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Rovi Management Discusses Q2 2012 Results - Earnings Call Transcript

Second, our results released earlier today, as well as our discussion on this call, include non-GAAP adjusted pro forma information, which exclude, as applicable, noncash items and items that impact comparability. Examples of such items include amortization, equity-based compensation and discrete tax items and the tax effect of all non-GAAP adjustments. Depreciation expense, while a noncash item, is included in adjusted pro forma operating results as a proxy for capital expenditures to demonstrate recurring cash-based earnings. Adjusted pro forma combined company information assumes the Sonic Solutions acquisition and the Roxio consumer software disposition were both effective on January 1, 2010. Adjusted pro forma reconciliations for historical results, including Sonic Solutions and excluding the Roxio consumer software business, are in our press release.

We have presented and are discussing adjusted pro forma combined company information because this is how we have and will evaluate our business. We believe that this presentation may be meaningful to our investors in analyzing the company's results of operations. This presentation is not intended to be a substitute for our financial results, presented in conformity with generally accepted accounting principles in the United States, and investors and potential investors are encouraged to review the reconciliation of adjusted pro forma financial measures included in our earnings press release.

And as the final piece of housekeeping, the webcast of this conference call will be available on our Investor Relations webpage at www.rovicorp.com.

Now I would like to turn the call over to Peter.

Peter C. Halt

Thanks, Chris. Good afternoon, everyone. Hopefully, you've had a chance to see the press release we issued today with our results for the second quarter ended June 30, 2012.

As we disclosed a couple of weeks ago, the second quarter was a disappointment to us. Adjusted pro forma revenues were down approximately $21 million or 12% from the second quarter of 2011, primarily due to a drop in revenues in our CE vertical. CE was down this quarter by $21 million or 24% from the second quarter of 2011.

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