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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TiVo Corporation | NASDAQ:TIVO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.09 | 6.36 | 6.69 | 0 | 01:00:00 |
Delaware
|
000-27141
|
77-0463167
|
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
2160 Gold Street,
|
San Jose, California
|
95002
|
(Address of principal executive offices, including zip code)
|
|
(408) 519-9100
|
(Registrant’s telephone number, including area code)
|
|
Not Applicable
|
(Former name or former address, if changed since last report)
|
Selected Companies - TiVo
|
EV / 2015 EBITDA (1)
|
EV / 2016 EBITDA
|
EV / 2017 EBITDA
|
Price / 2015 EPS
|
Price / 2016 EPS
|
Price / 2017 EPS
|
Rovi (based on consensus estimates)
|
8.7x
|
9.0x
|
7.7x
|
10.5x
|
8.0x
|
6.4x
|
SeaChange International, Inc.
|
n.m.
|
14.7x
|
n.a.
|
n.m.
|
n.m.
|
n.a.
|
Amdocs Limited
|
8.5x
|
8.3x
|
8.1x
|
13.1x
|
12.4x
|
11.5x
|
CSG Systems International
|
10.6x
|
10.5x
|
10.1x
|
17.3x
|
17.1x
|
15.8x
|
Redknee Solutions
|
6.8x
|
8.1 x
|
5.3x
|
12.5x
|
28.0x
|
n.m.
|
Synchronoss Technologies
|
7.5x
|
7.0x
|
5.9x
|
14.4x
|
13.6x
|
11.2x
|
ARRIS International
|
7.6x
|
7.7x
|
6.8x
|
n.a.
|
9.0x
|
7.4x
|
Technicolor
|
5.8x
|
5.2x
|
5.4x
|
14.3x
|
10.3x
|
10.2x
|
comScore
|
14.6x
|
13.6x
|
10.6x
|
n.a.
|
20.2x
|
15.5x
|
Nielsen Holdings
|
14.2x
|
13.4x
|
12.5x
|
19.6x
|
17.9x
|
16.2x
|
Dolby Laboratories
|
11.1x
|
10.4x
|
9.5x
|
25.2x
|
25.8x
|
21.5x
|
Rambus
|
12.4x
|
14.0x
|
13.6x
|
6.9x
|
51.5x
|
36.1x
|
Digital Theater Systems (DTS)
|
15.2x
|
8.3x
|
7.7x
|
19.1x
|
10.4x
|
9.2x
|
InterDigital
|
6.6x
|
9.0x
|
7.5x
|
16.1x
|
21.6x
|
18.3x
|
(1)
|
For this calculation, where applicable, 2015A EBITDA was adjusted to reflect completed acquisitions by the selected companies.
|
Selected Companies - Rovi
|
EV / 2015 EBITDA (1)
|
EV / 2016 EBITDA
|
EV / 2017 EBITDA
|
Price / 2015 EPS
|
Price / 2016 EPS
|
Price / 2017 EPS
|
IP & Product Licensing
|
||||||
Acacia Research Corporation
|
7.1x
|
17.5x
|
n.a.
|
24.6x
|
19.8x
|
n.a.
|
Dolby Laboratories
|
11.1x
|
10.4x
|
9.5x
|
25.2x
|
25.8x
|
21.5x
|
DTS
|
15.2x
|
8.3x
|
7.7x
|
19.1x
|
10.4x
|
9.2x
|
InterDigital
|
6.6x
|
9.0x
|
7.5x
|
16.1x
|
21.6x
|
18.3x
|
Rambus
|
12.4x
|
14.0x
|
13.6x
|
6.9x
|
51.5x
|
36.1x
|
RPX Corporation
|
6.1x
|
6.1x
|
5.9x
|
11.2x
|
13.1x
|
n.m.
|
(1)
|
For this calculation, where applicable, 2015A EBITDA was adjusted to reflect completed acquisitions by the selected companies.
|
Selected Companies - Rovi
|
EV / 2015 EBITDA (1)
|
EV / 2016 EBITDA
|
EV / 2017 EBITDA
|
Price / 2015 EPS
|
Price / 2016 EPS
|
Price / 2017 EPS
|
TV Software & Audience Measurement / Data
|
||||||
TiVo (consensus estimates)
|
22.8x
|
11.5x
|
6.2x
|
14.7x
|
9.8x
|
16.3x
|
comScore
|
14.6x
|
13.6x
|
10.6x
|
n.a.
