TomTom reports second quarter 2019 results
Amsterdam, the Netherlands, 17 July 2019 7:30 AM CEST
FINANCIAL SUMMARY
Group revenue increased by 12% to €211 million (Q2 '18: €188 million)
Location Technology revenue increased by 25% to €116 million (Q2 '18: €93 million)
Free cash flow from continuing operations for the quarter is an inflow of €16 million (Q2 '18: inflow of €16 million)
Net cash inflow from the Telematics transaction was €873 million; net book gain €807 million
OPERATIONAL SUMMARY
Divestment of Telematics and capital repayment to shareholders completed
Record number of mapping updates: 1.9 billion modifications in a single month
Global map database extended to more than 67 million kilometers in 194 countries and territories
Maps SDK for website applications enhanced
OUTLOOK
Updated full year outlook; expected Group revenue of at least €700 million, of which Location Technology revenue of €435 million, and around 9% FCF as a percentage of Group revenue.
TOMTOM’S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN
“The positive revenue trend continued into the second quarter, with Location Technology growing 25%.
Our map-making platform matured further during the quarter. We made 1.9 billion modifications to the map database in a single month. Investments in machine learning resulted in higher degree of automation, faster cycle times and lower operational costs per modification.
We finalized the Telematics divestment and returned close to 90% of the net cash proceeds to shareholders.”
KEY FIGURES
(€ in millions, unless stated otherwise)
Q2 '19
Q2 '18
y.o.y. change
H1 '19
H1 '18
y.o.y. change
Location Technology
116.1
92.6
25
%
219.1
172.4
27
%
Consumer
94.7
94.9
161.3
164.1
-2
%
Revenue
210.8
187.5
12
%
380.3
336.5
13
%
Gross result
142.0
131.3
8
%
263.3
231.9
14
%
Gross margin
67
%
70
%
69
%
69
%
EBITDA
31.0
44.8
-31
%
49.8
70.5
-29
%
EBITDA margin
15
%
24
%
13
%
21
%
Net result1
742.0
19.8
745.3
26.2
Adjusted EPS2, € fully diluted
-0.01
0.04
-0.01
0.12
Free cash flow (FCF)
15.8
16.0
-4.4
8.6
FCF as a % of revenue
7
%
9
%
-1
%
3
%
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 net result of 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.
Attachment
TomTom Q2 2019 results press release