TIVO

TiVo Inc. (TIVO)

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TiVo (TIVO)

Q2 2012 Earnings Call

August 24, 2011 5:00 pm ET

Executives

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

Thomas Rogers - Chief Executive Officer, President and Director

Derrick Nueman -

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

Analysts

Anthony Wible - Janney Montgomery Scott LLC

Mark Argento - Craig-Hallum Capital Group LLC

Alan Gould - Evercore Partners Inc.

Barton Crockett - Lazard Capital Markets LLC

David Miller - Caris & Company

Michael Cohen - Sinova Capital

Richard Tullo - Albert Fried & Company, LLC

Daniel Ernst - Soleil-Hudson Square Research

Presentation

Operator

Good afternoon. My name is Misty, and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter fiscal year 2012 earnings call. [Operator Instructions] Mr. Derrick Nueman, Head of Investor Relations, you may begin your conference.

Derrick Nueman

Thank you, and good afternoon, everyone. I'm Derrick Nueman, TiVo's Head of Investor Relations. Welcome to the Second Quarter Ending July 31, 2011, Investor Earnings Call. With me today are Tom Rogers, President and CEO; Anna Brunelle, CFO; Naveen Chopra, our SVP of Business Development and Corporate Strategy; and Matt Zinn, our General Counsel.

We have just distributed a press release and 8-K detailing our earnings, as well as quoting its financial and key metric summary on our Investor Relations website. Additionally, a recording of this call will be available on our website for several weeks. The prepared remarks today will last about 25 to 30 minutes and will be followed by a question-and-answer session.

Our discussion today includes forward-looking statements which relate to, among other things, TiVo's future business and growth strategies, profitability and financial guidance, subscription growth, research and development and litigation expenses, distribution of TiVo's service with domestic and international operators, future results of our ongoing litigation, value of TiVo's intellectual property and future TiVo products and services. You can identify these statements by the use of words like 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 are described in Risk Factors in our annual, quarterly and current reports with the SEC. Any forward-looking statements made on this call reflect analysis as of today, and we have no plans or duty to update them.

Additionally, some of our metrics and financial information provided on today's call do include non-GAAP measures. Please see our second quarter fiscal year 2012 key metric trend sheet for reconciliation.

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

Thomas Rogers

Thanks, Derrick. Good afternoon, everyone. This was a milestone quarter for TiVo. First, we delivered better-than-anticipated revenue, adjusted EBITDA and net income exceeding our guidance. Second, we returned a subscriber gains in our service provider business, driven by the deals we have put in place over the past 2 years that are now delivering a substantial number of subscribers. Third, we continue to increase our distribution, most recently with Grande Communications, which leverages the development work we've done for other operators.

Perhaps even more important, this quarter demonstrates TiVo's critical role in the rapidly evolving television industry. As we've been discussing for quite a while now, operators need to embrace an advanced television solution that includes: first, seamless access to all 3 forms of content available to subscribers, traditional linear channels, operator video-on-demand and broadband delivered video; second, they need a simple user experience across all that content that provide easy integrated search and discovery; and third, they need a complete family of products beyond the DVR, in order to provide a whole home solution, along with the ability to provide the user experience through multiple devices such as iPad and iPhones and other consumer electronics.

This is a difficult and expensive proposition for virtually every operator, and one that is very challenging for an operator to solve on its own. We help solve these challenges and have a solution that operators can benefit from today, not tomorrow. TiVo represents the only branded user interface, something many operators find extremely valuable, provides the entirety of the viewing experience through which the consumer enjoys television, leverages technology innovation from a successful retail offering and most recently – I’m sorry, most importantly, is the only advanced television solution that has been deployed by operators today.

In just a short period of time, we have repositioned our company to be a full provider of hardware and software solutions, meeting the needs of the operator, in a way that other companies in this space have just been unable to achieve.

On that note, several of our recent deals are now reaching the deployment phase, which in addition to creating subscription growth for TiVo, provide concrete examples for other operators who are seeking solutions for next-generation video platforms that address concerns about cord cutting and cord trimming.

With that, let's get into some of the details from our successful cable activities, starting with our efforts in the U.K., where our work with Virgin Media is a perfect example of how we are executing with operators. Virgin Media's TiVo offering is now in full swing, with extremely promising early results, including approximately 50,000 TiVo subscribers live at the end of July. This is a very strong indication of consumer demand, and what are only in the early stages of this deployment, and we are seeing this demand only accelerate in the third quarter.

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