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The IT features market is estimated to witness incredible boom right through the forecast length as a result of the technological advancement taking location within the IT sector. also starting to be demand for digital services, concentrated round emerging technologies like artificial intelligence (AI) and system automation is fueling the markets increase. The report items complete overview of the IT services market.
It record covers market features together with segmentation, market shares, traits and techniques for this market. The market measurement section gives the market size covering both the historical boom of the market and forecasting the longer term. Drivers and restraints looks at the exterior components helping and controlling the boom of the IT functions market. It traces the market's historical and forecast market boom by way of geography. additionally an in-depth analysis of key gamers is mentioned in this research documentRequest for sample email@example.com/pattern/TBRC00002153
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additional the aggressive landscape of the IT functions market is analyzed together with leading organizations ruling the market. primary economic deals that have formed the market in recent years were identified. The trends and techniques area highlights abilities future developments out there and suggests approaches that can be adopted through agencies for beneficial decision making.
The market is segmented on the foundation of category, utility and geography. in response to class the market is labeled into application and BPO features,Hardware help functions and Cloud services. while geographically the market is segmented into Asia-Pacific, North the united states, middle-east asia, Europe and Africa.The Regional and country evaluation section provides an analysis of the market measurement of each and every geography and compares their previous and forecast growth. consequently the report’s conclusion displays basic growth prospect of the market along with have an impact on evaluation.
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desk of Contents
1. IT functions Market Characteristics2. IT capabilities Market size and Growth3. IT functions developments and methods;4. Pestle Analysis5. IT features Market client information;6. Market Regional and nation Analysis7. Market Segmentation8. IT functions Market Segments9. global IT features Market comparison with Macro economic Factors10. Market assessment with Macro economic factors throughout Countries11. IT capabilities Market comparison with trade Metrics12. Asia-Pacific Market13. Western Europe Market14. eastern Europe Market15. North the us Market16. South the us Market17. center East Market18. Africa Market19. IT services Market competitive Landscape20. Key Mergers and Acquisitions in the Market21. Market heritage: suggestions know-how Market22. Appendix
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Designed as the pinnacle of the Velar line-up, the new mannequin has been developed by Land Rover particular vehicle Operations and is powered via a 550PS 5.0-litre V8 supercharged engine with quite a number unique design enhancements. adding to its exclusivity, this assorted model could be attainable to buy for three hundred and sixty five days simplest.
Velar turned into named World automobile Design of the yr at the 2018 World motor vehicle Awards and is the 2d model in the range Rover family to put on the coveted badge, after the introduction of the range Rover SVAutobiography Dynamic in 2017.
With a supercharged V8 engine, the most powerful Velar quickens from 0-100km/h in 4.5 seconds (0-60mph in 4.3 seconds) and is in a position to 274km/h (170mph), while cosseting purchasers with common latitude Rover refinement and luxury.
Uprated brakes and suspension components, plus bespoke settings for every little thing from the powertrain to the protection systems, ensure the SVAutobiography Dynamic version mixes the personality of a efficiency motor vehicle with the go-anyplace capacity of a luxurious mid-dimension SUV.
Michael van der Sande, Managing Director, Land Rover particular car Operations, spoke of: “constructing the range Rover Velar SVAutobiography Dynamic edition is the kind of project special car Operations turned into made for. The problem right here was to boost performance devoid of compromising the composure, skill and refinement inherent in range Rover Velar. We’ve finished this and, in the manner, created an SUV that strikes a brilliant stability between go-any place practicality, dynamic efficiency and relaxing comfort – it really is an SUV for any occasion.”
The potent new model is distinguished by way of a number of visible enhancements and entertaining trim finishes, delivering a greater purposeful appearance and heightened attention to element whereas maintaining Velar’s perfectly optimised proportions and distinct silhouette.
On the outside, the award-winning mid-measurement SUV features encompass a new entrance bumper with greater air intakes to feed the V8 Supercharged engine and cool the uprated braking gadget. a brand new grille and lower side mouldings combine with a revised rear bumper featuring built-in quad exhaust finishers.
the exterior changes combine with a transmission tunnel undertray to be certain the quickest Velar within the range cuts through the air more effectively.
Even the latitude Rover lettering on the bonnet and tailgate has been more desirable, with a knurled conclude on the steel aspect of both-piece letters including a clean diploma of sophistication to the exterior. The SVAutobiography Dynamic version is additionally the best Velar obtainable in Satin Byron Blue – a metal paint conclude from special vehicle Operations’ premium Palette latitude – and all models characteristic a contrast Narvik Black roof as ordinary.
Gerry McGovern, Chief Design Officer, Land Rover, said: “Our persevered evolution is driven through a relentless focal point on growing particularly captivating vehicles our valued clientele will love for all times. the brand new range Rover Velar SVAutobiography Dynamic edition amplifies the enormously alluring nature of the 2018 World motor vehicle Design winner by using introducing a compelling aggregate of heightened efficiency and luxurious.”
dissimilar forged aluminium wheels supply an additional clue to the superior performance. The lightweight 21-inch design weighs the same as the 20-inch wheels on the core mannequin and clients can additionally specify non-compulsory 22-inch rims with a different Silver Sparkle finish and diamond-grew to become edging, providing a further diploma of personalisation.
The greater wheels aid the performance focal point of the SVAutobiography Dynamic version, helping to generate greater grip and accommodating bigger brakes. Its 395mm entrance and 396mm diameter rear brake discs characteristic a two-piece development to optimise weight. The innovative designs also dissipate warmth greater effectively to cope with the better braking forces generated all through excessive performance riding.
The additional stopping energy is highlighted with the aid of red brake calipers (4-piston at the front, sliding on the rear) which feature Land Rover lettering. Gloss Black calipers are also obtainable for a extra discreet appearance.
The purposeful exterior is matched by means of a heightened sense of luxury inside with a carefully curated combination of trim finishes and upholstery. the twin-stitched, perforated and quilted Windsor leather is unique to the SVAutobiography Dynamic version and adds to the sense of luxury interior. consumers can make a choice from four color combinations (Ebony, Cirrus, vintage Tan and Pimento) and the SVAutobiography Dynamic version points 20-means adjustable heated and cooled front seats with memory and massage capabilities as usual.
