TiVo names Shull as president, CEO, improves business outlook

News Video Global 31 MAY 2019
TiVo names Shull as president, CEO, improves business outlook

TiVo has unanimously elected Dave Shull its new president and CEO, effective 31 May. The company also revised upwards its guidance for fiscal 2019. Interim president and CEO Raghu Rau will in June assume the role of vice chairperson on the company’s board of directors.

Shull has over 15 years of senior leadership experience in the Pay-TV, OTT and digital media fields. Most recently, he served as the CEO of The Weather Channel cable network, which was sold in a competitive bidding process in 2018.

Updated business outlook

Based upon improved visibility into its sales pipeline, the company is raising its expectations for fiscal 2019 from those provided on 9 May. The company now expects revenue of USD 644 million to USD 660 million, up from previous range of USD 640 million to USD 654 million, and a loss before taxes of USD 72 million to USD 80 million, lowered from the previous range of a loss before taxes of USD 75 million to USD 87 million. 

In addition, the company now expects adjusted EBITDA of USD 175 million to USD 185 million, up from the previous range of USD 172 million to USD 178 million. TiVo anticipates it will incur USD 29 million to USD 30 million in cash taxes based on its operating expectations. On top of that, TiVo expects its diluted weighted average shares outstanding to be approximately 126 million. Additionally, the company stated that it expects to repay the USD 345.0 million of currently outstanding 2020 convertible notes, by the maturity date, from its cash, cash equivalents and marketable securities on the balance sheet and its anticipated operating cash flow.

The company will also review options to refinance its existing Term Loan B Facility before separation of the IP Licensing and Product businesses. Finally, the company reaffirmed that it expects to complete this separation in the first half of 2020 through a tax-free spinoff of the Product business to its shareholders.

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