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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 |
Delivered Significant Progress with our Profitability Initiatives
Xperi and TiVo Merger Remains on Track
TiVo Corporation (NASDAQ: TIVO), the company that brings entertainment together, today reported financial results for its first quarter ended March 31, 2020.
“Despite this unprecedented public health crisis, our strategic vision and financial performance remain strong, validating our belief that there is a demand for the type of unified entertainment finding and watching experience that TiVo provides,” said Dave Shull, President and Chief Executive Officer. “On a year-over-year basis, the Company continued to execute on profitability initiatives to streamline the business, reducing its Non-GAAP Total COGS and OpEx by 16% and increasing its Adjusted EBITDA by 55%. In our IP business, we delivered double digit growth from the first quarter of last year and added another new multi-year patent license agreement in the OTT space during the quarter. In our product business, we launched TiVo Stream 4K, which provides a unique consumer solution for finding and watching favorite entertainment shows across a broad range of streaming services. Finally, we expect to complete our merger with Xperi in the current quarter. We believe the strategy and market drivers that underpin this transformative combination are more relevant than ever in the current environment.”
TiVo First Quarter 2020 Financial Highlights:
TiVo First Quarter 2020 Business and Recent Operating Highlights:
Xperi Merger
Product Business
Intellectual Property Licensing Business
2020 Full Year Outlook:
As noted above, the Company’s Q1 2020 revenues were consistent with our internal plan. To date the COVID-19 pandemic has not had a significant impact on our revenues as the substantial majority of our revenues come from agreements with pay TV operators and others in the video delivery industry. These agreements also provide us with a good degree of visibility into our 2020 revenue expectations. However, given the pending merger with Xperi Corporation, the Company is not providing its standalone financial outlook for the remainder of the year. We expect the combined company will issue financial expectations after the second quarter.
First Quarter 2020 Summary Financial Results:
Quarterly Financial Information
(In thousands)
Three Months Ended March 31,
2020
2019
% Change
GAAP Consolidated Results
Product Revenue
$
86,476
$
91,303
(5
)%
IP Licensing Revenue
73,385
66,932
10
%
Total Revenues, net
$
159,861
$
158,235
1
%
GAAP Total operating costs and expenses
$
317,480
$
166,255
91
%
Total OpEx Excluding Goodwill Impairment
$
145,908
$
166,255
(12
)%
Operating loss
$
(157,619
)
$
(8,020
)
1,865
%
Loss before income taxes
$
(179,600
)
$
(20,326
)
784
%
GAAP Diluted weighted average shares outstanding
127,124
124,422
(In thousands)
Three Months Ended March 31,
2020
2019
% Change
Non-GAAP Consolidated Results
Non-GAAP Total COGS and OpEx
$
101,655
$
120,794
(16
)%
Adjusted EBITDA
$
58,206
$
37,441
55
%
Non-GAAP Pre-tax Income
$
38,478
$
25,349
52
%
Cash Taxes
$
6,036
$
4,926
23
%
Non-GAAP Diluted Weighted Average Shares Outstanding
128,105
125,123
Segment Results and Operating Highlights - Product:
(In thousands)
Three Months Ended March 31,
2020
2019
% Change
Platform Solutions
$
64,535
$
71,037
(9
)%
Software and Services
21,636
19,902
9
%
Other
305
364
(16
)%
Total Product Revenue, net
86,476
91,303
(5
)%
Adjusted Operating Expenses
67,844
82,890
(18
)%
Adjusted EBITDA
$
18,632
$
8,413
121
%
Adjusted EBITDA Margin
21.5
%
9.2
%
Total Product Revenue, net
$
86,476
$
91,303
(5
)%
Hardware
(2,623
)
(2,074
)
26
%
Other Products
(305
)
(364
)
(16
)%
Core Product Revenue (excludes revenue from Hardware and Other Products)
$
83,548
$
88,865
(6
)%
Segment Results and Operating Highlights - IP Licensing:
(In thousands)
Three Months Ended March 31,
2020
2019
% Change
US Pay TV Providers
$
45,109
$
42,117
7
%
CE Manufacturers
8,334
8,618
(3
)%
New Media, International Pay TV Providers and Other
19,942
16,197
23
%
Total IP Licensing Revenue, net
73,385
66,932
10
%
Adjusted Operating Expenses
22,120
21,807
1
%
Adjusted EBITDA
$
51,265
$
45,125
14
%
Adjusted EBITDA Margin
69.9
%
67.4
%
Conference Call Information
TiVo management will host a conference call today, May 6, 2020, at 1:30 p.m. PT/4:30 p.m. ET to discuss its financial and operational results. Investors and analysts interested in participating are welcome to call (866) 621-1214 (or international +1-706-643-4013) and reference conference ID 1946459. The conference call may also be accessed via live webcast in the Investor Relations section of TiVo’s website at http://ir.tivo.com. A replay of the audio webcast will be available on the TiVo Investor Relations website after the public filing of the transcript of the call is completed in accordance with regulatory requirements. A telephonic replay of the call will be accessible after the transcript is filed through May 20, 2020 by dialing (855) 859-2056 (or international +1-404-537-3406) and entering conference ID 1946459.
