Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Here’s the entire text of the Q&A from TiVo’s (ticker: TIVO) Q3 2006 conference call. The prepared remarks are here. We recognize that this transcript may contain inaccuracies - if you find any, please post a comment below and we’ll incorporate your corrections. And please note: this conference call transcript is a Seeking Alpha product, so feel free to link to it but reproduction is not permitted without the explicit permission of Seeking Alpha.

Questions and Answers

Operator

Operator Instructions We'll take our first question from Richard Baldry with First Albany Capital.

Q - Richard Baldry

Hi. Could you talk about when you'd expect to see some new marketing associated with the NCTC group start and then maybe talk a little bit about the economics there. I understand it should be significantly different than the large cable MSOs. Thanks.

A - Tom Rogers

Yes. The NCTC represents a large group of smaller rural cable operators. The arrangement we entered in with them a few months ago is a important marketing program to be able to reach the kind of analog subs I talked about earlier through the cable operator as opposed to through retail. There are I think close to 1,000 members, cable operator members of that group. And we are going through and making sure that we can get them the marketing materials other support materials and some training for purposes of this offer. A couple of the underlying operators have begun to be out in the marketplace. Most are still in a phase of our getting material to them and working through the training process. It is a economic deal that we have not disclosed but I can say it's a considerably better subscriber value to us than the mass deployment type of approach to TiVo that the DirecTV deal represents.

Q - Richard Baldry

Can you maybe say generally whether you would expect to see some movement there by say the first half of calendar '06, then?

A - Tom Rogers

Well, certainly that's our hope. And after the holiday season where we are extremely focused obviously on retail in our own Internet sales, that will be a much bigger focus.

Q - Richard Baldry

Thanks.

Operator

We'll go next to Daniel Ernst with Hudson Square Research.

Q - Daniel Ernst

Yes, thanks. Good afternoon and just two questions, if I could. On subscribers. Can you tell us what percent of subs are taking prepay options like the cards you're offering in retail excluding the lifetime folks, and then did you notice a signup rate difference after announcing the Yahoo! and then subsequent the video iPod, PSP announcements? And then I have a follow-up. Thanks.

A - Tom Rogers

Sure. Well, I think as a general matter I can say that almost all of our subscribers that came on for what we call recurring monthly revenue type subscriptions signed up for a one year commitment. They could have done this either purchasing through retail where when they were activated in the order to get the rebate this was a condition. And as well as those who came to TiVo.com to buy online where a somewhat different approach than a rebate was offered. A bundle offer with a $49 price and one year of service was the approach to getting them to commit to a full year. In both cases, as I indicated, what this does for us is bring subscribers on where the early churn factor which has been a significant part of our overall churn, we certainly hope that we will control much better. But this is an approach that we are looking to expand through testing offerings for more than one year of service, multiple year of service type options that are longer than the one year we now offer but different than the lifetime service which obviously over time deprives us of the recurring revenues from some very enthusiastic subscribers.

Q - Daniel Ernst

Just to clarify, I guess I was asking about the prepaid cards that we've seen in retail that what you buy, the ones we saw are 3 month, 12 month, and then they have also a lifetime card available. And then also I had asked about the signup rate to see if you noticed any difference in activations or interest following the Yahoo! announcement or also the video iPod announcements.

A - Tom Rogers

Well, I can say that for the most part, sales tended to climb over the course of the quarter and those announcements did come toward the latter part of the quarter trying to correct for seasonal adjustments versus the impact of those announcements, I think I'd be guessing to give you too precise an indication there. In terms of the prepaid cards, the major offering in that respect is the three month free service card that one gets if you buy a TiVo at Best Buy, which has been a promotion that they have underwritten largely that's the key means of some form of a prepaid service. Beyond that, almost all the subs were coming on board in terms of the type of commitment that I discussed.

Q - Daniel Ernst

Okay. And last question and I'll turn it over. Can you talk a little bit about other services revenues outside of subscriber, in particular ad related, ad revenues for showcases, ad measurement, et cetera? I know you don't want to give a level but can you at least talk about growth relative to subscriber revenue growth?

