Telenav Reports Fourth Quarter and Fiscal Year 2013 Financial Results

Telenav Reports Fourth Quarter and Fiscal Year 2013 Financial Results

Strategic Growth and International Revenue for the Fiscal Year More Than
Doubled Year Over Year

SUNNYVALE, Calif., July 25, 2013 (GLOBE NEWSWIRE) -- Telenav®, Inc.
(Nasdaq:TNAV), the leader in personalized navigation, today announced its
financial results for the fourth quarter and fiscal year that ended June 30,
2013.

"We are pleased with the financial results in our strategic growth and
international areas, which represented 59% of total revenue for the fourth
quarter and 51% for the fiscal year," said HP Jin, chairman, president and CEO
of Telenav. "Our solid revenue performance in our automotive business, which
accounted for 46% of total revenue for the quarter, aligns with our strategy
to diversify our revenue base. In addition, we have begun to see growth in our
mobile advertising business and we will continue to invest in our business, as
we believe we can capitalize on this high growth market through our
differentiated, location-enabled platform."

As previously announced, due to the sale of the Enterprise business that
closed effective April 1, 2013, we have presented the results of operations of
that business as discontinued operations in our income statement for all
periods presented.

Financial Highlights

  *Revenue for the fourth quarter of fiscal year 2013 was $47.1 million,
    compared with $55.0 million in the third quarter of fiscal year 2013 and
    $51.4 million in the fourth quarter of fiscal year 2012. Revenue for
    fiscal year 2013 was $191.8 million, compared with $205.5 million in
    fiscal year 2012.
  *Revenue stemming from strategic growth and international areas for the
    fourth quarter of fiscal year 2013 was $27.8 million, compared with $32.1
    million in the third quarter of fiscal year 2013 and $12.8 million in the
    fourth quarter of fiscal year 2012. Strategic growth and international
    revenue represented 59% of total revenue for the fourth quarter of fiscal
    year 2013, compared with 58% in the third quarter of fiscal year 2013, and
    up 117% from the fourth quarter of fiscal year 2012. Automotive revenue
    was $21.6 million, or 46% of total revenue, for the fourth quarter of
    fiscal year 2013.
  *Revenue stemming from strategic growth and international areas for fiscal
    year 2013 was $96.9 million, up 120% from fiscal year 2012. Strategic
    growth and international revenue represented 51% of total revenue for
    fiscal year 2013, compared with 21% in fiscal year 2012. Automotive
    revenue was $71.5 million, or 37% of total revenue, for fiscal year 2013.
  *GAAP net loss from continuing operations for the fourth quarter of fiscal
    year 2013 was ($0.9) million, or ($0.02) per diluted share, compared with
    GAAP net income of $3.8 million, or $0.09 per diluted share, in the third
    quarter of fiscal year 2013 and GAAP net income of $6.2 million, or $0.14
    per diluted share, for the fourth quarter of fiscal year 2012.
  *GAAP net income from continuing operations for fiscal year 2013 was $5.6
    million, or $0.13 per diluted share, compared with $31.8 million, or $0.72
    per diluted share, for fiscal year 2012.
  *Adjusted EBITDA for the fourth quarter of fiscal year 2013 was $4.2
    million (GAAP net loss adjusted for add back stock-based compensation
    expense, depreciation, amortization, interest income, other expense,
    provision (benefit) for income taxes, and other items such as legal
    settlements and restructuring costs, net of tax), compared with $8.8
    million in the third quarter of fiscal year 2013 and $12.9 million in the
    fourth quarter of fiscal year 2012 a year ago.For fiscal year 2013,
    adjusted EBITDA was $25.5 million compared with $57.2 million for fiscal
    year 2012.
  *Ending cash, cash equivalents and short-term investments were $191.7
    million, and Telenav had no debt as of June 30, 2013. This represented
    cash, cash equivalents and short-term investments of $4.87 per share,
    based on approximately 39.3 million shares of outstanding common stock as
    of June 30, 2013.