The special touches inside lengthen to the entertaining sports steering wheel, which points a principally contoured rim and tactile aluminium equipment shift paddles. lessen down, the rotary gear selector and circular handle dials for the seamlessly built-in touch professional Duo infotainment gadget all function an advanced knurled finish. An not obligatory carbon fibre pack for the interior provides a greater modern think to the cabin, with a particular steel weave, while activities pedals and illuminated metallic treadplates with latitude Rover script finished the appear.
The individual SV facets lengthen to the 12.three-inch Interactive Driver monitor that includes pleasing ‘digitally knurled’ dials which carry an expertly handcrafted experience and finish to the digital adventure inside the mid-size SUV and a bespoke SVAutobiography Dynamic birth-up monitor. This digital detailing continues with the electronics that underpin the riding characteristics of the brand new flagship Velar mannequin.
Calibrations for the AWD gadget, lively Rear Locking Differential, eight-velocity transmission, steering and air suspension have all been honed and are bespoke to the SVAutobiography Dynamic edition; providing a greater concentrated using adventure. Engineers at Land Rover special car Operations spent sixty three,900 hours fine-tuning the entertaining calibration to optimise the trip, coping with and responsiveness.
Stuart Adlard, SV Senior automobile Engineering supervisor, Land Rover, said: “The Velar SVAutobiography Dynamic edition retains the all-terrain capability and comfort purchasers predict from a spread Rover, with an even extra beneficial and engaging using event. The effect is a composed and luxurious SUV that appears, sounds and feels enjoyable.”
The work of special car Operations focused on delivering elevated breath of skill, holding Land Rover’s renowned all-terrain expertise while offering new tiers of dynamic control and efficiency. other than a long way-reaching digital tuning, upgraded anti-roll bars cut back body roll all the way through difficult cornering and the revised set-up for the continuously Variable Dampers works in combination with firmer air springs for the air suspension to convey the most fulfilling stability of composure and comfort.
The AWD device has been uprated too with a switch box in a position to withstanding the bigger hundreds generated through the 5.0-litre supercharged V8 engine. The advanced clever Driveline Dynamics gadget exactly and imperceptibly distributes engine torque to swimsuit the situations. The set-up can direct as a great deal as 100 per cent to the rear reckoning on the situations.
speed-delicate electric powered power Assisted steerage is fitted as normal, minimising effort at parking speeds but providing precise and direct manage at better speeds, while the Velar’s Dynamic mode has been improved, optimising the guidance, suspension and transmission settings to go well with greater enthusiastic on-road riding.
The unique persona of the Velar SVAutobiography Dynamic version is also reflected through its bespoke exhaust set-up, which gives a soundtrack to fit its performance. SV’s Variable active Exhaust gadget features valve technology to optimise the exhaust word, depending upon the driving situations, and offers Velar with an unmistakable V8 rumble. The lively set-up is 7.1kg lighter than the commonplace design and its increased gasoline movement helps to liberate one of the crucial flagship mannequin’s increased performance.
The Velar SVAutobiography Dynamic edition appears like no different SUV, however the most driver-concentrated mannequin in the range is as purposeful as ever. The beneficiant boot ability is unaffected, whereas the bendy 40:20:forty-break up rear seats permit shoppers to change the loadspace depending on their necessities. The 82-litre gasoline tank also guarantees a real latitude in extra of 483km (300 miles).
the new Velar SVAutobiography Dynamic version is accessible in six exterior shades: Firenze red; Santorini Black; Corris gray; Fuji White; Indus Silver and, by using particular order, Satin Byron Blue.
Velar SVAutobiography Dynamic version is priced from £86,a hundred and twenty OTR within the UK.
HP's "DaaS" application now contains "world-type aid, managed services, and analytics" to companies the use of anyone of a few Apple items. As a part of the application, HP will encompass options for organizations for 2 or three-year finance terms, and should enable 5 %, 10 percent, or 15 percent "flex" of contraptions to fit team of workers needs.
basic features include initial zero-contact device provisioning, stock administration, protection configuration, equipment encryption settings, and utility whitelisting or blacklisting.
The program additionally contains subsequent-company day onsite change for iOS and Mac, with an choice for subsequent-day restoration for the Mac if viable. insurance can consist of unintended hurt insurance plan, as well as technical assist for a company's IT group of workers through email and call.
At existing, DaaS for Apple is only accessible in the U.S. The enterprise has plans to extend to different international locations and "select channel partners" over the subsequent yr.
Pricing varies, and is accessible through HP by way of request.
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EOS, a leading AM enterprise, has acquired the Texas-based powder bed fusion (PBF) R&D startup, Vulcan Labs.
Vulcan Labs began as a spinoff of Stratasys, one of the major competitors of EOS. Stratasys established the startup as a research and innovation entity in order to develop its powder bed fusion technology (PBF) for metal manufacturing. The acquisition will see Vulcan Labs engineers lead “development and commercialization of the new Integra P 400 polymer 3D printer.”
Furthermore, many who joined the Vulcan Labs were part of the 3D printing service bureau Harvest Technologies, which had Stratasys acquired in 2014. Now the Vulcan Labs team will join EOS, bringing their expertise with them.The Vulcan Labs team after the EOS acquisition announcement. Image via EOS.
A talent jackpot and growing AM hub
With this news, EOS continues to expand its presence in North America. In 2016, EOS opened its Advanced Laser Materials (ALM) in Texas, which is focused on developing materials for PBF 3D printing. Last year, EOS partnered with LINK3D, an AM workflow service, to streamline AM production cycle for its customers in North America.
It is also important to note here that DyeMansion, a post-processing AM company funded by EOS, also has a base in Pflugerville, Texas.
Among the newly acquired team will include David Leigh, founder of Harvest Technologies, who has served Stratasys in various capacities, including as VP of Engineering. Leigh is now the Chief Operating Officer of EOS North America.
On the acquisition of talent from Vulcan Labs, Glynn Fletcher, President of EOS North America, said, “With this acquisition, we have frankly struck the AM talent jackpot. It is rare, indeed, to find such a pool of top technical talent that can immediately bring value to our customers at such a high-level. This acquisition illustrates our commitment to providing the best support for our customers, while continuously challenging the market through internal and external disruption.”
Future of EOS in North America
The Vulcan Labs team, who already has a lot of R&D experience in PBF technology, will develop and commercialize the Integra P 400 polymer 3D printer by EOS. The Integra P 400 was manufactured in Texas. It was launched in 2018 and currently is only available in North America.
