TiVo reported financial results for the second quarter ended June 30, 2017.
“TiVo executed well in the second quarter with strong financial results,” said Tom Carson, President and CEO of TiVo. Mr. Carson added, “We signed deals and launched products in Pay TV, OTT and mobile during the quarter. This included product deals with Millicom, Cable Onda and Service Electric and IP licensing deals with Frontier, Foxtel, Funai and a large Canadian Pay-TV operator.
Our integration of legacy TiVo has been a success and we are nearing completion against our financial synergies targets. Additionally, based on TiVo’s ability to continue to generate substantial positive cash flows, TiVo will pay a third quarter cash dividend of $0.18 per common share in September.”
Second Quarter Results
The Company reported second quarter revenue of $208.6 million, an increase of 67% compared to $125.2 million in the second 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 $94.9 million in revenues in the current quarter. Second quarter 2017 Net loss was $4.8 million, compared to a Net loss of $9.4 million for the second quarter of 2016.
On a Non-GAAP basis, second quarter 2017 Non-GAAP Pre-tax Income was $66.4 million, compared to $36.9 million in the second quarter of 2016. Estimated cash taxes for the quarter were approximately $5 million. GAAP Diluted weighted average shares outstanding were 120 million and Non-GAAP Diluted Weighted Average Shares Outstanding for the second quarter of 2017 were 121 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.