TiVo Delivers 48% Sequential Revenue Growth in First Quarter, Strong Subscriber
/FROM PR NEWSWIRE SAN FRANCISCO 415-543-7800/
TO BUSINESS AND TECHNOLOGY EDITORS:
TiVo Delivers 48% Sequential Revenue Growth in First Quarter,
Strong Subscriber Momentum Extends Leadership in Personal TV Category
New Subscriber Activations Double in Five Months, Passing 200,000 Milestone
In May
Newly Granted Patent Secures TiVo's Personal Video Recording Technology
SAN JOSE, Calif., May 24 /PRNewswire/ -- TiVo Inc., (Nasdaq: TIVO) the
creator of and leader in personal television, today reported financial results
for the first quarter ended April 30, 2001. During the first quarter, TiVo
activated 35,000 new subscribers to the TiVo Service, bringing the total
subscriber base to approximately 189,000 as of April 30, 2001. To date, total
subscriber activations for the TiVo Service have exceeded 200,000.
Revenue for the quarter increased 48% to $3.2 million, compared with
$2.2 million for the three-month period ending January 31, 2001. EBITDA in
the first quarter was a loss of $44.6 million, compared with a loss of
$76.7 million in the January quarter. Net loss for the quarter was
$50.2 million, or $(1.20) per share, compared with a net loss of
$81.5 million, or $(2.00) per share, in the January quarter.
First Quarter Results Reflect Initial Impact of New Operating Plan
"Late in the first quarter, TiVo unveiled a new operating plan which
significantly decreases our cash needs and accelerates our time to
profitability," commented Mike Ramsay, Chairman and Chief Executive Officer of
TiVo. "The first quarter's operating results reflect the initial impact of
these initiatives. In the quarter, we were able to achieve strong revenue and
subscriber growth, while significantly reducing our quarterly cash usage.
Overall, we expect to make further progress in reducing burn rate beyond first
quarter levels."
Subscriber Base Tops 200,000
"Over the past five months, we have more than doubled our installed
subscriber base, and today, we have passed the 200,000 subscriber milestone, a
significant achievement for both TiVo and the personal television category as
a whole," continued Mr. Ramsay. "There is no question that TiVo's broad
product offering, addressing the entire television viewing market, was a key
contributor to this growth."
Lexus Joins Growing List of Major Industry Partners
A primary focus for TiVo is to develop incremental, non-subscription
revenue from advertisers and networks that promote their products and programs
on TiVo and deliver content to the TiVo Service. "As of the end of the first
quarter, our advertising backlog exceeded $1 million. Yesterday, we announced
the addition of Lexus to the growing list of revenue-generating partners with
TiVo," commented Mr. Ramsay. "This announcement reflects a growing conviction
from the industry that TiVo will transform television advertising," said
Ramsay.
TiVo Awarded Patent on Design of Personal Video Recording Software and
Hardware
TiVo also announced today that the US Patent and Trademark Office has
issued to TiVo a patent that covers many of the key inventions associated with
personal video recording. This patent discloses all aspects of the design and
construction of the TiVo Receiver/Recorder, cementing the Company's technology
leadership and competitive position (see press release "TiVo Granted Patent of
Personal Video Software and Hardware Design," May 24, 2001).
The Company will discuss its quarterly financial results in a conference
call scheduled for 2:00 PM, PDT on May 24, 2001. This call will be web cast
and archived on tivo.com.
About TiVo Inc.
TiVo is the creator of and leader in personal television. Founded in
1997 with the mission to dramatically improve consumers' television viewing
experiences, TiVo developed a technology that serves as a platform for
delivering a variety of home entertainment services. TiVo's Personal TV
Service(TM) simplifies the way we watch and enjoy television by digitally
recording television shows, without videotape, so you can watch what you want,
when you want to watch it. TiVo was the first to deliver on the promise of
consumer choice and control over TV viewing, building a loyal and passionate
subscriber base.