David Leigh said on the acquisition of Vulcan Labs by EOS, “The time is perfect to join EOS and Vulcan Labs […] Industrial 3D printing is still relatively new, but it has moved from the theoretical to the practical.”
But, it is possible that the integration of EOS and Vulcan Labs teams will raise some IP issue in the future. Furthermore, the impact of the partnership will undoubtedly be of interest to other EOS competitors in North America specifically Stratasys, 3D Systems and HP. In particular EOS stole a leaf from the latter’s playbook with the early announcement of Laser ProFusion one million diode laser technology at Formnext 2019.Honeycomb-topped cap sample component from the EOS LaserProFusion. Photo by Michael Petch
Leigh continued, “As organizations wrestle to integrate AM into their production chain, industry-leading experts like EOS are what will make the difference between struggle or success. That success requires a stable of experts and a robust ecosystem of partners. Vulcan Labs augments existing EOS know-how and sets us apart bringing unique, high-value solutions to our customers.”
Nominations for 3D Printing Awards 2019 is open. Nominate now!
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For jobs in the industry please visit our 3D Printing Jobs site.
Featured image shows the Vulcan Labs team after the EOS acquisition announcement. Image via EOS.
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Jaipur, Rajasthan, India (NewsVoir) Sany India, a leading manufacturer of construction equipment, heavy machinery and renewable energy solutions exhibited a selection of its extensive product range at India Stonemart 2019. Organized by CDOS with FICCI as Co-organizer and supported by the Government of Rajasthan, India Stonemart 2019 is the largest international exposition on stone industry. Considered as the confluence of Global and Indian, this expo has given Sany India a perfect platform to showcase its robust products, explore business opportunities and expand their burgeoning client base.
"We are delighted and proud to have been a part of prestigious event like India Stonemart 2019. Sany India has always been a front runner in technology and all the products are designed to stay true to the company's vision of quality changes the world. Our Machines offer an unmatched combination of excellent power and fuel efficiency along with the quality & superior technology, said Mr. Dheeraj Panda, Sr. Vice President & Head-Excavator Business Unit, Sany India. With significant investment in sectors like infrastructure, railways, roads, irrigation, energy, ports the market in India for heavy machines has seen an upward trend bringing a paradigm shift in the industry. In these times it is imperative for any company to stay abreast with customers' requirements and timely deliver on that in order to maintain the growth trajectory, he added.
With features like technologically advanced design, fuel efficiency, superior performance, high reliability and advanced ergonomic features; Sany's products have emerged as the game changer in the industry. With best in class equipment, ultramodern and global quality product range, great infrastructure, strong manpower, and dealership network, Sany India has become a key player in infrastructure equipment industry. With significant investment in sectors like infrastructure, railways, roads, irrigation, energy, ports Sany plan to further enhance its product line in India.
The technologically superior products displayed at the India Stonemart become a cynosure of all eyes. SY230LC-9HD and SY350LC-9H Excavators with SAG160-5 Motor Grader were exhibited for the customers to have a detailed overview of the machine at company stall.
Excavators (SY230LC-9HD and SY350LC-9H) Sany SY230LC-9HD has been recently launched in BaumaConexpo Exhibition to fulfill the customers' requirement of a premier machine in 20 ton category with high stability & robust undercarriage. The work environment in Rajasthan requires a powerful machine. Sany SY230LC-9HD is designed to handle heavier loads with best in class fuel efficiency.
SY350LC-9H is one of the flagship excavators of Sany is a popular choice when it comes to large size excavators to handle heavy stone mining such as Marble & Granite. It is very effective in heavy duty applications due to higher stability and rugged undercarriage components. SANY guarantees world class & reliable components in all their excavators to withstand tough applications.
Sany Excavators are now available in a wide range from 2 ton to 80 ton for the customers.
Motor Grader (SAG160-5) The grader with 160 HP reliable engine comes with a 3 stage filtration system for high torque, optimized fuel efficiency & high productivity. The NOSPIN differential technology ensures anti-skid performance and powerful workability. Sany Graders are also known from best in class drawbar pull and Blade down force.
SAG160-5 motor grader is designed to offer customers maximum leveling performance. The excellent power strength is able to generate higher productivity. Equipped with a highly responsive load-sensing hydraulic system, this motor grader can achieve high-precision motion control.
Sany India has graders in 120 HP, 160 HP, 170 HP, and 200 HP categories.
About Sany India Sany Heavy Industry India Pvt. Ltd. (Sany India) is a wholly owned subsidiary of Sany Heavy Industry Co. Ltd. (Sany Heavy Industry), China. Sany India was incorporated in 2002 and offers the widest range of Construction Machinery in India & South Asia. In 2012, Sany India invested more than INR 500 crore to develop infrastructure for R&D, Manufacturing, Quality Inspection, Testing and Service at their manufacturing facility in Chakan, Pune. Through this facility, the company operates in four Business verticals viz: Excavator, Heavy Equipment, Concrete Machinery, and Renewable Energy. Presently, Sany India offers products like excavators, truck mounted cranes, all-terrain and rough terrain cranes, crawler cranes, transit mixers, batching plants, boom pumps, trailer pumps, piling rigs, motor graders, pavers, compactors, reach stackers, rubber tyred gantry cranes, rail-mounted gantry cranes, mining equipment, wind turbine generators and many more. The company has already established a strong network of dealers across India to cater to the growing demand and provide support to all its customers & associates. The company has set a target of scaling up this number to provide 4S solutions (stock, sales, service & spares support).
Sany has more than 9000 machines on the ground, contributing to infrastructure development projects in India & other South Asian countries. Owing to its widest product range, superior build quality, service commitment, innovative solutions, and global expertise, Sany India has achieved market leadership in various construction equipment segments. With Government of India's focus on infrastructure development and modernization, the company is poised for tremendous growth.
SANTA CLARA, Calif., Feb 07, 2019 (GLOBE NEWSWIRE via COMTEX) -- SANTA CLARA, Calif., Feb. 07, 2019 (GLOBE NEWSWIRE) -- Telenav [(R)] , Inc. TNAV, +7.83% a leading provider of connected car and location-based services, today released its financial results for the quarter ended Dec. 31, 2018, the second quarter of fiscal 2019. In connection with that announcement, the company also posted a quarterly letter to stockholders on its website. Please visit Telenav's investor relations website at http://investor.telenav.com to view the financial results and letter to stockholders.
