Delivered Significant Progress with our
Profitability Initiatives
Xperi and TiVo Merger Remains on Track
TiVo Corporation (NASDAQ: TIVO), the company that brings
entertainment together, today reported financial results for its
first quarter ended March 31, 2020.
“Despite this unprecedented public health crisis, our strategic
vision and financial performance remain strong, validating our
belief that there is a demand for the type of unified entertainment
finding and watching experience that TiVo provides,” said Dave
Shull, President and Chief Executive Officer. “On a year-over-year
basis, the Company continued to execute on profitability
initiatives to streamline the business, reducing its Non-GAAP Total
COGS and OpEx by 16% and increasing its Adjusted EBITDA by 55%. In
our IP business, we delivered double digit growth from the first
quarter of last year and added another new multi-year patent
license agreement in the OTT space during the quarter. In our
product business, we launched TiVo Stream 4K, which provides a
unique consumer solution for finding and watching favorite
entertainment shows across a broad range of streaming services.
Finally, we expect to complete our merger with Xperi in the current
quarter. We believe the strategy and market drivers that underpin
this transformative combination are more relevant than ever in the
current environment.”
TiVo First Quarter 2020 Financial Highlights:
- Q1 2020 revenues were $159.9 million, consistent with our
internal plan.
- TiVo made progress streamlining the business and our Non-GAAP
Total COGS and OpEx decreased by 16% from the prior year.
- The Company made significant progress with our profitability
initiatives. Q1 GAAP loss from operations was $157.6 million
(income from operations was $14.0 million excluding goodwill
impairment). As a result of our focused execution on cost savings,
our Q1 Adjusted EBITDA was $58.2 million, an increase of 55% from
Q1 2019.
TiVo First Quarter 2020 Business and Recent Operating
Highlights:
Xperi Merger
- The Company filed definitive proxy materials with the SEC on
April 22, 2020 and has mailed these materials to its stockholders
for the Special Meeting of Stockholders to vote on the Xperi
transaction.
- The special meeting is scheduled for May 29, 2020 and we expect
to complete the merger in the current quarter.
Product Business
- Many of TiVo’s secular trends not only remain intact, but have
accelerated. Viewership metrics show that people are watching more
content. Starting March 23rd, the second week of shelter in place
ordinances, we saw a 58% increase in entertainment watching across
the TiVo platform.
- Stream 4K became available for purchase via TiVo.com and will
provide a new way to integrate video streaming services like
Netflix, Prime Video, and Google Play with live TV streaming
provided by Sling TV and our own TiVo+ content.
- The Company continues to expand its Android TVTM-based IPTV
version of TiVo User Experience 4. The Company now has eleven North
American operators who have entered into agreements to deploy this
solution, up from nine last quarter. In the quarter Cincinnati Bell
selected TiVo’s IPTV Platform for their next generation video
solution and will deploy our solution starting later this year. In
the last 90 days TiVo has moved from the sales win stage to actual
deployment of our IPTV/Android platform at three major operators:
Liberty Latin America, RCN and TDS Telecom.
Intellectual Property Licensing Business
- The IP Licensing business continues to build on a strong,
diverse base of customers and revenues in the quarter were up 10%
year-over-year.
- Adding to TiVo’s OTT licensing program, we entered into a new
long-term IP license with another major content provider network
this quarter.
- TiVo continued our international IP licensing success in Q1 by
renewing multi-year agreements with NTT Docomo, Japan’s leading
mobile provider, and with Funai, a world leader in the design and
manufacturing of innovative consumer electronics and OEM products
including TVs and Blu-Ray players, for its products in the Japanese
and U.S. markets.
- The Federal Circuit affirmed TiVo’s win against Comcast in the
Company’s first International Trade Commission case that was filed
in 2016. This victory was especially significant because it
reaffirmed that Comcast is subject to ITC jurisdiction, and
confirmed that the ITC will continue to be a venue where we can
seek to protect the Company’s valuable IP against Comcast’s
ongoing, unauthorized use.
2020 Full Year Outlook:
As noted above, the Company’s Q1 2020 revenues were consistent
with our internal plan. To date the COVID-19 pandemic has not had a
significant impact on our revenues as the substantial majority of
our revenues come from agreements with pay TV operators and others
in the video delivery industry. These agreements also provide us
with a good degree of visibility into our 2020 revenue
expectations. However, given the pending merger with Xperi
Corporation, the Company is not providing its standalone financial
outlook for the remainder of the year. We expect the combined
company will issue financial expectations after the second
quarter.
