Wed, Mar. 4, 11:42 AM
- TiVo (NASDAQ:TIVO) is up 2.7% after beating earnings expectations and adding subscribers in Q4.
- Reactions have been positive overall: TAG points to trends among broadcasters for over-the-top services that could make TiVo the default aggregator for a growing number of viewers cutting the cord, and experiencing growth from overseas operators using it as a defense against Netflix -- or to integrate Netflix itself using TiVo software.
- TiVo's Roamio set-top box made a key inroad last month as Frontier Communications agreed to market the OTA/OTT device (which doesn't do pay TV), clearly targeted to its Internet customers.
- Household penetration from operator partners should help TiVo especially with new international licenses driven by tech improvements, Riley says. It's targeted TiVo for a price of $20; shares currently trade at $11.55.
- Brean notes that distribution deals and a revitalized O&O business show that TiVo can maintain its strong subscriber growth into the new fiscal year, and that aggressive buybacks should boost the stock (but slowly).
Wed, Mar. 4, 9:13 AM
- Gainers: IFON +44%. NVGN +44%. EFUT +36%. CNDO +27%. W +22%. ATOS +16%. PHMD +20%. ATHM +13%. NURO +12%. SWHC +10%. AMRN +9%. AEO +8%. AMBA +8%. CRMD +8%. SOL +7%. OREX +7%. TIVO +6%. EXAS +5%.
- Losers: CYCC -22%. BOBE -19%. TNET -16%. BV -16%. VEEV -15%. CYTX -8%. ANF -8%. ONCY -6%. ACHN -5%. FAST -5%.
Tue, Mar. 3, 6:15 PM
- TIVO's FQ4 service/technology revenue totaled $91.7M, +9% Y/Y and above an $89.9M consensus. FQ1 service/tech revenue guidance is at $90M-$92M, below a $92.3M consensus. Net income guidance is at $5M-$8M.
- Pleasing the Street: FQ4 net subscriber adds totaled 340K, up from FQ3's 328K and the year-ago period's 319K. MSO subs grew by 324K to 4.53M (3.89M households); TiVo-owned subs (higher-ARPU) grew by 16K to 944K. TiVo-owned sub growth was the best in 7 years. Over 3M of the MSO subs are in Europe, and all European partners saw sub growth in FQ4.
- MSO service revenue +30% Y/Y to $13.7M; TiVo-owned service revenue -7% to $21.5M; media services/other revenue (boosted by Digitalsmiths) +86% to $5.3M. Digitalsmiths revenue was up 25% Q/Q.
- Lifting EPS: Subscription acquisition costs fell to $153 from $155 in FQ3 and $202 a year ago. That contributed to an 11% Y/Y drop in GAAP operating expenses to $53.7M.
- TiVo has risen to $12.02 AH.
- FQ4 results, PR
Tue, Mar. 3, 5:36 PM
Tue, Mar. 3, 4:08 PM
Wed, Feb. 25, 10:32 AM
- Frontier Communications (FTR -1.2%) and TiVo (TIVO +2.1%) strike a deal to offer the latter's Roamio set-top box to its broadband customers -- another chip in the wall of traditional paid broadcast content.
- The device combines over-the-air access to free broadcast channels with over-the-top streaming services like Netflix, but doesn't do paid TV like satellite or cable -- so its interest to Frontier is in its Internet customers.
- While TiVo has distributed its devices through pay-TV operators, this is the first time that a cord-cutter-friendly OTA device has been promoted by a pay TV or broadband service provider.
- Frontier sports 2.4M high-speed Internet customers and expects that will grow to 4.6M after it assumes control of key wireline operations in California, Florida and Texas.
- Press release
- Previously: Frontier's Q4: Customer growth through acquisition (Feb. 19 2015)
- Previously: Verizon confirms sale of wireline assets for $10B to Frontier (Feb. 05 2015)
Nov. 25, 2014, 6:54 PM
- TIVO's FQ3 service & technology revenue totaled $88.1M, +8% Y/Y and slightly above an $87.9M consensus. However, S&T revenue is expected to be in a range of $87M-$90M in FQ4, below a $90.5M consensus.
- 328K subscribers were added, up from 263K in FQ2. MSO subs grew by 337K to 4.2M, and TiVo-owned subs fell by 9K to 928K.
- MSO service revenue +37% Y/Y to $10.6M; TiVo-owned service revenue -7% to $21.8M; all other services +86% to $4.3M, boosted by a 21% Q/Q increase in Digitalsmiths revenue.
- Tech (licensing) revenue +7% to $51.4M; hardware revenue -15% to $30.4M.
- GAAP opex -5% to $53.1M. $128M was spent on buybacks.
- FQ3 results, PR
Sep. 15, 2014, 4:12 PM
- The notes will be available in a private offering and they mature in 2021. TiVo (NASDAQ:TIVO) intends to use the proceeds for the repurchase of up to 15.47M shares, along with the immediate repurchase of $50M of stock from one of the buyers of the convertible offering.
- These repurchases are separate from the company's previously announced $350M buyback program.
