SAN JOSE, CA--(Marketwired - May 26, 2015) - TiVo Inc. (NASDAQ: TIVO)
Diluted EPS of $0.08, up 17% relative to the year-ago quarter
Total TiVo subscriptions now approximately 5.8 million, up 27% year-over-year
Record Service and technology revenues of $92.4 million in the first quarter, an increase of 7% year-over-year, exceeding guidance; driven by strong year-over-year growth in MSO and Digitalsmiths service revenue
MSO service revenue grew 41% year-over-year; Significant progress with existing distribution relationships; extended partnership with Virgin Media; Vodafone Spain bundling ONO television service powered by the cloud-based TiVo platform to its mobile customers
Adjusted EBITDA of $29.0 million, in line with the high-end of guidance
Net Income of $7.9 million, in line with the high-end of guidance; included $1.8 million of interest expense, net of tax, that related to the convertible notes issued in September 2014, without which, current quarter net income would have increased by $1.6 million relative to year-ago quarter
Positive TiVo-Owned net additions resulted in the best first quarter net addition performance in eight years; while gross additions of 39,000 were up 22% year-over-year
Announced the acquisition of Cubiware, to expand to emerging Pay TV markets as well as expanding services for international operators in other markets
TiVo software to be integrated into ARRIS set-top boxes; TiVo now working with all major global set-top box providers
TiVo Inc. (NASDAQ: TIVO), a leader in the advanced television entertainment market, today reported financial results for the first quarter ended April 30, 2015.
Tom Rogers, President and CEO of TiVo, said, Our operational and financial performance this quarter represented a strong start to Fiscal 2016. Service & Technology Revenue exceeded guidance and Adjusted EBITDA and Net Income came in at the top-end of our guidance. Service Revenue was up 11% year-over-year, driven by a 41% increase in MSO service revenue and almost doubling Digitalsmiths service revenue. Our innovative products continue to gain global reach across both the retail and operator communities with total subscriptions now at approximately 5.8 million, a 27% improvement over last year and a 132% increase over where we stood at the end of the first quarter of Fiscal 2013. During the quarter, we continued to add MSO subscriptions at a rapid pace and delivered the best first quarter of TiVo-Owned net subscription additions in eight years, driving positive net subscription additions.
As we look to the remainder of the year and beyond, the successful completion of critical initiatives including the extension of our agreement with Virgin Media, the broadening of our international opportunity through the acquisition of Cubiware, and numerous others, has positioned us at the forefront of the evolving media landscape. As a result, we believe we are well placed to drive strong long-term operating and financial results, to invest in innovation to build on our solid competitive position, and to drive shareholder value through our buyback authorization.
For the first quarter, service and technology revenues were $92.4 million. This compared to guidance of $90 million to $92 million and $86 million for the same quarter last year. TiVo reported Adjusted EBITDA of $29.0 million, compared to Adjusted EBITDA guidance of $26 million to $29 million, and compared to Adjusted EBITDA of $26.9 million in the same quarter last year. Net income was $7.9 million, compared to guidance of $5 million to $8 million and net income of $8.1 million in the same quarter last year. This quarter included $1.8 million of tax affected interest expense for the convertible notes issued in September 2014, which was not included in the year-ago quarter. Excluding the additional interest expense, net income would have been up almost 20% year over year. Diluted EPS was $0.08, compared to $0.07 in the first quarter last year. Additionally, the Company has now repurchased $266 million since it instituted its $550 million share repurchase program, including $20 million during the first quarter. $284 million or approximately 27 million shares (based on the current stock price) remains on the share repurchase authorization.
Rogers continued, Our operator efforts are producing solid results. We have 4.8 million operator subscriptions, having added more than 1.2 million since the first quarter of last year, and 285,000 this past quarter. The 34% year-over-year increase in MSO subscriptions translated into 41% year-over-year MSO service revenue growth, which is an acceleration over last quarters year-over-year growth rate of 30%.
