Last year’s acquisition by Rovi has had a strong impact on Tivo’s latest results.
They show that the ‘new Tivo’ had revenues of $206 million in the first quarter, a 74% increase on the same period last year. Meanwhile, the net loss in Q1 was $35 million, compared to $18 million a year earlier.
Tivo ended Q1 with approximately 23 million subscribers to its advanced TV products. Highlights in the quarter included the launch of a new version of Vodafone TV in Spain incorporating the next generation TiVo UI and nDVR, as well as TiVo’s IP licensing agreements with Roku, Discovery Communications and Dwango Co.
Commenting on the results, Tom Carson, president and CEO of TiVo, said: “Our strong Q1 financial results affirm last year’s acquisition that formed the new TiVo.
“Vodafone Spain’s rollout of our most advanced television experience demonstrates the product leadership and innovation that excited us about the TiVo acquisition and we’re pleased with this deployment. Additionally, the long-term IP agreement with Roku demonstrates the value of the company’s patent portfolios in the OTT space. We are well on the way to fully integrating the two companies’ product lines and continue on schedule to deliver at least $100 million in cost synergies, with 65% coming from actions taken within 12 months of the closing of the transaction.”
“We remain confident in TiVo’s ability to continue to generate substantial positive cash flows. As such, TiVo will pay its second quarter cash dividend of $0.18 per common share in June.”
Rovi acquired TiVo in a $1.1 billion cash and stock deal in April 2016, with the buyer then changing its name to TiVo later in the year.