A - Tom Rogers

Well, we are seeing more and more advertisers come on board. We had a number of new advertisers, major advertisers come on with us this quarter. I think what's most interesting in terms of the growth prospects there as we are engaged in discussions and have signed deals which take these advertisers up in terms of their commitment for next year. So we are expecting some significant upside potential to our current advertising revenues as we get into next year based on what's already been negotiated by way of deals and a number of pending arrangements. Obviously the most significant thing on the advertising side is to grow distribution, and as our distribution gross the greater the opportunity on advertising. But that is an area where we're seeing a high degree of interest.

Q - Daniel Ernst

Okay. Thank you very much.

Operator

We'll go next to Tony Wibel with Citigroup.

Q - Tony Wibel

I have a couple of questions. One you indicated I guess there's not a new hardware platform fort the Comcast box. So how will that box be supporting mobility?

A - Tom Rogers

Well, we haven't talked specifically about features in the Comcast offering. And at this point I don't have any particular comment on that other than to say that it's possible to support mobility because with TiVo connecting through the PC to accomplish TiVoToGo, to the extent Comcast elects features like that, we'll be in a position to support them through our software.

Q - Tony Wibel

Is it your expectation that the Motorola boxes will have a modem or an ethernet connection?

A - Tom Rogers

I really don't want to comment on Comcast's plans for the service.

Q - Tony Wibel

Okay. Switching over to DirecTV, with the significant amount of volume that you guys have put on for new ads, do you have any sense for how much inventory they would have left as a result of them ramping this up? And it does appear like they've had some inventory issues on the NDS box. If they did come to you to fill that inventory is that something you would be willing to fill or would TiVo require a renewal of some sort?

A - Tom Rogers

Well, I don't want to enter into speculation in terms of possible response to DirecTV. I will say that they do continue to have some meaningful levels of inventory as far as we know both on the standard definition box and the high definition box. And how that will effect their sales going forward for the quarter as they clearly look to market more aggressively their own DVR, I wouldn't speculate on but they do have meaningful levels of inventory.

Q - Tony Wibel

Okay. Last question is just to date what kind of activity have you seen since the holiday season got kicked off? And I guess with the $50 price point. I think there's been some increased promotion by Best Buy that we've noticed.

A - Tom Rogers

Well, we had a very good holiday weekend. I would say we're off to a strong start. There's been active promotion by retailers. If you've gone into Best Buys you might well have seen major stacks of TiVo's, orange boxes out on the floor, which are creating nice opportunities to make sure people see TiVo's availability. And beyond that, well, we'll see how it transpires but we were gratified by the weekend's results.

Q - Tony Wibel

Thanks a lot. Good job guys.

Operator

We'll go next to Lee Westerfield with Harris Nesbitt.

Q - Lee Westerfield

Thanks, Tom and everyone. I have just a few questions. Tom, you alluded to something I thought was quite interesting which is your market testing right now, idea of improving your conversion of leads into purchasing subscribers and effect when, as you mentioned, folks encounter the point of making the decision whether to purchase the box and then subscribe as well, that's a moment where some hesitate. Where are you in that market testing now? And really what are the kind of decisions that you would be, parameters you would be use using to decide whether you would offer a box up, I assume, fully subsidized or a potentially higher sub rate? And then second question is if you can just give us a quick update of any procedural steps that have to take place in the court case versus EchoStar between now and next March. Thank you very much.

