TomTom Reports Second Quarter 2017 Results

Data, software & services revenue in the quarter was €142 million, 16% higher compared with €122 million in Q2 '16, mainly due to increase in Automotive & Licensing revenue. Data, software & services accounted for 56% of the revenue in Q2 '17 compared with 46% in Q2 '16. Hardware revenue for the quarter was €112 million, 22% lower compared with €143 million in Q2 '16.

Gross result

Our gross result increased by 11% to €161 million in the quarter compared with €145 million in Q2 '16. The gross margin for the quarter was 63%, which is 8 percentage points higher compared with 55% in Q2 '16, reflecting the shift of revenue mix towards higher margin data, software & services revenue.

Operating expenses

Excluding the impairment charge, total operating expenses for the quarter were €151 million, €18 million higher compared with €133 million in the same quarter last year. Operating expenses in the same quarter last year included a one-off gain from a pending customs case. Excluding this one-off gain, operating expense for the quarter increased by 8% year on year mainly reflecting higher expense on our long-term employee incentive plans and higher amortisation expenses.

FX sensitivity

(€ in millions, unless stated otherwise)   Q2 '17
actual
  Q2 '17
recalculated at
Q2 '16

FX rates1

  H1 '17
actual
  H1 '17
recalculated at
H1 '16

FX rates1

                 
Revenue   253.4   253.7   466.2   467.1
 
Gross result 160.6 162.8 293.0 297.2
Gross margin 63% 64% 63% 64%
 
EBIT (excl. impairment charge) 9.2 11.2 4.3 8.0
EBIT margin (excl. impairment charge) 4% 4% 1% 2%
                 
FX RATES (IN €) Q2 '17 Q2 '16 H1 '17 H1 '16
US dollar 1.09 1.13 1.08 1.11
GB pound   0.85   0.78   0.85   0.77

¹The Q2 '17/H1 '17 income and expense in US dollar and GB pound have been converted to euro using Q2 '16 / H1 '16
average exchange rates. All other foreign currencies have not been converted.

 

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