DVR maker TiVo added 341,000 multi-system operator customers in its first quarter 2014, helping to push total TiVo subscriptions to an all-time high of 4.5 million.
The firm said that it logged record cable subscription additions for the three months ending April 30, 2014, and said that TiVo today has, or will shortly be launching, a solution with 15 operators across the globe.
This is excluding Digitalsmiths’ operator customers, which has “significantly increased” TiVo’s MSO subscriber base, the firm said.
TiVo completed its US$135 million takeover of the firm in February and said that through Digitalsmiths it has advanced its ability to reach tier one operators and that integration is going well.
In Spain, TiVo’s operator partner ONO recently said that the TiVo product has reached more than 382,000 active users, a growth of 59,000 subscribers in the last quarter, while in Sweden, Com Hem reported 74,000 TiVo subscribers, an increase of 36,000 subscribers over last quarter. In the UK, Virgin Media now has 2.1 million TiVo subscribers.
Overall in the quarter, TiVo said that adjusted EBITDA was US$26.9 million, exceeding guidance. Net income was US$8.1 million, compared to a loss of US$10.3 million for the same quarter last year.
Net revenue was US$107 million, compared to US$82.6 million last year. Of this, service and technology revenues were US$86.0 million, up 39% year-on-year.