Research and development expenses - Geographic data
47.4
41.4
14%
Research and development expenses - Application layer
38.4
32.3
19%
Sales and marketing expenses
10.5
10.2
3%
General and administrative expenses
17.5
15.3
14%
Operating expenses excluding D&A
113.8
99.2
15%
Depreciation and amortization
15.2
21.5
-29%
Operating expenses
129.0
120.7
7%
Deferred revenue
(€ in millions)
31 March 2022
31 December 2021
Automotive
402.8
395.0
Enterprise
30.5
41.5
Consumer
22.7
25.5
Gross deferred revenue
456.0
461.9
Less: Netting adjustment to unbilled revenue
16.2
21.2
Deferred revenue
439.8
440.7
Free cash flow
(€ in millions)
Q1 '22
Q1 '21
Cash flow from operating activities
-16.9
-0.8
Investments in intangible assets
-5.1
Investments in property, plant and equipment
-1.3
-3.1
Free cash flow
-23.2
-3.9
2. Cons Stat of Income
Consolidated condensed statement of income
First quarter 2022 results
(€ in thousands)
Q4 '20
Q1 '21
Q2 '21
Q3 '21
Q4 '21
Q1 '22
Automotive
59,843
62,654
60,983
52,368
47,063
60,511
Enterprise
41,651
42,142
42,267
42,994
43,513
44,733
Location Technology
101,494
104,796
103,250
95,361
90,577
105,244
Consumer
23,940
26,395
29,853
32,108
24,586
23,205
Revenue
125,434
131,191
133,102
127,469
115,164
128,449
Cost of sales
22,381
24,681
30,367
23,842
20,931
19,313
Gross profit
103,053
106,510
102,735
103,627
94,233
109,136
Gross margin
82%
81%
77%
81%
82%
85%
Research and development expenses - Geographic data
106,017
53,268
55,261
55,822
55,457
56,531
Research and development expenses - Application layer
36,621
34,831
35,839
37,040
38,499
39,365
Sales and marketing expenses
15,432
10,230
11,312
10,994
12,645
10,506
General and administrative expenses
23,138
22,421
21,383
22,315
22,979
22,567
Total operating expenses
181,208
120,750
123,795
126,171
129,580
128,969
Operating result (EBIT)
-78,155
-14,240
-21,060
-22,544
-35,347
-19,833
EBIT margin
-62%
-11%
-16%
-18%
-31%
-15%
Financial result
-6,213
4,400
-1,764
2,213
1,480
-279
Result before tax
-84,368
-9,840
-22,824
-20,331
-33,867
-20,112
Income tax (expense)/gain
18,465
-1,641
-791
-452
-4,907
-1,378
Net result1
-65,903
-11,481
-23,615
-20,783
-38,774
-21,490
1 Fully attributable to equity holders of the parent.
Weighted average number of shares (in thousands)
Basic
130,237
129,716
127,335
126,912
126,933
126,991
Diluted
131,162
131,194
128,476
128,157
128,392
128,739
Earnings per share (in €)
Basic
-0.51
-0.09
-0.19
-0.16
-0.31
-0.17
Diluted2
-0.51
-0.09
-0.19
-0.16
-0.31
-0.17
2 When the net result is a loss, no additional shares from assumed conversion are taken into account as the effect would be anti-dilutive.
3. Cons Balance Sheet
Consolidated condensed balance sheet
First quarter 2022 results
(€ in thousands)
30-Sep-20
31-Dec-20
31-Mar-21
30-Jun-21
30-Sep-21
31-Dec-21
31-Mar-22
Goodwill
192,294
192,294
192,294
192,294
192,294
192,294
192,294
Other intangible assets
181,458
117,475
104,403
91,933
80,771
70,478
66,521
Property, plant and equipment
23,899
22,220
22,938
23,186
23,585
26,241
25,199
Lease assets
39,363
43,609
38,909
37,488
33,248
31,488
28,148
Other contract-related assets
7,962
19,130
18,296
17,124
17,909
18,769
20,335
Other investments
6,595
8,733
10,917
14,602
18,533
17,982
16,541
Deferred tax assets
4,586
4,273
4,299
4,287
4,400
4,115
4,066
Total non-current assets
456,157
407,734
392,056
380,914
370,740
361,367
353,104
Inventories
27,611
26,146
23,500
23,554
18,815
19,585
18,872
Trade receivables
110,105
79,661
60,706
65,378
130,234
56,179
65,575
Unbilled receivables
56,400
58,313
73,541
67,809
65,925
67,311
64,472
Other contract-related assets
17,902
6,950
8,003
3,115
4,348
5,049
5,447
Other receivables and prepayments
35,016
26,765
33,617
27,295
23,330
25,429
28,051
Fixed-term deposits
150,000
140,930
121,313
60,000
60,000
150,000
150,000
Cash and cash equivalents
196,463
