News Article | November 1, 2016
SEATTLE (Thomson Reuters Foundation) - When Kayode Ojo first fell sick with malaria as a young boy in Nigeria, his grandfather shunned modern medicine, venturing into the bush to search for herbs and plants to treat the disease. Having succumbed to malaria a further 50 or more times in his life, the United States-based scientist, now in his forties, is determined that his research - to develop a drug to stop transmission from humans back to mosquitoes - will help to eradicate the deadly disease. "When people in Nigeria, the world's hardest-hit country, get malaria, many simply shrug their shoulders and see it as normal ... that needs to change," Ojo told the Thomson Reuters Foundation in a lab at the University of Washington in Seattle. Ojo is one of thousands of scientists, engineers and entrepreneurs striving to develop innovations to end malaria in a city dubbed the "Silicon Valley of saving lives", which boasts more than 160 organizations working on global health issues. It is also home to the world's richest couple, Bill and Melinda Gates, whose global health and education charity has set the aim of eradicating the disease by 2040. The world has made huge strides against malaria since 2000, with death rates plunging by 60 percent and at least six million lives saved globally, says the World Health Organisation (WHO). Yet efforts to end one of the world's deadliest diseases - which killed an estimated 438,000 people last year - are under threat as mosquitoes become increasingly resistant to measures such as insecticide-treated bednets and anti-malarial drugs. To combat rising resistance, Seattle's malaria-fighting community is developing innovations ranging from data modeling and genetic modification to single-dose drugs and sugar traps. But malaria spending, which rose to $2.7 billion annually in 2015 from $130 million in 2000, must double over the next decade to ensure new solutions outpace drug and insecticide resistance in the push to achieve global eradication by 2040, experts say. "We need to develop new tools that make it possible to find and root out every parasite in every person," said Martin Edlund, chief executive of campaign group Malaria No More. "The only way to eradicate malaria is with relentless innovation." Gates' goal of permanently ending transmission of malaria between humans and mosquitoes is more ambitious than the Sustainable Development Goal of ending epidemic levels by 2030. This focus on eradication has accelerated the need to innovate and take more risks, according to David Brandling-Bennett, senior adviser for malaria at the Bill & Melinda Gates Foundation. "We have shifted from 'any drug or vaccine is good' to 'what will be a game changer in pursuit of this outrageous goal?'" The Gates Foundation and partners are working on affordable technologies including eave tubes installed between walls and roofs of homes that kill mosquitoes when they try to enter, and outdoor poisonous traps which exploit their attraction to sugar. Innovations are also in the pipeline to deal with the challenge posed by asymptomatic carriers - people with a few parasites in their blood who don't fall sick but can act as a reservoir and spread malaria when mosquitoes bite them again. Scientists are striving to improve rapid diagnostic tests - which require a drop of blood to provide a diagnosis within 20 minutes - so that they can also detect these malaria carriers. "The challenge is making the test more sensitive but keeping it simple for health workers," said Kevin Nichols of patent firm Intellectual Ventures (IV), which works with Gates on the Global Good initiative - creating innovations in developing countries. One of the most cutting-edge approaches among Seattle's scientists is genetically modifying mosquitoes, either by adding genes to block the malaria parasite, or altering them to make most offspring male, which could cause populations to plummet. But this 'gene drive' approach has raised questions ranging from the impact of fewer mosquitoes on the food chain to how to regulate releasing genetically edited mosquitoes into the wild. "There is an ethical question about editing mosquitoes' DNA," said a scientist who asked to not be named due to the work of his organization. "We have to be careful about playing God." While innovations to alter, control or kill mosquitoes catch the eye, drugs and vaccines should not be neglected given that parasite-carrying people travel further and live longer than mosquitoes, said Bruno Moonen, malaria deputy director at Gates. More than 30 malaria vaccines are under development, with Seattle's scientists hoping for more success than the first approved vaccine, called RTS,S or Mosquirix, which is only partially effective and needs to be administered in four doses. Yet a single-dose cure that would wipe out all parasites in humans could soon replace existing artemisinin combination treatment (ACTs) drugs, which must be taken over three days. "When people fail to complete the course, it increases the risk of resistance developing, and this is a worry," said Larry Slutsker, malaria program leader at health organization PATH. Counterfeit malaria drugs in sub-Saharan Africa are another concern to health experts as they contain no artemisinin, leaving people sick, or substandard amounts, which increases resistance, according to Ben Wilson, a senior research scientist at IV. Wilson and his peers have developed a tool which uses light waves to instantly analyze malaria tablets in a region where as many as one in 10 drugs are estimated to be fake or substandard. "Counterfeit antimalarials are a billion-dollar industry, and new technologies are needed to stay ahead of criminal networks," said Wilson, adding that the tool could soon be adopted by state inspectors, pharmacies and aid agencies. Outside of the malaria-focused labs dotted around Seattle, experts are turning to data in the fight to end the disease. "Data used to be stuck in spreadsheets," said Neal Myrick, of computer software company Tableau. "How can you make sense of that?," he added, pointing to a database consisting of 300,000 