TIVO

TiVo Inc. (TIVO)

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TiVo Inc. (TIVO)

F2Q2011 Earnings Call Transcript

August 25, 2010 5:00 pm ET

Executives

Derrick Nueman – IR

Tom Rogers – CEO & President

Anna Brunelle – VP & CFO

Naveen Chopra – SVP, Corporate Development & Strategy

Analysts

David Miller – Caris & Company

Bridget Weishaar – JPMorgan

Barton Crockett – Lazard Capital

Edward Williams – BMO Capital Markets

Tony Wible – Janney

Daniel Ernst – Hudson Square

Mark Argento – Craig-Hallum

Todd Mitchell – Kaufman Brothers

Presentation

Operator

Ladies and gentlemen, welcome to the TiVo second quarter and fiscal year 2011 conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be question-and-answer session. Thank you.

I’d now like to turn the conference over to Mr. Derrick Nueman, Head of Investor Relations. Sir, you may begin your conference.

Derrick Nueman

Thank you, good afternoon. I am Derrick Nueman, TiVo’s Head of Investor Relations. With me today are Tom Rogers, CEO; Anna Brunelle, CFO; Naveen Chopra, SVP of Business Development & Corporate Strategy; and Matt Zinn, our General Counsel.

We are here today to discuss TiVo’s financial results for second quarter ending July 31, 2010. We have just distributed a press release and 8-K detailing our financial results. We have also released a financial and key metrics summary, which is posted on Investor Relations Web site. Additionally, we will post a recording of this call later today on the same site.

The prepared remarks today should take about 25 to 30 minutes and will be followed by a question-and-answer session.

Our discussion today includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements among other things relate to TiVo’s future subscription, advertising and research businesses; profitability, operations, financial performance and guidance, including future marketing, R&D, litigation and other operating expenditures; distribution of TiVo service domestically with DIRECTV, RCN, Suddenlink, Comcast and Cox; internationally with Virgin Media, ONO, Seven in the Australia and TiVo’s current and future service features and product releases.

Partner initiatives such as our upcoming TiVo-enabled Best Buy Insignia-branded television and our Integrated advanced television solution with Conax and Technicolor; and finally, TiVo’s ongoing litigation with EchoStar, AT&T, Verizon and Microsoft.

You can identify these statements by the use of terminologies such as guidance, believe, expect, will or similar forward-looking terms. We caution you not to put undue reliance on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements.

Factors that may cause actual results to differ materially include delays in development, competitive service offerings and lack of market acceptance, as well as other factors described under Risk Factors in our public reports filed with the SEC, including our latest 10-K and 10-Q. Any forward-looking statements made on the call today reflect analysis as of today, and we have no plans or duties to update them.

Additionally, some of the metrics on today’s call are non-GAAP measures. Please see our second quarter fiscal year 2011 key metric trend sheet for a reconciliation of these items.

With that, I will now turn over the call to Tom Rogers. Tom?

Tom Rogers

Thanks, Derrick good afternoon, everyone. This was a solid quarter for TiVo, and against the backdrop of a rapidly changing television world we have made tremendous progress against our goal to further distribute our innovative and market-leading advanced television solutions.

Long before the Pay-TV industry started to think about a new dynamic in the market, where consumers want so much more than access to linear and cable broadcast on their television. We predicted and evangelized how market participants would no longer be able to compete unless they found a way to provide an answer to what consumers were surely going to demand.

Fast forward to today, where incident amounts of content are being offered to consumers ranging from increased traditional channels and VOD choice from incumbent cable, satellite and telco operators so the content being offered on demand via broadband by Netflix, Amazon, Hulu and others.

Our fortes are in developing a seamless experience that can be easily deployed in almost any environment has enabled us to take a leading role in meeting the demands of consumers and solving for the challenges that face many operators in delivering advanced television solutions as they struggle to remain a leaders in offering video choice in their respective markets.

It is clear that there are many players wanting to play in the growing advanced television sandbox, including huge search and consumer electronics companies, but TiVo is the only one that can uniquely provide a proven, quickly deployable and fully customized linear and broadband advanced television answer that meets the needs of operators regardless of their geographies.

Our solution is not static but rather leaps ahead of any other offering on the market as evidenced by our growing roster of best-in-class partners around the world that are looking at the multitude of possible options and in the end choosing TiVo. Over the last quarter, we made a great deal of progress on the mass distribution front.

As I will go into more detail shortly, operators are increasingly embracing TiVo solutions not only in the U.S. but also in key markets across the globe. In the U.S. cable operators such as RCN, Suddenlink and Cox are demonstrating just how quickly a TiVo solution can be deployed by repurposing a retail product.

Internationally, Virgin Media and ONO are embracing TiVo’s user interface because it represents a proven solution for hybrid broadband and traditional liner television platforms that can be easily deployed in a variety of environment.

Read the rest of this transcript for free on seekingalpha.com