DirecTV 4th Quarter Results - Revenue up 13%, added nearly 1M cust Last Year (1 Viewer)

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Hemi 6.1

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Directv Posts Year End Results.

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DIRECTV Fourth Quarter Results Complete Another Record Setting Year for the Company



DIRECTV Q4 Free Cash Flow Increases 64% to a Record $710 Million
  • Solid revenue growth, improved margins and lower capital expenditures at DIRECTV U.S. fuel full year DIRECTV free cash flow growth of 40% to a record $2.4 billion
DIRECTV Q4 Revenues Grow 13% to Nearly $6.0 Billion
  • Four-year high net subscriber additions at DIRECTV U.S. of 939,000 and record full year net additions at DIRECTV Latin America of 692,000 propel DIRECTV revenue growth of 10% to $21.6 billion in 2009
DIRECTV Q4 Operating Profit before Depreciation and Amortization Increases 22%
  • DIRECTV U.S. Q4 margin expansion of 260 basis points to 25% contributes to full year DIRECTV U.S. Operating Profit before Depreciation and Amortization growth of 7% to $4.7 billion
DIRECTV Announces $3.5 Billion Stock Repurchase Program




EL SEGUNDO, Calif., Feb 18, 2010 (BUSINESS WIRE) --
DIRECTV (NASDAQ:DTV) today reported that fourth quarter 2009 consolidated revenues increased 13% to $5.98 billion, operating profit before depreciation and amortization1 (OPBDA) increased 22% to $1.49 billion while operating profit increased 49% to $862 million compared to last year's fourth quarter. Fourth quarter net income attributable to DIRECTV declined to a loss of $32 million while earnings per share fell to a loss of $0.03 compared with the same period last year. Excluding a pre-tax charge of $491 million ($486 million after tax) related to the merger with Liberty Entertainment completed on November 19, 2009, net income attributable to DIRECTV and diluted earnings per share increased 37% to $454 million and 50% to $0.48, respectively, compared with the fourth quarter of last year.

"I am thrilled to be joining DIRECTV at a time when it has just completed one of its strongest years ever," said Mike White, president and CEO of DIRECTV. "Strong fourth quarter results capped a record-setting year for both our U.S. and Latin American businesses as DIRECTV became the world's largest provider of pay television services while also growing full year consolidated revenues by nearly 10% to $21.6 billion and free cash flow by over 40% to a record $2.4 billion. I'm also pleased to announce that our Board has approved a new share repurchase plan of $3.5 billion."

White continued, "In the U.S., DIRECTV had strong fourth quarter financial results as revenues grew 8% to $5.1 billion, OPBDA margin expanded 260 basis points contributing to OPBDA growth of 21% to $1.3 billion and cash flow before interest and taxes increased 42% to a record $989 million. The significant growth in margins was largely due to operational improvements achieved over the past year in most key areas of our business including attaining greater returns on our upgrade and retention costs through more disciplined cost management and better customer segmentation, as well as gaining significant advances in our customer service levels and efficiencies. Our 119,000 net subscriber additions and higher subscriber acquisition costs in the quarter reflect tighter credit policies, increased competition and a generally cautious consumer seeking value in what continues to be a sluggish economy."

White said, "In Latin America, increasing demand for DIRECTV's pre-paid, DVR and HD services in a relatively stable macro-economic environment drove record growth across the region. Propelled by strong results in Venezuela, Colombia and Brazil, DTVLA's gross additions grew 35% to 460,000 and net additions increased 59% to an all-time high of 254,000 in the fourth quarter. DTVLA revenues and OPBDA were also extremely strong in the quarter growing 47% and 20%, respectively, fueled by the significantly larger subscriber base and favorable exchange rates in Brazil.

"We head into 2010 with strong operating and financial momentum. In the U.S., we look to extend our video leadership with the introduction of many innovative and differentiated services including Multi-Room Viewing, 3-D, DIRECTV Cinema and the debut of our much-anticipated Home Media Center in the second half of this year." White added, "In Latin America, we're expecting another year of tremendous growth fueled by greater sales of our popular pre-paid services, increasing demand for HD and DVR services, as well as unparalleled coverage of the FIFA World Cup. With these strengths in both the U.S. and Latin America, we're targeting another strong year financially as DIRECTV again strives for industry-leading top-line and bottom-line growth rates."
 
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jcrandall

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DirecTV 4th Quarter Results - Revenue up 13%, added nearly 1M net new cust Last Year

DIRECTV Fourth Quarter Results Complete Another Record Setting Year for the Company
DIRECTV Q4 Free Cash Flow Increases 64% to a Record $710 Million
Solid revenue growth, improved margins and lower capital expenditures at DIRECTV U.S. fuel full year DIRECTV free cash flow growth of 40% to a record $2.4 billion

DIRECTV Q4 Revenues Grow 13% to Nearly $6.0 Billion
Four-year high net subscriber additions at DIRECTV U.S. of 939,000 and record full year net additions at DIRECTV Latin America of 692,000 propel DIRECTV revenue growth of 10% to $21.6 billion in 2009

DIRECTV Q4 Operating Profit before Depreciation and Amortization Increases 22%
DIRECTV U.S. Q4 margin expansion of 260 basis points to 25% contributes to full year DIRECTV U.S. Operating Profit before Depreciation and Amortization growth of 7% to $4.7 billion

