SAN JOSE, CA--(Marketwire - Feb 26, 2013) - TiVo Inc. (NASDAQ: TIVO)
Achieved Adjusted EBITDA profitability, excluding litigation, in the fourth quarter
Highest ever quarterly Service & Technology revenue of $65.7 million in the fourth quarter, an increase of 31% year-over-year, exceeding guidance
Highest ever annual Service & Technology revenue in Fiscal Year 2013; grew 24% over Fiscal Year 2012
Net Loss of ($15.8) million in the fourth quarter
MSO revenue grew 83% year-over-year in the fourth quarter
Total subscriptions topped three million; grew 38% over Fiscal Year 2012
Significant progress on U.S. and international operator deals; GCI launched next-gen TiVo service
Launched TRA Crossmedia Measurement offering bringing television, Internet, and purchase data together in a single-source offering
Current business trends should drive Adjusted EBITDA profitability, including litigation expense, for Fiscal Year 2014
TiVo Inc. (NASDAQ: TIVO), a leader in the advanced television entertainment market, today reported financial results for the fourth quarter and fiscal year ended January 31, 2013.
Tom Rogers, President and CEO of TiVo, said, We made significant progress in our business during Fiscal Year 2013, culminating with Adjusted EBITDA profitability, excluding litigation expense for the fourth quarter. We achieved success in five key areas during the last year. First, we drove expanded deployment in our current distribution deals, increasing the total number of TiVo subscriptions by almost one million over the course of Fiscal Year 2013. Second, we continued to increase our footprint both internationally and domestically, forging important new operator deals with Com Hem, Cable ONE, Midcontinent, Mediacom, and GCI. Third, we saw significant additional upside from litigation as we reached a favorable settlement with Verizon, bringing total damages and consideration from our intellectual property actions to more than $1 billion to date. Fourth, we reduced our R&D in the second half of the year from its peak in the first quarter of Fiscal Year 2013. Lastly, we continued to define the future of television through the launch of new whole-home and multi-screen TiVo offerings.
For the fourth quarter, service and technology revenues were $65.7 million, which was the highest in TiVos history. This compared to guidance of $63 million to $65 million and $50 million for the same quarter last year. TiVo reported a net loss of $(15.8) million, compared to guidance of a net loss of $(15) million to $(17) million. This compared favorably to net income of $7.2 million in the same quarter last year when excluding the $54.4 million in litigation proceeds from the AT&T settlement. Adjusted EBITDA was $(2.6) million, compared to Adjusted EBITDA guidance of a loss of $(2) million to $(4) million including litigation expense, and compared favorably to Adjusted EBITDA of $21 million in the same quarter last year when excluding the $54.4 million in litigation proceeds from the AT&T settlement. Both net income and Adjusted EBITDA in the fourth quarter would have exceeded their respective guidance ranges had litigation spend not been $10.4 million, above previously anticipated levels of $7 million to $9 million. Excluding, litigation spend, Adjusted EBITDA was $7.8 million, compared to guidance of $5 million to $7 million.
Rogers continued, We are very excited about the growing distribution of TiVo and about the deepening relationships we have with operators around the globe. This is underscored by the 83% increase in MSO revenue over last year and the 38% increase in total TiVo subscriptions. With upcoming launches of our deals we signed last year and the run rate on our current deals, were on pace to drive a significant number of incremental subscriptions even without factoring in future deals.
More specifically, in the U.K., our offering is helping drive significantly improved pay-TV growth and market share gains for Virgin Media. This past year Virgin Media added almost 900,000 TiVo subscriptions to reach a total of more than 1.3 million, or 35% of their base. As the Virgin Media offering evolves we believe even more fans of TV in the U.K. will seek out our unique offering. In Spain, our deployment with ONO continues to gain momentum and the fourth quarter was ONOs strongest quarter to date in terms of subscription additions.
Our work with Com Hem in Scandinavia is progressing as our offering there is in the early testing stages with a full roll-out expected later this year. Com Hem is a perfect example of how operators are beginning to embrace new IPTV video delivery options across their networks and how TiVo can take them beyond the set-top box to provide a best-in-class experience through virtually any type of video delivery and on any type of device. The full IPTV multi-screen experience we are developing for Com Hem is one we expect more operators will be extremely interested in deploying as their infrastructures are upgraded and enhanced.
Turning to our U.S. operator efforts, the strategic benefit of getting TiVo in front of subscribers has motivated many of our operator partners to look for ways to distribute TiVo beyond a single advanced-DVR experience. For example, Suddenlink, which also had its strongest quarter to date in terms of subscription additions, is now distributing our TiVo Premiere DVR, our TiVo Mini thin client, and TiVo Stream. We believe TiVo Stream is one of the most exciting television products in years as it allows customers to stream their favorite shows, the ones they recorded, from a TiVo Premiere series DVR simultaneously to multiple mobile devices.
Additionally, GCI, one of the top 20 largest cable companies in the country, recently began its initial deployment of TiVo, approximately four months after the deal was announced. We anticipate several oth
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SAN JOSE, CA--(Marketwire - Feb 26, 2013) - TiVo Inc. (NASDAQ: TIVO)
