Telenav, Inc. (NASDAQ:TNAV) Q4 2020 Earnings Conference Call - Final Transcript
Aug 12, 2020 • 05:00 pm ET
All right. I think we're ready to begin. Good afternoon, everyone. I'm Mike Bishop, from Telenav's Investor Relations. I would like to welcome you to our Fourth Quarter and Fiscal Year 2020 Earnings Webinar to discuss the financial results and overall business performance during the quarter and year.
Joining me today are HP Jin, President and CEO; Adeel Manzoor, Chief Financial Officer; and Hassan Wahla, Chief Customer Officer. We are obviously changing up the call a bit this quarter, using Zoom, but we will follow a similar format as prior quarters, with opening remarks from HP and Adeel. We will then open the call to questions. After the market closed today, Telenav issued a press release and published an investor presentation on the Investor Relations section of its website.
During the course of today's presentation, our executives will make forward-looking statements, including statements regarding, among others, the company's expected financial performance for the first quarter of fiscal 2021, anticipated sources and mixes of revenue, expected profitability, product and business strategies and strategic relationships. We wish to caution you that such statements are just predictions based on management's current expectations or beliefs.
We refer you to documents we file with the SEC, or Securities and Exchange Commission, including our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2020, and any subsequent annual report on Form 10-K or quarterly report on Form 10-Q or other filings which are available on the SEC's website, at www.sec.gov. These documents identify important risk factors that could cause our actual results to differ materially from those contained in our forward-looking statements.
We assume no duty to update or revise the financial forecast for the quarter or any other forward-looking information on this call, in the press release or in the investor presentation. You should review the company's SEC filings carefully, with the understanding that actual future results may be materially different from what Telenav expects.
Today, we will be discussing results on a GAAP as well as non-GAAP basis. We use these additional non-GAAP measures, such as billings and adjusted EBITDA, as we believe they provide a consistent basis for comparison between periods that are not influenced by certain items and therefore, may be helpful in understanding Telenav's underlying operating results. However, there are a number of limitations related to the use of non-GAAP measures, and these non-GAAP measures may not be comparable to information provided by other companies. A reconciliation of GAAP to non-GAAP financial statements is available in our press release on our Investor Relations web page.
And with that, I would like to turn the call over to HP. Go ahead.
Thanks, Mike and welcome, everyone to the call. Fiscal 2020 was a very strong year for Telenav. Revenue grew at 22% over fiscal 2019. We drove adjusted EBITDA to more than $12 million, an improvement of nearly $27 million year-over-year. And expense only grew 2% from the year before, showing the strong operating leverage in the model. We also