TiVo Inc. (TIVO)

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Q4 2011 Earnings Call

March 01, 2011 5:00 pm ET


Matthew Zinn - Chief Privacy Officer, Senior Vice President, Corporate Secretary and General Counsel

Thomas Rogers - Chief Executive Officer, President and Director

Naveen Chopra - Senior Vice President of Corporate Development & Strategy

Derrick Nueman -

Anna Brunelle - Chief Financial Officer, Principal Accounting Officer and Vice President


Anthony Wible - Janney Montgomery Scott LLC

Mark Argento - Craig-Hallum Capital Group LLC

Barton Crockett - Lazard Capital Markets LLC

Alan Gould - Evercore Partners Inc.

David Miller - Caris & Company

Michael Cohen - Sinova Capital

Richard Tullo - Albert Fried & Company, LLC



Ladies and gentlemen, thank you for standing by, and welcome to the TiVo Fourth Quarter Fiscal Year 2011 Conference Call. [Operator Instructions] I would now like to turn the conference over to Mr. Derrick Nueman, Head of TiVo Investor Relations. Sir, you may begin your conference.

Derrick Nueman

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

We are here today to discuss TiVo's financial results for its fourth quarter fiscal year ending January 31, 2011. We have just issued a press release and 8-K detailing our financial results. We have also released a financial and key metric summary, which is posted on our Investor Relations website. And we will post a recording of this call later today on the Investor Relations website. Today's remarks 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 relate to, among other things: TiVo's future business and growth strategies, including the timing of additional mass distribution deals; profitability; financial guidance; scope and timing of distribution of TiVo's service domestically with RCN, Suddenlink, Charter and other operators and internationally with Virgin Media in the U.K., Spain with ONO and Scandinavia with Canal Digital and other regions; expectations regarding the strength of TiVo's intellectual property and the future results of TiVo's litigation with EchoStar, AT&T, Verizon and Motorola; TiVo's intent to protect and defend its intellectual property; future TiVo products and services, including multi-room and non-DVR devices; future hardware subscription pricing; subscription growth in both our direct and retail channel and our television distribution channel, both in the U.S. and abroad; TiVo's ability to deploy customized advanced television solutions for television distributors in a timely and efficient manner; the expected future impact of TiVo's new subsidized hardware pricing and increased subscription fee pricing and expected lifetime value of these new subscriptions; and the expected future increases in research and development and legal-related costs.

You can identify these statements by the use of terminology such as guidance, believe, expect, will or 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 our 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 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 this call reflect our analysis as of today, and we have no plans or duty to update them. Additionally, some of the metrics and financial information provided in today's call include non-GAAP measures. Please see our fourth quarter fiscal year 2011 key metric trend sheet for a reconciliation of these items.

With that long intro, I'll now hand it over to Tom.

Thomas Rogers

Thanks, Derrick. Good afternoon, everyone. Last year was significant in the evolution of TiVo. We made great progress on a number of fronts, which I'll summarize in a minute. But let me start by sharing some thoughts on TiVo's role in the evolving world of television.

The days of basic cable are long gone. For operators, consumer electronics companies and the majority of industry participants now playing in these television industries, it's been very difficult to keep up with a landscape that is changing every day. The reality is that in this new age of content consumption, all television is going on-demand. TiVo's invention as a DVR catalyzed this critical evolution by turning traditional TV into an extremely compelling on-demand experience.

Cable added an element of video-on-demand choice, now broadband has made it possible to access an almost infinite amount of content whenever the viewer wants.

In this world being able to get whatever content you want, whenever you want it, regardless of where its coming from, there's three critical components we see as being required in solutions that aspire to broad adoption. First, it's about taking all elements of on-demand program and providing them in one environment for interface.

Second, it's not just about connected devices, it's the user experience that makes searching for, navigating and watching this world of on-demand content truly compelling. What has been fundamentally lost in the advanced television conversations and what escapes the approaches of most others is the idea of going beyond simple connectivity. Connectivity is the easy part. Simply placing some form of video or content from the web onto the television screen does not comprise a fully integrated user experience. The right solution is one that provides a first-class user experience that makes elegant work of navigating an increasingly complex sea of content and device choices.

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