A - Tom Rogers

Well, on the EchoStar front, we are proceeding to go to trial in March, as you say. We continue to be confident about our case. And beyond that, I really don't have any comment on the procedural issues between now and getting to trial. On the testing front, we are testing a number of things. We have found that clearly some subscribers don't want to have a monthly bill at all. They find a new monthly bill a problem for them. And they may very well like the TiVo service but they'd like to dispense with all payment upfront. And so one of the things that we will be testing is upfront fees for different terms of service, different years of commitment. What we have tested, and we are going to continue to test it more actively because the results were very encouraging, was as I said a offer with no upfront box fee but a higher monthly service fee. And with a significantly higher fee but no need to pay for the box, we did see the conversion rates when people called and then had to decide whether to sign up. Those conversion rates on the decision to sign up were substantially higher with the only monthly fee approach. Now that has some real potential consequences both in terms of improving the net present value of subscribers we bring on, both in terms of higher monthly fees and what kind of service terms and terms of years of commitment we put against those. Again, any number of variations there in terms of what monthly fee might apply to how many years of service you commit to. And we're going to be doing some further testing on that. Particularly testing since we did find that one of the real pitfalls about TiVo had been the ability to get a better understanding of it. You just had a lot of people who had heard about it, had heard people be so enthusiastic about it but didn't really get why it was something that they needed to subscribe to that infomercials, longer form explanations really did generate a very positive level of response. So one of the things that we would like to test is that kind of education and informing somebody about the product but have the kind of no month, no upfront costs but only monthly service fee offer be what's touted on that kind of infomercial support. And that is something we'll be going back into the market to test. There have been limitations on what we could test over the holiday period with just how many offers in local markets you can assess things from at any given time, and there also needed to be some significant systems improvement for our being able to support multiple offers out to the consumer at any given time, which has been a real constraint in terms of just how much variation TiVo could have from a single offer approach. So that's where we're headed.

Q - Lee Westerfield

That was very helpful. Thank you.

Operator

We'll go next to Todd Mitchell with Kaufman Brothers.

Q - Todd Mitchell

Hi. I have a couple of quick questions on your market segmentation. First of all, have you ever discussed how many over the air households you currently have? And if not, can you tell us if that is a significant number?

A - Tom Rogers

I don't believe we've ever discussed it. It is, we do have some. It's not a segment we've focused on much and it is not today a very significant number at all.

Q - Todd Mitchell

Okay. And then my second question is, it sort of refers to the strategy to go after these analog households. And it's a twofold question. And I'm not baiting. I want to understand this here. First of all, in terms of what we're seeing in the cable business right now is big efforts with many of the MSOs to complete programs such as Comcast digital simulcast which will essentially allow them to rollout a all digital basic tier. And I think that that's one of their priorities to stay competitive against an IPTV offering from the telcos or satellite. One I guess is how do you deal with that? And then on a more philosophical level, it seems that what TiVo is is a fairly sophisticated product with a fairly sophisticated client base. A lot of these people are early adopters. All of the features that you want to differentiate with seem to apply to people who are fairly tech savvy. Doesn't that sort of run counter to who the basic cable sub is?

A - Tom Rogers

Good questions. On the first, that 36 to 40 million cable home number today certainly will go down some over time. There are different estimates as to what that will be over the next four to five years. But many of the estimates have a healthy mid $20 million number type of basic analog subs continuing. So we have a different number of approaches to deal with what you're suggesting. One is there will be a very healthy basic analog sub population that continues. Two, we do find that a significant number of digital cable subscribers do subscribe to TiVo as well. We know we have some real limitations in our product today in terms of both high definition availability and dual tuner availability. Those are things that we are clearly looking to correct next year which will help us I think continue to reach digital subscribers who may want to opt for TiVo but for those current impediments. And then thirdly, one of the reasons where we did the deal with Comcast and are actively discussing similar arrangements with others is we do think an integrated box when it comes to the digital subscriber will be a key way for us to establish a relationship there. The issue of is there something about TiVo as a product that is not consistent with the tech savviness of the cable analog sub, I think you got to look at that a couple of ways. First, I think we're beyond early adopter use of TiVo. Certainly that was a major part of the TiVo base. But at 4 million subscribers, we clearly have gone beyond a group that I would call themselves tech savvy early adopters. We are consistently seeing anecdotal evidence that one of the reasons that people like TiVo is its simplicity, its lack of a requirement that you have any tech savviness to use it, and that continues to be one of the things that we see resonating well with our existing base and certainly gives us confidence that as we market to the basic analog home, with the kind of explanations that we've been able to put into our marketing material that it's really pretty easy click around the menu stuff that is totally consistent with anything anybody does with a remote control today. So we really do think that is not an impediment coupled with the fact that the returns are pretty encouraging that we have over the last number of months shifted the number of basic analog subs that seem to be coming forward as subscribers.

Q - Todd Mitchell

Okay. One last follow-on. In terms of the features and functionality of your box, is there anything that you have been, I mean, other than obviously HD or stuff that's not offered on analog, is there any feature that you cannot offer to an analog home that you can offer to a digital home because of the analog feed?

