EXHIBIT 99.1
Contacts:
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Investor Relations: Ed Lockwood Public Relations: Rebecca Baer
(408) 519-9345 (408) 519-9225
Email: ir@tivo.com Email: Rebecca@tivo.com
TiVo Reports Results for One-Month Transition Period Ending January 31, 2001
San Jose, Calif., March 15, 2001 -- TiVo, Inc. (Nasdaq: TIVO) today announced
results for the month of January 2001, being reported as a separate transition
period in accordance with the company's decision to change its fiscal year to a
January 31st year end from a December 31st year end.
During the month of January 2001, TiVo activated approximately 18,000 new
subscribers to the TiVo Service, bringing the total subscriber base to
approximately 154,000 as of January 31, 2001.
Revenues for the one-month period ending January 31, 2001 increased 638% to
$989,000, compared to revenue of $134,000 in the one-month period ending January
31, 2000. Net loss for the transition period was $19.0 million, or $(0.47) per
share, compared to a net loss of $8.8 million, or $(0.25) per share, for the
one-month period ended January 31, 2000.
Revenues for the twelve-month period ended January 31, 2001 were $4.7 million,
compared to $357,000 for the twelve-month period ended January 31, 2000. Net
loss for the twelve-month period ended January 31, 2001 was $216.6 million, or
$(5.75) per share, compared to a net loss of $73.5 million, or $(4.97) per share
for the twelve-month period ended January 31, 2000.
"Personal Television is enjoying unprecedented success as a new consumer
electronics category, with over 200,000 total units sold in the first eighteen
months of retail availability," commented Mike Ramsay, president and CEO of
TiVo. "Today, TiVo is the only personal television service available to
satellite, cable, and broadcast customers in North America and the UK. Over
4,500 retail outlets currently offer TiVo stand-alone recorders and DIRECTV
receivers with TiVo manufactured by Sony, Philips, Thomson and Hughes Network
Service. Our customers tell us they love their TiVo Service, enjoy watching
television more, and have a greater appreciation of their cable or satellite
service," continued Mr. Ramsay.
As previously announced, the Company has adopted SEC Rule 13a-10 and has changed
its year-end from December 31st to January 31st, effective in January 2001.
Accordingly, the Company will file an Annual Report on Form 10-K for the
calendar year ended December 31, 2000 and will also file an Annual Report on
Form 10-K for the one-month transition period ended January 31, 2001.
About TiVo
TiVo, Inc. [Nasdaq: TIVO] is the creator of the personal television service.
Founded in 1997 with the mission to dramatically improve consumers' television
viewing experiences, TiVo developed a technology that serves as a platform for
delivering a variety of home entertainment services. TiVo'
Personal TV Service(TM) simplifies the way we watch and enjoy television by
digitally recording television shows, without videotape, so you can watch what
you want, when you want to watch it. TiVo was the first to deliver on the
promise of consumer choice and control over TV viewing, building a loyal and
passionate subscriber base.
TiVo's leadership is grounded in its ability to forge critical partnerships,
working together with the giants of the media, technology, consumer electronics,
and television industries. Industry support of TiVo is reflected in its partner
roster that includes AOL, BSkyB, DIRECTV, Philips, SONY, Thomson and the leading
cable and network television companies. Today, the TiVo Service is available in
the United States on the Philips Personal TV Recorder(TM) and the Sony Digital
Network Recorder (TM) in nearly 3500 consumer electronics retail and online
outlets and in the UK under the Thomson Scenium brand. TiVo is headquartered in
San Jose, CA. with offices in Los Angeles and New York. Additional information
can be found at www.tivo.com.