First Quarter 2020 Summary Financial Results:
Quarterly Financial Information
(In thousands)
Three Months Ended March
31,
2020
2019
% Change
GAAP Consolidated Results
Product Revenue
$
86,476
$
91,303
(5
)%
IP Licensing Revenue
73,385
66,932
10
%
Total Revenues, net
$
159,861
$
158,235
1
%
GAAP Total operating costs and
expenses
$
317,480
$
166,255
91
%
Total OpEx Excluding Goodwill
Impairment
$
145,908
$
166,255
(12
)%
Operating loss
$
(157,619
)
$
(8,020
)
1,865
%
Loss before income taxes
$
(179,600
)
$
(20,326
)
784
%
GAAP Diluted weighted average shares
outstanding
127,124
124,422
(In thousands)
Three Months Ended March
31,
2020
2019
% Change
Non-GAAP Consolidated Results
Non-GAAP Total COGS and OpEx
$
101,655
$
120,794
(16
)%
Adjusted EBITDA
$
58,206
$
37,441
55
%
Non-GAAP Pre-tax Income
$
38,478
$
25,349
52
%
Cash Taxes
$
6,036
$
4,926
23
%
Non-GAAP Diluted Weighted Average Shares
Outstanding
128,105
125,123
- Product revenues decreased $4.8 million, or 5% year-over-year,
driven by a $6.7 million perpetual Passport license agreement with
an international MSO customer executed in the three months ended
March 31, 2019, which was partially offset by a $2.9 million
increase in TV viewership data revenue.
- IP Licensing revenues increased by $6.5 million, or 10%
year-over-year, driven by new deals signed in our New Media,
International Pay TV Providers and Other vertical and an increase
in revenue from US Pay TV Providers due to subscriber growth.
- Non-GAAP Total COGS and OpEx decreased by $19.1 million, or 16%
year-over-year, as a result of our focused execution on cost
savings, partially offset by a $3.0 million increase in patent
litigation costs.
- During the quarter, the Company recorded a $171.6 million
non-cash Goodwill impairment charge driven by a decline in the
trading price of TiVo's common stock during the three months ended
March 31, 2020.
Segment Results and Operating Highlights - Product:
(In thousands)
Three Months Ended March
31,
2020
2019
% Change
Platform Solutions
$
64,535
$
71,037
(9
)%
Software and Services
21,636
19,902
9
%
Other
305
364
(16
)%
Total Product Revenue, net
86,476
91,303
(5
)%
Adjusted Operating Expenses
67,844
82,890
(18
)%
Adjusted EBITDA
$
18,632
$
8,413
121
%
Adjusted EBITDA Margin
21.5
%
9.2
%
Total Product Revenue, net
$
86,476
$
91,303
(5
)%
Hardware
(2,623
)
(2,074
)
26
%
Other Products
(305
)
(364
)
(16
)%
Core Product Revenue (excludes revenue
from Hardware and Other Products)
$
83,548
$
88,865
(6
)%
Segment Results and Operating Highlights - IP
Licensing:
(In thousands)
Three Months Ended March
31,
2020
2019
% Change
US Pay TV Providers
$
45,109
$
42,117
7
%
CE Manufacturers
8,334
8,618
(3
)%
New Media, International Pay TV Providers
and Other
19,942
16,197
23
%
Total IP Licensing Revenue, net
73,385
66,932
10
%
Adjusted Operating Expenses
22,120
21,807
1
%
Adjusted EBITDA
$
51,265
$
45,125
14
%
Adjusted EBITDA Margin
69.9
%
67.4
%
Conference Call Information
TiVo management will host a conference call today, May 6, 2020,
at 1:30 p.m. PT/4:30 p.m. ET to discuss its financial and
operational results. Investors and analysts interested in
participating are welcome to call (866) 621-1214 (or international
+1-706-643-4013) and reference conference ID 1946459. The
conference call may also be accessed via live webcast in the
Investor Relations section of TiVo’s website at http://ir.tivo.com.
A replay of the audio webcast will be available on the TiVo
Investor Relations website after the public filing of the
transcript of the call is completed in accordance with regulatory
requirements. A telephonic replay of the call will be accessible
after the transcript is filed through May 20, 2020 by dialing (855)
859-2056 (or international +1-404-537-3406) and entering conference
ID 1946459.