|
20.2x
|
15.5x
|
Nielsen Holdings
|
14.2x
|
13.4x
|
12.5x
|
19.6x
|
17.9x
|
16.2x
|
SeaChange International, Inc.
|
n.m.
|
14.7x
|
n.a.
|
n.m.
|
n.m.
|
n.a.
|
(1)
|
For this calculation, where applicable, 2015A EBITDA was adjusted to reflect completed acquisitions by the selected companies.
|
|
TiVo Management Forecasts for TiVo (Stand-Alone, Pre-Merger Basis)
(in millions, unaudited)
|
||||||||||||||||||
|
|
||||||||||||||||||
|
Fiscal year ended January 31,
|
||||||||||||||||||
|
2017E
|
|
|
2018E
|
|
|
2019E
|
|
|
2020E
|
|
|
2021E
|
||||||
Unlevered Free Cash Flows (7)
|
|
(0.3)
|
|
|
|
29.0
|
|
|
|
14.1
|
|
|
|
16.4
|
|
|
|
27.2
|
(7)
|
Unlevered Free Cash Flows represents EBIT (described in the following sentence) less estimated taxes plus depreciation and amortization expense, less total accrued capital expenditures, and are adjusted for the net change in new deferred revenue related to new TiVo owned and service provider term subscriptions and deferred non-recurring engineering costs that are recognized as revenues and costs in future years and changes in working capital, including non-recurring severance and restructuring costs. EBIT represents Adj. Cash EBITDA, less stock stock-based compensation expense, less depreciation and amortization expense. Unlevered Free Cash Flows and EBIT are non-U.S. GAAP financial measures.
|
|
Calendar year ended December 31,
|
|||
|
2016E(1)
|
2017E
|
2018E
|
2019E
|
Unlevered Free Cash Flows (4)
|
77.4
|
85.6
|
120.7
|
146.6
|
(4)
|
Unlevered Free Cash Flows represents EBIT (described in the following sentence) less estimated taxes plus depreciation and amortization expense, less total accrued capital expenditures, and are adjusted for changes in working capital. EBIT represents Adj. EBITDA, less the cash impact from licensing prepayments, less stock stock-based compensation expense, less depreciation and amortization expense. Unlevered Free Cash Flows and EBIT are non-U.S. GAAP financial measures.
|
|
Rovi Management Forecasts for Rovi (Stand-Alone, Pre-Merger Basis)
(in millions, unaudited)
|
|||
Case 1
|
2016
|
2017
|
2018
|
2019
|
Unlevered Free Cash Flow (3)
|
$87
|
$83
|
$107
|
$126
|
|
Rovi Management Forecasts for Rovi (Stand-Alone, Pre-Merger Basis)
(in millions, unaudited)
|
|||
Case 2
|
2016
|
2017
|
2018
|
2019
|
Unlevered Free Cash Flow (3)
|
$126
|
$153
|
$181
|
$197
|
(3)
|
Unlevered Free Cash Flow is defined as after-tax operating profit (which is calculated as Adjusted EBITDA minus stock-based compensation expense and depreciation, tax-effected) plus depreciation, minus capital expenditures and investment in net working capital.
|
|
2016
|
2017
|
2018
|
2019
|
Unlevered Free Cash Flow (2) (3)
|
$(10)
|
$57
|
$17
|
$23
|
(2)
|
Unlevered Free Cash Flow is defined as after-tax operating profit (which is calculated as Adjusted EBITDA minus stock-based compensation expense, depreciation and transition and restructuring expense, tax-effected) plus depreciation, minus capital expenditures and investment in net working capital.
|
(3)
|
Unlevered Free Cash Flow, as defined in footnote (2) above, for the calendar year ending 2020 is $28 (in millions and unaudited).
|
Dated: August 11, 2016
|
|
By:
|
/s/ Naveen Chopra
|
|
|
|
|
Name:
|
Naveen Chopra
|
|
|
|
Title:
|
Interim Chief Executive Officer
|
|
|
|
|
(Principal Executive Officer)
|
1 Year TiVo Chart |
1 Month TiVo Chart |
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