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Rovi Announces Intent To Pursue Sale Of Rovi Entertainment Store Business And Narrows Estimates Range For Fiscal 2012

Stocks in this article: ROVI

Reconciliations between GAAP pro forma and Adjusted Pro Forma results from operations, excluding the Rovi Entertainment Store business, for the first three quarters of 2012 are provided in the tables below.

Analyst and Investor Meeting at CES

As previously announced, Rovi will host an analyst and investor meeting on January 9, 2013 in Las Vegas during the International Consumer Electronics Show.

At this meeting, the Company will provide an update on the business and provide additional financial information for 2013. A question and answer session will follow the presentation. Adjusted Pro Forma information to be presented at this meeting will exclude the operating results of the Rovi Entertainment Store, as it will now be classified as discontinued operations.

Rovi's investor meeting will take place at the Caesars Palace Resort, 3570 Las Vegas Blvd. South, Las Vegas, Nevada. Registration will open at 2:00 p.m. PT. The meeting will begin at 2:30 p.m. PT and is expected to last about 90 minutes. Rovi is still accepting RSVPs from investors to attend the meeting in-person.

Investors who are unable to attend the meeting in-person are encouraged to attend the audio webcast at http://tinyurl.com/d95q4c8 . A recording of the audio webcast will be made available following the event and can be accessed in the Investor Relations section of the Rovi website at  www.rovicorp.com .

Non-GAAP or Adjusted Pro Forma Information

Rovi Corporation provides non-GAAP Adjusted Pro Forma information. References to Adjusted Pro Forma information are references to non-GAAP pro forma measures. The Company provides Adjusted Pro Forma information to assist investors in assessing its current and future operations in the way that its management evaluates those operations. Adjusted Pro Forma Revenue, Adjusted Pro Forma Income and Adjusted Pro Forma Income Per Common Share are supplemental measures of the Company's performance that are not required by, and are not presented in accordance with GAAP. Adjusted Pro Forma information is not a substitute for any performance measure derived in accordance with GAAP, including, but not limited to, GAAP pro forma information prepared in accordance with ASC 805, Business Combinations.

Adjusted Pro Forma and GAAP pro forma measures assume the Sonic Solutions business combination, the Roxio software and Rovi Entertainment Store business dispositions all occurred on January 1, 2010. Adjusted Pro Forma Income is defined as GAAP pro forma 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, caps and foreign currency collars and the reversals of 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 transaction, transition and integration costs, restructuring and asset impairment 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 Adjusted Pro Forma Income as a reasonable proxy for capital expenditures.

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