TiVo reported financial results for the first quarter ended April 30, 2015. Service and technology revenues were $92.4 million.
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This compared to guidance of $90 million to $92 million and $86 million for the same quarter last year. TiVo reported Adjusted EBITDA of $29 million, compared to Adjusted EBITDA guidance of $26 million to $29 million, and compared to Adjusted EBITDA of $26.9 million in the same quarter last year.
Net income was $7.9 million, compared to guidance of $5 million to $8 million and net income of $8.1 million in the same quarter last year.
This quarter included $1.8 million of tax affected interest expense for the convertible notes issued in September 2014, which was not included in the year-ago quarter. Excluding the additional interest expense, net income would have been up almost 20% year over year.
Diluted EPS was $0.08, compared to $0.07 in the first quarter last year. Additionally, the company has now repurchased $266 million since it instituted its $550 million share repurchase program, including $20 million during the first quarter.
$284 million or approximately 27 million shares (based on the current stock price) remains on the share repurchase authorization.
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. ■