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TiVo performs better than expected

Staff writer |
TiVo, Inc. reported financial results for the first quarter ended April 30, 2014. TiVo subscriptions reached a record 4.5 million, driven by 341,000 MSO additions.

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Service and technology revenue grew 39% year-over-year and Adjusted EBITDA increased by over $25 million. For the first quarter, service and technology revenues were $86 million. This compared to guidance of $85 million to $87 million and $61.8 million for the same quarter last year.

TiVo reported Adjusted EBITDA of $26.9 million, compared to Adjusted EBITDA guidance of $22 million to $25 million, and compared to Adjusted EBITDA of $801,000 in the same quarter last year. Net income was $8.1 million, compared to guidance of $5 million to $8 million and a net loss of $(10.3) million in the same quarter last year.

TiVo repurchased $110 million of stock during the quarter, bringing total stock repurchases to approximately $225 million over the last 15 months.

For the second quarter of Fiscal Year 2015, TiVo anticipates service and technology revenues in the range of $86 million to $88 million.

TiVo expects Adjusted EBITDA to be in the range of $27 million to $30 million and net income to be in the range of $6 million to $9 million.


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