entries before showing off an interactive heat map in its place. Detailed maps on prevalence, mortality, treatment rates and use of bed nets, and data modeling tools, allow users to monitor malaria cases, track the origin and predict its spread. "Innovations to fight malaria are exciting, but surveillance is essential to enable scarce resources to be best spent to make the biggest impact," said Stephen Lim of the Institute for Health Metrics and Evaluation at the University of Washington. It is the issue of limited resources that troubles many of those fighting to eradicate malaria by 2040 - who calculate that more than $100 billion will be needed to finish the job. In a region like sub-Saharan Africa, home to nine in 10 of the world's malaria deaths, domestic spending on the disease will need to rise considerably in the coming years, experts say. Yet this may prove difficult in countries like Nigeria and the Democratic Republic of Congo - they account for 40 percent of global malaria deaths - which are struggling economically. "In DRC ... we see drug shortages, issues with payments to health workers, and irregular distributions of bednets," said Marit De Wit, health advisor for Medecins Sans Frontieres (MSF) in DRC. "The parasite has a free ride in parts of the country." Health experts also fear that as the number of cases falls, it will become harder to maintain the momentum to eradicate malaria among donors, governments and people in endemic regions. Yet for Seattle's scientists and innovators, such as Ojo, such concerns are no obstacle to their hunt for solutions. "When I caught malaria for the fortieth or fiftieth time, I realized that it never gets any better, or any easier," he said of the disease, which can strike a patient several times a year. "It made me realize that we need to innovate and strive not just to treat or control the disease, but to end it for good." Malaria No More and the Washington Global Health Alliance provided a travel grant for this story.
News Article | December 6, 2016
SAN DIEGO, CA--(Marketwired - December 06, 2016) - Max Sound Corporation (MAXD) ( : MAXD) announced today that Kenneth Lustig is on MAXD's Advisory Board and has recently joined the steering committee of our new venture with Vedanti where Max Sound recently became a co-owner of the Optimized Data Transmission (ODT) patent portfolio. MAXD's CEO John Blaisure says, "Ken has a deep background in joint ventures, media, and technology development programs. He formed and oversaw several ventures during his career at Microsoft and has been highly instrumental in the development of our new venture with Vedanti. We are very fortunate to have him advise us as we expand MAXD's activities in the audio and video fields, as well as move forward towards monetizing the ODT portfolio. His vast experience and expertise in both the media and IP fields will be a huge asset to MAXD and Vedanti." Mr. Lustig is a highly experienced technology executive with over 20 years of corporate leadership, M&A, private equity, and business development experience. From 2015-present, Mr. Lustig has been advising a range of industry leading multi-national technology companies on Intellectual Property. He is also an active investor in and advisor to several early stage venture backed technology businesses. From 2011 through 2014, Mr. Lustig was a Vice President at Intellectual Ventures (IV), overseeing Strategic Portfolio Monetization. Mr. Lustig led the team responsible for the acquisition, management and monetization of IV's largest IP portfolios, including the Kodak Digital Imaging patent portfolio. He also oversaw many of IV's most important strategic partner relationships. Mr. Lustig spent more than 11 years at Microsoft, where he served most recently as the Managing Director of IP Investments and Acquisitions. He was head of the Content Guard venture (jointly owned with Time Warner and Technicolor), as well as responsible for some of Microsoft's largest IP related transactions, He was also deeply involved in Microsoft's long range strategic planning programs across its platform businesses. In addition, he spent several years leading part of Microsoft's Corporate Development and Strategy Group focused on strategy, acquisitions, and investments across a range of sectors including media, global telecom, internet services, and emerging technologies. He managed some of Microsoft's largest strategic partner engagements Preceding Microsoft, Mr. Lustig spent nine years as a global investment banker. "I'm thrilled to be assisting the MAXD team to help the Company, monetize its co-owned patent portfolio, as well as explore and develop new platform businesses," says Mr. Lustig. About Max Sound Corporation: As creators of the acclaimed MAX-D HD Audio, Max Sound can provide a better solution for Audio, Video and Data transmissions. Max Sound Corporation is the company that brings forth technologies for the betterment of our world, including being co owners of the Optimized Data Transmission Technology patent portfolio. Max Sound®, MAXD® and MAX-D Audio Perfected® and HD Audio® are registered trademarks. All other trademarks are the property of their respective owners. To learn more about the MAX-D Technology, please visit http://maxd.audio. About VLL (Vedanti Licensing Limited): VLL Is a UK entity that focuses on licensing patent assets in the global market, with the goal of assisting in the development of products that will pave the way for the next generation of mobile users. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Statements in this press release which are not purely historical, including statements regarding Max Sound's intentions, beliefs, expectations, representations, projections, plans or strategies regarding the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow or adequacy of capital resources, market acceptance risks, technical development risks, and other risk factors. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Max Sound disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Max Sound Corporation and its Affiliates on its website http://maxd.audio or at http://www.sec.gov.
