TiVo subscriptions down 139k in quarter to end-April '09

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, 2009.

TiVo-Owned subscription gross additions for the first quarter were approximately 37,000, compared to 48,000 gross additions for the year-ago period. The TiVo-Owned monthly churn rate was 1.4 %, slightly higher than the prior quarter but improved as the quarter progressed. Overall, TiVo-Owned subscriptions ended the quarter at 1.6 million. Cumulative total subscriptions as of April 30, 2009 were 3.2 million.

Subscriptions (in thousands):

                                            Three Months Ended April 30,
                                                     2009           2008
                                            -------------  -------------
TiVo-Owned Subscription Gross Additions                37             48

Subscription Net Additions/(Losses):
 TiVo-Owned                                          (30)           (17)
 MSOs/Broadcasters                                  (109)          (128)

  Total Subscription Net Additions/(Losses)         (139)          (145)

Cumulative Subscriptions:
 TiVo-Owned                                         1,624           1,728
 MSOs/Broadcasters                                  1,572           2,073

  Total Cumulative Subscriptions                    3,196           3,801

% of TiVo-Owned Cumulative Subscriptions
paying recurring fees                                 59%            61%

Included in the 1,624,000 TiVo-Owned subscriptions are approximately 215,000 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.

The TiVo-Owned lines refer to subscriptions sold directly or indirectly by TiVo to consumers who have TiVo-enabled DVRs and for which TiVo incurs acquisition costs. The MSOs/Broadcasters lines refer to subscriptions sold to consumers by MSOs/Broadcasters such as DIRECTV, Cablevision Mexico, Seven (Australia), and Comcast for which TiVo expects to incur little or no acquisition costs.