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Executives

HP Jin – Co-Founder, President and CEO

Mike Strambi – CFO

Analysts

Paul Coster – JPMorgan

Telenav, Inc. (TNAV) JPMorgan Global Technology, Media and Telecom Conference Call May 15, 2013 11:20 AM ET

Paul Coster – JPMorgan

My name is Paul Coster cover Applied Emerging Technologies here at JPMorgan and it’s my pleasure to have Mike Strambi, CFO and HP Jin, CEO of Telenav here all the way from the West Coast, so thanks very much for coming to JPMorgan TMT Conference gentlemen, appreciate it. HP perhaps you could let’s assume that some of the folks are not familiar with the story so perhaps you can just talk about what it is that Telenav does and then will get into the details.

HP Jin

Okay. So Telenav was founded in 1989 way before the smartphone getting popular so we were the first one launched Mobile Phone Navigation with the GPS embedded phones. Since then we had our first set wave of growth through working with wireless carriers. So we are the technology provider behind AT&T Navigator, early days of Sprint Navigation, Telenav branded navigation product. So we were the leader in this space and achieving very fast growth for the first few years until 2010 and then we were facing different competitions.

So in the middle of transforming the company from carrier based revenue to auto and mobile advertising based revenue. So as you all know in 2010 Google introduced GPS, free GPS on Android phones and others so that’s in a way really impact our business for us to after getting to mobile advertising business which we believe as actually long-term bigger potential for us. So we are at about $200 million revenue and will have $200 million cash in the bank. Our auto business revenue, advertising business revenue and international has grown from almost zero to – three years ago to about half of total revenue. So we’ve been very successful in transforming the business from heavily depending on carrier business to – we got strategic growth areas automotive and advertising business.

Paul Coster – JPMorgan

Alright, very good. Thank you very much. And so you just come out of fiscal third quarter where you had a little – I just wonder if it become – seem settle a little bit here, but you came out of the third quarter with good results and there are some one-time benefits from the auto segment there, one-time non-recurring revenues. The subsequent guidance though little bit disappointing for the street anyway. Can you just talk about where we stand in terms of the car momentum of the business and what the guidance was?

Mike Strambi

Yeah so we are in June fiscal year end quarter, the guidance that we gave for our June quarter for our fourth quarter was midpoint of revenue about $42 million so the quarter that we just exited was $55 million. So we had a decline in revenue for the comments that Paul just made we had some one-time revenue with regard to some of the customized engineering that we provided for Ford so Ford we’re compensated on a royalty basis based on vehicles that are outfitted with navigation. So as you look forward with our business our current run rate is about $42 million for the fourth quarter, we’re not giving formal guidance for fiscal 2014 on revenue, we will do that consistent with our past practices on our July call when we report for the fourth quarter.

But what we did provide guidance for the fourth quarter was EBITDA of about $2 million but for the first time since we’ve been a public company that we’ve actually experienced an operating loss in the fourth quarter. And so we thought it was prudent at that point to give some indication qualitatively with regard to fiscal 2014 as we continue to invest in the business that we don’t anticipate reducing our cost structure in the foreseeable future as we invest in advertising and automotive. And so to that we made comments that we will also expect to generate operating losses in fiscal 2014.

Paul Coster – JPMorgan

Okay. Let’s talk about what’s going away for a moment which is the Sprint business HP. Is it going away completely and will it be a sort of residual relationship with Sprint?

HP Jin

So the relationship with Sprint there are two parts of the relationship one is arrangement of bundling..

Paul Coster – JPMorgan

Yeah.

HP Jin

Telenav Solution with their voice and data package so that will be going away effective September now, it used to be June but we extend that relationship until September, give them more time to do that really ads getting on that plan. So after that we are not expecting any revenue from them number one. Number two there will be relationship, ongoing relationship with out premium strategy, right. So they will continue to preload our product on their devices and will continue to share revenue from advertising, we generate together and will continue share revenue from upside, up sell of a premium service.

Paul Coster – JPMorgan

Right.

HP Jin

So that relationship will last until mid of I think 2015.