A - Tom Rogers

No. In terms of the functioning of the box, I'm not aware of any. The issue going forward in terms of one of the key differentiators of TiVo is its ability to accept a broadband connection into the back of the box for taking video off of the Internet for display on television. That is something that has to do with what kind of Internet connection you have in your home as opposed to something based on being a basic analog sub that would interfere with your feature set. And going forward, we do believe that that broadband connectivity will be a major point of differentiation for TiVo.

Q - Todd Mitchell

Okay. Thank you very much.

Operator

We'll go next to April Horace with Hoefer & Arnett.

Q - April Horace

Hi. Thanks for taking my questions. I wanted to say thanks for the details on the subs. I guess I want to talk a little bit more about Comcast and in the last call you kept talking about mass deployment and now you gave us a little bit of color that it's going to be software in the box. Can you tell us which Motorola box it will be? Is it DCT 2000 is is it their dual tuner DVR, is it their HD DVR? Are you in the test lab? And when you talk about latter half of '06 can you give us some sort of feel as to what kind of quantities we might see?

A - Tom Rogers

Well, the quantity issue is a function of subscribers opting for it. So I think that the marketing plans that we hope to have in place with Comcast will help drive sufficient volume once we're able to launch it. The Motorola 6412 box is a key focal point. There's a, which is a digital dual tuner, high def box offering. There is a more advanced Motorola box that will be, that the newer box that will ship next year that's an all digital, dual tuner, high definition set-top box as well that this will work with. So it will be able to capture that element of the Comcast set-top box universe. And we are exploring additional opportunities beyond that.

Q - April Horace

Has the software been written? Is it working in a set-top today? Is it in a test lab? Has it been in any field trials yet? When can we possibly see some field trials?

A - Tom Rogers

Well, we have not put released dates on that. We do have a very detailed schedule at work that the two companies signed which followed up from the original deal which lays out all kinds of milestones for making sure things are properly tested and able to meet the rollout dates that we're looking for. Software is in development and obviously that will be an awful lot of the work that goes on over the next few months is an intense effort at further developing software.

Q - April Horace

And then with respect to the new advertising offering and being able to search on advertising, is that advertising on those commercials going to be downloaded to the DVR and use up memory? In the DVR?

A - Tom Rogers

Well, for different types of TiVo users there would be a different answer to that question. This will work best in a broadband connected home and the ability to retrieve adds and be able to display them. There would be some use of memory, but a different approach to how they come into the box versus how we deliver advertising-related information today, which is stored differently for nonbroadband users. And that would be a further refinement of our ad search offering to be able to pick up the nonbroadband population of TiVo box users. But I hope that answers your question.

Q - April Horace

So the advertising opportunity only relates to new boxes sold going forward?

A - Tom Rogers

Oh, no. No. I didn't mean to suggest that at all. I was just making a distinction between how it would work for broadband versus nonbroadband connected boxes. Broadband connected boxes are an increasing percentage of our overall base but this will be available for most boxes.

Q - April Horace

And then one final question if you could help reconcile some numbers for me. In DirecTV's last quarter call they said they added about 240,000 DVR subs. And you guys are reporting 379. I know that there's an one month lag, but can you give us some color as to why there's such a large differential?

A - Dave Courtney

April, it's Dave. We believe that that's, the principal driver is the one month lag. Our quarter ends at the end of October. Theirs ends at the end of September. So they're including the month of July in their numbers which is typically a pretty slow month, whereas we're including a fall month which is football season, the new television season, et cetera, when a lot of people are signing up for service.

Q - April Horace

Okay. And last, kind of a housekeeping question, of the lifetime subscribers, how many of those are no longer revenue associated?

A - Tom Rogers

Well, I'm not sure what that question is.

Q - April Horace

In other words, you have a certain amount of lifetime subscribers that have basically turned off or have exceeded their four year period and no longer are generating revenue.

A - Stuart West

April, this is Stuart West. I think we actually cover that in the release. So take a look at the footnotes under the tables around sub counts and I think we have that data in there.

Q - April Horace

Okay. Thank you.

A - Stuart West

Sure thing.

Operator

We'll go next to Alan Gould with Natexis Bleichroeder. Please go ahead.