News Article | February 28, 2017
Intellectual Ventures, cofounded by former Microsoft chief technology officer Nathan Myhrvold, believes that bleak outlook makes Florida’s entomological battlefield the perfect testing ground for an unusual and unproven approach to insect control. This summer the company plans to install a device that uses cameras and a laser beam to identify and shoot down psyllids on a U.S. Department of Agriculture site in the state. It will be the first real-world test of a device originally dreamed up as a way to control mosquitos that carry malaria in poor regions of the world—but that has been forced on a commercial diversion. “We have not given up on that goal,” says Jeremy Salesin, who leads commercialization efforts for the technology. “But to get to the price points we need for those scenarios you need a large number of units, and a device that’s not the first-generation product.” Intellectual Ventures is now on its third prototype of what it calls the Photonic Fence. Its kill zone extends 30 meters horizontally and 3 meters vertically. In the the device has notched up kills against mosquitos, Asian citrus psyllids, and fruit flies. Death by laser beam sounds messy. But Arty Makagon, technical lead on the project, says the device’s eye-safe, invisible, infrared laser makes clean kills, having been calibrated to deliver just enough heat to kill insects without wasting power. “When you look under microscope you can’t tell where it’s been shot,” he says of bugs downed by the device. “There are no singe marks, there is no gaping wound.” This summer in Florida, the Photonic Fence will initially be tested against psyllids released inside a screen house, an enclosure of fine mesh used to protect trees from pests. After that, and tests to prove it can avoid targeting bees, the device will be used to replace one wall of a screen house and get its first shot at wild psyllids. Makagon wants to then use several devices to make a perimeter around a block of citrus trees. Intellectual Ventures has also submitted a proposal to test its device in California, where psyllids are less established but advancing. Next year, the company hopes to have a version with a longer, 100-meter range, in testing with citrus growers. Makagon says that Pepsi and Coca Cola—which have lines of citrus juices and sodas and work closely with orchards around the world—have both expressed interest in the project. Barben, in Highlands County, says he’s intrigued by the technology. “It sounds a little Star Wars-y,” he says—the project in fact originated in a suggestion by astrophysicist Lowell Wood, who worked on the Strategic Defense Initiative—“but I’ll try anything.” The system’s purported ability to target only enemy bugs would be valuable during the two months of the year when citrus trees bloom, he says. Growers stop spraying insecticide to avoid harming bees needed to pollinate their trees. However, ultimately Intellectual Ventures will need to make the economic case for the system. “We’ve got a lot of technology that we could use but is cost prohibitive,” says Barben. Salesin says it’s too early to estimate the cost of a market-ready Photonic Fence, but gestures to the amount of money the industry is spending on insecticide and new trees as evidence it is ready to invest in something new. “It’s a global problem—no one has a solution to the psyllid,” he says.
News Article | February 16, 2017
Dominion Harbor Enterprises (DHE) today announced the acquisition of over 1,000 patent families from Kodak’s iconic portfolio of patented technologies. This extensive portfolio has been acquired from Intellectual Ventures (IV) and will be commercialized by DHE’s subsidiary Monument Peak Ventures. The Kodak portfolio has broad coverage across the United States, Europe and Asia. This patent deal follows on the heels of a series of recent commercialization deals between DHE and global intellectual property powerhouses like Hewlett-Packard and consumer giant Kimberly-Clark. “We see tremendous untapped value in these technologies, which are part of IV’s broad and diverse portfolio of high-quality IP assets,” said David Pridham, chairman and CEO of Dominion Harbor Enterprises, “and we have developed a comprehensive global plan to commercialize these innovations into ground-breaking new products and services. Besides our large global network of licensees and strategic partners, we have unique channels through which we can put the Kodak innovations to work — including our Monument IP Bank subsidiary, the world’s first IP bank for startups.” This portfolio covers a vast spectrum of image manipulation, online image management, and camera hardware technologies. Other portions of Kodak’s coveted portfolio have previously been licensed to global leaders in digital imaging, including smartphone makers, online image storage providers, and more recently, drone and autonomous vehicle makers. “Intellectual Ventures continues to transact with top-flight intellectual property commercialization firms like Dominion Harbor to ensure that our diverse portfolios of patented innovations reach the widest possible set of global customers,” noted Cory Van Arsdale, senior vice president of global licensing at IV. “This is our second deal with the Dominion team in recent months, DHE’s proprietary IPedia patent analysis engine provides actionable intelligence on the best markets, industry sectors, and companies to tap the commercial value of these IP assets.” About Dominion Harbor Enterprises, LLC: Dominion Harbor Enterprises (DHE) is one of the world’s premiere intellectual property transaction and advisory firms, with close to $1 billion in revenues generated for clients. It provides its clients with unmatched transactional expertise, a full spectrum of IP transaction and advisory services, and unrivaled access to highly targeted and credentialed licensees. DHE maintains its industry leadership with its IPedia patent intelligence solution and IPWire.com – The Patent Expert’s Resource. For more information, please contact: monica(at)dominionharbor(dot)com
News Article | February 15, 2017