Paul Coster – JPMorgan

Those subscribers to Sprint who are already using the premium service, they just simply rollover and there is no change there or…

HP Jin

That’s right. They were just premium service and they continue to rollover.

Paul Coster – JPMorgan

And do they continue to rollover as a Sprint branded product thought and…

HP Jin

No it’s moving towards the Scout branding.

Paul Coster – JPMorgan

Okay. Does that change the revenue model for you and the margin from that is small, I realize it’s small but…

HP Jin

It’s a small number but doesn’t change much.

Paul Coster – JPMorgan

Okay. And then on AT&T you never entered into a bundling arrangement there. So there is no downside risk, that was happening at AT&T but it seems to keep moving along, right?

HP Jin

Yes, AT&T is still keep moving along the revenue we experienced decline from AT&T Navigator because of some – the actions they took to inform users every month about the kind of the status but now I think is getting to stages more steady decline, we are still experiencing that, but we are taking actions together with AT&T try to do slower decline or even reverse decline by other initiatives we are taking in joint marketing or product improvement but are focusing on mall vertical narrow focus but deeper offering to those customers.

Paul Coster – JPMorgan

I (inaudible) of looking at the businesses that are in decline but at one time we were also looking for international growth of the subscriber based business China Mobile has some businesses in Europe and in Latin America as well. What is the latest on the international initiatives?

HP Jin

So international revenue as compared to U.S. AT&T Navigator revenue didn’t decline international revenue right still kind of a flat or slight growth but in long run we also feel there will be same pressure for the same business model like getting paid by carriers is not going to be long-term sustainable unless again like what we’re doing with the AT&T really changed the product offering. So with China Mobile that’s one of the carriers we’ve worked in China so that model we actually decided to discontinue the relationship with China Mobile where there was a white label product and revenue wasn’t that big and also the relationship getting into mall like a softer outsourcing kind of model so China Mobile want to own that whole thing even upside from the relationship which is not our interest. So we decided to owe our own branded product in China.

Paul Coster – JPMorgan

Right, okay. So let’s draw a line underneath that product discussion and move on to what is working and I will actually – this is not working or not working because it’s no longer part of your business. But can you explain the decision to let go of the business solution segment of your business?

HP Jin

I see, it’s really about the focus and focus the whole company energy into the area we believe we can be a leader that’s number one also that space is big right. So the two – so look at our business today we are at mobile advertising auto business mall really consumer-facing, drive the consumer-facing product versus the enterprise business is really different product offering and you are to be a leader in that space which has still I believe there is a long – good potential there but you need a lot more attention from senior management team and myself I couldn’t allocate that hours per week to that business and it doesn’t make sense to go that way right. We don’t feel with that kind of commitment we can be a leader so we decided to get out of that.

Paul Coster – JPMorgan

And you sold it to whom for…

HP Jin

(inaudible).

Paul Coster – JPMorgan

(inaudible) right, okay. So looking at what is working and in a big way the auto segment I mean as you said two or three years ago is nothing and now it’s over 50% of the business with quite good visibility. What is it that you actually do for Ford?

HP Jin

So for Ford Mike you want to comment on it then I will add to it.

Mike Strambi

Yeah, sure.

HP Jin

What’s happened in there…

Mike Strambi

So we are currently providing what we refer to is Gen2 navigation on Ford and Lincoln vehicles on a global basis. So today we are on 15 of 20 vehicles of Ford and Lincoln and the U.S. about a year ago we were on four vehicles. So we had significant revenue in the third quarter was about $25 million. The Gen2 solution from Ford is rich in features we are partnered with Microsoft with regard to the operating system but Ford being a lead integrator on this solution they were able to bring this product to market at a ubiquitous price point at $795.

So that combined with the effect of production volume increases with Ford in that ubiquitous price point we’ve seen higher take rates than what they have traditionally experienced. So as you would expect with the Lincoln vehicle you see take rates in the 90% range generally on average about 50% but even on lower end vehicles like Ford Focus or even trucks that didn’t that weren’t necessarily outfitted with navigation much higher take rates they had in their Gen1 solution.

