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Our core business is now to provide business customers with navigation technologies to integrate into their location-based applications. Our navigation technologies include our global map, real-time t
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Our core business is now to provide business customers with navigation technologies to integrate into their location-based applications. Our navigation technologies include our global map, real-time traffic, and online and embedded navigation software. Our business customers include automotive manufacturers and their tier one suppliers and other ‘enterprise’ customers, such as Apple, Microsoft, and Uber.

To get the best return from the high R&D cost of our navigation technologies, our strategy is to grow our automotive navigation and autonomous driving business and our enterprise online location-based API business. We are also pursuing growth opportunities in new location-based applications such as the IoT, road network management for smart cities, and mobility services, such as e-hailing.

 

Our audit procedures included an assessment of the appropriateness of the Company’s revenue recognition policies, understanding of the internal control environment, data analytics procedures on revenues and substantive procedures relating to contractual terms and conditions and the appropriate accounting thereof. We have assessed the assumptions and estimates used in determining the multiple element allocation and the amount of revenue to be deferred. For a sample of contracts containing multiple-element arrangements, we assessed the allocation of revenue to the separate identifiable elements, based on the estimated relative fair values of each identifiable element.

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