TiVo 2013 Annual Report Download - page 41

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Table of Contents

   

Cash and cash equivalents 253,713 157,104 169,555 71,221 70,891
Short-term investments 748,759 470,136 449,244 138,216 173,691
Total assets 1,301,791 763,653 719,810 285,818 310,812
Long-term portion of deferred revenues 331,534 71,823 81,336 34,857 28,990
Convertible senior notes 172,500 172,500 172,500 — —
Total stockholders' equity 549,085 340,764 313,027 168,756 197,141
 

You should read the following discussion and analysis in conjunction with the consolidated financial statements and the
accompanying notes included in this annual report and the section entitled “Risk Factors” in Item 1A, as well as other cautionary
statements and risks described elsewhere in this report before deciding to purchase, sell or hold our common stock.
Company Overview
The TiVo service redefines home entertainment by providing consumers with an easy intuitive experience for accessing video content
delivered from multiple sources and for consuming that content on a variety of devices both in and out of home. We are a leading provider of
software and service technology that enables distribution and management of video content through set-top boxes with and without DVR
functionality, and an increasing variety of consumer electronic applications and devices, such as smartphones and tablets. We offer a full
whole-home solution that includes 4-Tuner and 6-Tuner DVRs/gateways, IP STBs, and streaming to mobile and tablet iOS devices (with
Android devices coming soon) with features such as What to Watch Now, Season Pass® recordings, integrated search (including content
from both traditional linear television, cable VOD, and broadband sources in one user interface), access to broadband video content, TiVo
Online/Mobile Scheduling and applications on third-party devices such as tablet computers and smartphones. As of January 31, 2014, there
were approximately 4.2 million subscriptions to the TiVo service through our TiVo-Owned and MSO businesses. In our TiVo-Owned
business, we distribute the TiVo DVR through consumer electronics retailers and through our on-line store at TiVo.com. Additionally, in our
MSO business, we generate service and/or hardware revenues by providing the TiVo service through agreements with leading satellite and
cable television service providers and broadcasters on MSO provisioned STBs (both through TiVo supplied and third-party supplied STBs)
and other devices. We also generate technology revenues through engineering professional services in connection with the development and
deployment of the TiVo service to our MSO customers.
On February 14, 2014, we acquired Digitalsmiths Corporation, one of the Pay TV industry's most broadly adopted cloud based search
and recommendation services. We believe this acquisition will broaden our product and service portfolio and increases our engagement
among consumer electronics manufacturers, Pay TV operators, and content providers. Additionally, we generate advertising and audience
research and measurement revenues by providing innovative advertising and audience measurement solutions for the television industry.
We acquired a data analytics company, TRA Global, Inc. on July 18, 2012, which we have renamed TiVo Research and Analytics, Inc.
(TRA).
We are focused on enhancing long term shareholder value, and will continue to evaluate opportunities to grow our business organically
and/or through acquisitions. On January 29, 2014 we announced that the Board had increased the amount of the discretionary share
repurchase program to $300 million. As of January 31, 2014 we had purchased 10,340,446 shares of common stock under this program at
a weighted average price of $11.04 per share for an aggregate purchase price of $114.2 million and the remaining authorized amount for stock
repurchases under this program was $185.8 million with a termination date of August 29, 2015.
We have engaged in significant intellectual property litigation with certain television service and technology providers in the United States
to protect our technology from infringement. To date, we have received cash and future technology revenue payment commitments totaling
over $1.6 billion from intellectual property litigation.
Executive Overview
Fiscal year 2015
39