TiVo Q2 revenue up 67% YoY
August 4, 2017
TiVo has reported financial results for the second quarter ended June 30th 2017.
“TiVo executed well in the second quarter with strong financial results,” said Tom Carson, President and CEO of TiVo. “We signed deals and launched products in pay-TV, OTT and mobile during the quarter. This included product deals with Millicom, Cable Onda and Service Electric and IP licensing deals with Frontier, Foxtel, Funai and a large Canadian pay-TV operator. Our integration of legacy TiVo has been a success and we are nearing completion against our financial synergies targets. Additionally, based on TiVo’s ability to continue to generate substantial positive cash flows, TiVo will pay a third quarter cash dividend of $0.18 per common share in September.”
Second Quarter Results
TiVo reported second quarter revenue of $208.6 million, an increase of 67 per cent compared to $125.2 million in the second quarter of 2016. As expected, revenues were higher than in the comparable period of the prior year due to the acquisition of TiVo Solutions Inc. in the third quarter of 2016, which contributed $94.9 million in revenues in the current quarter. Second quarter 2017 Net loss was $4.8 million, compared to a Net loss of $9.4 million for the second quarter of 2016.
TiVo business and operating highlights:
- Approximately 23 million subscriber households around the world use TiVo’s advanced television experiences.
- Millicom, a global media and telecommunications company, will launch the full portfolio of TiVo’s television offerings from low-cost one-way digital adapters to whole home gateway DVRs, to its customers in South and Central America.
- Cable Onda, a leading television service provider in Panama signed a deal with TiVo to offer its customers TiVo’s full portfolio of television offerings.
- Service Electric signed a deal to offer TiVo’s advanced television product to its customers, including the next-gen TiVo user interface.
- DISH has fully transitioned to TiVo Metadata across its online, mobile and linear television services as well as continues to use TiVo’s advanced search and recommendation engine.
- Deployed Promo Optimizer across two additional national cable networks.
- In the US pay-TV category, Frontier Communications, a top 10 U.S. Pay-TV provider, signed a multi-year IP licence renewal.
- In the Other IP category, TiVo signed numerous agreements across International Pay-TV and Consumer Electronics, including:
- One of the largest Canadian cable companies renewed its IP licence.
- Foxtel, Australia’s leading pay-TV provider, signed a multi-year IP licence renewal.
- TCL, the third-largest TV manufacturer globally, expanded its IP licence agreement.
- Funai Electric, a leading global consumer electronics manufacturer, signed a multi-year IP licence renewal.
- In our ongoing litigation with Comcast, the International Trade Commission issued a favourable initial determination for the company.