TiVo's leadership is grounded in its ability to forge critical
partnerships, working together with the giants of the media, technology,
consumer electronics and television industries. Industry support of TiVo is
reflected in its partner roster that includes AOL, BSkyB, DIRECTV, Philips,
SONY, Thomson and the leading cable and network television companies. Today,
the TiVo Service is available in the United States on the Philips Personal TV
Recorder(TM) and the Sony Digital Network Recorder (TM) in nearly
3,500 consumer electronics retail and online outlets and in the UK under the
Thomson Scenium brand. TiVo is headquartered in San Jose, CA. Additional
information can be found at tivo.com.
TIVO INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
April 30, April 30,
2001 2000
Revenue $3,196 $499
Costs and expenses:
Cost of service 5,497 4,994
Research and development 6,827 4,844
Sales and marketing 13,020 8,479
Sales and marketing
- related parties 23,488 3,342
General and administrative 4,507 2,978
Stock based compensation 289 974
Total operating expenses 53,628 25,611
Loss from operations (50,432) (25,112)
Other income and expenses, net 1,340 1,665
Net loss $(49,092) $(23,447)
Series A preferred stockholder
dividend 1,092
Net loss attributable
to common stock $(50,184) $(23,447)
Net loss per share
- basic and diluted $(1.20) $(0.66)
Shares used in per
share computation 41,787 35,462
Other Data
Net Activations 35,000 15,000
Cumulative Subscribers 189,000 38,000
EBITDA ('000s) $(44,554) $(20,688)
TIVO INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
April 30, January 31,
2001 2001
ASSETS
Cash, cash equivalents and
short-term investment $71,741 $124,474
Restricted cash 50,697 50,104
Accounts receivable, net 646 1,772
Accounts receivable
- related parties 5,082 4,878
Prepaid expenses and other 7,747 8,391
Property and equipment, net 21,975 21,924
Total assets $157,888 $211,543
LIABILITIES, REDEEMABLE CONVERTIBLE
PREFERRED STOCK & STOCKHOLDERS' EQUITY
Accounts payable and accrued
liabilities $33,554 $45,155
Accrued liabilities
- related parties 34,851 49,839
Deferred revenue 22,497 18,323
Capital lease obligations 1,140 1,334
Redeemable convertible
preferred stock 46,555 46,555
Total stockholders' equity 19,291 50,337
Liabilities, redeemable
convertible preferred
stock & stockholders' equity $157,888 $211,543
This release may contain forward-looking statements regarding TiVo's
business, customers or other factors that may affect future earnings or
financial results. Such statements involve risks and uncertainties, which
could cause actual results to vary materially from those, expressed in or
indicated by the forward-looking statements. Factors that may cause actual
results to differ materially include delays in development, competitive
service offerings and lack of market acceptance. These risks and
uncertainties are more fully described in the TiVo Annual Report on Form 10-K
for the period ended December 31, 2000 and Transition Report on Form 10-K for
the period ended January 31, 2001, filed with the Securities and Exchange
Commission.
NOTE: TiVo is a registered trademark of TiVo Inc. in the United States
and other jurisdictions. All other company or product names mentioned may be
trademarks or registered trademarks of the respective companies with which
they are associated.
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com
SOURCE TiVo Inc.
/CONTACT: Investor Relations, Ed Lockwood, 408-519-9345, or ir@tivo.com,or
Public Relations, Rebecca Baer, 408-519-9225, or Rebecca@tivo.com, both ofTiVo
Inc./
/Web site: tivo.com
May-24-2001 20:00 GMT
Symbols:
US;TIVO DE;TV6
Source PRN PR NewsWire
Categories:
NWR/CA NWI/TVN NWI/ENT NWI/CSE NWS/ERN MST/R/US/CA MST/I/MOV
MST/I/ENT MST/I/CSE MST/S/ERN |
