Company Reports Strong Q1 Results
Vodafone Spain is First to Deploy the
Next-Generation of TiVo’s Award-Winning User Experience
Remains On Track to Achieve $100 million+ Cost
Synergy Target
Declares Second Quarter Cash Dividend of $0.18
per Share
TiVo Corporation (NASDAQ:TIVO) today reported financial results
for the first quarter ended March 31, 2017.
“Our strong Q1 financial results affirm last year’s acquisition
that formed the new TiVo,” said Tom Carson, President and CEO of
TiVo. Mr. Carson added, “Vodafone Spain’s rollout of our most
advanced television experience demonstrates the product leadership
and innovation that excited us about the TiVo acquisition and we’re
pleased with this deployment. Additionally, the long-term IP
agreement with Roku demonstrates the value of the company’s patent
portfolios in the OTT space. We are well on the way to fully
integrating the two companies’ product lines and continue on
schedule to deliver at least $100 million in cost synergies, with
65% coming from actions taken within 12 months of the closing of
the transaction.”
Mr. Carson added, “We remain confident in TiVo’s ability to
continue to generate substantial positive cash flows. As such, TiVo
will pay its second quarter cash dividend of $0.18 per common share
in June.”
First Quarter Results
The Company reported first quarter revenue of $206 million, an
increase of 74% compared to $118 million in the first quarter of
2016. As expected, revenues were higher than in the comparable
period of the prior year due to the acquisition of TiVo Solutions
Inc. in the third quarter of 2016, which contributed $85 million in
revenues in the current quarter. First quarter 2017 Net loss was
$35 million, compared to a Net loss of $18 million for the first
quarter of 2016.
On a Non-GAAP basis, first quarter 2017 Non-GAAP Pre-tax Income
was $54 million, compared to $32 million in the first quarter of
2016. Estimated cash taxes for the quarter were approximately $6
million. GAAP Diluted weighted average shares outstanding were 119
million and Non-GAAP Diluted Weighted Average Shares Outstanding
for the first quarter of 2017 were 120 million.
Non-GAAP Pre-tax Income is defined below in the section entitled
“Non-GAAP Information.” Reconciliations between GAAP and Non-GAAP
amounts are provided in the tables below.
Business Outlook
For fiscal year 2017, the Company expects revenue of $800
million to $835 million, including approximately $30 million of
hardware revenues at the mid-point of expectations, with GAAP loss
before taxes of $83 million to $68 million and Non-GAAP Pre-tax
Income of $200 million to $225 million. The Company now anticipates
49% of its full year revenues in the first half of year and 51% in
the second half of the year. In terms of costs, costs include
Non-GAAP Cost of hardware revenue of approximately $40 million at
the mid-point of expectations. TiVo anticipates it will incur $23
million to $24 million in Cash Taxes based on its 2017 operating
expectations. For fiscal year 2017, TiVo expects its GAAP diluted
weighted average shares outstanding to be approximately 121 million
and Non-GAAP Diluted Weighted Average Shares Outstanding to be
approximately 122 million shares.
Capital Allocation
On April 30, 2017, TiVo’s Board of Directors declared a cash
dividend of $0.18 per common share, to be paid on June 20, 2017, to
all stockholders of record as of the close of business on June 6,
2017. TiVo’s Board believes it can reward its stockholders with a
meaningful dividend for the second quarter in a row, while
maintaining ample capacity for the company to invest in the
business, pursue its long-term growth aspirations, and consider
additional capital allocation alternatives such as opportunistic
stock repurchases.
TIVO BUSINESS AND OPERATING HIGHLIGHTS:
Products:
- Approximately 23 million subscriber
households around the world use TiVo’s advanced television
experiences.
- Vodafone Spain launched a new version
of Vodafone TV incorporating the next-gen TiVo UI and nDVR (network
DVR), becoming the first operator to launch integrated video
services and 4K content in Spain.
- Sky, Europe’s leading entertainment
company, launched voice search across linear TV and video on demand
(VOD) powered by TiVo’s knowledge graph engine, incorporating
trends and conversations, on Sky’s next-generation box, Sky Q.
