options exercisable	4 years 5 months 15 days
Aggregate Intrinsic Value
Options outstanding | $	$ 0
Options vested and expected to vest | $	0
Options exercisable | $	$ 0

Stock-based compensation - Su_2

Stock-based compensation - Summary of RSU activity (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Dec. 31, 2020
Number of Shares
Granted (in shares)	1,593
RSU awards
Number of Shares
Beginning balance (in shares)	2,476
Granted (in shares)	1,399
Vested (in shares)	(881)
Canceled (shares)	(227)
Ending balance (in shares)	2,767
RSUs outstanding, weighted average remaining contractual life	1 year 5 months 8 days
RSUs outstanding, aggregate intrinsic value	$ 13,006
RSUs expected to vest at period end (in shares)	2,444
RSUs expected to vest, weighted average remaining contractual life	1 year 4 months 20 days
RSUs expected to vest, aggregate intrinsic value	$ 11,485

Stock-based compensation - PSU

Stock-based compensation - PSU (Details) $ in Thousands	1 Months Ended				3 Months Ended		4 Months Ended	6 Months Ended		11 Months Ended	16 Months Ended	27 Months Ended
	Sep. 30, 2020milestoneinstallmentshares	Feb. 29, 2020installmentmilestoneshares	Sep. 30, 2019milestoneshares	Oct. 31, 2018milestoneshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2020shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2020shares	Dec. 31, 2020shares	Dec. 31, 2020shares	Nov. 30, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								1,593,000
Total stock-based compensation expense | $					$ 2,640	$ 1,478		$ 5,497	$ 3,230
Equity Incentive Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved for future issuance (up to) (in shares)					5,800,000		5,800,000	5,800,000		5,800,000	5,800,000	5,800,000	5,800,000
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance milestones | milestone	4	4	4	4
Trading days, period	30 days	30 days	30 days	30 days
Performance period (in years)			3 years	3 years
Performance-based RSUs earned (in shares)							0	0		0	0	0
Percentage eligible to vest	25.00%	25.00%	25.00%	25.00%
Percentage that will vest upon reaching milestone			50.00%	50.00%
Percentage will vest on one year anniversary of performance milestone			50.00%	50.00%
Total stock-based compensation expense | $					$ 700			$ 1,800
Performance-based RSUs canceled (in shares)								0
Performance-based RSUs outstanding (in shares)					1,495,000		1,495,000	1,495,000		1,495,000	1,495,000	1,495,000
PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	195,000	500,000	560,000	240,000
Performance period (in years)	5 years	4 years
Number of installments | installment	4	4
PSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	4 years	3 years

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - Equity Incentive Plan 2019 - shares	Nov. 20, 2019	Dec. 31, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)			5,700,000
Additional shares reserved for future issuance (up to) (in shares)		5,800,000	5,800,000
Termination period from date of adoption	10 years

Stock-based compensation - Su_3

Stock-based compensation - Summary of shares available for grant activity (Details) shares in Thousands	6 Months Ended
	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant [Roll Forward]
Shares available for grant (in shares)	5,280
Additional shares authorized (in shares)	218
Granted (in shares)	(1,593)
RSUs withheld for taxes in net share settlements (in shares)	54
Canceled (in shares)	50
Shares available for grant (in shares)	4,009

Stock-based compensation - Empl

Stock-based compensation - Employee Stock Purchase Plans (Details) $ / shares in Units, $ in Thousands	Nov. 20, 2019periodshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from employee stock purchase		$ 1,204
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP shares authorized (in shares) | shares	2,500,000
Offering period	12 months
Number of purchase periods | period	2
ESPP share purchase price, percent	85.00%
Common stock purchased (in shares) | shares			304,964
Weighted average purchase price (in dollars per share) | $ / shares			$ 3.94
Proceeds from employee stock purchase			$ 1,200
Unrecognized stock-based compensation expense			$ 1,200
Average vesting period			4 months 20 days

Stock-based compensation - Su_4

Stock-based compensation - Summary of stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,640	$ 1,478	$ 5,497	$ 3,230
Options granted (in shares)	0		0
Stock option awards
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 48	226	$ 156	534
RSU awards
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,178	1,252	4,529	2,696
ESPP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 414	$ 0	$ 812	$ 0

Stock-based compensation - Assu

Stock-based compensation - Assumptions used to value ESPP purchase rights (Details) - ESPP	6 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	88.00%
Expected term (in years)	7 months 24 days
Risk-free interest rate	0.38%
Dividend yield	0.00%

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ (67)	$ 205	$ (53)	$ 616
Effective tax provision rate			(2.00%)	4.00%
Unrecognized tax benefit	5,700		$ 5,700		$ 5,400
Unrecognized tax benefits that would affect effective tax rate	100		100		100
Interest and penalties related to unrecognized tax positions accrued	$ 0		$ 0
Valuation allowance					$ 46,800

Sale of Ads Business - Reconcil

Sale of Ads Business - Reconciliations of the major line items constituting loss from operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from operations of Ads Business	$ 0	$ 0	$ 0	$ 832
Ads Business | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit		0		2,279
Research and development		0		697
Sales and marketing		0		750
General and administrative		0		0
Total operating expenses		0		1,447
Provision for (benefit from) income taxes		0		0
Income from operations of Ads Business		0		832
Services | Ads Business | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue - services		0		3,614
Cost of revenue - services		$ 0		$ 1,335

Sale of Ads Business - Addition

Sale of Ads Business - Additional Information (Details) - USD ($) $ in Thousands	Aug. 16, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from sale of Advertising business		$ 0	$ (56)	$ 0	$ (4,874)
Ads Business | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage ownership received	14.50%
Member interest value	$ 15,600					$ 15,600
Loss from sale of Advertising business				(4,900)
Severance costs				1,900
Legal and third-party consulting fees				$ 363

Sale of intellectual property_2

Sale of intellectual property and workforce (Details) $ in Thousands	1 Months Ended
	Jan. 31, 2020USD ($)employee
Intellectual Property and Workforce in Exchange for Equity Interest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employees exchanged for non-marketable equity interest | employee	59
Grab
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment	$ 6,200
Capitalized software asset	$ 800

Agreement and Plan of Merger (D

Agreement and Plan of Merger (Details)	Feb. 16, 2021$ / shares
Merger Agreement Right | Forecast
Subsequent Event [Line Items]
Right to receive cash (in dollars per share)	$ 4.80