Further, in April, we extended our deal with Virgin Media, and as part of the new agreement, Virgin Media has committed to the development of next-generation solutions from TiVo. In Spain, the ONO television offering powered by TiVo is now being marketed by Vodafone as a bundled package to mobile customers, highlighting the valuable role that we play in helping Vodafone with its quad-play strategy, and ultimately, in growing its business.
Additionally, we are seeing increasing momentum and contribution from our North America operator partners, which represented 48% of our total new MSO subscription additions in the first quarter, the highest it has ever been. Cogeco launched the TiVo product in its Quebec market and early results are promising. This launch was important as it was the first time the TiVo software has included bilingual capabilities, which is something we believe can help as we look to expand distribution in Canada as well as other regions where this is a necessary capability.
Turning back to our international efforts for a moment: we made an important announcement today regarding the acquisition of Cubiware -- a provider of cost-effective middleware so
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
30/08/2025
WASHINGTON The Federal Communications Commission has adopted its FY 2025 Regulatory Fees Order that establishes the regulatory fee rates for the broadcast stati...
29/08/2025
Australian Red Cross and SBS launch training to help workplaces in the fight aga...
29/08/2025
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
29/08/2025
L3Harris Technologies has concentrated decades of expertise across the entire enterprise to develop affordable and reliable best-of-breed solutions to rapidly c...
29/08/2025
BURBANK, Calif. The CW Network and the Pac-12 Conference have announced a new media rights deal that will extend their broadcast partnership beginning with the ...
29/08/2025
NEW YORK Gracenote has released a new analysis of its global video dataset showing that the number of FAST channels grew nearly 14% from Q1 2025 and 76% since 2...
29/08/2025
SAN JOSE, Calif. Harmonic has announced a series of improvements to its live sports streaming solution that the company said will improve fan engagement, protec...
29/08/2025
NEW YORK and LOS ANGELES Fox Corp. and YouTube TV last night announced a renewal of the full portfolio of Fox networks, including Fox News Channel, Fox Business...
29/08/2025
Budapest, Hungary, August 2025 - The integration of Microsoft Teams Rooms (MTR) with Lightware's Taurus universal matrix switchers delivers a new level of f...
29/08/2025
Frequency, the engine behind many of the world's best-known streaming television channels, today announced it will launch Studio Live, a next-generation uni...
29/08/2025
In an era when AI and cyber resilience are essential, Scality will mark the 10th anniversary of Scality Day on October 16, 2025 in Paris. This flagship global e...
29/08/2025
Disguise's In-House Creative and Technical Teams Pre-Visualised, Programmed and Delivered Content for the Experience, All Powered by EX 3+
Technology solu...
29/08/2025
Disguise will be demonstrating the latest workflows for TV, film and live events on a number of partner booths at the show
Disguise, the industry-leading tech...
29/08/2025
STOCKHOLM, Sweden Accedo will showcase Accedo Compose, its AI agent-powered modular orchestration layer that assists streaming providers in transitioning client...
29/08/2025
LOS ANGELES Cineverse has announced that it is working with Xperi to bring four of its streaming channels to automobiles for the first time as part of the DTS A...
29/08/2025
DALLAS & ATLANTA Gray Media has announced an agreement with the sports streaming service Victory+ to simulcast 17 Dallas Stars NHL games in 15 television market...
29/08/2025
NEW YORK AND CULVER CITY Comcast NBCUniversal and Amazon have announced new and extended distribution agreements that will expand the content available on their...
29/08/2025
FOOTHILL RANCH, Calif. RED Digital Cinema will feature its Cine-Broadcast Module supporting live broadcast workflows during IBC2025, Sept. 12-15, at the RAI Ams...
29/08/2025
29 Aug 2025
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and ...
29/08/2025
More than half of all NFL games live on Sky for the first timeFriday 29 August 2025
Sky Sports has announced a new three-year deal with the NFL, extending its ...
29/08/2025
Back to All News
RIV4LRIES: The Trailer of the New Series With Samuele Carrino ...