Recent Business Highlights

  *In April 2013, Telenav completed the sale of its Enterprise business to
    FleetCor Technologies Operating Company, LLC, or FleetCor, for aggregate
    proceeds of approximately $10 million, resulting in the gain on the
    Enterprise business sale of approximately $6.5 million, net of tax.
  *In June 2013, Telenav appointed David Smith as vice president of sales.
    Mr. Smith now leads the Company's mobile advertising sales business in
    North America. Mr. Smith previously held senior mobile sales positions
    with InMobi and Millennial Media.
  *In July 2013, Scout launched a suite of traffic-related features to make
    daily commuters' lives easier, less stressful and more productive. Some of
    these features include the ability for users to report incidents such as
    accidents, road hazards, traffic jams and police presence to other Scout
    users.
  *In the fourth quarter of fiscal year 2013, the app store ratings for Scout
    for iPhone and Scout for Android averaged 4.5 stars.Scout continues to
    rank in the top three in the free navigation category on iTunes.

Business Outlook

For the first fiscal quarter ending September 30, 2013, Telenav offers the
following guidance, which is predicated on management's judgments.

  *Total revenue is expected to be $41 to $43 million;
  *Revenue fromstrategic growth areas (automotive, mobile advertising and
    premium LBS) is expected to be 50% to 55% of total revenue;
  *GAAP gross margin is expected to be 62% to 63%;
  *Non-GAAP gross margin is expected to be 64% to 65%, and represents GAAP
    gross margin adjusted for the add back of the amortization of capitalized
    software and developed technology of approximately $1 million;
  *GAAP operating expenses are expected to be $28 to $29 million;
  *Non-GAAP operating expenses are expected to be $25 to $26 million, and
    represents GAAP operating expenses adjusted for the add back of
    approximately $3 million of stock-based compensation expense;
  *GAAP net loss is expected to be breakeven to ($1) million;
  *GAAP diluted net loss per share is expected to be breakeven to ($0.03);
  *Non-GAAP net income is expected to be $2.5 to $3.5 million, and represents
    GAAP net loss adjusted for the add back of the tax effected impact of
    approximately $3 million of stock-based compensation expense, and
    approximately $1 million of capitalized software and developed technology
    amortization expenses;
  *Non-GAAP diluted net income per share is expected to be $0.06 to $0.09 and
    represents GAAP net loss per share adjusted for the add back of the tax
    effect of approximately $3 million of stock-based compensation expense,
    and approximately $1 million of capitalized software and developed
    technology expenses;
  *Adjusted EBITDAis expected to be $1.5 to $2.5 million, and represents
    GAAP net loss adjusted for the add back of approximately $3 million of
    stock-based compensation expense, and approximately $2 million of
    depreciation and amortization expenses, other income and expense, and
    income taxes; and
  *Weighted average diluted shares outstanding are expected to be
    approximately 40 million.

For the fiscal year ending June 30, 2014, Telenav offers the following
guidance:

  *Total revenue is expected to be $140 to $150 million;
  *Revenue from strategic growth areas (automotive, mobile advertising and
    premium LBS) is expected to be approximately 60% of total revenue;
  *Automotive revenue is expected to be 45% to 50% of total revenue;
  *Mobile advertising revenue is expected to exceed 10% of total revenue;
  *GAAP gross margin is expected to be 57% to 58%;
  *Non-GAAP gross margin is expected to be 60% to 61%, and represents GAAP
    gross margin adjusted for the add back of the amortization of capitalized
    software and developed technology of approximately $4 million;
  *GAAP operating expenses are expected to be $110 to $120 million;
  *Non-GAAP operating expenses are expected to be $99 to $108 million, and
    represents GAAP operating expenses adjusted for the add back of $11 to
    $12 million of stock-based compensation expense;
  *GAAP net loss is expected to be ($15)to ($20) million;
  *GAAP diluted net loss per share is expected to be ($0.38) to ($0.50);
  *Non-GAAP net loss is expected to be ($2) to ($8) million, and represents
    GAAP net loss adjusted for the add back of the tax effected impact of $11
    to $12 million of stock-based compensation expense, and approximately $4
    million of capitalized software and developed technology amortization
    expenses;
  *Non-GAAP diluted net loss per share is expected to be ($0.05) to ($0.20),
    and represents GAAP net loss adjusted for the add back of the tax effected
    impact of $11 to $12 million of stock-based compensation expense, and
    approximately $4 million of capitalized software and developed technology
    amortization expenses;
  *Adjusted EBITDAis expected to be ($10) to ($15) million, and represents
    GAAP net loss adjusted for the add back for the impact of $11 to $12
    million in stock-based compensation expenses and $7 to $8 million of
    depreciation and amortization expenses, other income and expense, and
    income taxes; and
  *Weighted average diluted shares outstanding are expected to be
    approximately 40 million.