- Sharp Corporation selected TiVo’s
G-Guide HTML enabling advanced search with a browser-based
graphical interface and design that can be displayed in 4K for
their new Blu-ray disc recorders “AQUOS Blu-ray UT series”.
- Introduced Studio, Broadcast and
Network Metadata Packages incorporating themes, keywords, images
and related programs to allow studios, broadcasters and networks to
increase the visibility and monetization of their catalogs.
- Launched TiVo SongConnect, a music
metadata package that relates versions of a song to a single master
work, allowing providers to organize alternate variations of a
song.
- Turner has selected TiVo as its EMEA
metadata distributor to power and manage Turner’s electronic
program guide (EPG) metadata distribution and service, which covers
44 EMEA channels.
- Launched TiVo’s Audience Management
Platform (AMP) to deliver optimized audience targeting and
data-driven TV.
IP Licensing:
- TiVo continued to expand its
over-the-top (OTT) intellectual property (IP) licensing program and
announced agreements with various leading companies, such as:
- Roku, Inc., a leading TV streaming
platform, which signed a long-term IP license.
- Discovery Communications, a leading TV
programmer, which signed a long-term IP license.
- DWANGO Co., Ltd., a leading video
entertainment company in Japan, which signed a long-term IP license
for niconico, the popular video hosting service.
Conference Call Information
TiVo management will host a conference call today, May 3, 2017,
at 2:00 p.m. PT/5:00 p.m. ET to discuss the financial results.
Investors and analysts interested in participating in the
conference are welcome to call (866) 621-1214 (or international
+1-706-643-4013) and reference conference ID 97064356. The
conference call can also be accessed via live webcast in the
Investor Relations section of TiVo's website at
http://www.tivo.com/.
A telephonic replay of the conference call will be available
through May 10, 2017 and can be accessed by dialing (855) 859-2056
(or international +1-404-537-3406) and entering conference ID
97064356. A replay of the audio webcast will be available on TiVo
Corporation's website shortly after the live call ends and will
remain on TiVo Corporation's website until its next quarterly
earnings call.
Non-GAAP Financial Information
TiVo Corporation provides Non-GAAP information to assist
investors in assessing its operations in the way that its
management evaluates those operations. Non-GAAP Pre-Tax Income,
Non-GAAP Cost of licensing, services and software revenues,
Non-GAAP Cost of hardware revenues, Non-GAAP Research and
Development Expenses, Non-GAAP Selling, General and Administrative
Expenses, Non-GAAP Total OpEx, Non-GAAP Total COGS and OpEx, and
Non-GAAP Interest Expense are supplemental measures of the
Company's performance that are not required by, and are not
determined in accordance with, GAAP. Non-GAAP financial information
is not a substitute for any financial measure determined in
accordance with GAAP.
Non-GAAP Pre-tax Income is defined as GAAP income (loss) from
continuing operations before income taxes, as adjusted for the
effects of items such as amortization of intangible assets,
equity-based compensation, accretion of contingent consideration,
amortization or write-off of note issuance costs and discounts on
convertible debt and mark-to-market adjustments for interest rate
swaps; as well as items which impact comparability that are
required to be recorded under GAAP, but that the Company believes
are not indicative of its core operating results such as
restructuring and asset impairment charges, transaction, transition
and integration costs, changes in the liability for dissenting
shareholders, retention earn-outs payable to former shareholders of
acquired businesses, changes in the fair value of contingent
consideration, expenses in connection with the extinguishment or
modification of debt and gains on the sale of strategic investments
and changes in franchise tax reserves.
Non-GAAP Cost of licensing, services and software revenues is
defined as GAAP cost of licensing, services and software revenues,
excluding depreciation and amortization of intangible assets,
excluding equity-based compensation and transition and integration
expenses. Included in Transaction, transition and integration costs
in the fourth quarter of 2016 was $10.0 million in expenses for
additional guaranteed license payments related to the Company’s
over-the-top licensing partnership with Intellectual Ventures.
These payments were expensed in the fourth quarter of 2016 as the
payments were triggered by the execution of a patent license
agreement during the quarter and are not expected to be recoverable
from the net direct revenue resulting from the patent license
agreement and the related TiVo product partnership. This expense
was included in Transaction, transition and integration costs as
the patent license agreement was entered into as part of
continuing, and broadening, the product relationship with TiVo.