- Source: Press Release
- Shares +0.9% AH
Jul. 10, 2014, 1:53 PM
- Canadian MSO Cogeco Cable is abandoning an in-house IPTV project and will instead roll out a multi-screen TiVo (TIVO +3.4%) DVR/video-streaming solution to its 800K video subs. The rollout is expected to start by March '15.
- The deal is TiVo's first with a Canadian pay-TV provider. Last year, Cogeco's Atlantic Broadband unit began offering a TiVo-powered service.
- Brean and Piper are out with bullish notes predicting additional deals. Brean's Todd Mitchell expects TiVo to "announce further deals with tier-2 U.S. cable companies where it is becoming the de facto standard for TV Everywhere," and also thinks "a more comprehensive deal with a large European cable company" is possible by September.
- TiVo added 341K MSO subs in the April quarter, and closed it with 4.54M total subs (3.58M MSO, 957K TiVo-owned). Virgin Media accounts for 2.1M of the MSO subs.
May. 22, 2014, 5:38 PM
Apr. 29, 2014, 10:50 AM
- Thanks to strong MSO-related subscriber growth, TiVo's (TIVO +2.7%) subscriber base has now surpassed its Dec. '06 record of 4.45M.
- The DVR maker had 4.2M subs (+34% Y/Y) at the end of its January quarter. 313K MSO subs were added during the quarter, along with 6K TiVo-owned subs. The company's ARPU for MSO subs ($1.26) remains well below its ARPU for TiVo-owned subs ($8.56).
Mar. 5, 2014, 9:41 AM
- Pandora (P +2.9%) has been upgraded to Neutral by MKM.
- Trimble (TRMB +2.6%) has been upgraded to Overweight by JPMorgan.
- TiVo (TIVO -3.9%) has been cut to Neutral by JPMorgan. Topeka started shares at Buy yesterday, a few days after the company provided strong Q4 numbers.
- Xoom (XOOM -5.5%) has been started at Underweight by Evercore.
- DST Systems (DST +1.4%) has been upgraded to Overweight by Evercore.
Mar. 4, 2014, 9:39 AM
- SunEdison (SUNE +7.3%) has been upgraded to Overweight by Morgan Stanley. The firm is upbeat about SunEdison's addressable market for commercial-scale solar projects.
- GT Advanced (GTAT +8.4%) has been started at Buy by Goldman.
- WebMD (WBMD -3.5%) has been cut to Hold by Stifel. The firm says ad metrics are turning negative, and thinks the launch of a convertible offering following a huge buyback is a troubling sign..
- Fortinet (FTNT +1.3%) has been started at Outperform by Wedbush.
- TiVo (TIVO +1.3%) has been started at Buy by Topeka Capital.
- Constant Contact (CTCT +3.4%) has been started at Buy by Roth.
Feb. 27, 2014, 4:03 PM
- TiVo's (TIVO +6.6%) FQ4 results were mixed, and ifs FQ1 revenue guidance ($85M-$87M) is below an $87.6M consensus. But the company added 313K MSO subs during the quarter, up from 295K in FQ3, and saw its total sub base rise 34% Y/Y to 4.2M.
- TiVo has also added $100M to its buyback, raising its total authorization to $186M. $20M was spent on buybacks in FQ4.
- TiVo-owned subs grew by 6K after declining by 21K in FQ4. TiVo-owned churn fell to 1.5% from FQ3's 1.8%. TiVo-owned monthly ARPU rose a penny Q/Q to $8.56, MSO ARPU rose $0.23 to $1.26.
- Virgin Media's U.K. ops accounts for over 2M of TiVo's 3.2M MSO subs, but the company's efforts to diversify are bearing fruit. Spanish cable provider ONO added 65K TiVo subs in FQ4, and Sweden's Com Hem has added 38K within three months of its TiVo launch.
- TiVo stated on its CC (transcript) it expects recently-acquired Digitalsmiths to post double-digit growth for the next several years.
Feb. 25, 2014, 9:37 AM
- RF Micro (RFMD -2.4%) has been cut to Hold by Canaccord, and to Neutral by D.A. Davidson, after soaring yesterday in response to news it's merging with RF component rival TriQuint (TQNT -0.9%). TriQuint has also been cut to Neutral by D.A. Davidson, and upgraded to Buy by Brean.
- TiVo (TIVO +1.1%) has been started at Outperform by Northland.
- RealPage (RP -22.7%) has been cut to Sector Perform by RBC after posting mixed Q4 results and providing soft 2014 guidance (revenue of $440M-$450M and EPS of $0.65-$0.69 vs. a consensus of $459.7M and $0.76).
- Datawatch (DWCH +6.1%) has been started at Outperform by Cowen.
Jan. 13, 2014, 1:46 PM
- Goldman's Heather Bellini has cut TiVo (TIVO -3.8%) to Neutral, and lowered her PT to $14.50 from $16. She's worried about a dearth of new cable deal opportunities, and expects EBITDA margins (exc. licensing settlement payments) to be pressured by "[subscriber] growth challenges."
- Bellini's FY15 (ends Jan. '15) EBITDA forecast has been lowered to $102M from $105M (consensus is at $115M), and her FY14-16 EPS estimates have also been cut.
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