TiVo claimed 7.1 million subscriptions for the first quarter ending April 30, 28 per cent up on the 6.1 million a year earlier and including 312,000 net additions. TiVo’s directly controlled susbs rose to 974,000 with gross additions up by 8 per cent year-on-year despite cutting 19 per cent from sub acquistion spend. TiVo also claims the lowest churn for seven years at 1.3 per cent.
Net revenue in the first quarter was $107.257 million down from the $114.734 million a year earlier. Adjusted EBITDA was $32.149 million and net income $4.155 million ($7.9m).
Commenting on the results, interim CEO Naveen Chopra said: “We are very pleased with our solid execution this quarter which continues to position us for a successful combination with Rovi. Rapid change in the video landscape continues to underscore the value of companies that can bring simple, distinctive, and comprehensive navigation to an increasingly fragmented world of video content and consumption. Together, TiVo and Rovi have the user interface, metadata, analytics, personalization technologies, and monetization capabilities to fulfill this vision. During Q1, we continued to deliver significant growth in our Service Provider business while also implementing a combination of previously announced restructuring efforts and new product development initiatives. All in all, it was a strong quarter which positioned us well to continue our mission as part of Rovi.”