Rovi (ROVI) Q1 2012 Earnings Call May 03, 2012 4:30 pm ET Executives Chris Keller - Thomas Carson - Chief Executive Officer, President and Director James W. Budge - Chief Financial Officer and Chief Operating Officer Peter C. Halt - Chief Accounting Officer Analysts Ralph Schackart - William Blair & Company L.L.C., Research Division Michael J. Olson - Piper Jaffray Companies, Research Division Sterling P. Auty - JP Morgan Chase & Co, Research Division Robert W. Stone - Cowen and Company, LLC, Research Division Edward Maguire - Credit Agricole Securities (USA) Inc., Research Division Perry Huang - Goldman Sachs Group Inc., Research Division Jeff Rath - Canaccord Genuity, Research Division Ryan Fiftal - Morgan Stanley, Research Division Todd T. Mitchell - Brean Murray, Carret & Co., LLC, Research Division Presentation Operator
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Second, our results were 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 a final piece of housekeeping, the webcast of this conference call will be available on our Investor Relations web page until our next quarterly earnings call. I would now like to turn the call over to Tom. Thomas Carson Thank you, Chris. Thanks, everyone, for joining us today for our quarterly conference call. As you may have seen in today's earnings press release, we recorded adjusted pro forma revenue of $175 million in Q1. Similar to previous quarters, our business benefited from new license agreements, increases in device shipments that incorporate our products, our license under our patents, the continued conversion of analog TV subscribers to digital and advertising growth. Adjusted pro forma EPS for the quarter totaled $0.56. I'm pleased with our financial results, as well as the significant progress we've made securing customer wins for our new solutions across our verticals.
I'll discuss our progress in more depth shortly, but first, I'd like to announce that James Budge will be leaving Rovi in mid-May and Peter Halt will be named Chief Financial Officer. Peter has been working closely with James for over 4 years, and he is highly qualified for the job. I personally worked with Peter since 2006, and I'm delighted to be working with him in this new role. I believe that many of you have met Peter at investor conferences with James, and I am confident that he is the right person at the right time for this important position of CFO. James has been at Rovi for nearly 7 years, and I've enjoyed working with him and wish him well with his new opportunity. James will make a few comments now and then Peter will review some of the financial metrics for the company. James?James W. Budge Thank you, Tom. Let me just say that the past 7 years at Rovi and the past 4 years working with outstanding management talent like Tom and Peter have been the most rewarding years of my career. While I'm excited for the new opportunity that I have, it was certainly hard to make the decision to leave Rovi. But having worked with Tom and Peter, I could not be leaving the hand -- or the company in the hands of 2 more capable professionals. I very much enjoyed my association with each member of the investment community, and I'm confident that you will continue to see great things come from Rovi. Read the rest of this transcript for free on seekingalpha.com