The Company plans to achieve quarterly breakeven on an adjusted EBITDA basis
during fiscal year 2015.

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 and other changes in business conditions.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

The company will host an investor conference call and live webcast at 2:00
p.m. PT (5:00 p.m. ET) today.To access the conference call, dial 888-337-8169
(toll-free, domestic only) or 719-457-2628 (domestic and international toll)
and enter passcode 6298612.The webcast will be accessible on Telenav's
investor relations website at http://investor.telenav.com/. A replay of the
conference call will be available for two weeks beginning approximately two
hours after its completion.To access the replay, please dial 888-203-1112
(toll-free domestic only) or 719-457-0820 (international or domestic toll) and
enter passcode 6298612.

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 non-GAAP net income from continuing operations,
non-GAAP net income from continuing operations per share, and adjusted EBITDA
from continuing operations 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
non-cash or other charges 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.

The following are explanations of each type of adjustment that we incorporate
into non-GAAP financial measures: Non-GAAP net income from continuing
operations measures GAAP net income from continuing operations excluding the
impact of stock-based compensation expense, capitalized software and developed
technology amortization expenses, and other items such as legal settlements
and restructuring costs, net of taxes. Stock-based compensation expense
relates to equity incentive awards granted to our employees, directors, and
consultants.Stock-based compensation expense has been and will continue to be
a significant recurring non-cash expense for Telenav.While we include the
dilutive impact of such equity awards in weighted average shares outstanding,
the expense associated with stock-based awards reflects a non-cash charge that
we exclude from non-GAAP net income from continuing operations, non-GAAP net
income from continuing operations per share, and adjusted EBITDA from
continuing operations. Capitalized software amortization expense represents
internal software costs that are previously capitalized and charged to expense
as the software is used in our operations.Developed technology amortization
expense relates to the amortization of acquired intangible assets. Legal
settlements represent settlements from patent litigation cases in which we are
defendants and royalty disputes. Restructuring costs represent recognition of
the estimated amount of costs associated with restructuring activities. Our
non-GAAP tax rate from continuing operations differs from the GAAP tax rate
from continuing operations due to the elimination of any tax effect of the
GAAP stock-based compensation expenses, capitalized software and developed
technology amortization expenses, legal settlements, restructuring costs, and
other items that are being eliminated to arrive at the non-GAAP net income
from continuing operations.

Adjusted EBITDA from continuing operations measures our GAAP net income
excluding the impact of stock-based compensation expense, depreciation,
amortization, interest income, other expense, provision (benefit) for income
taxes, and other items such as legal settlements and restructuring costs, net
of tax. We believe this is a useful measure of profitability before the impact
of certain non-cash expenses, interest income, income taxes, and certain other
items that management believes affect the comparability of operating results.

To reconcile the historical GAAP net income from continuing operations to
non-GAAP net income from continuing operations and non-GAAP net income per
share from continuing operations, add back the indicated amounts of
stock-based compensation expense, capitalized software and developed
technology amortization expenses, legal settlements, restructuring costs, and
other applicable items, net of tax. To reconcile the historical GAAP net
income from continuing operations to adjusted EBITDA from continuing
operations, add back the indicated amounts of stock-based compensation
expense, depreciation and amortization expenses, interest income, other
expense, provision (benefit) for income taxes, legal settlements,
restructuring costs, and other applicable items.

