TiVo, Inc. (TIVO) Tops Q2 EPS by 1c, Offers Q3 Guidance

TiVo, Inc. (NASDAQ: TIVO) reported Q2 EPS of $0.08, $0.01 better than the analyst estimate of $0.07. Revenue for the quarter came in at $111.9 million versus the consensus estimate of $87.72 million.

Tom Rogers, President and CEO of TiVo, said, "This was another solid quarter of execution and growth for TiVo. Adjusted EBITDA was $29.9 million, however excluding the impact of the litigation expense and proceeds it grew 73% year-over-year, and we delivered a 13% year-over-year increase in service and technology revenue. Our strong profitability this quarter was helped by the continued global adoption of TiVo's offerings, combined with our focus on driving an efficient cost structure and further reductions in R&D. Our unique product offerings and our leadership role in the advanced television marketplace continues to drive success as we increased our total subscriptions by 33% to 4.8 million. This subscription growth led to MSO service revenue increasing by 37% from a year ago.

"For the second quarter, service and technology revenues were $86.6 million. This compared to guidance in the range of $86 million to $88 million, and $77.0 million for the same quarter last year. TiVo reported Adjusted EBITDA of $29.9 million, compared to Adjusted EBITDA guidance of $27 million to $30 million, and compared to Adjusted EBITDA of $115.4 million in the same quarter last year. Net income was $9.3 million, compared to guidance of $6 million to $9 million, and $268.9 million in the same quarter last year. In the second quarter of last year, both net income and Adjusted EBITDA included $108.1 million relating to past damages and $10.7 million of litigation expense. Additionally net income in the second quarter of last year included $752,000 in interest relating to past damages and $167.0 million from the recognition of deferred tax assets. Excluding the impact of litigation proceeds and expense, TiVo's Adjusted EBITDA grew 73% year-over-year."

For the third quarter of Fiscal Year 2015, TiVo anticipates service and technology revenues in the range of $86 million to $89 million.

TiVo expects Adjusted EBITDA to be in the range of $25 million to $28 million and net income to be in the range of $6 million to $9 million.

For earnings history and earnings-related data on TiVo, Inc. (TIVO) click here.

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