"In the second quarter, we achieved a significant milestone of positive adjusted cash flow from operations, a non-GAAP measure, evidence that the company is improving its financial fundamentals while driving growth," said HP Jin, Chairman and CEO of Telenav. "We continued to increase our revenue and billings from General Motors, which were approximately 17% and 20% respectively during the second quarter compared to 7% and 7% for revenue and billings in the second quarter of fiscal 2018. Consistent with our mission of making people's lives less stressful, more productive, and more fun on the go, we are collaborating with Amazon to integrate the Alexa voice interface for in-car navigation, an integration we demonstrated at CES 2019."
Telenav's Board of Directors has authorized a program for the repurchase of up to $20.0 million of shares of common stock through open market purchases. The term of the program is 18 months. The timing and amount of repurchase transactions under this program will depend on market conditions, cash flow and other considerations.
Financial highlights for the second quarter ended Dec. 31, 2018
Recent Business Highlights
Q3 Fiscal 2019 Business Outlook
For the third fiscal quarter ending Mar. 31, 2019, Telenav offers the following guidance.
Subject to anticipated volumes, take rates and timing of model expansion under Telenav's various automobile manufacturer and tier one supplier programs, including the potential impact, if any, of our automotive manufacturer customers' transition of their North American passenger car portfolio to trucks, SUVs and CUVs, and assuming no unforeseen impact from macroeconomic changes, including federal government shutdowns and tariff impacts, Telenav anticipates that adjusted cash flow from operations will be positive for fiscal 2019.
The above information concerning guidance represents Telenav's outlook only as of the date hereof and is subject to change as a result of amendments to material contracts, other changes in business conditions and other factors. Please refer to the disclosures under "Forward-Looking Statements" below. Telenav undertakes no obligation to update or revise any financial forecast or other forward-looking statements, as a result of new developments, or otherwise.
Conference Call and Quarterly Commentary
Telenav will host an investor conference call and live webcast on Thursday, Feb. 7, 2019 at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time). Management has posted its letter to stockholders in combination with this press release on its investor relations website in lieu of management providing remarks at the start of the conference call. Instead, management will respond to questions during the call. To listen to the webcast and view Telenav's quarterly commentary, please visit Telenav's investor relations website at http://investor.telenav.com. Listeners can also access the conference call by dialing 888-394-8218 (toll-free, domestic only) or 323-794-2588 (domestic and international toll) and entering pass code 2400241. A replay of the conference call will be available for two weeks beginning approximately two hours after the call's completion. To access the replay, dial 888-203-1112 (toll-free, domestic only) or 719-457-0820 (domestic and international toll) and enter pass code 2400241.
ASC 606 Implementation
As reported previously, Telenav adopted ASC 606, Revenue from Contracts with Customers, effective July 1, 2018, utilizing the full retrospective transition method. All prior period amounts and disclosures set forth in this earnings release have been adjusted to comply with ASC 606. Under this accounting methodology, certain automotive royalty amounts earned are bifurcated when there exist various underlying obligations. Revenue is recognized upon fulfillment of the underlying obligation. Such various obligations related to earned royalties generally include an onboard navigation component recognized as revenue when each navigation unit is delivered and accepted, a connected services component recognized as revenue over the applicable service period, and a map update component recognized as revenue upon periodic delivery of the applicable map updates.
The adjustments required to transition to ASC 606 on July 1, 2018 resulted in $160.6 million of deferred revenue and $86.9 million of deferred costs originally reported on the company's balance sheet as of June 30, 2018 being recorded instead as revenue and cost of revenue, respectively, in prior periods as adjusted. In addition, the adoption of ASC 606 required the company to capitalize an additional $4.2 million, net, of deferred development costs on its adjusted June 30, 2018 balance sheet, resulting in a net decrease in deferred costs of $82.7 million. The net impact of the Company's adoption of ASC 606 as of June 30, 2018 was an adjustment to decrease its accumulated deficit by $77.8 million. All prior period amounts have been adjusted to comply with ASC 606.
Material Weakness in Internal Control over Financial Reporting
During the three months ended Dec. 31, 2018, Telenav management identified certain errors related to its implementation ASC 606 due to the Company's internal control over financial reporting relating to supervision and review of the financial models supporting Telenav's revenue recognition accounting and disclosures not operating effectively. Telenav management concluded that, because this deficiency created a more than remote likelihood of a material misstatement not being prevented or detected on a timely basis, this deficiency constituted a material weakness in internal control over financial reporting.
A more detailed explanation, together with a description of the remediation plan that we have adopted to address the identified internal control deficiencies, will be included in our Quarterly Report on Form 10-Q for the quarter ended Dec. 31, 2018.
Use of Non-GAAP Financial Measures
Telenav prepares its financial statements in accordance with generally accepted accounting principles for the United States, or GAAP. The non-GAAP financial measures such as billings, direct contribution from billings, direct contribution margin from billings, change in deferred revenue, change in deferred costs, adjusted EBITDA, adjusted cash flow from operations and free cash flow included in this press release are different from those otherwise presented under GAAP. Telenav has provided these measures in addition to GAAP financial results because management believes these non-GAAP measures help provide a consistent basis for comparison between periods that are not influenced by certain items and, therefore, are helpful in understanding Telenav's underlying operating results. These non-GAAP measures are some of the primary measures Telenav's management uses for planning and forecasting. These measures are not in accordance with, or an alternative to, GAAP and these non-GAAP measures may not be comparable to information provided by other companies.
To reconcile the historical GAAP results to non-GAAP financial metrics, please refer to the reconciliations in the financial statements included in this earnings release.
Billings equals revenue recognized plus the change in deferred revenue from the beginning to the end of the applicable period. Direct contribution from billings reflects gross profit plus change in deferred revenue less change in deferred costs from the beginning to the end of the applicable period. Direct contribution margin from billings reflects direct contribution from billings divided by billings. Telenav has also provided a breakdown of the calculation of the change in deferred revenue by segment, which is added to revenue in calculating its non-GAAP metric of billings. In connection with its presentation of the change in deferred revenue, Telenav has provided a similar presentation of the change in the related deferred costs. Such deferred costs primarily include costs associated with third party content and certain development costs associated with its customized software solutions whereby customized engineering fees are earned. As the company enters into more hybrid and brought-in navigation programs, deferred revenue and deferred costs become larger components of its operating results, so Telenav believes these metrics are useful in evaluating cash flows.