Non-GAAP Cost of hardware revenues is defined as GAAP cost of
hardware revenues, excluding depreciation and amortization of
intangible assets, excluding transition and integration
expenses.
Non-GAAP Research and Development Expenses is defined as GAAP
research and development expenses excluding equity-based
compensation, transition and integration expenses and retention
earn-outs payable to former shareholders of acquired
businesses.
Non-GAAP Selling, General and Administrative Expenses is defined
as GAAP selling, general and administrative expenses excluding
equity-based compensation, transaction, transition and integration
expenses, retention earn-outs payable to former shareholders of
acquired businesses, changes in the fair value of contingent
consideration and changes in franchise tax reserves.
Non-GAAP Total OpEx is defined as the sum of GAAP research and
development and selling, general and administrative expenses,
depreciation and gain on sale of patents excluding equity-based
compensation, transaction, transition and integration expenses,
retention earn-outs payable to former shareholders of acquired
businesses, changes in the fair value of contingent consideration
and changes in franchise tax reserves.
Non-GAAP Total COGS and OpEx is defined as GAAP Total Operating
costs and expenses, excluding amortization of intangible assets,
restructuring and asset impairment charges, equity-based
compensation, transaction, transition and integration expenses,
retention earn-outs payable to former shareholders of acquired
businesses, changes in the fair value of contingent consideration
and changes in franchise tax reserves.
Non-GAAP Interest Expense is defined as GAAP interest expense,
excluding interest on franchise tax reserves, accretion of
contingent consideration, amortization or write-off of issuance
costs and discounts on convertible debt plus the reclassification
of the current period benefit (cost) of the interest rate swaps
from gain (loss) on interest rate swaps.
Cash Taxes are defined as GAAP current income tax expense
excluding changes in reserves for unrecognized tax benefits.
Non-GAAP Diluted Weighted Average Shares Outstanding is defined
as GAAP diluted weighted average shares outstanding except for
periods of a GAAP loss. In periods of a GAAP loss, GAAP diluted
weighted average shares outstanding are adjusted to include
dilutive common share equivalents outstanding that were excluded
from GAAP diluted weighted average shares outstanding because the
Company had a loss and therefore these shares would have been
anti-dilutive.
The Company's management evaluates and makes decisions about its
business operations primarily based on Non-GAAP financial
information. Management uses Non-GAAP financial measures as the
basis for decision-making as they exclude items management does not
consider to be “core costs” or “core proceeds”. For each Non-GAAP
financial measure, the adjustment provides management with
information about the Company's underlying operating performance
that enables a more meaningful comparison to its historical and
projected financial performance in different reporting periods. For
example, since the Company does not acquire businesses on a
predictable cycle, management excludes the amortization of
intangible assets, transaction, transition and integration costs,
changes in the liability for dissenting shareholders, retention
earn-outs payable to former shareholders of acquired businesses and
changes in contingent consideration from its Non-GAAP financial
measures in order to make more consistent and meaningful
evaluations of the Company's operating expenses as these items may
be significantly impacted by the timing and magnitude of
acquisitions. Management also excludes the effect of restructuring
and asset impairment charges, expenses in connection with the
extinguishment or modification of debt and gains on the sale of
strategic investments. Management excludes the impact of
equity-based compensation to provide meaningful supplemental
information that allows investors greater visibility to the
underlying performance of our business operations, facilitates
comparison of our results with other periods, and may facilitate
comparison with the results of other companies in our industry, as
well as to provide the Company’s management with an important tool
for financial and operational decision making and for evaluating
the Company’s performance over different periods of time. Due to
varying valuation techniques, reliance on subjective assumptions
and the variety of award types and features that may be in use, we
believe that providing Non-GAAP financial measures excluding
equity-based compensation allows investors to make more meaningful
comparisons between our operating results and those of other
companies. Management excludes the amortization or write-off of
note issuance costs and discounts on convertible debt, accretion of
contingent consideration and mark-to-market adjustments for
interest rate swaps when management evaluates the Company's
operating expenses. Management reclassifies the current period
benefit (cost) of the interest rate swaps from gain (loss) on
interest rate swaps to interest expense in order for Non-GAAP
Interest Expense to reflect the effects of the interest rate swaps
as these interest rate swaps were entered into to control the
effective interest rate the Company pays on its debt.