Compared with the North America launch we also have launched in South America and as we disclose on our most recent call we also launched on three vehicles in China. So this is a point of clarification we talked about our international business. We weren’t considering Ford because our customer today technically is Ford U.S. we weren’t considering our international auto business in our international segment otherwise international did grow.

So we are seeing good success with Ford we know we’ll be launching on more vehicles in China and then we’ll be launching through Ford in Europe in calendar 2014. In addition we partnered with Delphi as a Tier 1 supplier and we’re currently on three vehicles through Delphi and General Motors in North America and will be launching in calendar 2014 on more models and some emerging countries and then we also announced through Delphi that we’ll be launching in 2014 on a large China auto manufacturer as well.

Paul Coster – JPMorgan

With Ford I saw census of strategic relationship with GM, is it just simply, is it strategic but they kind of see Telenav is part of differentiated experienced in the (inaudible) that more (reversal) arms links relationship just through Delphi?

HP Jin

I think that’s different from Ford and Ford is a much more strategic and we start with the Gen1, I think Gen1…

Paul Coster – JPMorgan

Right.

HP Jin

We are a key part of the Gen1 launch and then become strategic to Gen2 and we expect the work towards even future versions. For GM this is the beginning of the relation similar to what we had with Ford as Gen1 right. So we’re serving them the basic need, navigation need is not connecting the solution but we’re working in a way try to promote our connected navigation solution to them as well.

Paul Coster – JPMorgan

How big can this be?

HP Jin

For GM…

Paul Coster – JPMorgan

Well for the auto segment in aggregate?

HP Jin

In our 10b I mean we’re – 10b varied compared to what we have achieved right now we are at the 16 million on revenue per year. But overall long-term that can be much bigger than what we have now.

Paul Coster – JPMorgan

Do you think there is more – put this right, are there more auto OEMs in the pipeline and or contract manufacturer ODM players in the pipeline?

HP Jin

Tier 1s you mean..

Paul Coster – JPMorgan

Tier 1…

HP Jin

More – we are working with directly with the OEMs but sometime OEM say top to Tier 1s that you work with Telenav. We have a few cases they still want like business relationship with the Tier 1 but they pick the solutions. So a few OEMs actually directly points to several Tier 1s to work with Telenav.

Paul Coster – JPMorgan

And how much you are getting, how are you getting paid and how much you are getting paid for, is it on a per vehicle basis or is it an aggregate and if it’s per vehicle what is that generally you see in revenues?

Mike Strambi

So we are paid for every vehicle that’s outfitted with navigation that’s our relationship with Ford for confidentiality and competitive reasons we are not disclosing the ASP. And the flexibility that we’re able to offer in our solution is we can procure the map included in our solution or the auto manufacturer can procure the map so it has this significant effect on margins so our relationship with Ford were generally running close to about 50% gross margins depending on the global distribution that will vary just because maps and certain geos can cause more or less. With regard to Delphi we’re not procuring the map so we have gross margins that are more accustomed to our traditional gross margins in the 80% range.

Paul Coster – JPMorgan

Right. Earlier on HP talked about the relationship with China Mobile and China has a large auto market. Is there some magic that comes from having even if you are not proceeding with them as originally planned and in fact that you have the relationship with China Mobile you now have to deliver products for their market. Does that help you with the auto sector in China?

HP Jin

Auto sectors right now we’re leveraging our global solution to work with the global OEMs that our number one priority whether the U.S. OEMs or other OEMs has a global presence and now they are all looking for global coverage. So I think that’s one focus we have and through our local OEMs in China we like to work with the other Tier 1s like what we do with Delphi.

Paul Coster – JPMorgan

Right.

HP Jin

And we also look for other local Tier 1 players to form like the most strategic partnership to access the local OEM market.

Paul Coster – JPMorgan

Okay.

HP Jin

But we do believe that market is big as we talked about our Ford China launched in the first quarter. The first quarter revenue is about $1 million revenue already.

Paul Coster – JPMorgan

Right, okay. So let’s talk about Scout if you don’t mind I mean I think Scout is a fabulous product and let’s see as you came out with some new features and since then you regularly come out with social networking features and other advances to the product. And can you talk about – before we get into the revenues and some you talked about products and where it stands and its kinds of evolution?

