SAN JOSE, CA--(Marketwired - May 20, 2013) - TiVo Inc. (NASDAQ: TIVO)
Adjusted EBITDA of $0.8 million, including impact of litigation expense, exceeding guidance
Net Loss of ($10.3) million, exceeding guidance
Service & Technology revenue of $61.8 million in the first quarter, an increase of 13% year-over-year, meeting the high-end of the guidance range
MSO revenue increased 98% year-over-year
Largest quarterly MSO subscription increase in over seven years; MSO subscription base increased by 277,000 subscriptions
Signed a distribution deal with Atlantic Broadband, the 12th largest U.S. MSO
Midcontinent and GCI recently launched TiVo offering; Mediacom expected to deploy in June
Launch of What to Watch feature on the TiVo iPad app helps users easily find personalized program recommendations in real time without the need to surf channels or use a program guide
Enhanced TiVo Research & Analytics offering with merger of the TiVo Power||Watch ratings service with purchasing behavior insights
Repurchased $31 million of stock in the first quarter
Patent trial with Motorola set to begin on June 10th
TiVo Inc. (NASDAQ: TIVO), a leader in the advanced television entertainment market, today reported financial results for the first quarter ended April 30, 2013.
Tom Rogers, President and CEO of TiVo, said, The solid financial results this quarter were the outcome of strong operational execution across our business. Our advanced television innovation is helping to drive the global adoption of TiVo as we increased our MSO subscription base by 277,000 subscriptions, our strongest quarter of MSO subscription additions in seven years. We delivered 13% year-over-year service and technology revenue growth and reported an Adjusted EBITDA profit, which significantly exceeded our guidance. As a result, we continue to believe that we should be Adjusted EBITDA profitable, even when including litigation spend, for Fiscal 2014.
For the first quarter, service and technology revenues were $61.8 million. This compared to guidance of $60 million to $62 million and $54.5 million for the same quarter last year. TiVo reported a net loss of $(10.3) million, compared to guidance of a net loss of $(16) million to $(19) million. This compared to a net loss of $(20.8) million in the same quarter last year. Adjusted EBITDA was $0.8 million, exceeding guidance of $(5) million to $(8) million and compared to a loss of $(10.0) million in the same quarter last year. Both net income and Adjusted EBITDA included $10.9 million of litigation expense, which compared to $5.4 million in the year-ago quarter. In addition, TiVo repurchased $31 million of stock in the first quarter through open market purchases and from tax withholdings on employee restricted share vesting. Since the time our board authorized the $100 million repurchase plan, the combination of these two repurchase strategies has retired a total of almost $57 million worth of our equity.
Rogers continued, On the operator front, we are continuing to see impressive subscription growth. Our MSO subscription additions underscore that the TiVo offering is helping operators acquire customers, reduce churn and improve revenue per subscriber.
More specifically, Virgin Media added 172,000 TiVo subscriptions in its fiscal first quarter, bringing the total to 1.5 million, or 40% of its entire base. Importantly, Virgin Media posted its sixth straight quarter of improving churn, exemplifying the stickiness of the TiVo offering. In Spain, ONO recently announced that its TiVo subscription base is now at 166,000, up 68% from three months ago. In the U.S., Suddenlink had another strong quarter of subscription additions, recently reporting that 80,000 TiVo devices were installed to date. In addition, Suddenlink has seen significant acceleration in the growth of its TiVo subscription base since it began installing our Whole-Home solutions, TiVo Mini and TiVo Stream.
In addition to the success we have had with existing operator relationships, Midcontinent Communications and GCI recently began deploying TiVo. Additionally, we expect Mediacom to deploy in June and CableONE to follow thereafter. In Scandinavia, Com Hem is moving closer to launching their TiVo offering and recently started pre-registration. This new IPTV video delivery allows Com Hem to offer TiVo both in its traditional form and directly from the cloud to connected devices without the need for a set-top box. We believe this cloud implementation will further broaden the appeal of TiVo to pay-TV operators across the globe. Additionally, we signed a distribution deal with Atlantic Broadband, the 12th largest U.S. MSO, who has over 250,000 subscribers in seven states on the East Coast.
On the TiVo-Owned front, we continue to efficiently manage the business as churn remained low and subscription acquisition costs were down approximately 20%. Driving this decrease were improved hardware margins, where nearly half of new sales were for our high end four-tuner products, which are typically hardware margin positive. Additionally, we are launching MLB.com tomorrow, adding to the millions of pieces of content available through the TiVo retail platform.
From an innovation standpoint, this quarter we launched at retail TiVo Mini which answers the consumer demand for a simplified whole-home viewing experience and is a more cost-effective solution than adding an additional DVR or cable set-top box in another room. This is currently the only multi-room solution of its kind available at retail. A major thrust for TiVo going forward will be increasing the personalization of the television experience. Our newest offering on this path is our just-announced What to Watch Now feature on our TiVo iPad App which brings together our mobile and personalization strategies. This feature personalizes the TV experience by comb
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SAN JOSE, CA--(Marketwired - May 20, 2013) - TiVo Inc. (NASDAQ: TIVO)
