-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KsyiNv1np6gWTdWK+3+kSMRYxkUmp/bTpoM0d+TFmGY/TNQnh4B7I+Uh77jDe3nW Yepf6WPWSBFwU2zLVzgtSQ== 0000929624-01-000438.txt : 20010320 0000929624-01-000438.hdr.sgml : 20010320 ACCESSION NUMBER: 0000929624-01-000438 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010315 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010319 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIVO INC CENTRAL INDEX KEY: 0001088825 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 770453167 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-27141 FILM NUMBER: 1572032 BUSINESS ADDRESS: STREET 1: 2160 GOLD STREET STREET 2: PO BOX 2160 CITY: ALVISO STATE: CA ZIP: 95002 BUSINESS PHONE: 4087476080 MAIL ADDRESS: STREET 1: 894 ROSS DRIVE STREET 2: SUITE 100 CITY: SUNNYVALE STATE: CA ZIP: 94089 8-K 1 0001.txt TRANSITION PERIOD RESULT PRESS RELEASE =============================================================================== 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: March 15, 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 (I.R.S. Employer organization) Identification No.)
2160 Gold Street P.O. Box 2160 Alviso, California 95002 (Address of Principal executive offices, including zip code) (408) 519-9100 ---------------------------- (Registrant's telephone number, including area code) ================================================================================ ITEM 5. OTHER EVENTS On March 15, 2001, we announced by press release our results for the month of January 2001, which month is being reported as a separate transition period in accordance with our decision to change our fiscal year-end from December 31 to January 31. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Forward-Looking Statements This Current 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. ITEM 7. EXHIBITS (c) Exhibits 99.1 Press Release 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: March 19, 2001 By: /s/ David H. Courtney ------------------ ---------------------------------------- David H. Courtney Chief Financial Officer and Sr. Vice President of Finance and Administration (Principal Financial and Accounting Officer) EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release EX-99.1 2 0002.txt TRANSITION PERIOD RESULTS ENDING JANUARY 31, 2001 EXHIBIT 99.1 Contacts: - --------- 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. ------------ TIVO INC CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
One Month Ended Twelve Months Ended -------------------------------------- ------------------------------------ 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 ------------------- ------------------ ------------------ ----------------- 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 ------------------- ------------------ ------------------ ----------------- Loss from operations (19,245) (9,455) (222,035) (76,666) ------------------- ------------------ ------------------ ----------------- Other income and expenses, net 655 691 7,370 3,122 ------------------- ------------------ ------------------ ----------------- Net loss $ (18,590) $ (8,764) $ (214,665) $ (73,544) ------------------- ------------------ ------------------ ----------------- Series A preferred stockholder dividend 423 1,937 ------------------- ------------------ ------------------ ----------------- Net loss attributable to common stock $ (19,013) $ (8,764) $ (216,602) $ (73,544) =================== ================== ================== ================= Net loss per share - basic and diluted $ (0.47) $ (0.25) $ (5.75) $ (4.97) =================== ================== ================== ================= Shares used in per share computation 40,850 35,274 37,640 14,797 =================== ================== ================== ================= Other Data - ---------- 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 -------------------------------------- ------------------------------------ January 31, 2001 October 31, 2000 July 31, 2000 April 30, 2000 ------------------- ------------------ ------------------ ----------------- 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 ------------------- ------------------ ------------------ ----------------- 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) ------------------- ------------------ ------------------ ----------------- Other income and expenses, net 2,219 2,010 1,476 1,665 ------------------- ------------------ ------------------ ----------------- Net loss $ (80,207) $ (72,030) $ (38,981) $ (23,447) ------------------- ------------------ ------------------ ----------------- 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) =================== ================== ================== ================= Shares used in per share computation 40,774 38,461 35,865 35,462 =================== ================== ================== ================= Other Data - ---------- 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 ----------------------------------------------- January 31, 2001 December 31, 2000 -------------------- --------------------- 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 -------------------- --------------------- 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 -------------------- --------------------- 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. -----END PRIVACY-ENHANCED MESSAGE-----