HP Jin

So, the product if you pay attention to Scout, Scout is our new brand product. We are transforming our TNGPS, Telenav GPS product into our Scout brand. There are two main platforms, iOS platform, Android platform. On the Android platform, on iOS platform, where it continues to be among the top three and we try to move to top two, top one so that’s our ambition and the ranking review are very positive. The growth has been very healthy. So, we are happy with the growth there but we’ll continue to introduce new features to continue to serve our customer better. As you mentioned, you like the product. There are more and more people love the product and that is having a positive impact there.

On the Android platform, (as I said) global ranking on Scout, when I said global is portal or apps including games so we have been growing from 300 to 200 right now. So, I think, we will continue to grow through the – to higher level. In the navigation category, we are top three. On the Android platform, we were also low because of new brand so now is at the top 10 brand right now in the travel category. So, our aim on Android is also become top three and top one. So, that’s kind of on Scout products. And then some channels strategy with App Store but we also got Scout preloaded on most of Sprint phones like HTC One if you pay attention there is a Scout product right on the device easy - its very easy to discover. So, the growth has been very nice.

Paul Coster – JPMorgan

All right. So, you are experiencing good growth you are moving up the table in terms of revenues in a minute what else can you do other than just make sure it’s a great product to get yourself moving even faster in terms of the adoption rate.

HP Jin

I think key thing there is two ways of driving the subscribers actually three ways. One we talked up pretty low, which is very critical and then number two is within the App Store there are many arts in it to really get your more discovery optimizing the search keywords and rankings so there are many things that we can do that’s how our kind of high priority to optimizing our experience within App Store to drive up renting and easy to discover. The third one is, we talk about social and viral feature right and social.

So, there are a lot of innovation going on in that area to make it product not just the driver, user from point A to point B but maybe drive as a group, drive just many other things we can do to make that product much better than we have today. So, I view the whole navigation category still in the beginning of the big change. If you look at Google maps on iPhone that they just hadn’t it release, which was actually more like disaster release so there is a huge bad review right now at iPhone store. Let us give you indication of so much effort is going on sometime you will make a wrong move, sometime you will make a right move right but the thing is we are dynamic. I think it open up a lot of opportunity for us to be the excellent player there.

Paul Coster – JPMorgan

In terms of go to market, I know that you now got an embedded solution so and you are making your application available to third-parties to get it out to market I think there is some fairly and obviously voice of getting to market. Can you talk about those please?

HP Jin

So, we have third-party when its HTML5 based navigation product. So, we have developers can use incorporate this into their products. As example, that you may say Google and has APIs right and Apple has APIs why use your solution. The beauty of this solution is you can do within your home pack right. If you choose Google than when you launch their navigation then you jump out of your app right so you have not new experience for us you can embedded this within their app. So, the experience can be more seamless for developers. So, that’s the advantage we have. So, we are promoting that with our developers but more importantly actually that is helping on the app right, our Scout app, where we would reach with a social drive to a lot of other users who may not have the downloaded app they can still the navigation.

Paul Coster – JPMorgan

Can you give us for instance how that works?

HP Jin

Like for example, we do ETA Sharing. If you- you are going somewhere for a meeting and you are late you can send ETA to your another party and they can look at the next session (inaudible) within your email you click on or SMS you can see that. And then you can, if you decided to go right now yourself into that meeting place you can launch an application within that SMS or email. So, these are very…

Paul Coster – JPMorgan

And you don’t even though it’s Scout to that point you are just simply clicking on a link.

HP Jin

Link, click on a link within SMS.

Paul Coster – JPMorgan

All right. And then so how does that then translate into subsequent subscription to or use of Telenav or Scout?

HP Jin

So, what we like to do is as you use that then we can promote the downloadable app, which has better experience. This has experience but there is other features we will introduce within downloadable apps have a much more functions in it. So, we give you the basic navigation experience within SMS, within email but if you want to do more right then you may launch this just downloadable app.