It’s a sad fact—bee populations are in decline in many parts of the world. While the reasons bees are in trouble aren’t yet well understood, the problem has some technologists investigating whether drones could fly flower-spreading pollen instead. The latest effort comes from Japan, where investigators at the National Institute of Advanced Industrial Science, in Tsukuba, were looking for new uses for sticky substances called ionic liquid gels that have unusual physical properties. To make their pollinator, the team purchased $100 drones from Amazon and then added patches of horsehair to their undersides. After painting on the gels, which are moist and are about as sticky as a Post-It note, the drones were ready to grab and release pollen grains. As shown in the video above, the researchers flew the drones smack into the male and female parts of pink and white Japanese lilies. It’s the first time a drone has pollinated a flower, according to project leader Eijiro Miyako. The invention is still no replacement for the bumblebee. According to Joe Traynor, a “bee broker” in California, the almond industry in that state alone requires 1.8 million hives—containing around 35 billion bees—to pollinate 900,000 acres of almond trees that sprout three trillion flowers. “I don’t see any technology that could replace bees,” says Traynor. Nature’s pollination figures are staggering. Still, with fewer bees we may need alternatives, and fast. In some parts of China where bees have disappeared, fruit orchards are already being pollinated by hand by workers who climb trees with long brushes to touch every flower. The Japanese flower-swatting drone isn’t close to being as efficient as a person with a brush. For one thing, it’s flown using a remote control and “it’s impossible to replace bees with a manual drone,” Miyako notes. He says it was challenging to get a bull’s-eye even though a lily, with its extravagant, protruding sex organs, is the probably the easiest target in the whole plant kingdom. The Japanese team isn’t the only one looking at artificial bees. The invention firm Intellectual Ventures, run by former Microsoft CSO Nathan Myhrvold, filed a patent application in 2015 for flying pollinators guided across a farm using a computerized flight plan. A team of Polish scientists last year produced videos of a hovering drone able to tickle plastic flowers with a brush. Miyako thinks “it will be perfectly feasible” to pollinate plants in the open with a drone, but only with the addition of high-resolution cameras, GPS, and maybe artificial intelligence, features that could be challenging to add to an ultra-small airborne robot. Bees are in decline due to causes not yet fully understood, although disease and farmland pesticides play a role. In January, the U.S. Fish & Wildlife Service for the first time put a bumblebee on the endangered species list, saying the once abundant rusty patched bumblebee is now in a “race against extinction.”
News Article | February 28, 2017
SpaceX Plans to Fly Tourists Around the Moon Next Year Elon Musk could take you on the trip of a lifetime. His rocket company, SpaceX, saysthat two private individuals have paid a “significant deposit” to secure spots on a mission that will see them launched into space, looped around the Moon, then returned to Earth. The passengers will spend a week aboard an autonomous Dragon capsule, and Musk says more will follow—eventually going as far as Mars. But making it happen by 2018 will be tough: SpaceX hasn’t flown a crewed Dragon capsule yet, and the company has recently suffered with delays. Do you need The Download? Sign up here to get it for free in your inbox EPA Braces for Big Change The Environmental Protection Agency looks increasingly set for a big shake-up. Yesterday, Donald Trump sketched out his first federal budget plan and, while short on specifics, a $54 billion increase in military spending is expected to lead to “transformational” cuts at the EPA. It certainly looks like there will be fewer regulations to worry about: the agency’s chief, Scott Pruitt, has said that a number of rules “need to be rolled back in a very aggressive way," mentioning the Clean Power Plan, methane standards, and clean water rules. This is what's at stake. Have an Insect Invasion? Shine a Light Targeted bug killing can be achieved using beams of light. Intellectual Ventures, founded by ex-Microsoft CTO Nathan Myhrvold, has developed a system that uses cameras and a laser beam to identify and shoot down insects, and it’s now being tested in the citrus farms of Florida against crop-ruining psyllids. Meanwhile, current Microsoft employees have developed a device for selectively catching mosquitoes, which uses an infrared beam to determine what kind of creature has flown into a trap, then closes a door only behind species deemed to be a nuisance. The right-wing propaganda machine’s big data psychological profiling tools may not be as smart as you think. What’s 6 feet tall, lifts 100 pounds, jumps 4 feet high, and has wheels at the end of its legs? A new Boston Dynamics robot called Handle, on its first official outing. A new breed of solar cells converts heat into focused beams of light and is more efficient than regular photovoltaic cells. If AI home assistants send and receive ultrasound as well as speech, they could detect human presence in a room to make sure people are safe. The future of motorsport as entertainment is here: these are the robotic race cars that will duke it out at 199 mph. With $5 million and the huge promise of CRISPR, a startup aims to find a “home run” cure for muscular dystrophy. As the planet gets warmer, snow will melt more slowly. Here’s why. How much does a Silicon Valley tech worker need to earn? According to those who claim to be scraping by on six figures, the answer is: more. The World Health Organization has published its first ever list of 12 potentially deadly antibiotic-resistant superbugs. As automakers and tech companies compete to build autonomous cars, how about a little frivolous future-gazing? This is how we could car-pool in 2027. "You’re in a race to build your product and get to market, and anything that doesn’t directly contribute to that … is low priority when you’re first starting up." — Magdalena Yesil, a tech investor, explains why HR is often overlooked in Silicon Valley startups.
