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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: January 30, 2001
(Date of earliest event reported)
TIVO INC.
(exact name of registrant as specified in its charter)
Delaware Commission File:
(State or other jurisdiction 000-27141 77-0463167
of incorporation or ------------- ------------------
organization) (I.R.S. Employer
Identification No.)
2160 Gold Street
P.O. Box 2160
Alviso, California 95002
(Address of Principal executive offices, including zip code)
(408) 519-9100
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On January 30, 2001, we announced our earnings for the fourth quarter and
year ended December 31, 2000.
During the fourth quarter, estimated retail sales of TiVo receivers
exceeded 80,000 units. During the same period, we activated approximately
63,000 new subscribers to the TiVo Service, bringing the total installed
subscriber base to approximately 136,000 as of December 31, 2000. We attributed
the difference between retail sales numbers and sales activations for the
quarter to the "gift effect," where many of the TiVo recorders purchased in the
quarter were not activated until after the holidays.
Revenues for the fourth quarter of 2000 increased 40% to $1.4 million,
compared to revenue of $1.0 million in the third quarter of 2000. Net loss was
$89.2 million, or $2.19 per share, compared to a net loss of $63.6 million, or
$1.72 per share, in the immediately prior quarter.
Revenues for the fiscal year ended December 31, 2000 were $3.6 million,
compared to $223,000 for the prior fiscal year. Net loss for the year was $206.4
million, or $5.55 per share, compared to a net loss of $66.6 million, or $5.49
per share, for the year ended December 31, 1999.
A major focus in the year was to develop our incremental, non-subscription
sources of revenue. Today, we are generating revenue from networks that promote
their programs on TiVo, advertisers, and production companies who deliver
content to the TiVo Service. In the most recent quarter, we closed several new
revenue-generating relationships with Discovery Networks, HBO, Miller Brewing
Company, Pfizer and Atom Films.
We intend to redirect our operating model for Fiscal Year 2002, with a
focus on revenue growth, and lowering marketing, subsidy, and service costs,
resulting in lower cash requirements and lower service costs per subscriber.
TIVO INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
------------------------- -------------------------
December 31, December 31, December 31, December 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
Revenue................... $ 1,426 $ 182 $ 3,571 $ 223
Costs and expenses:
Cost of service......... 5,207 1,993 18,382 4,067
Research and
development............ 5,604 3,945 24,279 9,727
Sales and marketing..... 51,219 15,164 102,091 24,502
Sales and marketing--
related parties........ 24,755 9,844 53,604 15,172
General and
administrative......... 4,497 3,089 14,346 7,028
Stock based
compensation........... 570 841 3,115 1,529
-------- -------- --------- --------
Total costs and
expenses............. 91,852 34,876 215,817 62,025
Other operating expenses,
net ..................... -- 2,213 -- 7,210
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Total operating
expenses............... 91,852 37,089 215,817 69,235
-------- -------- --------- --------
Loss from operations.... (90,426) (36,907) (212,246) (69,012)
-------- -------- --------- --------
Other income and expenses,
net...................... 2,484 2,015 7,406 2,447
-------- -------- --------- --------
Net loss................ $(87,942) $(34,892) $(204,840) $(66,565)
-------- -------- --------- --------
Series A preferred
stockholder dividend..... 1,274 -- 1,514 --
-------- -------- --------- --------
Net loss attributable to
common stock........... $(89,216) $(34,892) $(206,354) $(66,565)
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Net loss per share--basic
and diluted.............. $ (2.19) $ (1.03) $ (5.55) $ (5.49)
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Shares used in per share
computation.............. 40,682 33,899 37,175 12,129
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TIVO INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
December 31, December 31,
2000 1999
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ASSETS
Cash, cash equivalents and short-term investment.... $106,096 $145,855
Restricted cash..................................... 93,166 --
Accounts receivable, net............................ 2,036 127
Accounts receivable--related parties................ 4,255 210
Prepaid expenses and other.......................... 9,093 2,589
Property and equipment, net......................... 21,672 4,061
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Total assets........................................ $236,318 $152,842
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LIABILITIES, REDEEMABLE COMMON AND CONVERTIBLE
PREFERRED STOCK & STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities............ $ 48,394 $ 13,210
Accrued liabilities--related parties................ 38,314 2,349
Deferred Revenue.................................... 16,373 2,271
Capital lease obligations........................... 1,398 1,765
Redeemable common and convertible preferred stock... 96,990 --
Total stockholders' equity.......................... 34,849 133,247
-------- --------
Liabilities, redeemable common and convertible
preferred stock & stockholders' equity............. $236,318 $152,842
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Forward-Looking Statements
This Report on Form 8-K may contain forward-looking statements regarding
our business, customers or other factors that may affect future earnings or
financial results. Those 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 in development, competitive service
offerings and lack of market acceptance. These risks and uncertainties are
more fully described in our Annual Report on Form 10-K for the period ended
December 31, 1999 and Form 10-Q for the quarter ended September 30, 2000 filed
with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TIVO INC.
Date: February 14, 2001 By: /s/ David H. Courtney
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David H. Courtney
Chief Financial Officer and Sr. Vice
President of Finance and
Administration
(Principal Financial and Accounting
Officer)