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  • Mon, Nov. 28, 6:54 PM
    • TiVo (NASDAQ:TIVO+9.8% AH after saying it signed product and intellectual property agreements with Netflix (NASDAQ:NFLX).
    • TiVo says it will integrate NFLX into its set-top boxes, and include searches across the content catalog and a Netflix button on remote controls; a separate agreement between the two companies gives NFLX a license to TiVo's patent portfolios.
    • TiVo says the agreements with NFLX do not change FY 2016 estimates the company provided at the time of its Q3 earnings report.
    | Mon, Nov. 28, 6:54 PM | 13 Comments
  • Mon, Nov. 28, 5:36 PM
    | Mon, Nov. 28, 5:36 PM
  • Thu, Nov. 3, 4:34 PM
    | Thu, Nov. 3, 4:34 PM
  • Thu, Sep. 8, 9:23 AM
    | Thu, Sep. 8, 9:23 AM
  • Fri, Jun. 3, 3:50 PM
    • "Being in the hardware business isn't something that necessarily excites us," said Rovi ([[ROVI]) CFO Peter Halt at a Cowen conference. "There are several box providers out there who have direct-to-retail. We'll be looking at the possibilities of working with them, having them control the box. And while that would be a partnership and we wouldn't get all the sales as a result, we think that's probably a better way to approach the consumer space."
    • The remarks follow TiVo's (NASDAQ:TIVO) $1.1B cash/stock deal to merge with program guide/content-protection IP provider Rovi. As it is, a giant portion of TiVo's subscriber growth has come from deals with pay-TV providers (Virgin Media, Vodafone Spain, etc.) who integrate TiVo's software and services within non-TiVo hardware.
    • Though best-known for its DVRs, hardware accounted for just $7.5M of TiVo's FQ1 revenue of $107.3M. $46.1M came from software/services, and $53.6M consisted of "technology" revenue (IP licensing). Before the Rovi deal, TiVo announced plans to launch a new direct-to-consumer box this year, but the status of those plans is now unknown. The company's Bolt DVR was just updated to let users stream recordings to iOS/Android devices.
    • Update (6/6): Rovi has issued a statement regarding Halt's comments. "There has not been any decision to exit the consumer hardware business. One of the options to accelerate our consumer business growth includes continued collaboration with third-party hardware partners, just as Rovi has done for decades and TiVo has done more recently with MSOs."
    | Fri, Jun. 3, 3:50 PM | 3 Comments
  • Tue, May 31, 4:13 PM
    • TiVo (NASDAQ:TIVO): FQ1 EPS of $0.04 may not be comparable to consensus of $0.08.
    • Revenue of $99.7M (+7.9% Y/Y) beats by $0.14M.
    • Shares -2%.
    | Tue, May 31, 4:13 PM
  • Mon, May 30, 5:35 PM
  • Fri, Apr. 29, 9:38 AM
    • TiVo (NASDAQ:TIVO) is up 6.2% out of the open after news of Rovi's (NASDAQ:ROVI) $1.1B deal to buy the company this morning -- a move short of the 14% premium to yesterday's close that Rovi is paying.
    • TiVo's at $10.01 vs. the $10.70/share offer; Rovi is up 11%. The deal, combining two similar companies in the world of DVRs and electronic program guides, is expected to be accretive to adjusted profit within 12 months.
    • Rovi pays $2.75/share in cash and another $7.95 a share in stock in a new holding company for the combination.
    • That leaves current Rovi shareholders owning 66.8%-72.9% of the company; it's expected to be a tax-free exchange for TiVo shareholders.
    • The combination will keep the TiVo name but be led by Rovi chief Tom Carson, and sport revenue of more than $800M. Interim TiVo CEO Naveen Chopra says it's "the logical next step."
    • Now read TiVo: A Step In The Right Direction, But... »
    | Fri, Apr. 29, 9:38 AM | 2 Comments
  • Fri, Apr. 29, 9:12 AM
    | Fri, Apr. 29, 9:12 AM | 9 Comments
  • Thu, Apr. 28, 7:04 PM
    • Shares in TiVo (TIVO +2.1%) are up 6.2% after hours, riding a spike that came when Rovi (ROVI -3.2%) elected to unexpectedly postpone its quarterly results call to tomorrow morning at 8 a.m. ET.
    • That's made hopefuls of TiVo shareholders expecting a Rovi buyout, Jeff Baumgartner notes. The two were linked last month in "advanced negotiations" for a TiVo sale to Rovi, and Bloomberg reported this month that discussion was centered on the long-term value of patent portfolios.
    • Rovi shares were flat in after-hours action.
    • Rovi call link
    • Updated: Bloomberg reports sources saying a deal is near, perhaps tomorrow, at a premium of about 10%. That implies a value of about $1B for TiVo, vs. Rovi's market value of $1.4B.
