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Thursday, May 9, 2019

-=TiVo (TIVO) reported earnings on Thur 9 May 2019 (a/h)

TiVo reports EPS in-line, revs in-line; guides FY19 revs in-line; Board approves plan to spin out Product business
  • Reports Q1 (Mar) GAAP loss of $0.21 per share, in-line with the two analyst estimate of ($0.21); revenues fell 16.6% year/year to $158.2 mln vs the $158.21 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees FY19 revs of $640-654 mln vs. $643.52 mln S&P Capital IQ Consensus. and a GAAP loss before taxes of $75 million to $87 million. Additionally, the Company expects Adjusted EBITDA of $172 million to $178 million and Non-GAAP Pre-tax Income of $120 million to $126 million. TiVo anticipates it will incur $28 million to $29 million in Cash Taxes based on its operating expectations.
  • Based upon an extensive review of strategic alternatives, TiVo's Board of Directors decided that separating its Product and IP Licensing businesses is believed to be the best strategy to maximize shareholder value. Accordingly, TiVo intends to spin out its Product business to shareholders. Throughout the separation process, the Board of Directors will continue to be open to strategic transactions for each business that could create additional stockholder value and is actively engaged in discussions with parties interested in each of the businesses.
    • TiVo's Product business - Consisting of our Platform Solutions and Software and Services businesses. TiVo offers a suite of component technologies that can be integrated into any of our customers' internally developed platforms or deployed as an integrated TiVo solution for video service providers or retail markets. As of December 31, 2018, there were an estimated 23 million households worldwide utilizing our Platform Solutions. For the full year 2018, our Product segment generated $401 million in revenue, with a large component of recurring revenue.
    • TiVo's IP Licensing business - Our expansive and highly valuable Rovi and TiVo patent portfolios encompass approximately 5,500 issued patents and pending applications worldwide. Hundreds of millions of consumers have access to our innovations through license agreements with leading video providers around the world. Our licensees include traditional and new media video providers across Pay-TV, OTT, Mobile, Consumer Electronics and Social Media markets. For the full year 2018, IP Licensing revenue was $295 million, with a high percentage of this recurring revenue.

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