231,520
230,657
258,908
242,187
205,820
180,652
Total current assets
593,497
570,285
551,337
506,059
544,839
529,373
513,069
Total assets
1,049,654
978,019
943,393
886,973
915,579
890,740
866,173
Total equity
450,503
387,616
364,950
333,008
317,477
282,723
265,960
Lease liabilities
27,328
28,801
25,116
25,273
21,662
20,004
17,356
Deferred tax liability
7,527
1,344
1,293
1,464
1,342
3,934
3,561
Provisions
42,281
41,014
39,821
37,698
35,862
33,484
32,791
Deferred revenue
220,639
238,793
232,433
219,265
242,272
259,628
266,195
Total non-current liabilities
297,775
309,952
298,663
283,700
301,138
317,050
319,903
Trade payables
22,169
21,998
15,337
21,799
15,374
14,022
12,677
Lease liabilities
12,815
14,872
15,823
14,211
13,513
13,335
12,555
Provisions
12,425
7,918
7,481
6,181
5,518
6,537
7,600
Deferred revenue
176,315
164,913
165,497
158,067
190,956
181,099
173,600
Other contract-related liabilities
19,274
19,084
18,790
18,393
18,506
19,782
19,695
Income taxes
13,978
1,893
2,622
2,427
2,676
1,273
2,511
Accruals and other liabilities
44,400
49,773
54,230
49,187
50,421
54,919
51,672
Total current liabilities
301,376
280,451
279,780
270,265
296,964
290,967
280,310
Total equity and liabilities
1,049,654
978,019
943,393
886,973
915,579
890,740
866,173
Additional information:
Deferred revenue breakdown
Automotive
307,509
335,611
345,833
341,975
357,184
378,389
389,886
Enterprise
43,562
28,370
17,934
5,073
48,653
36,872
27,205
Consumer
45,884
39,726
34,163
30,284
27,391
25,466
22,704
Net deferred revenue
396,954
403,706
397,930
377,332
433,228
440,727
439,795
Automotive
19,025
16,096
17,618
23,610
14,180
16,561
12,916
Enterprise
4,100
6,500
5,711
6,025
5,533
4,656
3,290
Netting adjustment to unbilled revenue
23,125
22,596
23,329
29,635
19,713
21,218
16,206
Automotive
326,534
351,707
363,451
365,584
371,363
394,950
402,801
Enterprise
47,662
34,870
23,645
11,098
54,186
41,528
30,495
Consumer
45,884
39,726
34,163
30,284
27,391
25,466
22,704
Gross deferred revenue
420,079
426,302
421,259
406,966
452,940
461,944
456,000
Net cash
Cash and cash equivalents at the end of the period
196,463
231,520
230,657
258,908
242,187
205,820
180,652
Cash placed in fixed term deposits
150,000
140,930
121,313
60,000
60,000
150,000
150,000
Net cash at the end of the period
346,463
372,450
351,970
318,908
302,187
355,820
330,652
4. Cons Stat of CF
Consolidated condensed statement of cash flows
First quarter 2022 results
(€ in thousands)
Q4 '20
Q1 '21
Q2 '21
Q3 '21
Q4 '21
Q1 '22
Operating result
-78,155
-14,240
-21,060
-22,544
-35,347
-19,833
Financial losses
-1,724
3,084
-970
2,753
3,037
1,392
Depreciation and amortization
70,328
21,520
18,756
17,210
16,185
15,244
Change in provisions
498
759
-4,277
-2,166
-1,790
-590
Equity-settled stock compensation expenses
1,876
1,596
1,457
955
1,926
1,774
Other non-cash movements
-154
2
106
Changes in working capital:
Change in inventories
756
3,217
1,019
4,969
-433
2,876
Change in receivables and prepayments
38,061
-3,447
12,692
-61,340
69,978
-10,311
Change in liabilities (excluding provisions)
4,455
-11,135
-19,241
50,777
11,888
-6,018
Cash flow from operations
36,095
1,354
-11,778
-9,384
65,550
-15,466
Interest received
136
39
267
14
6
5
Interest paid
-419
-437
-469
-418
-392
-365
Corporate income taxes paid
-678
-1,736
-1,078
-1,109
-3,646
-1,107
Cash flow from operating activities
35,134
-780
-13,058
-10,897
61,518
-16,933
Investments in intangible assets
-5,053
Investments in property, plant and equipment
-1,311
-3,117
-2,732
-2,612
-4,813
-1,258
Dividends received
228
138
(Increase)/decrease in fixed-term deposits
8,218
21,465
61,465
-90,000
Cash flow from investing activities
6,907
18,348
58,733
-2,384
-94,675
-6,311
Payment of lease liabilities
-4,227
-3,814
-3,552
-3,741
-3,678
-3,586
Proceeds on issue of ordinary shares
147
577
3,891
93
1,464