News Article | February 15, 2017
SAN CARLOS, Calif.--(BUSINESS WIRE)--TiVo Corporation (NASDAQ:TIVO) today reported financial results for the fourth quarter and for the full year ended December 31, 2016. “Our Q4 financial results reflect the strength of the new TiVo, and strategically important deals with Samsung, Netflix and HBO demonstrate the value of the combined company’s products and intellectual property,” said Tom Carson, President and CEO of TiVo. Mr. Carson added, “The TiVo integration is proceeding as planned and we continue to expect revenues in excess of $800 million for 2017. We also continue to expect cost synergies of at least $100 million with 65% coming from actions taken within 12 months of the close.” Mr. Carson added, “Based upon our strong results, solid balance sheet, long-term licensing arrangements, recurring product and IP revenue models, and progress on our cost synergies target, we are confident in TiVo’s ability to continue to generate substantial positive cash flows. As such, I am pleased to announce that TiVo’s Board of Directors has decided to initiate a quarterly cash dividend of $0.18 per common share.” TiVo’s Board of Directors declared a quarterly cash dividend of $0.18 per common share, to be paid on March 15, 2017, to all stockholders of record as of the close of business on March 1, 2017. TiVo’s Board believes it can reward its stockholders with a meaningful quarterly dividend, while maintaining ample capacity for the company to invest in the business, pursue its long term growth aspirations, and consider additional capital allocation alternatives such as opportunistic stock repurchases. On that front, the Board also increased the Company’s stock repurchase program authorization to $150 million. Pursuant to its strategy of allocating excess capital to the highest risk-adjusted return alternative available, the Board will continue to regularly review all available capital allocation opportunities. Mr. Carson stated that “We are very excited about the future of TiVo’s product strategy and discovery solutions. For example, Virgin Media’s launch of a new 4K ultra high definition set top box powered by TiVo software including VOD functionality, is a notable product milestone. This comes on the heels of last quarter’s launch of the TiVo BOLT+, a best-in-class, all-in-one, multi-room entertainment device with six tuners and 3TB of recording capacity for customers looking for the ultimate video entertainment experience. Additionally, last quarter we announced the next-generation of the TiVo user experience, which delivers content more quickly and with less effort from a diverse array of sources. I am proud to tell everyone that a large international service provider will deploy this next generation TiVo user experience in early 2017. I believe this clearly demonstrates the innovation and product leadership that excited us about acquiring TiVo. I believe this product leadership, combined with our strong IP licensing business, position TiVo well for long-term success in our key addressable markets.” The Company reported fourth quarter revenue of $252.3 million, an increase of 69% compared to $149.5 million in the fourth quarter of 2015. As expected, revenues were higher than in the comparable period of the prior year due to the completion of the TiVo Solutions Inc. acquisition, which contributed $125.8 million in revenues, including revenue from a license agreement with Samsung which included catch-up payments to make the Company whole for the pre-license period of use. Fourth quarter 2016 Net income was $9.8 million, compared to Net income of $26.3 million for the fourth quarter of 2015. Fourth quarter 2016 Income from continuing operations before income taxes was $23.0 million, compared to $27.1 million of Income from continuing operations before income taxes in the fourth quarter of 2015. On a Non-GAAP basis, fourth quarter 2016 Non-GAAP Pre-tax Income was $90.8 million, compared to $57.8 million in the fourth quarter of 2015. Estimated cash taxes for the quarter were approximately $8.7 million. GAAP Diluted weighted average shares outstanding and Non-GAAP Diluted Weighted Average Shares Outstanding for the fourth quarter of 2016 were 119.3 million. For the full year 2016, the Company reported revenues of $649.1 million, compared to $526.3 million for 2015. Including TiVo Solutions Inc. in the results for the period increased revenue by $147.4 million, which includes revenue from a license agreement executed in the fourth quarter of 2016 with Samsung that included catch-up payments to make the Company whole for the pre-license period of use. The full year 2016 Income from continuing operations, net of tax was $37.2 million, compared to a $4.3 million loss for 2015. After taking into consideration discontinued operations, the full year 2016 Net income was $32.7 million, compared to a $4.3 million loss for 2015. On a Non-GAAP basis, 2016 full year Non-GAAP Pre-tax Income was $205.3 million, compared to $161.5 million for the full year in 2015. Non-GAAP Pre-tax Income is defined below in the section entitled “Non-GAAP Information.” Reconciliations between GAAP and Non-GAAP amounts are provided in the tables below. For fiscal year 2017, the Company expects revenue of $800 million to $835 million, including hardware, with GAAP loss before taxes of $55 million to $70 million and Non-GAAP Pre-tax Income of $200 million to $225 million. TiVo anticipates it will incur $23 million to $24 million in cash taxes based on its 2017 operating expectations. For fiscal year 2017, TiVo expects its GAAP diluted weighted average shares outstanding to be approximately 121 million and