Telenav considers billings, direct contribution from billings and direct contribution margin from billings to be useful metrics for management and investors because billings drive revenue and deferred revenue, which is an important indicator of its business. Telenav believes direct contribution from billings and direct contribution margin from billings are useful metrics because they reflect the impact of the contribution over time for such billings, exclusive of the incremental costs incurred to deliver any related service obligations. There are a number of limitations related to the use of billings, direct contribution from billings and direct contribution margin from billings versus revenue, gross profit, and gross margin calculated in accordance with GAAP. First, billings, direct contribution from billings and direct contribution margin from billings include amounts that have not yet been recognized as revenue or cost and may require additional services or costs to be provided over contracted service periods. For example, billings related to certain brought-in solutions cannot be fully recognized as revenue in a given period due to requirements for ongoing map updates and provisioning of services such as hosting, monitoring, customer support, map updates and, for certain customers, additional period content and associated technology costs. Accordingly, direct contribution from billings and direct contribution margin from billings do not include all costs associated with billings. Second, Telenav may calculate billings, direct contribution from billings, and direct contribution margin from billings in a manner that is different from peer companies that report similar financial measures, making comparisons between companies more difficult. When Telenav uses these measures, it attempts to compensate for these limitations by providing specific information regarding billings, direct contribution from billings and direct contribution margin from billings and how they relate to revenue, gross profit and gross margin calculated in accordance with GAAP.
Adjusted EBITDA measures net loss excluding the impact of stock-based compensation expense, depreciation and amortization, other income (expense) net, provision (benefit) for income taxes, and other applicable items such as legal settlements and contingencies, deferred rent reversal and tenant improvement allowance recognition due to sublease termination, net of tax. Stock-based compensation expense relates to equity incentive awards granted to its employees, directors, and consultants. Legal settlements and contingencies represent settlements, offers made to settle, or loss accruals relating to litigation or other disputes in which Telenav is a party or the indemnitor of a party. Deferred rent reversal and tenant improvement allowance recognition represent the reversal of Telenav's deferred rent liability and recognition of Telenav's deferred tenant improvement allowance, as amortization of these amounts is no longer required due to the termination of the company's Santa Clara facility sublease and subsequent entry into a new lease agreement with its landlord for this same facility effective Sept. 2017.
Adjusted EBITDA and adjusted cash flow from operations are key measures used by Telenav's management and board of directors to understand and evaluate Telenav's core operating performance and trends, to prepare and approve its annual budget and to develop short- and long-term operational plans. In particular, Telenav believes that the exclusion of the expenses eliminated in calculating adjusted EBITDA and adjusted cash flow from operations can provide a useful measure for period-to-period comparisons of Telenav's core business.
Adjusted cash flow from operations measures adjusted EBITDA plus the effect of changes in deferred revenue and deferred costs. Telenav believes adjusted cash flow from operations is a useful measure, especially in light of the impact it continues to expect on reported revenue for certain value-added offerings the company provides its customers, including map updates and the impact of future deliverables. Adjusted EBITDA and adjusted cash flow from operations, while generally measures of profitability and the generation of cash, can also represent losses and the use of cash, respectively. In addition, adjusted cash flow from operations is a key financial measure used by the compensation committee of Telenav's board of directors in connection with the development of incentive-based compensation for Telenav's executive officers and employees. Accordingly, Telenav believes that adjusted cash flow from operations generally provides useful information to investors and others in understanding and evaluating Telenav's operating results in the same manner as its management and board of directors.
Free cash flow is a non-GAAP financial measure Telenav defines as net cash provided by (used in) operating activities, less purchases of property and equipment. Telenav considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash (used in) generated by its business after purchases of property and equipment.
In this press release, Telenav has provided guidance for the third quarter of fiscal 2019 on a non-GAAP basis for billings, direct contribution margin from billings, adjusted EBITDA and adjusted cash flow from operations. Telenav does not provide reconciliations of these forward-looking non-GAAP financial measures to the corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections with respect to deferred revenue, deferred costs, stock-based compensation and tax provision, which are components of these non-GAAP financial measures. In particular, stock-based compensation is impacted by future hiring and retention needs, as well as the future fair market value of Telenav's common stock, all of which is difficult to predict and subject to constant change. The actual amounts of these items will have a significant impact on Telenav's net loss per diluted share and tax provision. Accordingly, reconciliations of Telenav's forward-looking non-GAAP financial measures to the corresponding GAAP measures are not available without unreasonable effort.
Forward Looking Statements
This press release contains forward-looking statements that are based on Telenav management's beliefs and assumptions and on information currently available to its management. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties. These potential risks and uncertainties include, among others: Telenav's ability to develop and implement products for Ford, GM and Toyota and to support Ford, GM and Toyota and their customers; the impact of Ford's recent announcement regarding the elimination of various sedans in North America and Europe over the near term and GM's recent announcement regarding the elimination of various sedans in North America in the near term; the impact of tariffs on sales of automobiles in the United States and other markets; the impact of the anticipated departure of the United Kingdom from the European Union on sales of automobiles in the United Kingdom and automotive supply chains; Telenav's success in extending its contracts for current and new generation of products with its existing automobile manufacturers and tier ones, particularly Ford; Telenav's ability to achieve additional design wins and the delivery dates of automobiles including Telenav's products; adoption by vehicle purchasers of Scout GPS Link; Telenav's dependence on a limited number of automobile manufacturers and tier ones for a substantial portion of its revenue; reductions in demand for automobiles; potential impacts of automobile manufacturers and tier ones including competitive capabilities in their vehicles such as Apple CarPlay and Android Auto; its advertising business; Telenav's ability to develop new advertising products and technology while also achieving cash flow break even and ultimately profitability in the advertising business; any failure to meet financial performance expectations of securities analysts or investors; failure to reach agreement with customers for awards and contracts on products and services in which Telenav has expended resources developing; competition from other market participants who may provide comparable services to subscribers without charge; the timing of new product releases and vehicle production by Telenav's automotive customers, including inventory procurement and fulfillment; possible warranty claims, and the impact on consumer perception of its brand; Telenav's ability to develop and support products including OpenStreetMap ("OSM"), as well as transition existing navigation products to OSM and any economic benefit anticipated from the use of OSM versus proprietary map products; the potential that Telenav may not be able to realize its deferred tax assets and may have to take a reserve against them; Telenav's reliance on its automobile manufacturers for volume and royalty reporting; the impact on revenue recognition and other financial reporting due to the amendment of contracts or changes in accounting standards; and macroeconomic and political conditions in the U.S. and abroad, in particular China. Telenav discusses these risks in greater detail in "Risk Factors" and elsewhere in its Form 10-Q for the fiscal quarter ended September 30, 2018 and other filings with the U.S. Securities and Exchange Commission ("SEC"), which are available at the SEC's website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent management's beliefs and assumptions only as of the date made. You should review the company's SEC filings carefully and with the understanding that actual future results may be materially different from what Telenav expect.
