Cover
TOMTOM FINANCIAL DATA PACK Q1 '22
1. Key figures table
Key figures
First quarter 2022 results
Key figures
(€ in millions, unless stated otherwise) Q1 '22 Q1 '21 y.o.y. change
Location Technology 105.2 104.8 0%
Consumer 23.2 26.4 -12%
Revenue 128.4 131.2 -2%
Gross profit 109.1 106.5 2%
Gross margin 85% 81%
Operating expenses 129.0 120.8 7%
Operating result (EBIT) -19.8 -14.2
Operating margin -15% -11%
Net result -21.5 -11.5
Free cash flow (FCF) -23.2 -3.9
FCF as a % of revenue -18% -3%
Location Technology
(€ in millions, unless stated otherwise) Q1 '22 Q1 '21 y.o.y. change
Automotive 60.5 62.7 -3%
Enterprise 44.7 42.1 6%
Location Technology revenue 105.2 104.8 0%
(€ in millions) Q1 '22 Q1 '21 y.o.y. change
Automotive reported revenue 60.5 62.7 -3%
Movement of Automotive deferred revenue 7.9 11.7
Operational revenue 68.4 74.4 -8%
Consumer
(€ in millions, unless stated otherwise) Q1 '22 Q1 '21 y.o.y. change
Consumer products 21.6 23.5 -8%
Automotive hardware 1.6 2.9 -45%
Consumer revenue 23.2 26.4 -12%
Operating expenses excluding D&A
(€ in millions) Q1 '22 Q1 '21 y.o.y. change
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.