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 our management. Forward-looking statements include information
concerning Telenav's anticipated or assumed future financial results and
shares outstanding, the success of its efforts with its auto manufacturer
customers and launch of vehicles containing the results of those
collaborations, the continued adoption and success of Scout for iPhone, and
the adoption and success of Scout for Cars and the success of its efforts to
develop an advertising business. 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,
fluctuations in Telenav's quarterly and annual operating results; Telenav's
dependence on Ford and AT&T for a substantial majority of its revenue; changes
in the contractual relationships with AT&T and other wireless carriers to whom
Telenav provides services, as have occurred in the past; automotive
manufacturers, automotive equipment suppliers ("OEMs"), and consumer
acceptance of Scout; Telenav's success in achieving additional design wins
from OEMs and automotive manufacturers and the delivery dates of automobiles
including Telenav's products; Telenav's inexperience in the mobile advertising
market; Telenav incurring losses; competition from other market participants
who may provide comparable services to subscribers without charge; Telenav's
short historyin the automotive navigation market; continued production of
vehicles with and adoption by auto buyers of Telenav's products offered by
Ford and the products offered by other automotive OEMs; the timing of new
product releases and vehicle production by our automotive customers; Telenav's
ability to increase revenue from premium services and international markets;
successful conversion of freemium users to paid subscribers; Telenav's ability
to successfully integrate and manage the operations and technologies and
products of its acquisitions; Telenav's ability to attract and retain
qualified personnel; Telenav's ability to attract and retain auto
manufacturers and automotive OEMs; Telenav's ability to issue new releases of
its products and services and expand its product portfolio; changes to current
accounting standards which may have a significant, adverse impact upon
Telenav's financial results; the introduction of new products by competitors
or the entry of new competitors into the markets for Telenav's services and
products; the impact of current or future intellectual property litigation and
claims for indemnification and litigation related to U.S securities laws and
economic and political conditions in the US and abroad. We discuss these risks
in greater detail in "Risk factors" and elsewhere in our Quarterly Report on
Form 10-Q for the quarterended March 31, 2013 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 our management's beliefs and assumptions only as of the date made.
You should review our SEC filings carefully and with the understanding that
our actual future results may be materially different from what we expect.

About Telenav, Inc.

Telenav's mission is to help make people's lives less stressful, more
productive, and more fun when they are on the go. Our personalized navigation
services help people make faster and smarter daily decisions about where to
go, when to leave, how to get there, and what to do when they arrive.

We aim to be everywhere people need us. Our partners are wireless carriers,
automobile manufacturers, app developers, advertisers and advertising
agencies. Our carrier and automotive partners include AT&T, Bell Mobility,
Boost Mobile, Ford, NII Holdings, QNX Software Systems, Rogers, Sony, Sprint
Nextel, Telcel, T-Mobile U.S., U.S. Cellular, and Vivo Brazil. You can also
find us in mobile app stores and on the web at www.telenav.com and
www.scout.me.

Follow Telenav on Twitter at www.twitter.com/telenav or on Facebook at
www.facebook.com/telenav.

The Telenav, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11384

Copyright 2013 Telenav, Inc. All Rights Reserved.

"Telenav" and "Scout," are registered and unregistered trademarks and/or
service marks 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-F


Telenav, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
                                                             
                                                June 30, 2013 June 30, 2012 *
Assets                                           (unaudited)   
Current assets:                                               
Cash and cash equivalents                        $25,787     $6,920
Short-term investments                           165,898      192,548
Accounts receivable, net of allowances of $241
and $314, at June 30, 2013 and2012,             28,193       25,316
respectively
Deferred income taxes                            867          1,403
Prepaid expenses and other current assets        13,781       14,319
Total current assets                             234,526      240,506
Property and equipment, net                      11,753       15,442
Deferred income taxes, non-current               3,771        2,872
Goodwill and intangible assets, net              18,805       923
Other assets                                     4,814        5,036
Total assets                                     $273,669    $264,779
                                                             
Liabilities and stockholders' equity                          
Current liabilities:                                          
Accounts payable                                 $1,604      $3,059
Accrued compensation                             8,855        9,116
Accrued royalties                                9,833        4,397
Other accrued expenses                           16,729       8,385
Deferred revenue                                 7,025        9,222
Income taxes payable                             95           1,350
Total current liabilities                        44,141       35,529
Deferred rent, non-current                       8,884        8,410
Other long-term liabilities                      6,180        4,322
Commitments and contingencies                                 
Stockholders' equity:                                         
Preferred stock, $0.001 par value: 50,000 shares --           --
authorized; no shares issuedor outstanding
Common stock, $0.001 par value:600,000 shares
authorized; 45,704 shares issued and 39,341
shares outstanding at June 30, 2013, and 44,001  40           42
shares issued and 41,353 shares outstanding at
June 30, 2012
Additional paid-in capital                       118,193      118,855
Accumulated other comprehensive income           373          370
Retained earnings                                95,858       97,251
Total stockholders' equity                       214,464      216,518
Total liabilities and stockholders' equity      $273,669    $264,779
                                                             