Non-GAAP Diluted Weighted Average Shares Outstanding to be approximately 122 million shares. TiVo management will host a conference call today, February 15, 2017, 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 56630960. The conference call can also be accessed via live webcast in the Investor Relations section of TiVo’s website at http://www.tivo.com/. A telephonic replay of the conference call will be available through February 22, 2017 and can be accessed by dialing (855) 859-2056 (or international +1-404-537-3406) and entering conference ID 56630960. A replay of the audio webcast will be available on TiVo Corporation’s website shortly after the live call ends and will remain on TiVo Corporation’s website until its next quarterly earnings call. TiVo Corporation provides Non-GAAP information to assist investors in assessing its operations in the way that its management evaluates those operations. Non-GAAP Pre-Tax Income, Non-GAAP Cost of licensing, services and software revenues, excluding depreciation and amortization of intangible assets, Non-GAAP Research and Development Expenses, Non-GAAP Selling, General and Administrative Expenses, Non-GAAP Total OpEx, Non-GAAP Total COGS and OpEx, and Non-GAAP Interest Expense are supplemental measures of the Company’s performance that are not required by, and are not determined in accordance with, GAAP. Non-GAAP financial information is not a substitute for any financial measure determined in accordance with GAAP. Non-GAAP Pre-tax Income is defined as GAAP income (loss) from continuing operations before income taxes, as adjusted for the effects of items such as amortization of intangible assets, equity-based compensation, accretion of contingent consideration, amortization or write-off of note issuance costs and discounts on convertible debt and mark-to-market adjustments for interest rate swaps; 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 restructuring and asset impairment charges, transaction, transition and integration costs, changes in the liability for dissenting shareholders, retention earn-outs payable to former shareholders of acquired businesses, earn-out settlements, changes in the fair value of contingent consideration, gains from the release of Sonic payroll tax withholding liabilities related to a stock option review, payments to note holders and expenses in connection with the extinguishment or modification of debt, gains on sale of strategic investments, changes in franchise tax reserves and contested proxy election costs. Non-GAAP Cost of licensing, services and software revenues, excluding depreciation and amortization of intangible assets is defined as GAAP cost of licensing, services and software revenues, excluding depreciation and amortization of intangible assets, excluding equity-based compensation and transition and integration expenses. Included in Transaction, transition and integration costs in 2016 is $10.0 million in expenses for additional guaranteed license payments related to the Company’s over-the-top licensing partnership with Intellectual Ventures. These payments were expensed in the fourth quarter of 2016 as the payments were triggered by the execution of a patent license agreement during the quarter and are not expected to be recoverable from the net direct revenue resulting from the patent license agreement and the related TiVo product partnership. This expense was included in Transaction, transition and integration costs as the patent license agreement was entered into as part of continuing, and broadening, the product relationship with TiVo. Non-GAAP Research and Development Expenses is defined as GAAP research and development expenses excluding equity-based compensation, transition and integration expenses and retention earn-outs payable to former shareholders of acquired businesses. Non-GAAP Selling, General and Administrative Expenses is defined as GAAP selling, general and administrative expenses excluding equity-based compensation, transaction, transition and integration expenses, retention earn-outs payable to former shareholders of acquired businesses, earn-out settlements, changes in the fair value of contingent consideration, changes in franchise tax reserves and contested proxy election costs. 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, transaction, transition and integration expenses, retention earn-outs payable to former shareholders of acquired businesses, earn-out settlements, changes in the fair value of contingent consideration, changes in franchise tax reserves and contested proxy election costs. Non-GAAP Total COGS and OpEx is defined as GAAP Total Operating costs and expenses, excluding amortization of intangible assets, restructuring and asset impairment charges, equity-based compensation, transaction, transition and integration expenses, retention earn-outs payable to former shareholders of acquired businesses, earn-out settlements, changes in the fair value of contingent consideration, changes in franchise tax reserves and contested proxy election costs. Non-GAAP Interest Expense is defined as GAAP interest expense, excluding interest on franchise tax reserves, accretion of contingent consideration, amortization or write-off of issuance costs and discounts on convertible debt plus the reclassification of the current period benefit (cost) of the interest rate swaps from gain (loss) on interest rate swaps. Cash taxes are defined as GAAP current income tax expense excluding changes in reserves for unrecognized tax benefits. Non-GAAP Diluted Weighted Average Shares Outstanding is defined as GAAP diluted weighted average shares outstanding except for periods of a GAAP