Non-GAAP Financial Information
TiVo Corporation provides Non-GAAP information to assist investors in assessing its operations in the way that its management evaluates those operations. Non-GAAP Pre-Tax Income, Non-GAAP Cost of Licensing, Services and Software Revenues, Non-GAAP Cost of Hardware Revenues, Non-GAAP Research and Development Expenses, Non-GAAP Selling, General and Administrative Expenses, Non-GAAP Total OpEx Excluding Goodwill Impairment, Non-GAAP Total OpEx, Non-GAAP Total COGS and OpEx, Adjusted EBITDA and Non-GAAP Interest Expense are supplemental measures of the Company's performance that are not required by, and are not determined in accordance with, GAAP. Non-GAAP financial information is not a substitute for any financial measure determined in accordance with GAAP.
Non-GAAP Pre-tax Income is defined as GAAP Income (loss) from continuing operations before income taxes, as adjusted for the effects of items such as amortization of intangible assets, equity-based compensation, accretion of contingent consideration, amortization of debt issuance costs, amortization of convertible debt discount, mark-to-market adjustments for interest rate swaps and interest on escheat liabilities; as well as items which impact comparability that are required to be recorded under GAAP, but that the Company believes are not indicative of its core operating results such as restructuring and asset impairment charges, goodwill impairment, merger, separation and transformation costs, transition and integration costs, retention earn-outs payable to former shareholders of acquired businesses, CEO transition cash costs, remeasurement of contingent consideration, loss on debt extinguishment, impairment losses on strategic investments, gains on the sale of strategic investments and changes in escheat liabilities.
Non-GAAP Cost of Licensing, Services and Software Revenues is defined as GAAP Cost of licensing, services and software revenues, excluding depreciation and amortization of intangible assets, excluding equity-based compensation, merger, separation and transformation costs and transition and integration costs.
Non-GAAP Cost of Hardware Revenues is defined as GAAP Cost of hardware revenues, excluding depreciation and amortization of intangible assets, excluding equity-based compensation.
Non-GAAP Research and Development Expenses is defined as GAAP Research and development expenses excluding equity-based compensation, merger, separation and transformation costs, transition and integration costs and retention earn-outs payable to former shareholders of acquired businesses.
Non-GAAP Selling, General and Administrative Expenses is defined as GAAP Selling, general and administrative expenses excluding equity-based compensation, merger, separation and transformation costs, transition and integration costs, retention earn-outs payable to former shareholders of acquired businesses, CEO transition cash costs and remeasurement of contingent consideration.
Non-GAAP Total OpEx is defined as the sum of GAAP Research and development and Selling, general and administrative expenses and Depreciation excluding equity-based compensation, merger, separation and transformation costs, transition and integration costs, retention earn-outs payable to former shareholders of acquired businesses, CEO transition cash costs and remeasurement of contingent consideration.
Total OpEx Excluding Goodwill Impairment is defined as GAAP Total operating costs and expenses excluding goodwill impairment.
Non-GAAP Total COGS and OpEx is defined as GAAP Total operating costs and expenses, excluding depreciation, amortization of intangible assets, restructuring and asset impairment charges, goodwill impairment, equity-based compensation, merger, separation and transformation costs, transition and integration costs, retention earn-outs payable to former shareholders of acquired businesses, CEO transition cash costs and remeasurement of contingent consideration.
Adjusted EBITDA is defined as GAAP Operating income (loss) excluding depreciation, amortization of intangible assets, restructuring and asset impairment charges, goodwill impairment, equity-based compensation, merger, separation and transformation costs, transition and integration costs, retention earn-outs payable to former shareholders of acquired businesses, CEO transition cash costs and remeasurement of contingent consideration.
Non-GAAP Interest Expense is defined as GAAP Interest expense, excluding accretion of contingent consideration, amortization of debt issuance costs, amortization of convertible debt discount and interest on escheat liability, plus the reclassification of the current period benefit (cost) of the interest rate swaps from gain (loss) on interest rate swaps.