ABOUT TELENAV, INC.Telenav is a leading provider of connected car and location-based services, focused on transforming life on the go for people - before, during, and after every drive. Leveraging our location platform, we enable our customers to deliver custom connected car and mobile experiences. Fortune 500 advertisers and local advertisers can now reach millions of users with Telenav's highly-targeted advertising platform. To learn more about how Telenav's location platform powers personalized navigation, mapping, big data intelligence, social driving, and location-based advertising, visit www.telenav.com.
Copyright 2019 Telenav, Inc. All Rights Reserved.
"Telenav," "Scout," "Thinknear" and the Telenav, Scout and Thinknear logos are registered trademarks of Telenav, Inc. Unless otherwise noted, all other trademarks, service marks, and logos used in this press release are the trademarks, service marks or logos of their respective owners.TNAV-FTNAV-C
Investor Relations:Bishop IRMike Bishop415-894-9633IR@telenav.com
-- Financial Tables Follow --Telenav, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited) December 31,2018 June 30,2018As Adjusted [(1)] Assets Current assets: Cash and cash equivalents $ 22,405 $ 17,117 Short-term investments 63,544 67,829 Accounts receivable, net of allowances of $10 and $17 at December 31, 2018 and June 30, 2018, respectively 43,593 46,188 Restricted cash 2,476 2,982 Deferred costs 13,950 11,759 Prepaid expenses and other current assets 3,552 3,867 Total current assets 149,520 149,742 Property and equipment, net 6,396 6,987 Deferred income taxes, non-current 486 867 Goodwill and intangible assets, net 30,479 31,046 Deferred costs, non-current 51,515 46,666 Other assets 3,467 2,372 Total assets $ 241,863 $ 237,680 Liabilities and stockholders' equity Current liabilities: Trade accounts payable $ 22,991 $ 13,008 Accrued expenses 29,367 38,803 Deferred revenue 23,715 20,714 Income taxes payable 258 221 Total current liabilities 76,331 72,746 Deferred rent, non-current 1,051 1,112 Deferred revenue, non-current 64,057 53,824 Other long-term liabilities 993 1,115 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value: 50,000 shares authorized; no shares issued or outstanding -- -- Common stock, $0.001 par value: 600,000 shares authorized; 45,541 and 44,871 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively 46 45 Additional paid-in capital 170,747 167,895 Accumulated other comprehensive loss (2,010 ) (1,855 ) Accumulated deficit (69,352 ) (57,202 ) Total stockholders' equity 99,431 108,883 Total liabilities and stockholders' equity $ 241,863 $ 237,680 [(1)] Certain amounts have been adjusted to reflect the retrospective adoption of ASC 606. Such amounts were further revised during the three months ended December 31, 2018 to correct certain immaterial errors. Telenav, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended December 31, December 31, 2018 2017As Adjusted [(1)] 2018 2017As Adjusted [(1)] Revenue: Product $ 42,397 $ 45,907 $ 82,327 $ 86,299 Services 14,779 15,492 27,048 29,795 Total revenue 57,176 61,399 109,375 116,094 Cost of revenue: Product 25,015 30,356 48,603 57,679 Services 7,176 7,520 14,350 13,902 Total cost of revenue 32,191 37,876 62,953 71,581 Gross profit 24,985 23,523 46,422 44,513 Operating expenses: Research and development 19,091 21,399 39,193 42,080 Sales and marketing 4,455 5,136 8,870 10,200 General and administrative 5,721 5,514 11,171 10,725 Legal settlements and contingencies 650 60 650 310 Total operating expenses 29,917 32,109 59,884 63,315 Loss from operations (4,932 ) (8,586 ) (13,462 ) (18,802 ) Other income, net 532 218 2,122 171 Loss before provision for income taxes (4,400 ) (8,368 ) (11,340 ) (18,631 ) Provision for income taxes 181 26 811 281 Net loss $ (4,581 ) $ (8,394 ) $ (12,151 ) $ (18,912 ) Net loss per share: Basic and diluted $ (0.10 ) $ (0.19 ) $ (0.27 ) $ (0.43 ) Weighted average shares used in computing net loss per share: Basic and diluted 45,443 44,476 45,230 44,495 [(1)] Certain amounts have been adjusted to reflect the retrospective adoption of ASC 606. Telenav, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Six Months EndedDecember 31, 2018 2017As Adjusted [(1)] Operating activities Net loss $ (12,151 ) $ (18,912 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,016 1,513 Deferred rent reversal due to lease termination - (538 ) Tenant improvement allowance recognition due to lease termination - (582 ) Accretion of net premium on short-term investments - 113 Stock-based compensation expense 4,384 5,368 Unrealized gain on non-marketable equity investments (1,259 ) - Loss (gain) on disposal of property and equipment (8 ) 6 Bad debt expense 2 37 Changes in operating assets and liabilities: Accounts receivable 2,578 5,545 Deferred income taxes 366 (23 ) Income taxes receivable - 2 Deferred costs (7,040 ) (13,298 ) Prepaid expenses and other current assets 310 (476 ) Other assets 26 (620 ) Trade accounts payable 10,017 (1,563 ) Accrued expenses and other liabilities (9,962 ) (263 ) Income taxes payable 39 (61 ) Deferred rent 89 767 Deferred revenue 13,234 19,840 Net cash provided by (used in) operating activities 2,641 (3,145 ) Investing activities Purchases of property and equipment (446 ) (3,350 ) Purchases of short-term investments (15,862 ) (32,817 ) Proceeds from sales and maturities of short-term investments 20,342 33,322 Net