Summary - Funding Rounds

Founding Date

1997

Total Funding

$200 m

Investors

TiVo is a subsidiary of Rovi

TiVo Income Statement

Annual

USDFY, 2016

Revenue

489.6 m

Cost of goods sold

196.5 m

Gross profit

293.1 m

Gross profit Margin, %

60%

Sales and marketing expense

46.7 m

R&D expense

107.8 m

General and administrative expense

59.8 m

Operating expense total

214.3 m

EBIT

54.4 m

EBIT margin, %

11%

Interest income

4.2 m

Pre tax profit

38 m

Income tax expense

(16.3 m)

Net Income

21.7 m

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

117.3 m107.1 m111.9 m118.4 m114.7 m119.5 m132.3 m107.3 m107.7 m

Cost of goods sold

49.9 m38.2 m41.9 m49.7 m44.1 m44.1 m59 m34.1 m33.8 m

Gross profit

67.4 m68.9 m69.9 m68.7 m70.6 m75.4 m73.3 m73.2 m73.9 m

Gross profit Margin, %

57%64%63%58%62%63%55%68%69%

Sales and marketing expense

10.2 m10.3 m10.3 m10.5 m10.9 m11.9 m12.2 m10.5 m9.7 m

R&D expense

27.2 m26.3 m25.1 m25.5 m25 m26.3 m28 m28 m22 m48.4 m

General and administrative expense

15.8 m15.4 m15.8 m14.3 m14.8 m15.9 m13.5 m20.6 m17.8 m51.1 m

Operating expense total

53.3 m52 m51.1 m50.4 m50.8 m54.1 m53.7 m59 m49.5 m198.9 m

Depreciation and amortization

41.4 m

EBIT

11.5 m15.4 m17.6 m15.6 m18.1 m20.2 m16 m9.3 m23.4 m(9 m)

EBIT margin, %

10%14%16%13%16%17%12%9%22%

Interest expense

11.6 m

Interest income

1.1 m1.1 m964 k1.1 m885 k953 k1.1 m1.3 m1.2 m

Pre tax profit

10.5 m14.5 m16.6 m13.5 m14.2 m16.1 m11.1 m6.2 m21.3 m(14.8 m)

Income tax expense

(6.4 m)(6.3 m)(7.7 m)(5.8 m)(2 m)(7.9 m)4.2 m

Net Income

12.5 m8.1 m9.3 m6.3 m7.9 m8.3 m5.3 m4.2 m13.4 m(17.7 m)

TiVo Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016

Cash

253.7 m178.2 m159.4 m

Inventories

22.3 m20.3 m17.5 m

Current Assets

1.2 b878.2 m736.7 m

Goodwill

12.3 m99.4 m108.7 m

Total Assets

1.3 b1.2 b1.1 b

Accounts Payable

22.9 m29.4 m21.2 m

Current Liabilities

247.9 m259.3 m373.4 m

Non-Current Liabilities

504.8 m608.9 m375.5 m

Total Liabilities

752.7 m868.2 m749 m

Additional Paid-in Capital

1.1 b1.2 b1.3 b

Retained Earnings

(410.5 m)(379.7 m)(358 m)