Management uses these Non-GAAP financial measures to help it
make decisions, including decisions that affect operating expenses
and operating margin. Management believes that making Non-GAAP
financial information available to investors, in addition to GAAP
financial information, may facilitate more consistent comparisons
between the Company's performance over time with the performance of
other companies in our industry, which may use similar financial
measures to supplement their GAAP financial information.
Management recognizes that these Non-GAAP financial measures
have limitations as analytical tools, including the fact that
management must exercise judgment in determining which types of
items to exclude from the Non-GAAP financial information. In
addition, as other companies, including companies similar to TiVo
Corporation, may calculate their Non-GAAP financial measures
differently than the Company calculates its Non-GAAP financial
measures, these Non-GAAP financial measures may have limited
usefulness to investors when comparing financial performance among
companies. Management believes, however, that providing Non-GAAP
financial information, in addition to GAAP financial information,
facilitates consistent comparison of the Company's financial
performance over time. The Company provides Non-GAAP financial
information to the investment community, not as an alternative, but
as an important supplement to GAAP financial information; to enable
investors to evaluate the Company's core operating performance in
the same way that management does. Reconciliations for each
Non-GAAP financial measure to its most directly comparable GAAP
financial measure is provided in the tables below.
About TiVo Corporation
TiVo (NASDAQ: TIVO) is a global leader in entertainment
technology and audience insights. From the interactive program
guide to the DVR, TiVo delivers innovative products and licensable
technologies that revolutionize how people find content across a
changing media landscape. TiVo enables the world’s leading media
and entertainment providers to deliver the ultimate entertainment
experience. Explore the next generation of entertainment at
tivo.com, forward.tivo.com or follow us on Twitter @tivo or
@tivoforbusiness.
Forward Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements relate to, among other things, the Company's
estimates of future financial performance, including future
revenues, earnings, expenses, and dividends, as well as future
business strategies and future product offerings, deployments and
technology and intellectual property licenses with various named
customers. These forward-looking statements are based on TiVo’s
current expectations, estimates and projections about its business
and industry, management’s beliefs and certain assumptions made by
the company, all of which are subject to change. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as, “future,” “believe,” “expect,”
“may,” “will,” “intend,” “estimate,” “continue,” or similar
expressions or the negative of those terms or expressions. 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 and higher costs
in connection with the integration of TiVo Inc. (now known as TiVo
Solutions Inc.), delays in development, competitive service
offerings and lack of market acceptance, as well as the other
potential factors described under “Risk Factors” included in TiVo’s
Annual Report on Form 10-K for fiscal year ended December 31, 2016,
its Quarterly Report on Form 10-Q for the quarter ended March 31,
2017, and other documents of TiVo Corporation on file with the
Securities and Exchange Commission (available at www.sec.gov). TiVo
cautions you not to place undue reliance on forward-looking
statements, which reflect an analysis only and speak only as of the
date hereof. TiVo assumes no obligation to update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release, except
as required by law.
TIVO CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended March 31, 2017
2016 Revenues, net: Licensing, services and software
$ 190,550 $ 118,011 Hardware 15,214 373 Total
Revenues, net 205,764 118,384 Costs and expenses: Cost of
licensing, services and software revenues, excluding depreciation
and amortization of intangible assets 42,306 22,308 Cost of
hardware revenues, excluding depreciation and amortization of
intangible assets 14,221 229 Research and development 48,922 22,064
Selling, general and administrative 53,949 36,687 Depreciation
5,472 4,234 Amortization of intangible assets 41,700 19,132
Restructuring and asset impairment charges 4,539 2,333
Total costs and expenses 211,109 106,987
Operating (loss) income (5,345 ) 11,397 Interest expense (10,264 )
(10,531 ) Interest income and other, net (63 ) (17 ) Income (loss)
on interest rate swaps 521 (13,087 ) Loss on debt extinguishment
(108 ) — Loss on debt modification (929 ) — Litigation settlement
(12,906 ) — Loss before income taxes (29,094 ) (12,238 )
Income tax expense 5,567 5,414 Net loss $ (34,661 ) $
(17,652 ) Basic earnings (loss) per share $ (0.29 ) $ (0.22
) Weighted average shares used in computing basic per share amounts
118,813 81,375 Diluted earnings (loss) per share $ (0.29 ) $
(0.22 ) Weighted average shares used in computing diluted per share
amounts 118,813 81,375 Dividends declared per share $ 0.18 $
—
See notes to the Condensed Consolidated
Financial Statements in our Quarterly Report on Form 10-Q.