Q - Alan Gould

Thank you. I've got a few questions. Tom, first with respect to Comcast, once you get this software working in a Motorola box with Comcast would that be transferable to other cable operators using similar Motorola boxes?

A - Tom Rogers

A lot of the work would certainly be. There is some middleware differences in between the approach used by Comcast and other cable operators. It's obviously most usable to the extent they have both the same hardware and middleware approach that Comcast does. But, yes, an awful lot of that software will be available for others.

Q - Alan Gould

Okay. Are you working with Scientific Atlanta, any cable operator or even Comcast which has some Scientific Atlanta boxes to start getting it ready for an SFA type of platform?

A - Tom Rogers

Well, let me just say we're in discussions with a broad range of cable operators who have multiple box approaches.

Q - Alan Gould

Okay. On the TCG deal, is there any ongoing royalty in addition to your minority interest in TCG?

A - Tom Rogers

We haven't given financial details on that arrangement, but we have over a 40% financial interest in that venture. And since we don't have any cash obligations and success it very much contributes to the value of our interest there.

Q - Alan Gould

Sure. Okay.

A - Stuart West

Hey, Alan, this is Stuart. We've got just a few more minutes so I think we need to move on and give someone else a chance to ask a question. Operator let's take the question.

Operator

Operator Instructions We'll go next to Brian Coyne Friedman, Billings, Ramsey.

Q - Brian Coyne

I just wanted to spend a little bit of time on the supply issue. You talked a lot last quarter about some of the constraints that came about after the prior strategy of backing off on the stand-alone marketing in an effort to get toward break-even toward year end. And at the same time, now you're kind of saying that you're more comfortable with the inventory relative that's in the channel I guess relative to demand for the holiday season. And I guess I'm just trying to figure out, does that kind of suggest that the supply issue or those constraints that you talked about really have been worked out? Do those still kind of exist? Because again looking a little bit at your revenue guidance, I mean, it's kind of hard to come up with something that would approach, I mean the last year when you did 251,000 stand-alone net adds, I guess that's just kind of what I'm trying to figure out hire.

A - Tom Rogers

Well, we pointed to our inventory situation last quarter to make clear that the inventory situation would result in our having a lower sub acquisition number in the fourth quarter of this year than last year due to available inventory. We didn't know at the time whether we'd have sufficient inventory or insufficient inventory. What we did know is that given the inventory we did have we'd be coming in with stand-alone numbers that were behind last year's. As we assess the situation and shift inventory into retail, we think we do have sufficient inventory to meet demand. And so we have a mix of product out there with different hours of storage for different kinds of units that are available at different kinds of outlets. But overall our situation is one where we, as we look at it now we believe we have sufficient inventory.

Q - Brian Coyne

Okay. So, okay. When you're saying about meeting, kind of being able to meet demand, I guess that it does seem tough for any way to kind of meet that roughly 200,000 plus net add number given your top line get guidance. What's going on with the demand?

A - Tom Rogers

That was the reason that we, without giving subscriber guidance which you know we aren't doing going forward, because we did have less inventory available than we did have available in the fourth quarter of last year, there is no outcome for the fourth quarter of last year where we would hit those kind of numbers given the inventory available. Having said that, it looks right now as if we do have sufficient inventory to meet demand. Though we did have a very strong holiday weekend, as I indicated.

Operator

As a reminder, one question per person please. We'll go next to David Miller with Sanders, Morris, Harris.

Q - David Miller

Hi, Tom, just a couple quick questions. You mentioned in your prepared remarks that you are testing different pricing scenarios for the series 2 boxes. Can you just touch briefly on when you expect to make a final decision and an announcement with regard to which way you're going to go? And then I just want to make sure I heard you clearly. Is the HD compatible DVR, the one with the cable card, set to still debut in January? That's the one you guys unveiled in last years' consumer electronics show. And then if I could have a follow-up with Dave that would be great. Otherwise if you guys want to move on I understand.

A - Tom Rogers

I don't think we indicated a January date for the HD cable card product. That is something that is on track for delivery next year. It will be later in the year than that. But we are very focused on getting that product into the marketplace. I'm sorry. The first question again?