* Derived from audited consolidated financial statements as of and for the
year ended June 30, 2012


Telenav, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
                                                                 
                                     Three Months Ended Fiscal Year Ended
                                      June 30,           June 30,
                                     2013      2012     2013        2012*
                                     (unaudited)        (unaudited) 
                                                                 
Revenue:                                                          
Product                              $20,948 $6,830 $69,162   $24,186
Services                              26,114   44,611  122,638    181,336
Total revenue                         47,062   51,441  191,800    205,522
                                                                 
Cost of revenue:                                                  
Product                              10,764   3,661   37,017     13,615
Services                              7,698    7,875   32,096     30,833
Total cost of revenue                 18,462   11,536  69,113     44,448
                                                                 
Gross profit                          28,600   39,905  122,687    161,074
                                                                 
Operating expenses:                                               
Research and development              14,977   16,299  60,349     65,764
Sales and marketing                   7,683    5,619   30,435     25,345
General and administrative            6,130    8,570   24,765     26,084
Restructuring costs                   1,671    --      1,671      --
Total operating expenses              30,461   30,488  117,220    117,193
                                                                 
Operating income (loss)               (1,861)  9,417   5,467      43,881
                                                                 
Interest income                       343      417     1,462      1,573
Other expense, net                    (438)    (400)   (255)      (89)
Income (loss) from continuing
operations before provision for       (1,956)  9,434   6,674      45,365
income taxes
Provision (benefit) for income taxes  (1,077)  3,210   1,093      13,559
Income (loss) from continuing         (879)    6,224   5,581      31,806
operations, net of tax
Income from discontinued operations,  6,487    406     7,486      602
net of tax
Net income                            $5,608  $6,630 $13,067   $32,408
                                                                 
Income (loss) from continuing                                     
operations, net of tax, per share
Basic                                 $(0.02) $0.15  $0.14     $0.77
Diluted                               $(0.02) $0.14  $0.13     $0.72
                                                                 
Income from discontinued operations,                              
net of tax, per share
Basic                                 $0.17   $0.01  $0.19     $0.01
Diluted                               $0.16   $0.01  $0.18     $0.01
                                                                 
Net income per share                                             
Basic                                 $0.14   $0.16  $0.32     $0.78
Diluted                               $0.14   $0.15  $0.31     $0.74
                                                                 
Weighted average shares used in                                   
computing net income (loss) per share
Basic                                 39,142   41,390  40,310     41,406
Diluted                               40,450   43,259  41,919     43,944
                                                                 
* Derived from audited consolidated financial statements as of and   
for the year ended June 30, 2012


Telenav, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
                                                                  
                                                       Fiscal Year Ended
                                                        June 30,
                                                       2013        2012*
                                                       (unaudited) 
Operating activities                                               
Net income                                              $13,067   $32,408
Adjustments to reconcile net income to net cash                    
provided by operating activities:
Loss on disposal of property, plant & equipment         173        --
Write-off of long-term investments                      335        250
Write-off due to impairment                             438        --
Accretion of premium on short-term investments          4,424      4,598
Depreciation and amortization                           8,408      8,171
Stock-based compensation expense                        8,647      5,122
Excess tax benefit from stock-based compensation        305        (797)
Changes in operating assets and liabilities:                       
Accounts receivable                                     (2,559)    5,384
Deferred income taxes                                   (1,801)    1,024
Prepaid expenses and other current assets               551        (4,101)
Other assets                                            (730)      (391)
Accounts payable                                        (1,221)    266
Accrued compensation                                    (261)      1,269
Accrued royalties                                       5,436      (307)
Accrued expenses and other liabilities                  10,152     3,869
Income taxes payable                                    (1,456)    2,427
Deferred rent                                           1,295      9,674
Deferred revenue                                        (2,290)    (39,559)
Net cash provided by operating activities               42,913     29,307
                                                                  
Investing activities                                               
Purchases of property and equipment                     (2,248)    (13,470)
Additions to capitalized software                       (948)      (2,406)
Purchases of short-term investments                     (124,707)  (170,592)
Purchases of long-term investments                      (950)      (1,100)
Proceeds from sales and maturities of short-term        146,922    152,623
investments
Acquisitions, net of cash acquired                      (18,254)   (1,768)
Net cash used in investing activities                   (185)      (36,713)
                                                                  