Purchase of treasury shares
-17,294
-16,137
Cash flow from financing activities
-4,080
-20,531
-15,798
-3,741
-3,585
-2,122
Net increase/(decrease) in cash and cash equivalents
37,961
-2,963
29,877
-17,022
-36,742
-25,366
Cash and cash equivalents at the beginning of period
196,463
231,520
230,657
258,908
242,187
205,820
Exchange rate changes on cash balances held in foreign currencies
-2,904
2,100
-1,626
301
375
198
Cash and cash equivalents at the end of the period
231,520
230,657
258,908
242,187
205,820
180,652
Reconciliation to net cash
Fixed-term deposits
140,930
121,313
60,000
60,000
150,000
150,000
Net cash
372,450
351,970
318,908
302,187
355,820
330,652
Additional information:
Free cash flow
Cash flow from operating activities
35,134
-780
-13,058
-10,897
61,518
-16,933
Investments in intangible assets
-5,053
Investments in property, plant and equipment
-1,311
-3,117
-2,732
-2,612
-4,813
-1,258
Free cash flow
33,823
-3,897
-15,790
-13,509
56,705
-23,244
% of revenue
27%
-3%
-12%
-11%
49%
-18%
5. Operational performance
Operational performance
First quarter 2022 results
(€ in thousands)
Q4 '20
Q1 '21
Q2 '21
Q3 '21
Q4 '21
Q1 '22
Total IFRS revenue
125,434
131,191
133,102
127,469
115,164
128,449
Automotive
59,843
62,654
60,983
52,368
47,063
60,511
Enterprise
41,651
42,142
42,267
42,994
43,513
44,733
Consumer
23,940
26,395
29,853
32,108
24,586
23,205
Movement of deferred revenue
6,223
-5,044
-14,293
45,974
9,004
-5,944
Automotive
25,173
11,744
2,133
5,779
23,587
7,851
Enterprise
-12,792
-11,225
-12,547
43,088
-12,658
-11,033
Consumer
-6,158
-5,563
-3,879
-2,893
-1,925
-2,762
Total operational revenue
131,657
126,147
118,809
173,443
124,168
122,505
Automotive
85,016
74,398
63,116
58,147
70,650
68,362
Enterprise
28,859
30,917
29,720
86,082
30,855
33,700
Consumer
17,782
20,832
25,974
29,215
22,661
20,443
Cost of sales
22,381
24,681
30,367
23,842
20,931
19,313
Operational gross profit
109,276
101,466
88,442
149,601
103,237
103,192
Total cash spend
116,418
106,161
111,323
115,314
121,886
123,622
Operating expenses excluding D&A
110,880
99,230
105,039
108,961
113,395
113,725
CAPEX
1,311
3,117
2,732
2,612
4,813
6,311
Lease payments
4,227
3,814
3,552
3,741
3,678
3,586
Operational result
-7,142
-4,695
-22,881
34,287
-18,649
-20,430
Reconciliations:
Operational result to Free Cash Flow (FCF)
Working capital movements
37,049
-6,321
8,763
-51,568
72,429
-7,509
Interest and Tax payments
-961
-2,134
-1,280
-1,513
-4,032
-1,467
Lease payments
4,227
3,814
3,552
3,741
3,678
3,586
Other non-cash items
650
5,439
-3,944
1,544
3,279
2,576
FCF
33,823
-3,897
-15,790
-13,509
56,705
-23,244
FCF to net cash movement
Lease payments
-4,227
-3,814
-3,552
-3,741
-3,678
-3,586
Cash flow from other investing and financing activities
147
-16,717
-12,246
228
231
1,464
Exchange rate differences on cash and fixed-term deposits
-3,756
3,948
-1,474
301
375
198
Net cash movement
25,987
-20,480
-33,062
-16,721
53,633
-25,168
Movement in net cash to movement in cash equivalents
Movement in fixed-term deposits
9,070
19,617
61,313
-90,000
Exchange rate changes on cash balances held in foreign currencies
2,904
-2,100
1,626
-301
-375
-198
Net increase/(decrease) in cash and cash equivalents
37,961
-2,963
29,877
-17,022
-36,742
-25,366
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TomTom NV published this content on 13 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2022 07:44:11 UTC.
TomTom NV is the leading independent location technology specialist. The company provides location data and technology to carmakers, businesses, and developers, leveraging its extensive experience and broad array of customers and partners. Its application-ready maps, routing, real-time traffic, APIs, and SDKs power a wide variety of use cases across all industries.
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