"On the litigation front, our trial with Motorola in the Eastern District of Texas begins on June 10th. Similar to our past successes with EchoStar, AT&T, and Verizon, we remain confident in our position."
Rogers concluded, "It is clear from our results that our vision for the future of TV is playing out as we expected it to. We saw one of the best quarters ever in terms of subscription growth, driven by a number of our existing operator deals in the U.S. and abroad that are fully up and running. As a result, we delivered solid MSO revenue growth, which we expect will only continue as we roll out additional deployments. Furthermore, we believe we can drive additional value by continuing to offer some of the most innovative products available, build our audience measurement capabilities and defend our intellectual property in upcoming trials. Consequently, we continue to believe we should be Adjusted EBITDA profitable, including litigation spend, for Fiscal 2014."
Management Provides Financial Guidance
For the second quarter of Fiscal Year 2014, TiVo anticipates service and technology revenues in the range of $68 million to $70 million. Further, the company expects MSO deployments to drive sequential increases in both service revenue and technology revenue.
TiVo anticipates net loss in the range of ($13) million to ($16) million, and an Adjusted EBITDA of positive $1 million to ($2) million, which includes $9 million to $11 million of litigation spend. TiVo expects to be profitable on an Adjusted EBITDA basis excluding litigation spend.
For the full year Fiscal 2014, TiVo continues to anticipate that current business trends should drive Adjusted EBITDA profitability, including litigation spend.
This financial guidance is based on information available to management as of May 20, 2013. TiVo expressly disclaims any duty to update this guidance.
Management's guidance includes Adjusted EBITDA, a non-GAAP financial measure as defined in Regulation G. TiVo has provided a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) in the attached schedules solely for the purpose of complying with Regulation G and not as an indication that EBITDA or Adjusted EBITDA is a substitute measure for net income (loss).
Conference Call and Webcast
TiVo will host a conference call and Webcast to discuss the second quarter ended April 30, 2013 financial and operating results and guidance outlook at 2:00 pm PT (5:00 pm ET), today, May 20, 2013. To listen to the discussion, please visit http://www.tivo.com/ir and click on the link provided for the Webcast or dial (877) 618-4505 (conference ID number is 68883943). The Webcast will be archived and available through May 27, 2013 at http://www.tivo.com/ir or by calling (404) 537-3406; and entering the conference ID number 68883943.
About TiVo Inc.
Founded in 1997, TiVo Inc. (NASDAQ: TIVO) developed the first commercially available digital video recorder (DVR). TiVo offers the TiVo service and TiVo DVRs directly to consumers online at www.tivo.com and through third-party retailers. TiVo also distributes its technology and services through solutions tailored for cable, satellite, and broadcasting companies. Since its founding, TiVo has evolved into the ultimate single solution media center by combining its patented DVR technologies and universal cable box capabilities with the ability to aggregate, search, and deliver millions of pieces of broadband, cable, and broadcast content directly to the television. An economical, one-stop-shop for in-home entertainment, TiVo's intuitive functionality and ease of use puts viewers in control by enabling them to effortlessly navigate the best digital entertainment content available through one box, with one remote, and one user interface, delivering the most dynamic user experience on the market today. TiVo also continues to weave itself into the fabric of the media industry by providing interactive advertising solutions and audience research and measurement ratings services to the television industry.
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