TiVo subscriptions grow by 33%

Tom Rogers, TiVo CEO

TiVo subscriptions grew by 33% year-on-year to 4.8 million in its second quarter, helping to boost multi-system operator (MSO) revenues from the likes of Virgin Media and Ono by 37%.

Announcing its results for the three months ended July 31, the DVR maker said that in Sweden it had powered Com Hem to positive subscriber additions for the first time in two years, with the operator reaching 17% TiVo penetration in only nine months of deployment.

TiVo president and CEO Tom Rogers said that he believed the firm also has a “robust pipeline of future distribution opportunities” having recently signed deals with Cogeco and EnTouch.

“We delivered 283,000 cable MSO subscription additions in the second quarter, which was about 20% better than the year ago quarter, in what is a typically seasonally slow period,” said Rogers.

Overall in the quarter, TiVo reported 4.8 million cumulative subscribers – 3.87 million from MSOs and 937,000 TiVo-owned customers.

The firm also promised to roll out “some exciting product enhancements” in the next 12 months.

“Our focus on mobilisation, personalisation, and organisation is working as TiVo customers have more programming choices customized according to their user-defined preferences and accessible from the cloud across different devices regardless of location,” said Rogers.

Overall in the quarter, TiVo reported net income of US$9.3 million (€7.05 million) – substantially down on the same period last year that included $276 million in net income relating to TiVo’s Cisco/Motorola litigation settlement.

Adjusted EBITDA was US$29.9 million and, excluding the impact of the Cisco/Motorola settlement, increased 73%.

Service and Technology revenue came in at US$86.6 million, an increase of 13% year-on-year.

At the same time, TiVo announced a new US$350 million share repurchase plan. The firm intends to repurchase the first US$100 million of stock during TiVo’s current fiscal year, ending January 31, 2015, with the rest to be bought in the following two fiscal years.