29/08/2025
Get ready for an inspiring and emotional insight into the world of competitive Irish dancing with My Story: Tomi Champion of the World airing on RT 2 this monda...
29/08/2025
RT has today announced that David McCullagh is to be the new presenter of RT Radio 1's flagship Today programme, which airs every weekday at 10am, replaci...
28/08/2025
By Kristin Feeley, Director, Documentary Film & Artist Programs
If you want to tell untold stories, if you want to give voice to the voiceless, you've got ...
28/08/2025
Directed by Steven Bognar and Julia Reichert, Sundance Institute-supported Amer...
28/08/2025
Corridos have been a cornerstone of M sica Mexicana for generations, telling stories rooted in everyday life. Now, a new chapter is taking shape: motivational c...
28/08/2025
Los corridos han sido un pilar de la M sica Mexicana durante generaciones, contando historias enraizadas en la vida cotidiana. Ahora, un nuevo cap tulo est tom...
28/08/2025
Earlier this month, we promised our Verano Forever party would bring the heat, a...
28/08/2025
L3Harris will provide the Polish F-16V fleet with the Viper Shield electronic warfare system as part of an upgrade program....
28/08/2025
Bilbao, August 26, 2025 - AgileTV, an international television and video technol...
28/08/2025
Ken Wilkinson is an Emmy Awards nominated New York audio engineer who specialises in production sound mixing for film, commercial, episodic and documentary work...
28/08/2025
NEW YORK FuboTV today announced that it will launch Fubo Sports, a skinny bundle that focuses on sports with a subscription price of $56 monthly....
28/08/2025
NEVADA City, Calif. At IBC2025, Sept. 12-15 at the RAI Amsterdam, Telestream will debut its new Global Ingest strategy, introducing a next-generation ingest arc...
28/08/2025
Dr. Rhoda Bernard Releases Groundbreaking Debut Book on Accessible Arts Educatio...
28/08/2025
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real-time visualization, has named Oliver Gappa as Sales Di...
28/08/2025
AI-based voice enhancement will be among a series of innovations making their IBC 2025 debut on the DHD stand B46 in Hall 8 at the RAI Amsterdam Convention Cent...
28/08/2025
Telef nica Servicios Audiovisuales (TSA), the leading system integrator and service provider in the media sector in Spain, with the support of Appear, the globa...
28/08/2025
To fully immerse sailing fans in the world's biggest offshore yacht race, production company, Optical Media turned to LiveU's On-site Production solutio...
28/08/2025
Working with Calrec on its most recent overhaul, radio and television broadcaster, WNED has migrated to a fully IP infrastructure with multiple Type R consoles,...
28/08/2025
Cleeng, the Subscriber Retention Management (SRM ) inventor, has unveiled Cleeng Pro, the first-ever direct-to-consumer (D2C) subscription management platform t...
28/08/2025
Zixi, the industry leader in live broadcast-quality video over IP, today announced that French media distribution platform OKAST has selected Zixi to enable rel...
28/08/2025
Solution offers a streamlined, speaker-free architecture to optimize integration with premium external loudspeakers and advanced loudness metering
Nixer Pro Au...
28/08/2025
Cinegy, the premier provider of software-defined television technology, has announced a strategic partnership with Vision One Touch Film Production Services L.L...
28/08/2025
Telestream, a global leader in media workflow technologies, will debut its new Global Ingest strategy at IBC2025, introducing a next-generation ingest architect...
28/08/2025
Tier 1 operator selects Broadpeak to power high-performance, unified CDN solution across Norway, Sweden and Finland
Broadpeak, a leader in streaming and moneti...
28/08/2025
Leading video software provider, Synamedia, today announced that 24 Frames Digital, one of India's leading live event streaming service providers, has chose...
28/08/2025
Meet VisualOn at IBC2025: See What's Next in AI-Powered Video Streaming Join VisualOn at IBC2025 and discover how our AI-driven Optimizer and advanced media...
SAN JOSE, CA--(Marketwired - May 26, 2015) - TiVo Inc. (NASDAQ: TIVO)