TIVO CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts) March
31, December 31, 2017 2016 ASSETS
(Unaudited) Current assets: Cash and cash equivalents $ 187,636 $
192,627 Short-term marketable securities 103,307 117,084 Accounts
receivable, net 174,832 147,142 Inventory 11,563 13,186 Prepaid
expenses and other current assets 35,239 37,400 Total
current assets 512,577 507,439 Long-term marketable securities
122,655 128,929 Property and equipment, net 45,716 48,372
Intangible assets, net 767,612 806,838 Goodwill 1,813,691 1,812,118
Other long-term assets 21,333 17,147 Total assets $
3,283,584 $ 3,320,843
LIABILITIES AND
STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and
accrued expenses $ 226,648 $ 226,451 Deferred revenue 45,286 49,145
Current portion of long-term debt 7,000 7,000 Total
current liabilities 278,934 282,596 Taxes payable, less current
portion 4,966 4,893 Deferred revenue, less current portion 44,039
43,545 Long-term debt, less current portion 969,827 967,732
Deferred tax liabilities, net 78,283 77,454 Other long-term
liabilities 34,104 34,987 Total liabilities 1,410,153
1,411,207 Stockholders' equity: Common stock 121 121 Treasury stock
(19,267 ) (9,646 ) Additional paid-in capital 3,286,905 3,280,905
Accumulated other comprehensive loss (4,972 ) (7,049 ) Accumulated
deficit (1,389,356 ) (1,354,695 ) Total stockholders’ equity
1,873,431 1,909,636
Total liabilities and stockholders’
equity
$ 3,283,584 $ 3,320,843
See notes to the Condensed Consolidated
Financial Statements in our Quarterly Report on Form 10-Q.
TIVO CORPORATION AND SUBSIDIARIES
REVENUE BY SEGMENT (In thousands) (Unaudited)
Three Months Ended March 31, 2017
2016 Intellectual Property Licensing Revenues: US Pay
TV Providers $ 63,344 $ 33,310 Other 27,377 22,950 Total
Intellectual Property Licensing Revenues 90,721 56,260
Product Revenues: Platform Solutions 88,183 35,484 Software and
Services 25,269 20,387 Other 1,591 6,253 Total Product
Revenues 115,043 62,124 Total Revenues $ 205,764
$ 118,384
TIVO CORPORATION AND
SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION (In thousands) (Unaudited)
Three Months Ended March 31, 2017
2016
GAAP Loss before income taxes
$
(29,094
) $ (12,238 ) Amortization of intangible assets 41,700 19,132
Restructuring and asset impairment charges 4,539 2,333 Equity-based
compensation 14,025 8,438 Transaction, transition and integration
costs 7,199 — Earnout amortization 958 — Reduction of contingent
consideration liability (324 ) — Loss on debt extinguishment 108 —
Loss on debt modification 929 — Litigation settlement 12,906 —
Accretion of contingent consideration 155 — Amortization of note
issuance costs 522 480 Amortization of convertible note discount
3,106 2,965 Mark-to-market (income) loss related to interest rate
swaps (2,762 ) 10,988 Non-GAAP Pre-tax Income
$ 53,967 $ 32,098
Three Months Ended March
31, 2017 2016 GAAP
Diluted weighted average shares outstanding 118,813 81,375 Dilutive
effect of equity-based compensation awards 1,503
1,082 Non-GAAP Diluted Weighted Average Shares
Outstanding 120,316 82,457
Three Months Ended March 31, 2017
2016 GAAP Cost of licensing, services and
software revenues, excluding depreciation and amortization of
intangible assets $ 42,306 $ 22,308 Equity-based compensation
(1,044 ) (1,062 ) Transition and integration costs (99 )
—
Non-GAAP Cost of licensing, services and
software revenues
$ 41,163 $ 21,246
Three Months Ended March
31, 2017 2016 GAAP
Cost of hardware revenues, excluding depreciation and amortization