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TIVO INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
One Month Ended Twelve Months Ended
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January 31, 2001 January 31, 2000 January 31, 2001 January 31, 2000
------------------- ------------------ ------------------ -----------------
Revenue $ 989 $ 134 $ 4,636 $ 357
Costs and expenses:
Cost of service 1,710 1,204 19,099 5,120
Research and development 2,507 1,694 25,092 10,906
Sales and marketing 7,884 3,531 106,444 34,390
Sales and marketing - related parties 6,632 2,225 58,011 17,397
General and administrative 1,326 614 15,057 7,359
Stock based compensation 175 321 2,968 1,851
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Total costs and expenses 20,234 9,589 226,671 77,023
Other operating expenses, net - - - -
------------------- ------------------ ------------------ -----------------
Total operating expenses 20,234 9,589 226,671 77,023
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Loss from operations (19,245) (9,455) (222,035) (76,666)
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Other income and expenses, net 655 691 7,370 3,122
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Net loss $ (18,590) $ (8,764) $ (214,665) $ (73,544)
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Series A preferred stockholder dividend 423 1,937
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Net loss attributable to common stock $ (19,013) $ (8,764) $ (216,602) $ (73,544)
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Net loss per share - basic and diluted $ (0.47) $ (0.25) $ (5.75) $ (4.97)
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Shares used in per share computation 40,850 35,274 37,640 14,797
=================== ================== ================== =================
Other Data
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Net Activations 18,000 5,000 131,000 23,000
Cumulative subscribers 154,000 23,000 154,000 23,000
EBITDA ($'000) $ (17,335) $ (8,826) $ (204,486) $ (61,199)
TIVO INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
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January 31, 2001 October 31, 2000 July 31, 2000 April 30, 2000
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Revenue $ 2,166 $ 1,102 $ 869 $ 499
Costs and expenses:
Cost of service 5,661 4,149 4,295 4,994
Research and development 5,888 7,572 6,788 4,844
Sales and marketing 46,905 34,638 16,422 8,479
Sales and marketing - related parties 21,093 24,283 9,293 3,342
General and administrative 4,483 3,876 3,720 2,978
Stock based compensation 562 624 $ 808 $ 974
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Total costs and expenses 84,592 75,142 41,326 25,611
Other operating expenses, net - - - -
------------------- ------------------ ------------------ -----------------
Total operating expenses 84,592 75,142 41,326 25,611
------------------- ------------------ ------------------ -----------------
Loss from operations (82,426) (74,040) (40,457) (25,112)
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Other income and expenses, net 2,219 2,010 1,476 1,665
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Net loss $ (80,207) $ (72,030) $ (38,981) $ (23,447)
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Series A preferred stockholder dividend 1,272 665
------------------- ------------------ ------------------ -----------------
Net loss attributable to common stock $ (81,479) $ (72,695) $ (38,981) $ (23,447)
=================== ================== ================== =================
Net loss per share - basic and diluted (2.00) (1.89) (1.09) (0.66)
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Shares used in per share computation 40,774 38,461 35,865 35,462
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Other Data
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Net Activations 70,000 31,000 15,000 15,000
Cumulative subscribers 154,000 84,000 53,000 38,000
EBITDA ($'000) $(76,653) $(69,436) $ (37,709) $ (20,688)
TIVO INC
CONSOLIDATED BALANCE SHEETS
(In thousands)
As of
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January 31, 2001 December 31, 2000
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ASSETS
Cash, cash equivalents and short-term investment $ 124,474 $ 106,096
Restricted cash 50,104 93,166
Accounts receivable, net 1,772 2,036
Accounts receivable - related parties 4,878 4,255
Prepaid expenses and other 8,391 9,093
Property and equipment, net 21,924 21,672
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Total assets $ 211,543 $ 236,318
==================== =====================
LIABILITIES, REDEEMABLE COMMON AND
CONVERTIBLE PREFERRED STOCK &
STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities $ 40,279 $ 42,886
Accrued liabilities - related parties 54,716 43,822
Deferred revenue 18,322 16,373
Capital lease obligations 1,334 1,398
Redeemable common and convertible preferred stock 46,555 96,990
Total stockholders' equity 50,337 34,849
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Liabilities, redeemable common and convertible
preferred stock & stockholders' equity $ 211,543 $ 236,318
==================== =====================
This release may contain forward-looking statements regarding TiVo's business,
customers or other factors that may affect future earnings or financial results.
Such 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 the TiVo
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.
TiVo is a registered trademark of TiVo, Inc. in the United States and other
jurisdictions. All other company or product names mentioned may be trademarks or
registered trademarks of the respective companies with which they are
associated.