TiVo (TIVO) Misses Q1 EPS by $1.65, Revenues Miss

TiVo (NASDAQ: TIVO) reported Q1 EPS of ($1.41), $1.65 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $159.9 million versus the consensus estimate of $165.94 million.

TiVo First Quarter 2020 Financial Highlights:

• Q1 2020 revenues were $159.9 million, consistent with our internal plan.
• TiVo made progress streamlining the business and our Non-GAAP Total COGS and OpEx decreased by 16% from the prior year.
• The Company made significant progress with our profitability initiatives. Q1 GAAP loss from operations was $157.6 million (income from operations was $14.0 million excluding goodwill impairment). As a result of our focused execution on cost savings, our Q1 Adjusted EBITDA was $58.2 million, an increase of 55% from Q1 2019.

“Despite this unprecedented public health crisis, our strategic vision and financial performance remain strong, validating our belief that there is a demand for the type of unified entertainment finding and watching experience that TiVo provides,” said Dave Shull, President and Chief Executive Officer. “On a year-over-year basis, the Company continued to execute on profitability initiatives to streamline the business, reducing its Non-GAAP Total COGS and OpEx by 16% and increasing its Adjusted EBITDA by 55%. In our IP business, we delivered double digit growth from the first quarter of last year and added another new multi-year patent license agreement in the OTT space during the quarter. In our product business, we launched TiVo Stream 4K, which provides a unique consumer solution for finding and watching favorite entertainment shows across a broad range of streaming services. Finally, we expect to complete our merger with Xperi in the current quarter. We believe the strategy and market drivers that underpin this transformative combination are more relevant than ever in the current environment.”

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

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