TiVo’s cumulative total subscriptions as of January 31, 2007 were up slightly from last quarter to 4.4 million. In the quarter, TiVo-Owned subscription gross additions were 163,000, increasing overall TiVo-Owned subscriptions to 1.7 million. As expected, TiVo reported a net decline to 2.7 million DIRECTV TiVo subscriptions during the period as DIRECTV deployed fewer TiVo boxes and as there was continued churn of existing DIRECTV TiVo subscriptions.
For its most recent fiscal quarter, TiVo’s service and technology revenues increased 22% to $57.4 million, compared with $47.0 million for the same period last year. TiVo reported a net loss of ($18.7) million and a net loss per share of ($0.19), compared to a net loss of ($21.1) million, or ($0.25) per share, for the fourth quarter of last year. Adjusted EBITDA loss was ($14.2) million, compared to a loss of ($19.9) million in the year-ago period. Adjusted EBITDA excludes stock-based compensation, interest income, depreciation and amortization.
TiVo said it is looking to five growth engines:
- First, delivering broadband content directly to the television through its deal with Amazon, as well as through other broadband content features such as TiVoCast, Home Movies via OneTrueMedia, which provides friends and family a private channel to view personal content through their TiVo service, and the TiVo Desktop autotranscode functionality, which gets internet video off of the Web and displays it on the TV set.
- Mass distribution — TiVo service on Comcast product is expected to launch in its initial market in the near-future and Cox is targeted for initial market availability later this year.
- Retail partnerships. TiVo will be highly focused this year on launching a lower-priced, mass appeal High Definition product.
- TiVo plans to advertise throughout the year with a far more extensive effort to educate the market on TiVo’s brand and the service’s highly differentiated features.
- TiVo believes its financial model will move it significantly closer to Adjusted EBITDA break-even for Fiscal Year 2008 and substantially improve the perception of the company’s long-term financial prospects.
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