Paul Coster – JPMorgan

All right. So, there is two revenue models associated with this. There is the use of Scout, but then it translates into premium subscription and then as the advice model can you talk about those two and actually just start-off by how much revenue can we attribute to. I mean, this feels like the future of the company in many ways. Well maybe before that how many people are uniquely using this and how different is it they…

HP Jin

So, let me give you the just revenue piece we disclose the premium revenue up sell plus and advertising revenue, we had $2.8last quarter so its still very small number but there are, you have to look at to me is it’s a very important start right. it generated revenue from advertising as example and the renewal rate is very high. The booking has been strong for last quarter so we are continuing to invest in that right. So, that’s revenue model for advertising. The premium service is not our like a number one priority today so we have a few features in premium number one premium feature is we call always there feature. So, wherever we can differentiate from like a Google or others we can charge for that so one of them is called always there when you drive out of coverage our solution still works, while Google stop working right, Apple stop working right so that’s something, where you have a premium feature.

Another premium feature we have is for Car Connect right. So, when you have navigation you can work with your cars with the Ford AppLink then we charge so that’s a premium is not our like number one priority because we need to drive more users to grow that and then get into up sell. But advertising is definitely the area, we feel, we can still right now. We are at the point of bottleneck that are on execution is not the market so which is our main focus for revenue within the premium and advertising revenue.

Paul Coster – JPMorgan

So, $2.8 million mainly from ads?

HP Jin

Half today roughly but advertising revenue will drive much higher growth rate.

Paul Coster – JPMorgan

All right so its 50% it’s a minuscule amount. How many, how many unique users and what usage stats can you share with us?

HP Jin

So, right now, it’s hard to tell. The reason is hard because our revenue come from two parts one is from our on user base, Scout user base, Telenav user base also through our ad platform working with AddExchange, which has the way we describe the kind of reach its through impressions. We have about 8 billion location enabled impressions through our ad platform then we have some our own usage.

We have 57 million searches of some five sessions every month. So, those are the kind of number we share. We haven’t shared our unique users, our own branded products. The reason is we had a number before about 34 million users, paid users but now because of bundle is going away its kind of hard to count that number so we’re going to disclose that number maybe later on but no at this point.

Paul Coster – JPMorgan

Is there anything you can share with us in terms of revenue per search or per I mean, is there any sort of way of throwing it back to any use (inaudible)?

HP Jin

So, this is also there are two models one is displayed as, which is –we think that is more CPM based that’s number one. And then with the drive to, if you drive to the business then it’s a more performance business per drive revenue that varies from a dollar to several dollars per drive to but CPM is a typical mobile CPM or CPM has some premium in it compared to others but its location targeted. So, but that’s, we are not, we haven’t disclosed that CPM number.

Paul Coster – JPMorgan

Okay. Can you share with us some of your search and drive to stats, what percentage of the search gets conversed…

HP Jin

Still very high. I mean, we disclosed before about40%, 50% drive to rate remains high actually is improving slightly so we are pretty positive on that ratio whereas I mean we are surprised to it whenever we show that number to other people are surprised by the high ratio.

Paul Coster – JPMorgan

Yeah, yeah, yeah.

HP Jin

It remains high.

Paul Coster – JPMorgan

And how is that compared to anyone else are there any stats out there from pricing problem.

HP Jin

Nobody has a drive to advertising right now.

Paul Coster – JPMorgan

Who are your advertisers?

HP Jin

Advertisers, we have a lot of local business advertisers like McDonald's like Danny's like Dunkin' Donuts, Walmart not fries what is that…

Mike Strambi

Wal-Mart, Danny’s Pizza Hut.

HP Jin

Yeah, Pizza Hut. So they are - Exxon Mobil used to be and then (inaudible) and their renewal rate is very high, renewal rate actually is over 50%.

Paul Coster – JPMorgan

You said that you have book claims, how is that work I don’t sure understand how you get this for customers.

HP Jin

And so the way it work it’s like we say we work with one advertiser, they can book $100,000 maybe that $100,000 for next three months campaign.

Paul Coster – JPMorgan

Okay.

HP Jin

So the booking is $100,000 but the revenue will not be $100,000 it can be divided by 3.

Paul Coster – JPMorgan

And is that performance based or is that…

HP Jin

It’s a mix of a CPM-based with performance based.