Cash Taxes are defined as GAAP current income tax expense excluding changes in reserves for unrecognized tax benefits.
Non-GAAP Diluted Weighted Average Shares Outstanding is defined as GAAP diluted weighted average shares outstanding except for periods of a GAAP loss. In periods of a GAAP loss, GAAP diluted weighted average shares outstanding are adjusted to include dilutive common share equivalents outstanding that were excluded from GAAP diluted weighted average shares outstanding because the Company had a loss and therefore these shares would have been anti-dilutive.
The Company's management evaluates and makes decisions about its business operations primarily based on Non-GAAP financial information. Management uses Non-GAAP financial measures as the basis for decision-making as they exclude items management does not consider to be “core costs” or “core proceeds”. For each Non-GAAP financial measure, the adjustment provides management with information about the Company's underlying operating performance that enables a more meaningful comparison to its historical and projected financial performance in different reporting periods. For example, since the Company does not acquire or dispose of businesses on a predictable cycle, management excludes the amortization of intangible assets, merger, separation and transformation costs, transition and integration costs, retention earn-outs payable to former shareholders of acquired businesses, CEO transition cash costs and remeasurement of contingent consideration from its Non-GAAP financial measures in order to make more consistent and meaningful evaluations of the Company's operating expenses as these items may be significantly impacted by the timing and magnitude of acquisitions. Management also excludes the effect of restructuring and asset impairment charges, goodwill impairment, loss on debt extinguishment, impairment losses on strategic investments, gains on the sale of strategic investments and changes in escheat liability. Management excludes the impact of equity-based compensation to provide meaningful supplemental information that allows investors greater visibility to the underlying performance of our business operations, facilitates comparison of our results with other periods, and may facilitate comparison with the results of other companies in our industry, as well as to provide the Company’s management with an important tool for financial and operational decision-making and for evaluating the Company’s performance over different periods of time. Due to varying valuation techniques, reliance on subjective assumptions and the variety of award types and features that may be in use, we believe that providing Non-GAAP financial measures excluding equity-based compensation allows investors to make more meaningful comparisons between our operating results and those of other companies. Management excludes the accretion of contingent consideration, amortization of debt issuance costs, amortization of convertible debt discount, mark-to-market adjustments for interest rate swaps and interest on escheat liability when management evaluates the Company's expenses. Management reclassifies the current period benefit (cost) of the interest rate swaps from gain (loss) on interest rate swaps to interest expense in order for Non-GAAP Interest Expense to reflect the effects of the interest rate swaps as these interest rate swaps were entered into to control the effective interest rate the Company pays on its debt.
Management uses these Non-GAAP financial measures to help it make decisions, including decisions that affect operating expenses and operating margin. Management believes that making Non-GAAP financial information available to investors, in addition to GAAP financial information, may facilitate more consistent comparisons between the Company's performance over time with the performance of other companies in our industry, which may use similar financial measures to supplement their GAAP financial information.
Management recognizes that these Non-GAAP financial measures have limitations as analytical tools, including the fact that management must exercise judgment in determining which types of items to exclude from the Non-GAAP financial information. In addition, as other companies, including companies similar to TiVo Corporation, may calculate their Non-GAAP financial measures differently than the Company calculates its Non-GAAP financial measures, these Non-GAAP financial measures may have limited usefulness to investors when comparing financial performance among companies. Management believes, however, that providing Non-GAAP financial information, in addition to GAAP financial information, facilitates consistent comparison of the Company's financial performance over time. The Company provides Non-GAAP financial information to the investment community, not as an alternative, but as an important supplement to GAAP financial information; to enable investors to evaluate the Company's core operating performance in the same way that management does. Reconciliations for each Non-GAAP financial measure to its most directly comparable GAAP financial measure are provided in the tables below.
About TiVo Corporation
TiVo (NASDAQ: TIVO) brings entertainment together, making it easy to find, watch and enjoy. We serve up the best movies, shows and videos from across live TV, on-demand, streaming services and countless apps, helping people to watch on their terms. For studios, networks and advertisers, TiVo delivers a passionate group of watchers to increase viewership and engagement across all screens. Go to tivo.com and enjoy watching.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, TiVo’s growth, business opportunities, operating results and strategies of each of its businesses, the timing and completion of the TiVo/Xperi combination transaction, the prospects for and success of the combined TiVo/Xperi company, demand for our product offerings and deployments and market acceptance of current and future offerings as well as future trends in viewership of entertainment content. These forward-looking statements are based on TiVo’s current expectations, estimates and projections about its business and industry, management’s beliefs and certain assumptions made by the company, all of which are subject to change. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, “future”, "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include delays, whether inside or outside the Company’s control, in the merger process, delays in product development or deployments, the failure to deliver competitive service offerings and lack of market acceptance of any offerings delivered, as well as the other potential factors described under "Risk Factors" included in TiVo’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 and other documents of TiVo Corporation on file with the Securities and Exchange Commission (available at www.sec.gov). TiVo cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. TiVo assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Android TV is a trademark of Google LLC.
