TomTom Reports First Quarter 2018 Results

This report includes the following non-GAAP measures: Automotive operational revenue, gross margin, EBIT (margin), EBITDA (margin), adjusted net result, adjusted EPS and net cash, which are further explained on page 10 of this report.

2017 figures are restated under the new IFRS 15 and IFRS 16 accounting standards.

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1 Earnings per fully diluted share count adjusted for movement of deferred revenue, unbilled revenue, deferred cost of sales, impairments and material restructuring and disposal costs on a post-tax basis.

TomTom's Chief Executive Officer, Harold Goddijn

“TomTom started the year with a solid set of results. Nearly 70% of our revenues is now derived from data, software & services, boosting our gross margin. Automotive operational revenue in the quarter amounted to 78 million, an increase of 42% compared with the same quarter last year.”

Outlook 2018

We are re-iterating our guidance for the year.

Revenue   ~ €800 million
Gross margin   close to 70%
Adjusted EPS   ~ €0.25
OPEX & CAPEX (excl. acquisitions)   ~ €700 million
 

For the period between 2016 and 2020, we expect the combined reported revenue of the Automotive, Enterprise and Telematics businesses to grow at a CAGR of around 12.5%, taking into account new IFRS accounting standards and current exchange rates.2

Financial and business review

Revenue for the first quarter amounted to €192 million, 10% lower compared with the same quarter last year (Q1 '17: €213 million). Automotive, Enterprise and Telematics jointly grew by 4% year on year, which was offset by lower Consumer revenue. Gross margin for the quarter equalled 70% (Q1 '17: 63%). The net result adjusted for movement of deferred revenue, unbilled revenue and deferred cost of sales on a post-tax basis was a gain of €22.6 million, which translates to an adjusted EPS of €0.10 (Q1 '17: -€0.03).

Automotive & Enterprise

(€ in millions, unless stated otherwise)   Q1 '18   Q1 '17  

y.o.y.
change

             
Automotive   49.7   44.7   11%
Enterprise   30.1   32.8   -8%
Total Automotive & Enterprise revenue   79.8   77.5   3%

Change percentages and totals calculated before rounding.

 

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