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Actionable news in ROVI: Rovi Corporation,

Rovi: 2830 De La Cruz Blvd

The following excerpt is from the company's SEC filing.

Santa Clara, CA 95050

ROVI CORPORATION REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS

SANTA CLARA, Calif.

--(BUSINESS WIRE) - October 28, 2015 - Rovi Corporation (NASDAQ:ROVI) today reported financial results for the third quarter ended September 30, 2015.

The Company reported third quarter revenue of $114.9 million, a decrease of 11% compared to $128.6 million in the third quarter of 2014. Third quarter 2015 Loss from continuing operations, net of tax, was $18.5 million, compared to $6.6 million Loss from continuing operations, net of tax, for the third quarter of 2014. Third quarter Di luted loss per share from continuing operations was $0.22, compared to $0.07 Diluted loss per share from continuing operations in the third quarter of 2014. After taking into consideration discontinued operations, the Company reported third quarter Net loss of $18.5 million, compared to a Net loss of $7.0 million for the same quarter of 2014. Third quarter Diluted loss per share was $0.22, compared to $0.08 Diluted loss per share in the third quarter of 2014.

On a Non-GAAP basis, third quarter Non-GAAP Net Income was $23.9 million, compared to $38.6 million in the third quarter of 2014, and third quarter Non-GAAP Diluted Income Per Share was $0.29, compared to $0.42 in the third quarter of 2014.

Non-GAAP Net Income and Non-GAAP Diluted Income Per Share are defined below in the section entitled “Non-GAAP Information.” Reconciliations between GAAP and Non-GAAP results from operations are provided in the tables below.

“During the third quarter, Rovi continued to advance its IP license renewal negotiations with the major North American service providers, including signing an extension to our longstanding license agreement with Time Warner Cable. We also recently renewed our relationship with Sky, a leading European entertainment company serving 21 million customers. Both deals are significant accomplishments for our IP licensing business. We are focused on closing the remaining large IP licensing agreements and are committed to resolving negotiations in a manner that will provide the greatest value for Rovi stockholders,” said Tom Carson, President and CEO of Rovi.

Business Outlook

Rovi continues to anticipate fiscal year 2015 revenue of $500 million to $530 million and non-GAAP diluted income per share of $1.35 to $1.60. The low-end of the range assumes no new customer revenues are recognized in the fourth quarter of 2015.

Conference Call Information

Rovi management will host a conference call today, October 28, 2015, at 2:00 p.m. PT/5:00 p.m. ET to discuss the financial results. Investors and analysts interested in participating in the conference are welcome to call (866) 621-1214 (or international +1-706-643-4013) and reference conference ID 32240816. The conference call can also be accessed via live webcast in the Investor Relations section of Rovi's website at http://www.rovicorp.com/.

A telephonic replay of the conference call will be available through November 3, 2015 and can be accessed by calling 1-800-585-8367 (or international +1-404-537-3406) and entering conference ID 32240816. A replay of the audio webcast will be available on Rovi Corporation's website shortly after the live call ends and will remain on Rovi Corporation's website until its next quarterly earnings call.

Rovi Corporation provides Non-GAAP information to assist investors in assessing its current and future operations in the way that its management evaluates those operations. Non-GAAP Net Income, Non-GAAP Diluted Income Per Share, Non-GAAP COGS, Non-GAAP Research and Development Expenses, Non-GAAP Selling, General and Administrative Expenses, Non-GAAP Total OpEx and Non-GAAP Total COGS and OpEx are supplemental measures of the Company's performance that are not required by, and are not presented in accordance with GAAP. Non-GAAP information is not a substitute for any performance measure derived in accordance with GAAP.

Non-GAAP Net Income is defined as GAAP income (loss) from continuing operations, net of tax, adding back non-cash items such as equity-based compensation, amortization of intangibles, amortization or write-off of note issuance costs, non-cash interest expense recorded on convertible debt under Accounting Standards Codification (“ASC”) 470-20 (formerly known as FSP APB 14-1), mark-to-market fair value adjustments for interest rate swaps and discrete tax items including reserves; as well as items which impact comparability that are required to be recorded under GAAP, but that the Company believes are not indicative of its core operating results such as changes in the fair value of contingent consideration, gains from the release of Sonic payroll tax withholding liabilities related to a stock option review, transaction, transition and integration costs, contested proxy election costs, restructuring and asset impairment (benefit) charges, payments to note holders and for expenses in connection with the early redemption or modification of debt and gains on sale of strategic investments. While depreciation expense is a non-cash item, it is included in Non-GAAP Net Income as a reasonable proxy for capital expenditures.

Non-GAAP Diluted Income Per Share is calculated using Non-GAAP Net Income.

Non-GAAP COGS is defined as GAAP cost of revenues excluding equity-based compensation and transition and integration expenses.

Non-GAAP Research and Development Expenses is defined as GAAP research and development expenses excluding equity-based compensation and transition and integration expenses.

Non-GAAP Selling, General and Administrative Expenses is defined as GAAP selling, general and administrative expenses excluding equity-based compensation, contested proxy election costs, changes in the fair value of contingent consideration, and transaction, transition and integration expenses.

Non-GAAP Total OpEx is defined as the sum of GAAP research and development and selling, general and administrative expenses, depreciation and gain on sale of patents excluding equity-based compensation, contested proxy election costs, changes in the fair value of contingent consideration, and transaction, transition and integration expenses.

Non-GAAP Total COGS and OpEx is defined as GAAP Total Operating costs and expenses, excluding equity-based compensation, contested proxy election costs, changes in the fair value of contingent consideration, amortization of intangible assets, restructuring and asset impairment (benefit) charges, and...


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