    • Now read TiVo: A Step In The Right Direction, But... »
    | Thu, Apr. 28, 7:04 PM | 4 Comments
  • Thu, Mar. 24, 12:47 PM
    | Thu, Mar. 24, 12:47 PM | 2 Comments
  • Thu, Mar. 24, 9:41 AM
    • The NYT reports DVR hardware/software provider TiVo (TIVO +17.4%) is in "advanced negotiations" to sell to program guide/content protection IP provider Rovi (ROVI -2%). TiVo has blasted off on the report, while Rovi is down moderately.
    • TiVo shareholders would reportedly receive cash and stock, and "probably" own ~30% of the combined company.  Rovi activist Engaged Capital (won two board seats last year) is said to have pushed for a merger with TiVo.
    • In addition to its DVR-related offerings, TiVo provides cloud-based content discovery services and set-top/portal server software for emerging markets, thanks to its acquisitions of Digitalsmiths and Cubiware. Both TiVo and Rovi derive a large % of their sales from pay-TV providers.
    | Thu, Mar. 24, 9:41 AM | 3 Comments
  • Wed, Mar. 2, 10:50 AM
    • TiVo (TIVO -2.9%) is lower after beating FQ4 EPS estimates ($0.06 vs. a consensus of -$0.06), missing revenue estimates, and guiding for FY17 (ends Jan. '17) service, software, and technology revenue of $400M-$420M, below a $431.8M consensus.
    • Adjusted EBITDA is expected to rise to $145M-$155M in FY17 from FY16's $116.5M and FY15's $110.7M. The revenue guidance assumes double-digit service revenue growth from "operator-focused" businesses (MSO revenue, Digitalsmiths, Cubiware), a single-digit drop in retail service revenue, and lower IP licensing and professional services revenue. It doesn't assume any contribution from new distribution and products.
    • TiVo added 318K MSO subs in FQ4, down slightly from 324K a year ago and raising the total base to 5.83M. TiVo-owned subs grew by 19K to 971K. TiVo-owned monthly ARPU fell by $0.73 Y/Y to $6.95.
    • TiVo-owned service revenue fell 7% Y/Y to $20.1M, MSO service revenue rose 45% to $19.8M, and other service/software revenue rose 45% to $7.7M. Excluding restructuring costs, GAAP operating expenses rose 12% Y/Y to $60.9M. TiVo ended FQ4 with $646M in cash and $319M in convertible debt.
    • B. Riley's Eric Wold (Buy, $15 target) is pleased with the FY17 adjusted EBITDA guidance, as well as the fact "management laid out a path to generate EBITDA by FY19 that will offset the end of the settlement payments even before additional IP monetization opportunities."
    • FBR's Barton Crockett (Market Perform, $9.50 target): "The company, under Interim CEO Naveen Chopra, is cutting costs while paring back its focus on the current hardware-focused consumer service and aspiring to launch new consumer services not yet detailed ... It would be nice if the board, as a sign of confidence in a capable, long-tenured TiVo executive, made Chopra’s position permanent. Furthermore, it is also somewhat confusing to contemplate TiVo’s position in a world in which the FCC is seeking to free consumers to choose whatever set tops they want. While TiVo could sell those set tops to consumers, today it seems much more aligned with the cable providers who rent them."
    • TiVo's FQ4 results, earnings release
    | Wed, Mar. 2, 10:50 AM | 1 Comment
  • Tue, Mar. 1, 4:05 PM
    • TiVo (NASDAQ:TIVO): Q4 net income of $7.58M
    • Revenue of $101.75M (+11.0% Y/Y) misses by $0.98M.
    | Tue, Mar. 1, 4:05 PM
  • Mon, Feb. 29, 5:35 PM
  • Thu, Feb. 18, 7:05 PM
    • TIVO is seen as a beneficiary of an FCC vote to push ahead with rule changes that would allow consumers to use third-party set-top boxes, rather than ones given (often for a monthly rental fee) by their pay-TV providers. The FCC will now hold a comment period for the proposed changes, and then carry out revisions and a final vote.
    • In an official statement, TiVo, which generates revenue from both independent set-top/subscription sales and subscriptions delivered via pay-TV partnerships, cautiously praised the FCC decision. "Given the sunset of the integration ban and the absence of an industry-supported successor to CableCARD, the FCC's rulemaking is important to ensure choice for consumers, operators, and content creators. We are hopeful that this proceeding results in a competitive environment that increases choice, both for consumers and operators, and protects the business models that operators and device makers have created under the current CableCARD system."
    • Arris (NASDAQ:ARRS), by far the biggest player in the pay-TV set-top market - the company recently acquired U.K. set-top vendor Pace, and previously bought Motorola Home from Google - arguably has the most to lose if the FCC opens up the set-top market to greater competition. Synergy Research has estimated Arris/Pace had over 30% of the 2014 video infrastructure client hardware market.
    • Arris fell 12% in regular trading, after having posted mixed Q4 results and issued soft Q1 guidance yesterday afternoon. TiVo, whose FQ4 report is due on March 1, fell 1%.
    | Thu, Feb. 18, 7:05 PM | 4 Comments