of intangible assets $ 14,221 $ 229 Transition and integration
costs (1,359 ) —
Non-GAAP Cost of hardware revenues
$ 12,862 $ 229
Three Months Ended March
31, 2017 2016 GAAP
Research and development expenses $ 48,922 $ 22,064 Equity-based
compensation (3,997 ) (593 ) Transition and integration costs
(1,240 ) — Earnout amortization (184 ) —
Non-GAAP Research and Development Expenses $ 43,501 $ 21,471
Three Months Ended March 31,
2017 2016 GAAP Selling, general
and administrative expenses $ 53,949 $ 36,687 Equity-based
compensation (8,984 ) (6,783 ) Transaction, transition and
integration costs (4,501 ) — Earnout amortization (774 ) —
Reduction of contingent consideration liability 324
— Non-GAAP Selling, General and Administrative
Expenses $ 40,014 $ 29,904
Three Months
Ended March 31, 2017 2016
GAAP Total Operating costs and expenses $ 211,109 $ 106,987
Amortization of intangible assets (41,700 ) (19,132 ) Restructuring
and asset impairment charges (4,539 ) (2,333 ) Equity-based
compensation (14,025 ) (8,438 ) Transaction, transition and
integration costs (7,199 ) — Earnout amortization (958 ) —
Reduction of contingent consideration liability 324
— Non-GAAP Total COGS and OpEx $ 143,012 $
77,084
Three Months Ended March 31,
2017 2016 GAAP Interest expense
$ (10,264 ) $ (10,531 ) Accretion of contingent consideration 155 —
Amortization of note issuance costs 522 480 Amortization of
convertible note discount 3,106 2,965 Reclassify current period
cost of interest rate swaps (2,242 ) (2,099 )
Non-GAAP Interest Expense $ (8,723 ) $ (9,185 )
TIVO CORPORATION AND
SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FORECAST
FINANCIAL INFORMATION (In millions) (Unaudited)
Current 2017 Full Year
Outlook
2016
FullYearActual
Low High
GAAP Loss before income taxes (1)
$ (83 ) $ (68 ) $ (24.4 ) Amortization of intangible assets 166 166
105.0 Restructuring and asset impairment charges 6 8 27.3
Equity-based compensation 60 64 47.7 Transaction, transition and
integration costs 19 22 40.0 Earnout amortization 4 4 2.5
Litigation settlement 13 13 —
Mark-to-market income related to interest
rate swaps (1)
(3 ) (3 ) (5.8 ) Amortization of note issuance costs and
convertible debt discount 14 14 14.0 Other 4 5 (1.0 )
Non-GAAP Pre-tax Income (1)
$ 200 $ 225 $ 205.3 Cash taxes $ 23 $
24 $ 24.3 (1) Due to their nature, changes in the
mark-to-market of interest rate swaps have only been included in
the outlook to the extent they have already occurred. Actual
results may differ materially from the outlook.
Current 2017 Full Year Outlook GAAP
Diluted weighted average shares outstanding 121 Dilutive effect of
equity-based compensation awards 1 Non-GAAP Diluted Weighted
Average Shares Outstanding 122
Current
2017 Full Year Outlook Cost of hardware revenues,
excluding depreciation and amortization of intangible assets $ 42
Transition and integration costs (2 )
Non-GAAP Cost of hardware revenues
$ 40
Current Q4 2017
Outlook GAAP Total Operating costs and expenses $
196
Amortization of intangible assets (41 ) Restructuring and asset
impairment charges
(1
) Equity-based compensation (16 ) Transaction, transition and
integration costs (2 ) Earnout amortization (1 ) Non-GAAP Total
COGS and OpEx $ 135
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170503006430/en/
Investor ContactsTiVo CorporationPeter Halt, +1
818-295-6800CFOorTiVo CorporationPeter Ausnit, +1 818-565-5200VP
IRPeter.Ausnit@TiVo.com
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