DIRECTV Announces $3.5 Billion Stock Repurchase Program

EL SEGUNDO, Calif., Feb 18, 2010 (BUSINESS WIRE) -- DIRECTV (NASDAQ:DTV) today reported that fourth quarter 2009 consolidated revenues increased 13% to $5.98 billion, operating profit before depreciation and amortization1 (OPBDA) increased 22% to $1.49 billion while operating profit increased 49% to $862 million compared to last year's fourth quarter. Fourth quarter net income attributable to DIRECTV declined to a loss of $32 million while earnings per share fell to a loss of $0.03 compared with the same period last year. Excluding a pre-tax charge of $491 million ($486 million after tax) related to the merger with Liberty Entertainment completed on November 19, 2009, net income attributable to DIRECTV and diluted earnings per share increased 37% to $454 million and 50% to $0.48, respectively, compared with the fourth quarter of last year.

Wow, added 939,000 net customers added last year, revenues up 13%.



Full Report Here:
http://dtv.client.shareholder.com/releasedetail.cfm?ReleaseID=445565
 

Scott Greczkowski

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Here is a PDF of the full release:
 

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Scott Greczkowski

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This report is confusing to read as they are combining DIRECTV and DIRECTV Latin Americas results together in a lot of spots.
 

jcrandall

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A few key things:

"We head into 2010 with strong operating and financial momentum. In the U.S., we look to extend our video leadership with the
introduction of many innovative and differentiated services including Multi-Room Viewing, 3-D, DIRECTV Cinema and the debut
of our much-anticipated Home Media Center in the second half of this year."

DIRECTV U.S. revenues increased 8% to $5.13 billion in the quarter primarily due to the larger subscriber base and higher
ARPU of $92.36. The 2.1% increase in ARPU was mostly due to programming package price increases and higher HD, DVR
and NFL revenues, partially offset by more competitive offers for both new and existing customers as well as reduced pay-perview
event revenues.

They average over $92 per customer now.
 

Big Dawg 23

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Well it appears that the lack of HD additions really seems to be affecting them versus Dishnetwork :). Once again like Verizon they proved service quality is worth the amount paid versus low cost and poor picture quality.
 

Scott Greczkowski

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Most of the additions were in Latin America, with only 119,000 new subscribers in the US in the 4th quarter.

Looking at the numbers revenue is going up however the qrowth for DIRECTV is the USA is slowing down greatly.
 

Scott Greczkowski

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Gross additions of 964,000 combined with a monthly average churn rate of 1.52% resulted in net subscriber additions of 119,000 in the quarter. The decline in gross additions and the higher churn rate were mostly due to the competitive environment, a weaker economy and more stringent credit and spending policies.

Should be interesting to see DISH's numbers at the end of the month.
 

DodgerKing

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Most of the additions were in Latin America, with only 119,000 new subscribers in the US in the 4th quarter.

Looking at the numbers revenue is going up however the qrowth for DIRECTV is the USA is slowing down greatly.
Slow GROWTH is better than negative growth.
 

Juan

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u guys missed this key statement


Fourth quarter net income attributable to DIRECTV declined to a loss of $32 million while earnings per share fell to a loss of
$0.03 compared with the same period last year
 

gpg

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u guys missed this key statement


Fourth quarter net income attributable to DIRECTV declined to a loss of $32 million while earnings per share fell to a loss of
$0.03 compared with the same period last year

And you missed this sentence:
Excluding a pre-tax charge of $491 million ($486 million after tax) related to the merger with Liberty Entertainment completed on November 19, 2009, net income attributable to DIRECTV and diluted earnings per share increased 37% to $454 million and 50% to $0.48, respectively, compared with the fourth quarter of last year.

Take away the one-time charges associated with the Liberty merger, and DirecTV had a solid fourth quarter financially.
 
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ChrisK114

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IMO if D* would just get aggressive with new HD with D12. They could regain the momentum. All these horror stories with customer service has seemed to help them to somwhat refocus on customers. I know the last few times I have called with a problem, they have responded very well. They have achance with this new sat to really seperaste themselves from the rest. Now if they choose to do that or focus on 3D (which I feel is a mistake) remains to be seen.
 

fleetfarmer

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IMO if D* would just get aggressive with new HD with D12. They could regain the momentum. All these horror stories with customer service has seemed to help them to somwhat refocus on customers. I know the last few times I have called with a problem, they have responded very well. They have achance with this new sat to really seperaste themselves from the rest. Now if they choose to do that or focus on 3D (which I feel is a mistake) remains to be seen.

The horror stories read here about customer service are a tiny, tiny percentage of all the customer service calls that go thru DIRECTV. A lot of times the horror stories here turn out to be nothing like the person that was all fired up because DIRECTV wouldn't send out a tech. when their service went out due to weather related issues. The person later reported back to say they unplugged the power, plugged it back in and everything worked fine again. Another good "horror story" example is that people come here to report that DIRECTV won't give them a free upgrade and they are furious over it.

Once the D12 is fully operational I think DIRECTV will seperaste themselves from the rest. They are planning to have two 3D channels activated this summer. I think they'll be focusing on adding more HD with D12. I don't think they'll turn on D12 and add 100 3D channels.
 
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