Paul Coster – JPMorgan

Okay, got it.

HP Jin

Yeah.

Mike Strambi

So as we look forward into 2014 I think we’ll start giving more formidable metrics of how we think about the business as HP indicated we had significant growth in bookings during the most recent quarter which will manifest into revenue 6 to 9 to 12 months out there because a lot of these campaigns are for an extended period of time and just to provide some further insight on our business model around advertising we can sell on a CPM basis or cost per click basis or a cost per drive and what’s be resonating with our advertisers and the reason that our repeat businesses is high as it is, is the fact that we can actually provide measurable reporting on the success of those campaign so as an example during the summer we had significant campaign with Exxon we were essentially compensated on a cost per drive.

So we’re actually able to measure when an end user not only season Ad and clicks on an Ad but drives to that destination. And so we can price out that campaign on either of those scenario so one of the challenges in the marketplace is trying to measure the success of the campaign well it’s actually the monetization is based on that end user actually walking through your front door for driving into that gas station you can get significant higher orders of magnitude on that advertising campaign. And so that focused we are going to see resonate with these advertisers when they come back to purchase additional insertion orders.

Paul Coster – JPMorgan

No, you’re not actually going to launch by anyway to secure this advertising revenues coming to through a network right?

HP Jin

Ad agency.

Paul Coster – JPMorgan

Through agencies, right.

HP Jin

We do have direct sales people go to agency and sell and we also work with for smaller business we work with our channels.

Paul Coster – JPMorgan

And who are those channels?

HP Jin

The channel partner I forget the name it’s not the really brand name.

Paul Coster – JPMorgan

Okay.

HP Jin

But it’s a..

Mike Strambi

But the majority of the revenue on the bookings that we’re seeing are driven by your direct sales force working with Ad agencies.

Paul Coster – JPMorgan

Okay. You recently made an acquisition of a company called ThinkNear what was that about and what is hyperlocal anyway?

HP Jin

So hyperlocal is so they can do advertising target say target this room right so this building or this gym all this like if you have event at the stadium so that’s hyperlocal that made of hyperlocal.

Paul Coster – JPMorgan

Okay. And ThinkNear was enabled there?

HP Jin

That’s right, for example we are working with one auto maker to target their competitor’s dealer site. Right, so whoever walk back to your side they say you do try this one right so that was actually we have like two auto guys who are working with us to.

Paul Coster – JPMorgan

Excellent, I love that. Okay, so let’s talk about ways repeatedly I think Apple was looking to buying it for about $1 billion is that right?

HP Jin

Facebook, yeah.

Paul Coster – JPMorgan

Facebook, I’m sorry I'm kind of blinking out. But that’s interesting because that seems to need to get someway of faster navigation hasn’t done very well you’re trading 200 something market cap is why don’t they buy you?

HP Jin

How could they buy us?

Paul Coster – JPMorgan

Why don’t you sell yourself?

HP Jin

I see. We are so this is a – we are competing a real company it doesn’t mean selling is not real company but that’s not our intention we believe in this huge potential of this market this is like emerging mobile and connectivity of either cars as a huge opportunity here I mean that’s the reason I mean someone is willing to pay that amount of money to them. So we’re just focusing on execution and drive the revenue, customer adoption and value account.

Paul Coster – JPMorgan

If it’s a reinvent yourself two or three times along the way there HP I mean it’s amazing what you’ve accomplished right such as like you can get there faster through someone really big because the next step is to take this fantastic products and get it out there and leveraging a large company who has that consumer touch already that seems to the way forward.

HP Jin

That can be one option but there can be another option of going your own and can still be as big that’s the key.

Paul Coster – JPMorgan

Fair enough.

HP Jin

Yeah.

Paul Coster – JPMorgan

Alright. We’re waiting for you. Thank you very much.

HP Jin

Thank you.

Paul Coster – JPMorgan

Thanks for the time Jin. Thank you everyone.

HP Jin

Alright. Thank you.

Paul Coster – JPMorgan

I should try and open to audience for questions but you can answer HP if you’d like to.

HP Jin

Right.

Question-and-Answer Session

[No Q&A session for this event]

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