TiVo 2015 Annual Report Download - page 105
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Table of Contents
evaluate the performance of, and allocate resources to, the segments. Segment balance sheets are not used by the CODM to allocate resources or assess
performance.
Segment results for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):
F
-
39
Year Ended December 31,
2015
2014
2013
Intellectual Property Licensing
Service Provider
$
216,777
$
200,799
$
194,324
Consumer Electronics
65,045
84,359
98,886
Revenues
281,822
285,158
293,210
Adjusted Operating Expenses (1)
60,926
59,810
57,957
Adjusted EBITDA (2)
220,896
225,348
235,253
Product
Service Provider
200,985
204,877
187,065
Consumer Electronics
21,785
22,342
27,262
Other
21,679
29,934
29,853
Revenues
244,449
257,153
244,180
Adjusted Operating Expenses (1)
195,364
197,405
186,787
Adjusted EBITDA (2)
49,085
59,748
57,393
Corporate:
Adjusted Operating Expenses (1)
54,681
51,737
53,666
Adjusted EBITDA (2)
(54,681
)
(51,737
)
(53,666
)
Consolidated:
Revenues
526,271
542,311
537,390
Adjusted Operating Expenses (1)
310,971
308,952
298,410
Adjusted EBITDA (2)
215,300
233,359
238,980
Depreciation
17,410
17,540
16,775
Amortization of intangible assets
76,982
77,887
74,413
Restructuring and asset impairment charges
2,160
10,939
7,638
Equity
-
based compensation
42,647
42,017
54,661
Reduction of contingent consideration liability
(860
)
(2,700
)
—
Contested proxy election costs
4,346
—
—
Change in franchise tax reserve
859
—
—
Transaction, transition and integration expenses
—
3,966
2,160
Operating income from continuing operations
71,756
83,710
83,333
Interest expense
(46,826
)
(54,768
)
(62,019
)
Interest income and other, net
716
4,069
2,775
(Loss) income on interest rate swaps
(13,368
)
(17,874
)
2,898
Loss on debt extinguishment
(2,815
)
(5,159
)
(2,761
)
Loss on debt modification
—
(
3,775
)
(1,351
)
Income from continuing operations before income taxes
$
9,463
$
6,203
$
22,875
(1)
Adjusted Operating Expenses is defined as operating expenses excluding depreciation, amortization of intangible assets, restructuring and asset
impairment charges, equity
-
based compensation, changes in contingent consideration, contested proxy election costs, changes in franchise tax
reserves and transaction, transition and integration expenses.
(2)
Adjusted EBITDA is defined as operating income excluding depreciation, amortization of intangible assets, restructuring and asset impairment
charges, equity
-
based compensation, changes in contingent consideration, contested proxy election costs, changes in franchise tax reserves and
transaction, transition and integration expenses.