Total Equity

344.9 m

Financial Leverage

3.2 x

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

196.3 m97.9 m113.6 m148.2 m145.9 m173 m140.9 m117.5 m444.6 m140.3 m

Accounts Receivable

188.3 m

Inventories

18.5 m22.9 m16.5 m16.9 m22.4 m17.4 m20.5 m17.6 m13.8 m13.2 m

Current Assets

1.2 b938.7 m975 m1.1 b814.9 m837.3 m799.9 m584.4 m607.8 m524.8 m

PP&E

54.2 m

Goodwill

12.3 m99.2 m99.3 m99.4 m99.4 m109.6 m109.2 m109.2 m109.1 m1.8 b

Total Assets

1.3 b1.2 b1.2 b1.3 b1.1 b1.2 b1.1 b933.9 m948.3 m3.1 b

Accounts Payable

33.3 m21.6 m19.9 m27.8 m24 m23.3 m33.4 m22 m19.4 m105.3 m

Short-term debt

7 m

Current Liabilities

252.4 m234.3 m234.3 m248.6 m404.6 m412.5 m384.7 m227.8 m228 m157.2 m

Non-Current Liabilities

530.8 m479.4 m485.5 m638.5 m410.2 m429.5 m405.5 m355.2 m347.6 m

Total Debt

7 m

Total Liabilities

1.3 b

Additional Paid-in Capital

1.1 b1.1 b1.1 b1.2 b1.2 b1.2 b1.2 b1.3 b1.3 b3.3 b

Retained Earnings

(411.2 m)(402.4 m)(393.1 m)(386.7 m)(371.8 m)(363.5 m)(358.2 m)(353.8 m)(340.4 m)(1.4 b)

Total Equity

320.2 m330.3 m350.9 m372.7 m1.9 b

Financial Leverage

3.6 x3.4 x2.7 x2.5 x1.7 x

TiVo Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016

Net Income

271.8 m30.8 m21.7 m

Accounts Receivable

4.7 m(2.2 m)(13.9 m)

Inventories

(7.8 m)2 m2.8 m

Accounts Payable

(1.5 m)5.2 m(8.2 m)

Cash From Operating Activities

495 m22.9 m288 k

Purchases of PP&E

(6.3 m)(6.5 m)

Cash From Investing Activities

(296.6 m)37.1 m39.6 m

Cash From Financing Activities

(101.9 m)(135.5 m)(58.3 m)

Interest Paid

6.9 m6.9 m11.7 m

Income Taxes Paid

3.3 m

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Net Income

12.5 m8.1 m9.3 m6.3 m7.9 m8.3 m5.3 m4.2 m13.4 m(17.7 m)

Depreciation and Amortization

46.6 m

Accounts Receivable

16 m

Inventories

18.5 m22.9 m16.5 m16.9 m22.4 m17.4 m20.5 m17.6 m13.8 m(1.6 m)

Accounts Payable

33.3 m21.6 m19.9 m27.8 m24 m23.3 m33.4 m22 m19.4 m

Cash From Operating Activities

35.7 m

Cash From Investing Activities

(5.8 m)

Long-term Borrowings

(1.8 m)

Cash From Financing Activities

(19.2 m)
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TiVo Operating Metrics

FY, 2014FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017

Cumulative Subscribers

4.21 k5.47 k5.76 k6.04 k6.47 k6.80 k7.12 k7.36 k

Net Subscriber Additions

1.06 k1.26 k285 281 429 1.33 k315 236

Average Subscriptions

3.64 k4.83 k5.61 k5.89 k6.24 k6.10 k6.96 k7.24 k

Households (MSO)

2.91 k3.89 k4.08 k4.29 k4.61 k4.84 k5.07 k5.21 k

Gross Subscriber Additions (TiVo)

126 154 39 37 52 188 42 35

Total Acquisition Costs (TiVo)

$25.22 m$22.67 m$5.53 m$4.59 m$28.65 m$28.90 m$27.88 m$26.96 m

Subscription Acquisition Costs (TiVo)

$200 $147 $142 $124 $153 $1.55 k$146 $143

Average Revenue per User (TiVo)

$8.01 $7.80 $7.43 $7.40 $7.22 $7.25 $6.62 $6.59

Churn Rate (TiVo)

($0.19 )($0.19 )($0.01 )($0.01 )($0.01 )($0.17 )($0.01 )($0.01 )

Subscription Cancellations (TiVo)

-189 -176 -39 -40 -41 -161 -39 -38

Patents Issued

388 467 533

Patents Pending

358 3.33 k298

Subscriber Households

23 m
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