TIVO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
2020
2019
Revenues, net:
Licensing, services and software
$
157,238
$
156,161
Hardware
2,623
2,074
Total Revenues, net
159,861
158,235
Costs and expenses:
Cost of licensing, services and software revenues, excluding depreciation and amortization of intangible assets
37,396
39,433
Cost of hardware revenues, excluding depreciation and amortization of intangible assets
5,022
4,093
Research and development
33,744
41,381
Selling, general and administrative
35,897
45,993
Depreciation
4,968
5,364
Amortization of intangible assets
28,142
28,178
Restructuring and asset impairment charges
739
1,813
Goodwill impairment
171,572
—
Total costs and expenses
317,480
166,255
Operating loss
(157,619
)
(8,020
)
Interest expense
(17,049
)
(12,161
)
Interest income and other, net
187
1,775
Loss on interest rate swaps
(5,119
)
(1,721
)
Loss on debt extinguishment
—
(199
)
Loss before income taxes
(179,600
)
(20,326
)
Income tax (benefit) expense
(416
)
6,318
Net loss
$
(179,184
)
$
(26,644
)
Basic loss per share
$
(1.41
)
$
(0.21
)
Weighted average shares used in computing basic per share amounts
127,124
124,422
Diluted loss per share
$
(1.41
)
$
(0.21
)
Weighted average shares used in computing diluted per share amounts
127,124
124,422
Dividends declared per share
$
—
$
0.18
See notes to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q.
TIVO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, 2020
December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
108,519
$
373,719
Short-term marketable securities
—
51,293
Accounts receivable, net
164,618
158,016
Inventory
2,944
3,197
Prepaid expenses and other current assets
27,393
27,023
Total current assets
303,474
613,248
Property and equipment, net
43,706
48,264
Intangible assets, net
386,524
415,054
Goodwill
1,018,310
1,189,825
Right-of-use assets
56,405
59,888
Other long-term assets
56,183
56,293
Total assets
$
1,864,602
$
2,382,572
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
81,427
$
126,249
Unearned revenue
48,502
50,968
Current portion of long-term debt
66,450
343,035
Total current liabilities
196,379
520,252
Unearned revenue, less current portion
37,292
39,879
Long-term debt, less current portion
625,867
642,504
Deferred tax liabilities, net
29,603
34,231
Long-term lease liabilities
58,303
61,603
Other long-term liabilities
14,596
10,420
Total liabilities
962,040
1,308,889
Stockholders' equity:
Preferred stock
—
—
Common stock
130
129
Treasury stock
(38,819
)
(38,176
)
Additional paid-in capital
3,247,562
3,235,996
Accumulated other comprehensive loss
(5,021
)
(3,612
)
Accumulated deficit
(2,301,290
)
(2,120,654
)
Total stockholders’ equity
902,562
1,073,683
Total liabilities and stockholders’ equity
$
1,864,602
$
2,382,572
See notes to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q.