loss. In periods of a GAAP loss, GAAP diluted weighted average shares outstanding are adjusted to include dilutive common share equivalents outstanding that were excluded from GAAP diluted weighted average shares outstanding because the Company had a loss and therefore these shares would have been anti-dilutive. The Company’s management evaluates and makes decisions about its business operations primarily based on Non-GAAP financial information. Management uses Non-GAAP financial measures as the basis for decision-making as they exclude items management does not consider to be “core costs” or “core proceeds”. For each Non-GAAP financial measure, the adjustment provides management with information about the Company’s underlying operating performance that enables a more meaningful comparison to its historical and projected financial performance in different reporting periods. For example, since the Company does not acquire businesses on a predictable cycle, management excludes the amortization of intangible assets, transaction, transition and integration costs, retention earn-outs payable to former shareholders of acquired businesses, changes in contingent consideration, and earn-out settlements from its Non-GAAP financial measures in order to make more consistent and meaningful evaluations of the Company’s operating expenses as these items may be significantly impacted by the timing and magnitude of acquisitions. Management also excludes the effect of restructuring and asset impairment charges, expenses in connection with the extinguishment or modification of debt and gains on sale of strategic investments. Management excludes the impact of equity-based compensation to provide meaningful supplemental information that allows investors greater visibility to the underlying performance of our business operations, facilitates comparison of our results with other periods, and may facilitate comparison with the results of other companies in our industry, as well as to provide the Company’s management with an important tool for financial and operational decision making and for evaluating the Company’s performance over different periods of time. Due to varying valuation techniques, reliance on subjective assumptions and the variety of award types and features that may be in use, we believe that providing non-GAAP financial measures excluding equity-based compensation allows investors to make more meaningful comparisons between our operating results and those of other companies. Management excludes the amortization or write-off of note issuance costs and discounts on convertible debt, accretion of contingent consideration and mark-to-market adjustments for interest rate swaps when management evaluates the Company’s operating expenses. Management reclassifies the current period benefit (cost) of the interest rate swaps from gain (loss) on interest rate swaps to interest expense in order for Non-GAAP Interest Expense to reflect the effects of the interest rate swaps as these interest rate swaps were entered into to control the effective interest rate the Company pays on its debt. Management uses these Non-GAAP financial measures to help it make decisions, including decisions that affect operating expenses and operating margin. Management believes that making Non-GAAP financial information available to investors, in addition to GAAP financial information, may facilitate more consistent comparisons between the Company’s performance over time with the performance of other companies in our industry, which may use similar financial measures to supplement their GAAP financial information. Management recognizes that these Non-GAAP financial measures have limitations as analytical tools, including the fact that management must exercise judgment in determining which types of items to exclude from the Non-GAAP financial information. In addition, as other companies, including companies similar to TiVo Corporation, may calculate their non-GAAP financial measures differently than the Company calculates its Non-GAAP financial measures, these Non-GAAP financial measures may have limited usefulness to investors when comparing financial performance among companies. Management believes, however, that providing Non-GAAP financial information, in addition to GAAP financial information, facilitates consistent comparison of the Company’s financial performance over time. The Company provides Non-GAAP financial information to the investment community, not as an alternative, but as an important supplement to GAAP financial information; to enable investors to evaluate the Company’s core operating performance in the same way that management does. Reconciliations for each Non-GAAP financial measure to its most directly comparable GAAP financial measure is provided in the tables below. TiVo (NASDAQ: TIVO) is a global leader in entertainment technology and audience insights. From the interactive program guide to the DVR, TiVo delivers innovative products and licensable technologies that revolutionize how people find content across a changing media landscape. TiVo enables the world’s leading media and entertainment providers to deliver the ultimate entertainment experience. Explore the next generation of entertainment at tivo.com, forward.tivo.com or follow us on Twitter @tivo or @tivoforbusiness. This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the Company’s estimates of future financial performance, including future revenues, earnings, expenses, and dividends, as well as future business strategies and future product offerings, deployments and technology and intellectual property licenses with various named customers. These forward-looking statements are based on TiVo’s current expectations, estimates and projections about its business and industry, management’s beliefs and certain assumptions made by the company, all of which are subject to change. