TomTom Reports First Quarter 2017 Results

Change percentages and totals calculated before rounding.

Data, software & services revenue in the quarter was €127 million, 10% higher compared with €116 million in Q1 '16, mainly due to increasing Automotive revenue. Data, software & services accounted for 60% of the revenue in Q1 '17 compared with 53% in Q1 '16. Hardware revenue for the quarter was €86 million, 16% lower compared with €102 million in Q1 '16.

Gross margin

Our gross result increased by 7% to €132 million in the quarter compared with €123 million in Q1 '16. The gross margin for the quarter was 62%, which is five percentage points higher compared with 57% in Q1 '16, reflecting the shift of revenue mix towards higher margin data, software & services revenue.

Operating expenses

Total operating expenses for the quarter were €137 million, €10 million higher compared with €128 million in the same quarter last year. This increase is mainly due to higher R&D and SG&A expenses as well as modestly higher amortisation of technology & databases. The increase in our R&D and SG&A line is mainly caused by higher expenses on the long-term employee incentive plan.

FX sensitivity

(€ in millions, unless stated otherwise)   Q1 '17


actual
  Q1 '17
recalculated at
Q1 '16

FX rates1

         
Revenue   212.7   213.4
 
Gross result 132.4 134.4
Gross margin 62% 63%
 
EBIT -4.9 -3.2
EBIT margin -2% -2%
 
FX RATES (IN €) Q1 '17 Q1 '16
US dollar 1.06 1.09
GB pound   0.86   0.76

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