cash provided by (used in) investing activities 4,034 (2,845 ) Financing activities Proceeds from exercise of stock options 26 235 Tax withholdings related to net share settlements of restricted stock units (1,559 ) (1,606 ) Net cash used in financing activities (1,533 ) (1,371 ) Effect of exchange rate changes on cash and cash equivalents (360 ) 563 Net increase (decrease) in cash, cash equivalents and restricted cash 4,782 (6,798 ) Cash, cash equivalents and restricted cash, at beginning of period 20,099 24,158 Cash, cash equivalents and restricted cash, at end of period $ 24,881 $ 17,360 Supplemental disclosure of cash flow information Income taxes paid, net $ 586 $ 640 Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets Cash and cash equivalents $ 22,405 $ 13,956 Restricted cash 2,476 3,404 Total cash, cash equivalents and restricted cash $ 24,881 $ 17,360 [(1)] Certain amounts have been adjusted to reflect the retrospective adoption of ASC 606. Telenav, Inc. Condensed Consolidated Segment Summary (in thousands, except percentages) (unaudited) Three Months Ended Six Months Ended December 31, December 31, 2018 2017As Adjusted [(1)] 2018 2017As Adjusted [(1)] Automotive Revenue $ 47,522 $ 49,157 $ 91,004 $ 92,498 Cost of revenue 28,081 31,981 54,698 60,724 Gross profit $ 19,441 $ 17,176 $ 36,306 $ 31,774 Gross margin 41% 35% 40% 34% Advertising Revenue $ 7,016 $ 8,742 $ 12,963 $ 16,357 Cost of revenue 3,286 4,402 6,506 7,814 Gross profit $ 3,730 $ 4,340 $ 6,457 $ 8,543 Gross margin 53% 50% 50% 52% Mobile Navigation Revenue $ 2,638 $ 3,500 $ 5,408 $ 7,239 Cost of revenue 824 1,493 1,749 3,043 Gross profit $ 1,814 $ 2,007 $ 3,659 $ 4,196 Gross margin 69% 57% 68% 58% Total Revenue $ 57,176 $ 61,399 $ 109,375 $ 116,094 Cost of revenue 32,191 37,876 62,953 71,581 Gross profit $ 24,985 $ 23,523 $ 46,422 $ 44,513 Gross margin 44% 38% 42% 38% [(1)] Certain amounts have been adjusted to reflect the retrospective adoption of ASC 606. Telenav, Inc. Unaudited Reconciliation of Non-GAAP Adjustments (in thousands) Reconciliation of Revenue to Billings Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Automotive Revenue $ 47,522 $ 49,157 $ 91,004 $ 92,498 Adjustments: Change in deferred revenue 6,495 8,940 13,324 20,091 Billings $ 54,017 $ 58,097 $ 104,328 $ 112,589 Advertising Revenue $ 7,016 $ 8,742 $ 12,963 $ 16,357 Adjustments: Change in deferred revenue - - - - Billings $ 7,016 $ 8,742 $ 12,963 $ 16,357 Mobile Navigation Revenue $ 2,638 $ 3,500 $ 5,408 $ 7,239 Adjustments: Change in deferred revenue (103 ) (194 ) (90 ) (251 ) Billings $ 2,535 $ 3,306 $ 5,318 $ 6,988 Total Revenue $ 57,176 $ 61,399 $ 109,375 $ 116,094 Adjustments: Change in deferred revenue 6,392 8,746 13,234 19,840 Billings $ 63,568 $ 70,145 $ 122,609 $ 135,934 Telenav, Inc. Unaudited Reconciliation of Non-GAAP Adjustments (in thousands) Reconciliation of Deferred Revenue to Change in Deferred Revenue Reconciliation of Deferred Costs to Change in Deferred Costs Three Months Ended December 31, 2018 Automotive Advertising Mobile Navigation Total Deferred revenue, December 31 $ 87,325 $ - $ 447 $ 87,772 Deferred revenue, September 30 80,830 - 550 81,380 Change in deferred revenue $ 6,495 $ - $ (103 ) $ 6,392 Deferred costs, December 31 $ 65,465 $ - $ - $ 65,465 Deferred costs, September 30 62,806 - - 62,806 Change in deferred costs $ 2,659 $ - $ - $ 2,659 Three Months Ended December 31, 2017 Automotive Advertising Mobile Navigation Total Deferred revenue, December 31 $ 58,321 $ - $ 633 $ 58,954 Deferred revenue, September 30 49,381 - 827 50,208 Change in deferred revenue $ 8,940 $ - $ (194 ) $ 8,746 Deferred costs, December 31 $ 48,724 $ - $ - $ 48,724 Deferred costs, September 30 43,018 - - 43,018 Change in deferred costs $ 5,706 $ - $ - $ 5,706 Six Months Ended December 31, 2018 Automotive Advertising Mobile Navigation Total Deferred revenue, December 31 $ 87,325 $ - $ 447 $ 87,772 Deferred revenue, June 30 74,001 - 537 74,538 Change in deferred revenue $ 13,324 $ - $ (90 ) $ 13,234 Deferred costs, December 31 $ 65,465 $ - $ - $ 65,465 Deferred costs, June 30 58,425 - - 58,425 Change in deferred costs $ 7,040 $ - $ - $ 7,040 Six Months Ended December 31, 2017 Automotive Advertising Mobile Navigation Total Deferred revenue, December 31 $ 58,321 $ - $ 633 $ 58,954 Deferred revenue, June 30 38,230 - 884 39,114 Change in deferred revenue $ 20,091 $ - $ (251 ) $ 19,840 Deferred costs, December 31 $ 48,724 $ - $ - $ 48,724 Deferred costs, June 30 35,426 - - 35,426 Change in deferred costs $ 13,298 $ - $ - $ 13,298 Telenav, Inc. Unaudited Reconciliation of Non-GAAP Adjustments (in thousands, except percentages) Reconciliation of Gross Profit to Direct Contribution from Billings Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Automotive Gross profit $ 19,441 $ 17,176 $ 36,306 $ 31,774 Gross margin 41% 35% 40% 34% Adjustments to gross profit: Change in deferred revenue 6,495 8,940 13,324 20,091 Change in deferred costs [(1)] (2,659 ) (5,706 ) (7,040 ) (13,298 ) Net change 3,836 3,234 6,284 6,793 Direct contribution from billings [(1)] $ 23,277 $ 20,410 $ 42,590 $ 38,567 Direct contribution margin from billings [ (1)] 43% 35% 41% 34% Advertising Gross profit $ 3,730 $ 4,340 $ 6,457 $ 8,543 Gross margin 53% 50% 50% 52% Adjustments to gross profit: Change in deferred revenue - - - - Change in deferred costs - - - - Net change - - - - Direct contribution from billings $ 3,730 $ 4,340 $ 