Total subscriptions to TiVo stood at around 5.8 million as of the end of April, up 27% on a year earlier.
In its latest set of results, the company also says that it also had the best ever Q1 net additions figure in eight years, while gross additions of 39,000 were 22% up year-on-year.
Meanwhile, service and technology revenues were a record $92.4 million in Q1 (+7% year-on-year), with adjusted EBITDA and net income at $29 million and $7.9 million respectively.
Commenting on the results, Tom Rogers, president and CEO of TiVo, said: “Our operational and financial performance this quarter represented a strong start to Fiscal 2016. Service & Technology Revenue exceeded guidance and adjusted EBITDA and net income came in at the top-end of our guidance. Service Revenue was up 11% year-over-year, driven by a 41% increase in MSO service revenue and almost doubling Digitalsmiths’ service revenue. Our innovative products continue to gain global reach across both the retail and operator communities with total subscriptions now at approximately 5.8 million, a 27% improvement over last year and a 132% increase over where we stood at the end of the first quarter of Fiscal 2013. During the quarter, we continued to add MSO subscriptions at a rapid pace and delivered the best first quarter of TiVo-owned net subscription additions in eight years, driving positive net subscription additions”.
He added: “As we look to the remainder of the year and beyond, the successful completion of critical initiatives including the extension of our agreement with Virgin Media, the broadening of our international opportunity through the acquisition of Cubiware, and numerous others, has positioned us at the forefront of the evolving media landscape. As a result, we believe we are well placed to drive strong long-term operating and financial results, to invest in innovation to build on our solid competitive position, and to drive shareholder value through our buyback authorisation.”
