TiVo 2005 Annual Report Download - page 11

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Sales of our DVRs and subscriptions to the TiVo service are affected by seasonality. Thus, we generate a significant number of our annual DVR sales
and new subscriptions during and immediately after the holiday shopping season with associated increases in revenue. We also incur significant increases in
expenses in the second and third quarter related to hardware costs, rebates, revenue share and other payments to channel, and sales and marketing expenses in
anticipation of the holiday shopping season.
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