TiVo Reports Results for the First Quarter Fiscal Year 2009 Ended April 30, 2008Wednesday, May 28th, 2008
“¢ TiVo posts record quarter for Net Income and Adjusted EBITDA
“¢ Adjusted EBITDA for the first quarter was $11.1 million, exceeding guidance and compared to $6.7 million in the year-ago quarter
“¢ Net Income for the first quarter was $3.6 million compared to $835 thousand in the year-ago quarter and EPS for the first quarter was $0.04 compared to $0.01 in the year-ago quarter
“¢ Favorable ruling in EchoStar patent infringement case upheld; EchoStar’s petition for rehearing en banc denied
“¢ Disney directly signs with TiVo making all the major movie studios’ content available to TiVo users
“¢ TiVo teams with Chicago Tribune to reinvent newspaper model on TV coverage
ALVISO, Calif. — TiVo Inc. (Nasdaq: TIVO), the creator of and a leader in television services for digital video recorders (DVRs), today reported financial results for the first quarter ended April 30, 2008.
TiVo-Owned subscription gross additions for the first quarter were approximately 48,000, compared to 57,000 gross additions for the year-ago period. This is the lowest year over year quarterly decline since the third quarter of fiscal 2007. Overall, TiVo-Owned subscriptions ended the quarter at 1.7 million. As expected, TiVo reported a net decline in MSOs/Broadcaster subscriptions during the period as DIRECTV is no longer deploying new TiVo boxes and other mass distribution deals are still in early phases of deployment. Cumulative total subscriptions as of April 30, 2008 were 3.8 million. Additionally, the monthly churn rate was 1.3%, down from 1.5% in the prior quarter.
Three Months Ended April 30, (Subscriptions in thousands) 2008 2007 TiVo-Owned Subscription Gross Additions 48 57 Subscription Net Additions/(Losses): TiVo-Owned (17) 1 MSOs/Broadcasters (128) (103) Total Subscription Net Additions/(Losses) (145) (102) Cumulative Subscriptions: TiVo-Owned 1,728 1,727 MSOs/Broadcasters 2,073 2,615 Total Cumulative Subscriptions 3,801 4,342 % of TiVo-Owned Cumulative Subscriptions paying recurring fees 61% 59%
Included in the 3,801,000 subscriptions are approximately 163,000 lifetime subscriptions that have reached the end of the period TiVo uses to recognize lifetime subscription revenue. These lifetime subscriptions no longer generate subscription revenue.
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