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TiVo Loses $15.8M in Q4

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Light Reading
2/27/2013
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SAN JOSE, Calif. -- 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 TiVo's 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. TiVo Inc.

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