TiVo Reports Record Profitability for the Third Quarter Ended October 31, 2008

Tuesday, November 25th, 2008
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  • TiVo received compensation in the amount of approximately $105 million in initial litigation damages from EchoStar
  • Net Income for the third quarter was $100.6 million compared to a loss of ($8.3) million in the year-ago quarter. Excluding the EchoStar damages award net loss would have been ($0.9) million
  • Adjusted EBITDA for the third quarter was $95.3 million, compared to $0.2 million in the year-ago quarter. Excluding the EchoStar damages award Adjusted EBITDA would have been $7.5 million
  • TiVo partners with Netflix to stream its library of over 12,000 videos directly to the TV
  • Comcast announces roll out of TiVo service to additional markets
  • TiVo extends distribution agreement with DIRECTV; TiVo is now partnered with three of the top five television distributors in the U.S.
  • Partnership with Nero brings TiVo to the PC viewing experience

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 third quarter ended October 31, 2008.

TiVo-Owned subscription gross additions for the third quarter were approximately 44,000, compared to 69,000 gross additions for the year-ago period. The TiVo-Owned monthly churn rate was 1.4 %, as compared to 1.5% in the prior quarter and compared to 1.3% in the in the year-ago quarter. Overall, TiVo-Owned subscriptions ended the quarter at approximately 1.7 million. As expected, TiVo reported a net decline in MSOs/Broadcaster subscriptions as many of our mass distribution deals are still in early phases of deployment and/or development. Cumulative total subscriptions as of October 31, 2008 were 3.5 million.

Subscriptions:

                                                Three Months Ended October 31,
          (Subscriptions in thousands)                2008              2007
                                                     ------            ------
        TiVo-Owned Subscription Gross
         Additions                                      44                69

        Subscription Net
         Additions/(Losses):
        TiVo-Owned                                     (28)                4
        MSOs/Broadcasters                             (135)             (134)
            Total Subscription Net
             Additions/(Losses)                       (163)             (130)

        Cumulative Subscriptions:
        TiVo-Owned                                   1,658             1,712
        MSOs/Broadcasters                            1,802             2,355
            Total Cumulative
             Subscriptions                           3,460             4,067
        % of TiVo-Owned Cumulative
         Subscriptions paying recurring
         fees                                           60%               60%

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