6,457 $ 8,543 Direct contribution margin from billings 53% 50% 50% 52% Mobile Navigation Gross profit $ 1,814 $ 2,007 $ 3,659 $ 4,196 Gross margin 69% 57% 68% 58% Adjustments to gross profit: Change in deferred revenue (103 ) (194 ) (90 ) (251 ) Change in deferred costs - - - - Net change (103 ) (194 ) (90 ) (251 ) Direct contribution from billings $ 1,711 $ 1,813 $ 3,569 $ 3,945 Direct contribution margin from billings 67% 55% 67% 56% Total Gross profit $ 24,985 $ 23,523 $ 46,422 $ 44,513 Gross margin 44% 38% 42% 38% Adjustments to gross profit: Change in deferred revenue 6,392 8,746 13,234 19,840 Change in deferred costs [(1)] (2,659 ) (5,706 ) (7,040 ) (13,298 ) Net change 3,733 3,040 6,194 6,542 Direct contribution from billings [(1)] $ 28,718 $ 26,563 $ 52,616 $ 51,055 Direct contribution margin from billings [ (1)] 45% 38% 43% 38% [(1)] Deferred costs primarily include costs associated with third party content and in connection with certain customized software solutions, the costs incurred to develop those solutions. We expect to incur additional costs in the future due to requirements to provide ongoing map updates and provisioning of services such as hosting, monitoring, customer support and, for certain customers, additional prepaid content and associated technology costs. Accordingly, direct contribution from billings and direct contribution margin from billings do not reflect all costs associated with billings. Telenav, Inc. Unaudited Reconciliation of Non-GAAP Adjustments (in thousands) Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Cash Flow from Operations Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Net loss $ (4,581 ) $ (8,394 ) $ (12,151 ) $ (18,912 ) Adjustments: Legal settlements and contingencies 650 60 650 310 Deferred rent reversal due to lease termination - - - (538 ) Tenant improvement allowance recognition due to lease termination - - - (582 ) Stock-based compensation expense 2,115 2,888 4,384 5,368 Depreciation and amortization expense 1,006 797 2,016 1,513 Other income, net (532 ) (218 ) (2,122 ) (171 ) Provision for income taxes 181 26 811 281 Adjusted EBITDA (1,161 ) (4,841 ) (6,412 ) (12,731 ) Change in deferred revenue 6,392 8,746 13,234 19,840 Change in deferred costs [(1)] (2,659 ) (5,706 ) (7,040 ) (13,298 ) Adjusted cash flow from operations [(1)] $ 2,572 $ (1,801 ) $ (218 ) $ (6,189 ) [(1)] We expect to incur additional costs in the future due to requirements to provide ongoing map updates and provisioning of services such as hosting, monitoring, customer support and, for certain customers, additional prepaid content and associated technology costs. Accordingly, adjusted cash flow from operations does not reflect all costs associated with billings. Telenav, Inc. Unaudited Reconciliation of Non-GAAP Adjustments (in thousands) Reconciliation of Net Loss to Free Cash Flow Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Net loss $ (4,581 ) $ (8,394 ) $ (12,151 ) $ (18,912 ) Adjustments to reconcile net loss to net cash used in operating activities: Change in deferred revenue [(1)] 6,392 8,746 13,234 19,840 Change in deferred costs [(2)] (2,659 ) (5,706 ) (7,040 ) (13,298 ) Changes in other operating assets and liabilities 2,672 2,260 3,463 3,308 Other adjustments [(3)] 3,110 3,736 5,135 5,917 Net cash provided by (used in) operating activities 4,934 642 2,641 (3,145 ) Less: Purchases of property and equipment (346 ) (1,064 ) (446 ) (3,350 ) Free cash flow $ 4,588 $ (422 ) $ 2,195 $ (6,495 ) [(1)] Consists of product royalties, customized software development fees, service fees and subscription fees. [(2)] Consists primarily of third party content costs and customized software development expenses. [(3)] Consists primarily of depreciation and amortization, stock-based compensation expense and other non-cash items. Telenav, Inc. Summarized Financial Information Depicting the Impact of ASC 606 (in thousands, except per share amounts) (unaudited) As of June 30, 2018 As Reported(ASC 605) Adjustments As Adjusted(ASC 606) Assets Deferred costs $ 31,888 $ (20,129 ) $ 11,759 Deferred costs, noncurrent 109,269 (62,603 ) 46,666 Total assets 320,412 (82,732 ) 237,680 Liabilities and stockholders' equity Deferred revenue 52,871 (32,157 ) 20,714 Deferred revenue, noncurrent 182,236 (128,412 ) 53,824 Accumulated deficit (135,042 ) 77,840 (57,202 ) Total liabilities and stockholders' equity 320,412 (82,732 ) 237,680 Three Months Ended December 31, 2017 Six Months Ended December 31, 2017 As Reported(ASC 605) Adjustments As Adjusted(ASC 606) As Reported(ASC 605) Adjustments As Adjusted(ASC 606) Revenue Product $ 25,307 $ 20,600 $ 45,907 $ 49,271 $ 37,028 $ 86,299 Services 13,773 1,719 15,492 26,467 3,328 29,795 Total revenue 39,080 22,319 61,399 75,738 40,356 116,094 Cost of revenue Product 15,053 15,303 30,356 29,727 27,952 57,679 Services 7,258 262 7,520 13,431 471 13,902 Total cost of revenue 22,311 15,565 37,876 43,158 28,423 71,581 Gross profit 16,769 6,754 23,523 32,580 11,933 44,513 Operating expenses Research and development 21,903 (504 ) 21,399 42,985 (905 ) 42,080 Total operating expenses 32,613 (504 ) 32,109 64,220 (905 ) 63,315 Loss from operations (15,844 ) 7,258 (8,586 ) (31,640 ) 12,838 (18,802 ) Net loss (15,652 ) 7,258 (8,394 ) (31,750 ) 12,838 (18,912 ) Net loss per share, basic and diluted $ (0.35 ) $ 0.16 $ (0.19 ) $ (0.71 ) $ 0.28 $ (0.43 )
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