SAN JOSE, CA -- (Marketwired) -- 08/27/13 -- TiVo Inc. (NASDAQ: TIVO)
•TiVo reaches sustained net income profitability •Highest quarterly net income in Company's history of $268.9 million •Adjusted EBITDA of $115.4 million; exceeding guidance range even before including the Cisco and Motorola settlement •Service & Technology revenues of $77.0 million in the second quarter, an increase of 42% year-over-year; the highest ever and exceeds guidance range even before including the Cisco and Motorola settlement •Launched new TiVo Roamio DVR to highly positive acclaim -- "...the Holy Grail of set-top boxes" •The National Academy of Television Arts & Sciences awarded TiVo its 4th Emmy® Award •Total TiVo subscriptions now at 3.6 million, up 33% year-over-year as MSO deployments continue to drive growth •TiVo's first IPTV deployment, Com Hem, launch underway •Settled Cisco and Motorola litigation for $490 million; total litigation success has achieved approximately $1.6 billion in damages and consideration •Cash & short-term investments increased to more than $1 billion, even after stock repurchases of $60 million during the quarter
TiVo Inc. (NASDAQ: TIVO), a leader in the advanced television entertainment market, today reported financial results for the second quarter ended July 31, 2013.
Tom Rogers, President and CEO of TiVo, said, "TiVo has now reached a very important milestone. After making significant progress over the last several years, amid scrutiny for not being net income profitable, we believe TiVo has now achieved the milestone of sustained net income profitability. As a result of the latest litigation settlements, which will produce significantly increased licensing revenue well into the future and which have substantially increased our cash resources, along with our continued focus on innovation as demonstrated by the highly acclaimed Roamio launch, and the expected continued growth of our MSO subscription base, TiVo has reached a brand new chapter in its financial performance that puts the Company on an entirely new trajectory.
"This was a very strong quarter for our business. We recorded the highest revenue and highest profit ever, continued positive momentum in our operator business, launched the new TiVo Roamio, which includes significant product enhancements that benefit both our retail and operator businesses, and we brought our pending litigation with Cisco and Motorola to an end, significantly strengthening our financial profile. All of this we believe positions us well to achieve significant Adjusted EBITDA growth in Fiscal Year 2014, and as we have previously indicated, should drive us to Adjusted EBITDA profitability even when excluding the impact of our most recent litigation settlement.
"Our solid operational execution, combined with the successful outcome of our litigation with Cisco and Motorola led to a 42% increase in service and technology revenues, $115.4 million in Adjusted EBITDA, and record net income of $268.9 million in the second quarter. In addition, our advanced television solutions continue to gain global traction as we increased our MSO service revenue 58% and total subscriptions now stand at 3.6 million, a 33% improvement over last year. We believe the combination of our ability to provide viewers with the ultimate television experience, expected subscription growth in the future, projected double-digit EBITDA margins, and our very strong cash position of approximately $1 billion, positions us well to drive additional shareholder value."
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