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TiVo might be losing its CEO, Tom Rogers, next February but he is departing on a ‘high’ with y-o-y subs numbers at an all-time high – both domestically in the US and internationally.
Rogers, in a post-results call with analysts, stressed he will be staying on as TiVo’s largest individual shareholder, and Chairman. Rogers has been at TiVo’s helm for 11 years.
During the conference call, it emerged that TiVo had struck a deal with South America’s Millicom pay-TV operation. TiVo was also involved in discussions with Indian operators.
“We now serve over 70 global operators in 30 countries who have a global footprint together of 90 million homes between them. Our operator-related software and service revenues are now growing at a double-digit rate and are expected to soon contribute more than $100 million per year, whereas 10 years ago, we had no deployed cable partners. Basically, we took a company on the brink and turned it into a world leader in advanced television, defining the gold standard for how the next-generation of television viewing will be provided,” he told analysts.
The Q3 numbers show that TiVo posted record service and software technology revenues, up 17 per cent y-o-y. Adjusted EBITDA was $29.3 million, up almost $2 million.
“We had the highest quarterly overall net subscription additions in 10 years. MSO service revenue growth accelerated, up approximately 60 per cent year-over-year driven by 418,000 net additions. TiVo-owned gross additions were up 44 per cent year-over-year, the ninth straight quarter of double-digit growth. We launched our latest innovation, TiVo BOLT to incredibly significant accolades and we signed new international distribution deals,” stated Rogers.
“On the international MSO front, we reached over 4 million subscriptions, driven by strong results from Vodafone Spain and Virgin Media. We also reached a new deal with Millicom, a global provider of wireless and wireline communications to over 50 million subscribers, including to 6 million wireline homes passed in Latin America to provide our products in various countries across its Latin American footprint,” he added.
“In addition, we made strong progress with Cubiware, announcing new relationships with multiple operators. These include Supercanal, Argentina’s leading MSO and Multi-Media Polska, Poland’s leading cable operator.”
“In North America, we had another strong quarter, with MSO cable subscription net additions growing 46 per cent year-over-year, as we are now deploying the TiVo experience across more than 15 mid-sized operators. This is in addition to the seven out of the 10 top 10 operators like Charter, Time Warner Cable, Dish Network just to name a few, that we serve through Digitalsmiths, which posted double-digit year-over-year revenue growth,” he said.