TiVo Results 03/11/2016

TiVo Corp. announced it’s FY16 Q3 sales of $153.1 mn, with an increase of 33% over last year’s Q3 sales of $114.9 mn. The FY16 Q3 net income was reported at $49.9 mn, with a major shift from last year’s Q3 net loss of $18.5 mn.

The major upturn in quarterly sales was due to the acquisition of TiVo by Rovi Corp. earlier this year, and the Dish network licence agreement renewal. The shift in quarterly net income was due to $88.1 million income tax benefit due to a change in the deferred tax asset valuation allowance resulting from this acquisition.

TiVo Corp. has improved both its FY16 sales and GAAP net loss forecasts to $630.0 mn and $37.2 mn respectively. This has been mainly attributed to Rovi and TiVo’s combined product offerings, Q3 launches of new advanced search and recommendations services and the TiVo Bolt+ device, besides the renewal of the licence agreement with DISH Network.