TomTom NV

10/16/2019 | Press release | Distributed by Public on 10/15/2019 23:57

TomTom reports third quarter 2019 results

FINANCIAL SUMMARY

  • Group revenue decreased by 7% to €164 million (Q3 '18: €176 million)
  • Automotive operational revenue increased by 23% to €88 million (Q3 '18: €72 million)
  • Automotive reported revenue decreased by 7% to €55 million (Q3 '18: €59 million)
  • Automotive net deferred and unbilled revenue increased by €33 million (Q3 '18: €12 million)
  • Enterprise reported revenue increased by 21% to €41 million (Q3 '18: €34 million)
  • Free cash flow is an inflow of €23 million (Q3 '18: inflow of €15 million)

OPERATIONAL SUMMARY

  • Navigation technology is now integrated in the Microsoft Connected Vehicle Platform
  • Mapmaking platform further enhanced: 2.4 billion modifications completed in a single month
  • Over 1 million TomTom ADAS enabled vehicles on the road today
  • Launched our own fully self-driving vehicle, Trillian, to test autonomous driving technologies
  • New Maps APIs for electric vehicles range anxiety applications now available

OUTLOOK

We reiterate our FCF guidance of around 9% as a percentage of Group revenue; Updated Group revenue guidance of around €700 million, of which Location Technology revenue of around €425 million.

TOMTOM'S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN

'We recently held our Capital Markets Day, where we showcased the key opportunities shaping our industry and our strategy to capture growth through our core technologies. We also presented our mid-term financial outlook, where we expect our Location Technology revenue to increase with a CAGR of around 10% between 2018 and 2021, supported by an Automotive backlog of €1.6 billion.

Developing cutting-edge technology has helped us to build strong relationships with leading technology companies. We integrated our navigation technology with Microsoft's connected vehicle platform, and in combination, offer the full stack of the end car-user experience through the cloud, including data analytics possibilities for OEMs. It's a very promising partnership that will develop over the years.'

KEY FIGURES

1 All figures presented in the table above relate to continuing operations, except for the figures presented for Net result.

2 Adjusted earnings per share is calculated as the net result from continuing operations attributed to equity holders adjusted for movement of deferred/unbilled revenue, impairments and acquisition-related amortization on a post-tax basis divided by the weighted average number of diluted shares over the period.