TiVo 2015 Annual Report Download - page 39
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Table of Contents
Comparison of Years Ended
December 31, 2015 and 2014
The consolidated results of operations for the year ended
December 31, 2015
compared to the prior year were as follows (dollars in thousands):
Revenues
For the year ended
December 31, 2015
, revenue decreased 3% compared to the prior year as a result of a
$3.3 million
decrease in revenue in our
Intellectual Property Licensing segment and a
$12.7 million
decrease in revenue in our Product segment. For additional details on the changes in revenue,
see the discussion of our segment results below.
Cost of revenues, excluding amortization of intangible assets
Cost of revenues, excluding amortization of intangible assets consist primarily of service costs, employee
-
related costs, patent prosecution,
maintenance and litigation costs and an allocation of overhead and facilities costs. For the year ended
December 31, 2015
,
Cost of revenues, excluding
amortization of intangible assets decreased from the prior year primarily due to a $5.9 million decrease in patent prosecution and defense costs offset in part
by increased investments in our analytics operations.
Research and development
Research and development expenses are comprised primarily of employee
-
related costs, consulting costs and an allocation of overhead and
facilities costs. For the year ended
December 31, 2015
,
Research and development expenses decreased compared to the prior year as decreases in spending
on our Metadata operations and legacy products were partially offset by increased investments to support our cloud
-
based platforms and analytics
services.
37
Year Ended December 31,
2015
2014
Change $
Change %
Revenues
$
526,271
$
542,311
$
(16,040
)
(3
)%
Costs and expenses:
Cost of revenues, excluding amortization of intangible assets
102,970
107,253
(4,283
)
(4
)%
Research and development
100,627
107,114
(6,487
)
(6
)%
Selling, general and administrative
154,448
138,368
16,080
12
%
Depreciation
17,410
17,540
(130
)
(1
)%
Amortization of intangible assets
76,982
77,887
(905
)
(1
)%
Restructuring and asset impairment charges
2,160
10,939
(8,779
)
(80
)%
Gain on sale of patents
(82
)
(500
)
418
(84
)%
Total costs and expenses
454,515
458,601
(4,086
)
(1
)%
Operating income from continuing operations
71,756
83,710
(11,954
)
(14
)%
Interest expense
(46,826
)
(54,768
)
7,942
(15
)%
Interest income and other, net
716
4,069
(3,353
)
(82
)%
Loss on interest rate swaps
(13,368
)
(17,874
)
4,506
(25
)%
Loss on debt extinguishment
(2,815
)
(5,159
)
2,344
(45
)%
Loss on debt modification
—
(
3,775
)
3,775
(100
)%
Income from continuing operations before income taxes
9,463
6,203
3,260
53
%
Income tax expense
13,755
19,725
(5,970
)
(30
)%
Loss from continuing operations, net of tax
(4,292
)
(13,522
)
9,230
(68
)%
Loss from discontinued operations, net of tax
—
(
56,222
)
56,222
(100
)%
Net loss
$
(4,292
)
$
(69,744
)
$
65,452
(94
)%