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 Excluding Goodwill Impairment,
Non-GAAP Total OpEx, Non-GAAP Total COGS and OpEx, Adjusted EBITDA
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 of debt issuance costs, amortization of convertible
debt discount, mark-to-market adjustments for interest rate swaps
and interest on escheat liabilities; 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,
goodwill impairment, merger, separation and transformation costs,
transition and integration costs, retention earn-outs payable to
former shareholders of acquired businesses, CEO transition cash
costs, remeasurement of contingent consideration, loss on debt
extinguishment, impairment losses on strategic investments, gains
on the sale of strategic investments and changes in escheat
liabilities.
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, merger, separation and
transformation costs and transition and integration costs.
Non-GAAP Cost of Hardware Revenues is defined as GAAP Cost of
hardware revenues, excluding depreciation and amortization of
intangible assets, excluding equity-based compensation.
Non-GAAP Research and Development Expenses is defined as GAAP
Research and development expenses excluding equity-based
compensation, merger, separation and transformation costs,
transition and integration costs 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, merger, separation and transformation
costs, transition and integration costs, retention earn-outs
payable to former shareholders of acquired businesses, CEO
transition cash costs and remeasurement of contingent
consideration.
Non-GAAP Total OpEx is defined as the sum of GAAP Research and
development and Selling, general and administrative expenses and
Depreciation excluding equity-based compensation, merger,
separation and transformation costs, transition and integration
costs, retention earn-outs payable to former shareholders of
acquired businesses, CEO transition cash costs and remeasurement of
contingent consideration.
Total OpEx Excluding Goodwill Impairment is defined as GAAP
Total operating costs and expenses excluding goodwill
impairment.
Non-GAAP Total COGS and OpEx is defined as GAAP Total operating
costs and expenses, excluding depreciation, amortization of
intangible assets, restructuring and asset impairment charges,
goodwill impairment, equity-based compensation, merger, separation
and transformation costs, transition and integration costs,
retention earn-outs payable to former shareholders of acquired
businesses, CEO transition cash costs and remeasurement of
contingent consideration.
Adjusted EBITDA is defined as GAAP Operating income (loss)
excluding depreciation, amortization of intangible assets,
restructuring and asset impairment charges, goodwill impairment,
equity-based compensation, merger, separation and transformation
costs, transition and integration costs, retention earn-outs
payable to former shareholders of acquired businesses, CEO
transition cash costs and remeasurement of contingent
consideration.
Non-GAAP Interest Expense is defined as GAAP Interest expense,
excluding accretion of contingent consideration, amortization of
debt issuance costs, amortization of convertible debt discount and
interest on escheat liability, 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 or dispose of
businesses on a predictable cycle, management excludes the
amortization of intangible assets, merger, separation and
transformation costs, transition and integration costs, retention
earn-outs payable to former shareholders of acquired businesses,
CEO transition cash costs and remeasurement of 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, goodwill
impairment, loss on debt extinguishment, impairment losses on
strategic investments, gains on the sale of strategic investments
and changes in escheat liability. 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 accretion of contingent
consideration, amortization of debt issuance costs, amortization of
convertible debt discount, mark-to-market adjustments for interest
rate swaps and interest on escheat liability when management
evaluates the Company's 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 are provided in the tables below.
About TiVo Corporation
TiVo (NASDAQ: TIVO) brings entertainment together, making it
easy to find, watch and enjoy. We serve up the best movies, shows
and videos from across live TV, on-demand, streaming services and
countless apps, helping people to watch on their terms. For
studios, networks and advertisers, TiVo delivers a passionate group
of watchers to increase viewership and engagement across all
screens. Go to tivo.com and enjoy watching.
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, TiVo’s growth,
business opportunities, operating results and strategies of each of
its businesses, the timing and completion of the TiVo/Xperi
combination transaction, the prospects for and success of the
combined TiVo/Xperi company, demand for our product offerings and
deployments and market acceptance of current and future offerings
as well as future trends in viewership of entertainment content.
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, whether inside
or outside the Company’s control, in the merger process, delays in
product development or deployments, the failure to deliver
competitive service offerings and lack of market acceptance of any
offerings delivered, as well as the other potential factors
described under "Risk Factors" included in TiVo’s Quarterly Report
on Form 10-Q for the three months ended March 31, 2020 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.
Android TV is a trademark of Google LLC.