Q - David Miller

With regard to when you expect to make a decision with regard to some of the pricing scenarios.

A - Tom Rogers

Oh, right. Well, we, you said so you've decided which way to go. I think what is marking our thinking now is that there is not a one way. There is not a single approach. And we will probably come up with a variety of offers to deal with different inclinations that different kinds of television users have about how they want to pay for or bring additional television products into their home. We will continue with our testing in January and the first quarter. We may make some potential offers available sooner than others. We are hopeful to get our IT systems in place to be able to support the kind of retail programs and activations operations issues so that a variety of offers can be put in place. But we are certainly going to continue to test during the first quarter and hopefully shortly thereafter be in a position to have a much firmer sense than where we are now as to how to get the highest possible yield for the lowest possible marketing cost.

Marilyn Lattin, Head of Investor Relations

Okay. Could we move on to the next question?

Operator

Certainly. We'll go next to Chris Rowen with Robinson Humphrey.

Q - Chris Rowen

I guess kind of the answer you gave sounds like you have sufficient inventory because demand is going to be lower than it was last year in the fourth quarter. And I was wondering if you could give us the key reasons why you see it as being lower given that we're beyond the pioneering stage or the early adopter stage. And then also if you go to a zero up front cost on the box will that have any negative impacts on your retail relationships?

A - Tom Rogers

Well, obviously we are discussing new approaches with retailers. And there are various ways that programs can be implemented like that that are not inconsistent with retailer interest. The demand situation you point to is, I can't argue with your reasoning there that if we have less inventory than last year so we know we're going to have a lower net add number, that suggests a lower demand. Part of that is a function of increased competition, part of that is how we are using our marketing dollars relative to generating demand where as I said we are still very much in a testing and learning mode. Our view being rather than spend at the kind of levels that we did in advertising for the second half of last year, to marshall our resources more carefully, that will help us determine some of these optimal approaches for marketing. But for purposes of demand generation, this year, we may be looking at a different result. I hope that helps you there.

Q - Chris Rowen

Thanks.

Operator

And ladies and gentlemen, this will conclude today's question and answer session. At this time I'd like to turn the conference back to Mr. Tom Rogers for any additional or closing remarks.

A - Tom Rogers

Thank you. Let me just close with a few remarks here. We still have a lot of work to do. But I do think we are making some real progress. We are still, as I just said, very much in a testing and learning phase.

Let me just quickly, though, review what I consider the key take aways from today. And I have summarized these on slide 14. DVRs are rapidly penetrating the U.S. market and we believe that that rapid penetration will continue. Differentiated service is going to continue to drive ongoing leadership for TiVo. We expect to continue to play a market leading role when it comes to features. We are refining our subscriber acquisition, learning about the most cost-effective approaches, and we expect those teachings will very much improve our overall business model. We do have a strong IP position which we are going to continue to pursue. We have created some unique solutions for advertisers which as of this week shows we continue to lead the way on demonstrating not only a real ability to attract advertisers but introducing new features which we think will grow those advertising relationships much deeper over the course of the next year. We do see a real evolving cable industry understanding of TiVo's competitive value as well as its advertising revenue potential. And lastly, as we weave TiVo into the approaches of other major media and tech players and pursue a less insular strategy which many have perceived TiVo as playing over the years, I think we will continue to show we are a part of the fabric of the future TV landscape.

And just one final note, none of what I've talked about on the phone today would be possible without our employees. TiVo attracts the very best among engineers and other key talent. Our employees really have shown that they thrive on the opportunity to provide innovative solutions that have created the best way to watch television out there today. And that's a big statement. But they are continuing to drive new offerings that will continue to change the technology and the entertainment and the television industries. We're very lucky to have such a great base of employees, and in my first number of months here it's something that I have become quite proud of. So thanks for the great questions today. Thanks for bearing with us on this. Sorry we don't have more time to go into some more depth and we'll see you soon. Thank you.

Operator

Ladies and gentlemen, this does conclude today's teleconference. We appreciate your participation. You may disconnect your phone lines at this time.

Related:

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY’S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY’S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY’S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Full Transcript of TiVo’s 3Q06 Conference Call - Q&A (TIVO)
This Transcript
All Transcripts