Q2 2024 TomTom NV Earnings Call Transcript
Key Points
- TomTom NV (TMOAF) launched TomTom Orbis Maps with global coverage, enhancing their product offering.
- Microsoft adopted TomTom Orbis Maps for various applications, indicating strong product endorsement.
- Secured a contract with the Australian government, expanding their market presence in the public sector.
- Enterprise revenue grew by 11% year-on-year, driven by new contracts.
- Operating expenses decreased by 5% year-on-year, reflecting cost management efforts.
- Group revenue decreased by 3% year-on-year to EUR152 million.
- Automotive operational revenue declined by 2% year-on-year.
- Consumer revenue decreased by 17% year-on-year, with expectations of further contraction.
- Gross margin dropped to 80% from 83% in the same quarter last year due to non-recurring engineering costs.
- Free cash flow was an outflow of EUR5 million, compared to an inflow of EUR3 million in the same quarter last year.
Good afternoon, all. Welcome to our conference call. Today, we will be discussing the operational and financial highlights for the second quarter 2024. With me today are Harold Goddijn, our CEO; and Taco Titulaer, our CFO. Starting off, Harold will discuss the quarter's operational developments. After that, Taco will provide insights into our financial results as well as our outlook. We will then take your questions. As usual, I would like to point out that safe harbor applies. And with that, Harold, I would like to hand it over to you.
Yeah. Thank you very much, Freek, and welcome, ladies and gentlemen. Thank you for joining us today. As usual, I will go briefly over the key operational highlights and the progress and then Taco will provide further information on the financials. We saw the commercial launch of TomTom Orbis Maps with global coverage in the first half of this year, and these maps are better in all dimensions. They're
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