Amsterdam, the Netherlands, 17 April 2024, 7:00 AM CEST

TomTom reports Location Technology revenue of €119 million and reiterates outlook

"In the first quarter of 2024, revenue was comparable to the same quarter last year. While Location Technology revenue remained flat, we made significant progress in maturing our product offering and expanding our business development efforts.

This quarter, we reached global coverage with TomTom Orbis Maps. With our new maps, we are extending our market reach, addressing a broader range of use cases and industries. We have expanded our sales funnel and are gaining momentum."

OPERATIONAL SUMMARY 

• We had commercial success in addressing a broadening variety of use cases and industries in Enterprise, ranging from insurance tech to geomarketing

• Our TomTom Orbis Maps now feature global coverage, supporting advanced map visualization, routing, and POI search

• Our €50 million share buyback, aimed at reducing our share capital, was 64% completed by the end of the quarter

• Group revenue decreased by 1% to €139 million (Q1 '23: €141 million)

• Location Technology revenue increased by 0.5% to €119 million (Q1 '23: €118 million)

• Automotive operational revenue decreased by 6% to €79 million (Q1 '23: €84 million)

• Free cash flow¹ was an outflow of €9 million (Q1 '23: inflow of €10 million)

• Net cash of €284 million (Q4 '23: €315 million)

"Our first-quarter Location Technology revenue was comparable to last year. In Automotive, lower car production volumes of some of our customers impacted operational revenue. Within the Enterprise business, we expect increasing revenues later this year and in 2025 as a result of the gradual conversion of our sales funnel for TomTom Orbis Maps.

We saw high gross margins in the quarter and maintained tight cost control, keeping underlying operating expenses stable quarter on quarter by absorbing inflationary pressures. Partially as a result of seasonal cash-outs, first-quarter free cash flow was negative, as anticipated. 

We reiterate our full-year guidance for both free cash flow and revenue."

View the full TomTom first quarter 2024 results press release on our quarterly results website.