TiVo reports record revenues and cable additions

Editor | 27-02-2014

PVR pioneer TiVo has posted hugely strong financial results in its fourth quarter and fiscal year, with record full-year service and technology revenues, net income and cable additions.

Overall by 31 January 2014, TiVo continued its acceleration in MSO additions posting a record 313,000 cable MSO subscriptions added in the fourth quarter. Total TiVo subscriptions now stand at approximately 4.2 million, up 34% year-over-year. Moreover, the company showed positive self-owned quarterly net additions for first time in six years driven by a 41% year-over-year growth in gross additions and lowest absolute churn in almost eight years.

Among the customer highlights was ness that US MSO Comcast plans to expand its successful integration of Xfinity On Demand to its entire footprint. It also posted success with ONO in Span and Sweden’s Com Hem. In the UK, the two millionth Virgin Media TiVo customer was connected since the service launched in December 2010.

For the fourth quarter, service and technology revenues were $84 million this compared with $65.7 million for the same quarter last year. This was a record amount and Record an increase of 28% year-over-year.

TiVo reported adjusted EBITDA of $19.6 million, compared to Adjusted EBITDA guidance of $16 million to $19 million, and compared with an adjusted EBITDA loss of $2.6 million in the same quarter last year. Net income was $710,000, compared with a net loss of $15.8 million in the same quarter last year.

"This was another solid quarter for TiVo and a very strong end to a year in which we delivered positive net income for the full Fiscal Year, robust Adjusted EBITDA growth over the course of the year, and the best year of subscription additions since Fiscal Year 2005 through new deals with major service providers across the globe,” said Tom Rogers, president and CEO of TiVo.

“This rapid growth, combined with our exciting recent Digitalsmiths acquisition, the work we have done to innovate and create a product that embodies the future of television viewing … We are continuing to see encouraging subscription growth. Our record 313,000 MSO cable subscription additions exceeded last quarter's strong results and underscores that the TiVo offering continues to be deployed aggressively by operators globally.”