Financing activities                                               
Proceeds from exercise of stock options                 2,792      2,108
Tax withholdings related to net share settlements of    (51)       --
restricted stock units
Repurchase of common stock                              (26,310)   (12,545)
Excess tax benefit from stock-based compensation        (305)      797
Net cash used in financing activities                   (23,874)   (9,640)
                                                                  
Effect of exchange rate changes on cash and cash        13         (87)
equivalents
Net increase (decrease) in cash and cash equivalents    18,867     (17,133)
Cash and cash equivalents, at beginning of period       6,920      24,053
Cash and cash equivalents, at end of period             $25,787   $6,920
                                                                  
Supplemental disclosure of cash flow information                   
Income taxes paid, net                                  $2,893    $11,288
                                                                  
* Derived from audited consolidated financial statements as of and for the
year ended June 30, 2012


Telenav, Inc.
Unaudited Reconciliation of Non-GAAP Adjustments
(in thousands, except per share amounts)
                                                        
Reconciliation of GAAP Net Income (Loss) from Continuing Operations,
Net of Tax,
to Non-GAAP Income from Continuing Operations, Net of Tax
                                                        
                         Three Months Ended     Fiscal Year Ended
                          June 30,               June 30,
                         2013        2012       2013       2012
                                                        
GAAP Net Income           $5,608    $6,630   $13,067  $32,408
Income from discontinued  6,487       406        7,486      602
operations, net of tax
Income (loss) from
continuing operations,    (879)       6,224      5,581      31,806
net of tax
                                                        
Adjustments:                                             
Legal settlement          --         --        1,300     --
Restructuring costs       1,671      --        1,671     --
                                                        
Capitalized software and
developed technology      980        592       3,680     2,019
amortization expenses
Stock-based compensation:                                
Cost of revenue           32         23        149       91
Research and development  964        646       3,509     2,509
Sales and marketing       614        322       2,290     1,168
General and               823        333       2,699     1,354
administrative
Total stock-based         2,433      1,324     8,647     5,122
compensation
                                                        
Tax effect of adding back (1,096)    (753)     (2,696)   (1,252)
adjustments
                                                        
Non-GAAP income from
continuing operations,    $3,109    $7,387   $18,183  $37,695
net of tax
                                                        
                                                        
Non-GAAP net income from
continuing operations,                                   
net of tax, per share
Basic                     $0.08     $0.18    $0.45    $0.91
Diluted                   $0.08     $0.17    $0.43    $0.86
Weighted average shares
used in computing net                                    
income per share
Basic                     39,142     41,390    40,310    41,406
Diluted                   40,450     43,259    41,919    43,944
                                                        
                                                        
Reconciliation of GAAP Net Income (Loss) from Continuing Operations,      
Net of Tax, to Adjusted EBITDA from Continuing Operations
                                                        
                         Three Months Ended     Fiscal Year Ended
                          June 30,               June 30,
                         2013        2012       2013       2012
                                                        
GAAP Net Income           $5,608    $6,630   $13,067  $32,408
Income from discontinued  6,487       406        7,486      602
operations, net of tax
Income (loss) from
continuing operations,    (879)       6,224      5,581      31,806
net of tax
                                                        
Adjustments:                                             
Legal settlement          --         --        1,300     --
Restructuring costs       1,671      --        1,671     --
Stock-based compensation  2,433      1,324     8,647     5,122
Depreciation and          1,981      2,146     8,408     8,171
amortization
Interest income           (343)      (417)     (1,462)   (1,573)
Other expense, net        438        400       255       89
Provision (benefit) for   (1,077)    3,210     1,093     13,559
income taxes
                                                        
Adjusted EBITDA from      $4,224    $12,887  $25,493  $57,174
continuing operations

CONTACT: Media Contact:
         Mary Beth Lowell
         Telenav, Inc.
         425.531.0122   
         marybethl@telenav.com

         Investor Relations:
         Cynthia Hiponia and Alice Kousoum
         The Blueshirt Group for Telenav, Inc.
         408.990.1265
         IR@telenav.com

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