Announcing results for the three months ended October 31, 2014, TiVo said that growing relationships with operator partners had led to the subscriber increase, with MSO (multiple service operator) revenue also up 37% year-on-year to US$10.6 million.
“The 337,000 MSO subscription additions in the quarter are on top of the approximately 624,000 we added during the first two quarters of the fiscal year. We have now reached over four million total MSO subscriptions, proof that our operator relationships are thriving,” said TiVo president and CEO Tom Rogers.
“The 37% increase in MSO revenue in the third quarter sets us on a course to almost double our MSO service revenue in fiscal 2015 compared to where we were just two years ago. We expect that this positive momentum will continue as existing relationships scale, many of which are still in the early phases of deployment, and as we anticipate forming new distribution relationships.”
For the quarter, TiVo reported net revenue of US$118.4 million – a company record. Adjusted EBITDA was $27.7 million, up 16% year-over-year. Net income was US$6.3 million, compared to guidance of US$6 million to US$9 million. This compares to year-ago net income of US$12.5 million.