TIVO CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share amounts)
(Unaudited)
Three Months Ended March
31,
2020
2019
Revenues, net:
Licensing, services and software
$
157,238
$
156,161
Hardware
2,623
2,074
Total Revenues, net
159,861
158,235
Costs and expenses:
Cost of licensing, services and software
revenues, excluding depreciation and amortization of intangible
assets
37,396
39,433
Cost of hardware revenues, excluding
depreciation and amortization of intangible assets
5,022
4,093
Research and development
33,744
41,381
Selling, general and administrative
35,897
45,993
Depreciation
4,968
5,364
Amortization of intangible assets
28,142
28,178
Restructuring and asset impairment
charges
739
1,813
Goodwill impairment
171,572
—
Total costs and expenses
317,480
166,255
Operating loss
(157,619
)
(8,020
)
Interest expense
(17,049
)
(12,161
)
Interest income and other, net
187
1,775
Loss on interest rate swaps
(5,119
)
(1,721
)
Loss on debt extinguishment
—
(199
)
Loss before income taxes
(179,600
)
(20,326
)
Income tax (benefit) expense
(416
)
6,318
Net loss
$
(179,184
)
$
(26,644
)
Basic loss per share
$
(1.41
)
$
(0.21
)
Weighted average shares used in computing
basic per share amounts
127,124
124,422
Diluted loss per share
$
(1.41
)
$
(0.21
)
Weighted average shares used in computing
diluted per share amounts
127,124
124,422
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)
March 31, 2020
December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
108,519
$
373,719
Short-term marketable securities
—
51,293
Accounts receivable, net
164,618
158,016
Inventory
2,944
3,197
Prepaid expenses and other current
assets
27,393
27,023
Total current assets
303,474
613,248
Property and equipment, net
43,706
48,264
Intangible assets, net
386,524
415,054
Goodwill
1,018,310
1,189,825
Right-of-use assets
56,405
59,888
Other long-term assets
56,183
56,293
Total assets
$
1,864,602
$
2,382,572
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
81,427
$
126,249
Unearned revenue
48,502
50,968
Current portion of long-term debt
66,450
343,035
Total current liabilities
196,379
520,252
Unearned revenue, less current portion
37,292
39,879
Long-term debt, less current portion
625,867
642,504
Deferred tax liabilities, net
29,603
34,231
Long-term lease liabilities
58,303
61,603
Other long-term liabilities
14,596
10,420
Total liabilities
962,040
1,308,889
Stockholders' equity:
Preferred stock
—
—
Common stock
130
129
Treasury stock
(38,819
)
(38,176
)
Additional paid-in capital
3,247,562
3,235,996
Accumulated other comprehensive loss
(5,021
)
(3,612
)
Accumulated deficit
(2,301,290
)
(2,120,654
)
Total stockholders’ equity
902,562
1,073,683
Total liabilities and stockholders’
equity
$
1,864,602
$
2,382,572
See notes to the Condensed
Consolidated Financial Statements in our Quarterly Report on Form
10-Q.
TIVO CORPORATION AND
SUBSIDIARIES
REVENUE AND SEGMENT
DETAILS
(In thousands)
(Unaudited)
Three Months Ended March
31,
2020
2019
Total Revenues, net
$
159,861
$
158,235
Hardware
(2,623
)
(2,074
)
Other Products
(305
)
(364
)
Core Revenue (excludes revenue from Legacy
TiVo Solutions IP Licenses, Hardware and Other Products)
$
156,933
$
155,797
Three Months Ended March
31,
2020
2019
Product Revenue
Platform Solutions
$
64,535
$
71,037
Software and Services
21,636
19,902
Other
305
364
Total Product Revenue, net
86,476
91,303
IP Licensing Revenue
US Pay TV Providers
45,109
42,117
CE Manufacturers
8,334
8,618
New Media, International Pay TV Providers
and Other
19,942
16,197
Total IP Licensing Revenue, net
73,385
66,932
Total Revenues, net
$
159,861
$
158,235
Three Months Ended March
31,
2020
2019
Total Product Revenue, net
$
86,476
$
91,303
Hardware
(2,623
)
(2,074
)
Other Products
(305
)
(364
)
Core Product Revenue (excludes revenue
from Hardware and Other Products)
$
83,548
$
88,865
Three Months Ended March
31,
2020
2019
Adjusted EBITDA:
Product
$
18,632
$
8,413
IP Licensing
51,265
45,125
Corporate
(11,691
)
(16,097
)
Adjusted EBITDA