TIVO CORPORATION AND SUBSIDIARIES
REVENUE AND SEGMENT DETAILS
(In thousands)
(Unaudited)
Three Months Ended March 31,
2020
2019
Total Revenues, net
$
159,861
$
158,235
Hardware
(2,623
)
(2,074
)
Other Products
(305
)
(364
)
Core Revenue (excludes revenue from Legacy TiVo Solutions IP Licenses, Hardware and Other Products)
$
156,933
$
155,797
Three Months Ended March 31,
2020
2019
Product Revenue
Platform Solutions
$
64,535
$
71,037
Software and Services
21,636
19,902
Other
305
364
Total Product Revenue, net
86,476
91,303
IP Licensing Revenue
US Pay TV Providers
45,109
42,117
CE Manufacturers
8,334
8,618
New Media, International Pay TV Providers and Other
19,942
16,197
Total IP Licensing Revenue, net
73,385
66,932
Total Revenues, net
$
159,861
$
158,235
Three Months Ended March 31,
2020
2019
Total Product Revenue, net
$
86,476
$
91,303
Hardware
(2,623
)
(2,074
)
Other Products
(305
)
(364
)
Core Product Revenue (excludes revenue from Hardware and Other Products)
$
83,548
$
88,865
Three Months Ended March 31,
2020
2019
Adjusted EBITDA:
Product
$
18,632
$
8,413
IP Licensing
51,265
45,125
Corporate
(11,691
)
(16,097
)
Adjusted EBITDA
$
58,206
$
37,441
TIVO CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
Three Months Ended March 31,
2020
2019
GAAP loss from continuing operations before income taxes
$
(179,600
)
$
(20,326
)
Amortization of intangible assets
28,142
28,178
Restructuring and asset impairment charges
739
1,813
Goodwill impairment
171,572
—
Equity-based compensation
6,296
8,379
Merger, separation and transformation costs
4,026
1,132
Transition and integration costs
82
595
Loss on debt extinguishment
—
199
Impairment of strategic investment
250
—
Change in escheat liability
—
165
Amortization of note issuance costs
765
598
Amortization of convertible note discount
2,032
3,409
Mark-to-market loss related to interest rate swaps
4,174
1,625
Interest on escheat liability
—
(418
)
Non-GAAP Pre-tax Income
$
38,478
$
25,349
Three Months Ended March 31,
2020
2019
GAAP Diluted weighted average shares outstanding
127,124
124,422
Dilutive effect of equity-based compensation awards
981
701
Non-GAAP Diluted Weighted Average Shares Outstanding
128,105
125,123
Three Months Ended March 31,
2020
2019
GAAP Cost of licensing, services and software revenues, excluding depreciation and amortization of intangible assets
$
37,396
$
39,433
Equity-based compensation
(707
)
(968
)
Transition and integration costs
(62
)
(222
)
Non-GAAP Cost of Licensing, Services and Software Revenues
$
36,627
$
38,243
Three Months Ended March 31,
2020
2019
GAAP Cost of hardware revenues, excluding depreciation and amortization of intangible assets
$
5,022
$
4,093
Equity-based compensation
(33
)
(30
)
Non-GAAP Cost of Hardware Revenues
$
4,989
$
4,063
Three Months Ended March 31,
2020
2019
GAAP Research and development expenses
$
33,744
$
41,381
Equity-based compensation
(2,237
)
(2,134
)
Merger, separation and transformation costs
(84
)
—
Transition and integration costs
(6
)
(408
)
Non-GAAP Research and Development Expenses
$
31,417
$
38,839
Three Months Ended March 31,
2020
2019
GAAP Selling, general and administrative expenses
$
35,897
$
45,993
Equity-based compensation
(3,319
)
(5,247
)
Merger, separation and transformation costs
(3,942
)
(1,132
)
Transition and integration costs
(14
)
35
Non-GAAP Selling, General and Administrative Expenses
$
28,622
$
39,649
Three Months Ended March 31,
2020
2019
GAAP Total operating costs and expenses
$
317,480
$
166,255
Goodwill impairment
(171,572
)
—
Total OpEx Excluding Goodwill Impairment
$
145,908
$
166,255
Three Months Ended March 31,
2020
2019
GAAP Total operating costs and expenses
$
317,480
$
166,255
Depreciation
(4,968
)
(5,364
)
Amortization of intangible assets
(28,142
)
(28,178
)
Restructuring and asset impairment charges
(739
)
(1,813
)
Goodwill impairment
(171,572
)
—
Equity-based compensation
(6,296
)
(8,379
)
Merger, separation and transformation costs
(4,026
)
(1,132
)
Transition and integration costs
(82
)
(595
)
Non-GAAP Total COGS and OpEx
$
101,655
$
120,794
Three Months Ended March 31,
2020
2019
GAAP Operating loss
$
(157,619
)
$
(8,020
)
Depreciation
4,968
5,364
Amortization of intangible assets
28,142
28,178
Restructuring and asset impairment charges
739
1,813
Goodwill impairment
171,572
—
Equity-based compensation
6,296
8,379
Merger, separation and transformation costs
4,026
1,132
Transition and integration costs
82
595
Adjusted EBITDA
$
58,206
$
37,441
Three Months Ended March 31,
2020
2019
GAAP Interest expense
$
(17,049
)
$
(12,161
)
Amortization of note issuance costs
765
598
Amortization of convertible note discount
2,032
3,409
Reclassify current period cost of interest rate swaps
(946
)
(97
)
Interest on escheat liability
—
(418
)
Non-GAAP Interest Expense
$
(15,198
)
$
(8,669
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20200506005879/en/
Investor Relations Nicole Noutsios TiVo Corporation +1 510-315-1003 tivo@nmnadvisors.com
Press Relations Lerin O'Neill TiVo Corporation +1 408-562-8455 lerin.oneill@tivo.com
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