TeleNav 2011 Annual Report Download - page 59

Table of Contents
Our assumptions, judgments and estimates relative to the value of a deferred tax asset take into account predictions of the amount and
category of future taxable income, such as income from operations or capital gains income. In assessing the realizability of deferred tax assets,
we consider whether it is more likely than not that some portion or all of the deferred tax assets, on a jurisdiction by jurisdiction basis, will be
realized. Actual operating results and the underlying amount and category of income in future years could render our current assumptions,
judgments and estimates of recoverable net deferred taxes inaccurate. Any of the assumptions, judgments and estimates mentioned above could
cause our actual income tax obligations to differ from our estimates, thus materially impacting our financial position and results of operations.
Results of operations
The following tables set forth our results of operations for fiscal 2011, 2010 and 2009, as well as a percentage that each line item
represents of our revenue for those periods. The additional key metrics presented are used in addition to the financial measures reflected in the
consolidated statements of income data to help us evaluate growth trends, establish budgets and measure the effectiveness of our sales and
marketing efforts. The period to period comparison of financial results is not necessarily indicative of financial results to be achieved in future
periods.
55
Fiscal Year Ended June 30,
2011 2010 2009
(in thousands)
Consolidated Statements of Income Data
Revenue
$
210,491
$
171,162
$
110,880
Cost of revenue
40,720
29,481
20,250
Gross profit
169,771
141,681
90,630
Operating expenses:
Research and development
56,534
41,556
23,500
Sales and marketing
24,886
17,197
16,536
General and administrative
19,757
14,518
8,302
Total operating expenses
101,177
73,271
48,338
Income from operations
68,594
68,410
42,292
Other income (expense), net
1,173
(407
)
(776
)
Income before provision for income taxes
69,767
68,003
41,516
Provision for income taxes
27,193
26,593
11,898
Net income
$
42,574
$
41,410
$
29,618