$
58,206
$
37,441
TIVO CORPORATION AND
SUBSIDIARIES
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
Three Months Ended March
31,
2020
2019
GAAP loss from continuing operations
before income taxes
$
(179,600
)
$
(20,326
)
Amortization of intangible assets
28,142
28,178
Restructuring and asset impairment
charges
739
1,813
Goodwill impairment
171,572
—
Equity-based compensation
6,296
8,379
Merger, separation and transformation
costs
4,026
1,132
Transition and integration costs
82
595
Loss on debt extinguishment
—
199
Impairment of strategic investment
250
—
Change in escheat liability
—
165
Amortization of note issuance costs
765
598
Amortization of convertible note
discount
2,032
3,409
Mark-to-market loss related to interest
rate swaps
4,174
1,625
Interest on escheat liability
—
(418
)
Non-GAAP Pre-tax Income
$
38,478
$
25,349
Three Months Ended March
31,
2020
2019
GAAP Diluted weighted average shares
outstanding
127,124
124,422
Dilutive effect of equity-based
compensation awards
981
701
Non-GAAP Diluted Weighted Average Shares
Outstanding
128,105
125,123
Three Months Ended March
31,
2020
2019
GAAP Cost of licensing, services and
software revenues, excluding depreciation and amortization of
intangible assets
$
37,396
$
39,433
Equity-based compensation
(707
)
(968
)
Transition and integration costs
(62
)
(222
)
Non-GAAP Cost of Licensing, Services and
Software Revenues
$
36,627
$
38,243
Three Months Ended March
31,
2020
2019
GAAP Cost of hardware revenues, excluding
depreciation and amortization of intangible assets
$
5,022
$
4,093
Equity-based compensation
(33
)
(30
)
Non-GAAP Cost of Hardware Revenues
$
4,989
$
4,063
Three Months Ended March
31,
2020
2019
GAAP Research and development expenses
$
33,744
$
41,381
Equity-based compensation
(2,237
)
(2,134
)
Merger, separation and transformation
costs
(84
)
—
Transition and integration costs
(6
)
(408
)
Non-GAAP Research and Development
Expenses
$
31,417
$
38,839
Three Months Ended March
31,
2020
2019
GAAP Selling, general and administrative
expenses
$
35,897
$
45,993
Equity-based compensation
(3,319
)
(5,247
)
Merger, separation and transformation
costs
(3,942
)
(1,132
)
Transition and integration costs
(14
)
35
Non-GAAP Selling, General and
Administrative Expenses
$
28,622
$
39,649
Three Months Ended March
31,
2020
2019
GAAP Total operating costs and
expenses
$
317,480
$
166,255
Goodwill impairment
(171,572
)
—
Total OpEx Excluding Goodwill
Impairment
$
145,908
$
166,255
Three Months Ended March
31,
2020
2019
GAAP Total operating costs and
expenses
$
317,480
$
166,255
Depreciation
(4,968
)
(5,364
)
Amortization of intangible assets
(28,142
)
(28,178
)
Restructuring and asset impairment
charges
(739
)
(1,813
)
Goodwill impairment
(171,572
)
—
Equity-based compensation
(6,296
)
(8,379
)
Merger, separation and transformation
costs
(4,026
)
(1,132
)
Transition and integration costs
(82
)
(595
)
Non-GAAP Total COGS and OpEx
$
101,655
$
120,794
Three Months Ended March
31,
2020
2019
GAAP Operating loss
$
(157,619
)
$
(8,020
)
Depreciation
4,968
5,364
Amortization of intangible assets
28,142
28,178
Restructuring and asset impairment
charges
739
1,813
Goodwill impairment
171,572
—
Equity-based compensation
6,296
8,379
Merger, separation and transformation
costs
4,026
1,132
Transition and integration costs
82
595
Adjusted EBITDA
$
58,206
$
37,441
Three Months Ended March
31,
2020
2019
GAAP Interest expense
$
(17,049
)
$
(12,161
)
Amortization of note issuance costs
765
598
Amortization of convertible note
discount
2,032
3,409
Reclassify current period cost of interest
rate swaps
(946
)
(97
)
Interest on escheat liability
—
(418
)
Non-GAAP Interest Expense
$
(15,198
)
$
(8,669
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200506005879/en/
Investor Relations Nicole
Noutsios TiVo Corporation +1 510-315-1003 tivo@nmnadvisors.com
Press Relations Lerin
O'Neill TiVo Corporation +1 408-562-8455 lerin.oneill@tivo.com
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