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, “future,” “believe,” “expect,” “may,” “will,” “intend,” “estimate,” “continue,” or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include delays and higher costs in connection with the integration of TiVo Inc. (now known as TiVo Solutions Inc.), delays in development, competitive service offerings and lack of market acceptance, as well as the other potential factors described under “Risk Factors” included in TiVo’s most recent Annual Report on Form 10-K and other documents of TiVo Corporation, Rovi Corporation and TiVo Solutions Inc. (formerly known as TiVo Inc.) on file with the Securities and Exchange Commission (available at www.sec.gov). TiVo cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. TiVo assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Eckhoff P.,Intellectual Ventures
PLoS ONE | Year: 2012
Many questions remain about P. falciparum within-host dynamics, immunity, and transmission-issues that may affect public health campaign planning. These gaps in knowledge concern the distribution of durations of malaria infections, determination of peak parasitemia during acute infection, the relationships among gametocytes and immune responses and infectiousness to mosquitoes, and the effect of antigenic structure on reinfection outcomes. The present model of intra-host dynamics of P. falciparum implements detailed representations of parasite and immune dynamics, with structures based on minimal extrapolations from first-principles biology in its foundations. The model is designed to quickly and readily accommodate gains in mechanistic understanding and to evaluate effects of alternative biological hypothesis through in silico experiments. Simulations follow the parasite from the liver-stage through the detailed asexual cycle to clearance while tracking gametocyte populations. The modeled immune system includes innate inflammatory and specific antibody responses to a repertoire of antigens. The mechanistic focus provides clear explanations for the structure of the distribution of infection durations through the interaction of antigenic variation and innate and adaptive immunity. Infectiousness to mosquitoes appears to be determined not only by the density of gametocytes but also by the level of inflammatory cytokines, which harmonizes an extensive series of study results. Finally, pre-existing immunity can either decrease or increase the duration of infections upon reinfection, depending on the degree of overlap in antigenic repertoires and the strength of the pre-existing immunity. © 2012 Philip Eckhoff.
Myhrvold N.P.,Intellectual Ventures |
Caldeira K.,Stanford University
Environmental Research Letters | Year: 2012
A transition from the global system of coal-based electricity generation to low-greenhouse-gas-emission energy technologies is required to mitigate climate change in the long term. The use of current infrastructure to build this new low-emission system necessitates additional emissions of greenhouse gases, and the coal-based infrastructure will continue to emit substantial amounts of greenhouse gases as it is phased out. Furthermore, ocean thermal inertia delays the climate benefits of emissions reductions. By constructing a quantitative model of energy system transitions that includes life-cycle emissions and the central physics of greenhouse warming, we estimate the global warming expected to occur as a result of build-outs of new energy technologies ranging from 100GWe to 10TWe in size and 1100yr in duration. We show that rapid deployment of low-emission energy systems can do little to diminish the climate impacts in the first half of this century. Conservation, wind, solar, nuclear power, and possibly carbon capture and storage appear to be able to achieve substantial climate benefits in the second half of this century; however, natural gas cannot. © 2012 IOP Publishing Ltd.
Myhrvold N.P.,Intellectual Ventures
PLoS ONE | Year: 2013
Previous growth-rate studies covering 14 dinosaur taxa, as represented by 31 data sets, are critically examined and reanalyzed by using improved statistical techniques. The examination reveals that some previously reported results cannot be replicated by using the methods originally reported; results from new methods are in many cases different, in both the quantitative rates and the qualitative nature of the growth, from results in the prior literature. Asymptotic growth curves, which have been hypothesized to be ubiquitous, are shown to provide best fits for only four of the 14 taxa. Possible reasons for non-asymptotic growth patterns are discussed; they include systematic errors in the age-estimation process and, more likely, a bias toward younger ages among the specimens analyzed. Analysis of the data sets finds that only three taxa include specimens that could be considered skeletally mature (i.e., having attained 90% of maximum body size predicted by asymptotic curve fits), and eleven taxa are quite immature, with the largest specimen having attained less than 62% of predicted asymptotic size. The three taxa that include skeletally mature specimens are included in the four taxa that are best fit by asymptotic curves. The totality of results presented here suggests that previous estimates of both maximum dinosaur growth rates and maximum dinosaur sizes have little statistical support. Suggestions for future research are presented. © 2013 Nathan P. Myhrvold.