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DIRECTV a Video Symphony

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DIRECTV a Video Symphony DIRECTV A Video Symphony ANNU A L REPO R T 2 0 0 9 DIRECTV orchestrates a rich medley of services Company Information Board of Directors Elected Officers for its more than 18.5 million customers in the U.S. NEIL R. AUSTRIAN MICHAEL D. WHITE Private Investor President and Chairman, Nominating and Chief Executive Officer Corporate Governance Committee Compensation Committee BRUCE B. CHURCHILL Audit Committee Executive Vice President, President and Chief Executive Officer of DIRECTV RALPH F. BOYD, JR. Latin America, LLC and Executive Vice President / President – New Ventures Community Relations, Freddie Mac PATRICK T. DOYLE Chairman, Audit Committee Executive Vice President and Nominating and Corporate Chief Financial Officer Governance Committee LARRY D. HUNTER On Demand CHASE CAREY Executive Vice President, Legal, Deputy Chairman, President and Chief Human Resources and Administration, and Operating Officer, General Counsel News Corporation MICHAEL W. PALKOVIC PAUL A. GOULD Executive Vice President – Operations Managing Director, Allen & Company, LLC ROMULO C. PONTUAL Nominating and Corporate Executive Vice President and Governance Committee Chief Technology Officer Compensation Committee J. WILLIAM LITTLE CHARLES R. LEE Senior Vice President and Treasurer Retired Chairman and Co-Chief Executive Officer, JOHN F. MURPHY Verizon Communications, Inc. Senior Vice President, Chairman, Compensation Committee Controller and Chief Accounting Officer Nominating and Corporate Governance Committee JANET L. WILLIAMSON Corporate Secretary PETER A. LUND Private Investor and Former President And Chief Executive Officer, CBS, Inc. Compensation Committee Corporate Information Audit Committee Corporate Office GREGORY B. MAFFEI 2230 East Imperial Highway President and Chief Executive Officer, El Segundo, CA 90245-0956 Liberty Media Corporation (310) 964-5000 JOHN C. MALONE Company Information Chairman, DIRECTV Media Relations Chairman, (212) 205-0882 Liberty Media Corporation and Investor Relations Liberty Global, Inc. (310) 964-0808 directv.com NANCY S. NEWCOMB NASDAQ ticker symbol: DTV Retired Senior Corporate Mobility Officer, Citigroup, Inc. Transfer Agent and Registrar Audit Committee Computershare Nominating and Corporate Governance Committee P.O Box 43078 Providence, RI 02940-3078 HAIM SABAN Computershare.com Chairman and Chief (877) 498-8904 Executive Officer, Saban Capital Group, Inc. Independent Registered Public Compensation Committee Accounting Firm Deloitte & Touche LLP MICHAEL D. WHITE 350 South Grand Avenue President and Chief Suite 200 Executive Officer, Los Angeles, CA 90071-2462 DIRECTV DIRECTV orchestrates a rich medley of services for its more than 18.5 million customers in the U.S. Connectivity Exclusive/Unique Programming ANNUAL REPORT 1 And in Latin America, over 6.5 million customers enjoy a perfect harmony of services. Exclusive Sports Compelling Entertainment 2 DIRECTV ANNUAL REPORT 3 And in Latin America, over 6.5 million customers enjoy a perfect harmony of services. HD & DVR Exclusive Sports Leadership ANNUAL REPORT 3 Financial Highlights Years Ended December 31, 2009 2008 2007 (Dollars in Millions, Except Per Share Amounts) Revenues $21,565 $19,693 $17,246 Operating profit $2,673 $2,695 $2,486 Depreciation and amortization expense 2,640 2,320 1,684 Operating profit before depreciation and amortization1 $5,313 $5,015 $4,170 Amounts attributable to DIRECTV common shareholders: Income from continuing operations $942 $1,515 $1,434 Income from discontinued operations, net of taxes – 6 17 Net income $942 $1,521 $1,451 Diluted earnings attributable to DIRECTV per common share: Income from continuing operations $0.95 $1.36 $1.20 Income from discontinued operations, net of taxes – 0.01 0.01 Net income $0.95 $1.37 $1.21 Diluted weighted average number of common shares outstanding (in millions) 992 1,114 1,202 Cash flow information Net cash provided by operating activities $4,431 $3,910 $3,645 Net cash used in investing activities (2,194) (2,388) (2,822) Net cash used in financing activities (1,637) (600) (2,239) Free cash flow Net cash provided by operating activities $4,431 $3,910 $3,645 Less: Cash paid for property, equipment and satellites (2,071) (2,229) (2,692) Free cash flow 2 $2,360 $1,681 $953 (1) Operating profit before depreciation and amortization, which is a financial measure that is not determined in accordance with accounting principles generally accepted in the United States of America, or GAAP, can be calculated by adding amounts under the caption “Depreciation and amortization expense” to “Operating profit.” This measure should be used in conjunction with GAAP financial measures and is not presented as an alternative measure of operating results, as determined in accordance with GAAP. For further discussion of operating profit before depreciation and amortization, see Summary Data in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in DIRECTV’s Form 10-K for the year ended December 31, 2009, included in this Annual Report. (2) Free cash flow, which is a financial measure that is not determined in accordance with GAAP, can be calculated by deducting amounts under the captions “Cash paid for property and equipment” and “Cash paid for satellites” from “Net cash provided by operating activities” from the Consolidated Statements of Cash Flows. This financial measure should be used in conjunction with other GAAP financial measures and is not presented as an alternative measure of cash flows from operating activities, as determined in accordance with GAAP. For further discussion of operating profit before depreciation and amortization, see Summary Data in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in DIRECTV’s Form 10-K for the year ended December 31, 2009, included in this Annual Report. Pre-SAC Margin, which is a financial measure that is not determined in accordance with accounting principles generally accepted in the United States of America, or GAAP, is calculated for DIRECTV U.S. by adding amounts under the captions “Subscriber acquisition costs” and “Depreciation and amortization expense” to “Operating Profit” from DIRECTV U.S.’ segment operating results and subtracting “subscriber leased equipment - upgrade and retention” as discussed in Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations. This financial measure should be used in conjunction with GAAP financial measures and is not presented as an alternative measure of operating results, as determined in accordance with GAAP. For further discussion of Pre-SAC Margin, see the Reconciliation of Pre-SAC margin to Operating Profit at the back of this annual report. 4 DIRECTV A Message to Shareholders Michael D. White President and Chief Executive Officer Our 2009 Report comes at a time of significant momentum DRIVING RETURNS FROM A STRONG BASE in terms of our operating performance and free cash flow growth, Our full-year results confirm that 2009 was an extremely strong strengthening our position at the leading edge of the television year for both our U.S. and Latin American businesses giving us experience. It’s also a time of transition, as this marks my first letter a great base to build on in 2010 and beyond. to DIRECTV shareholders. As someone who’s been looking into n In the U.S., despite an increasingly competitive industry and the every corner of this company since coming onboard as CEO in continued impact of the economic downturn, DIRECTV added January, I’m convinced that DIRECTV brings the total package: the most net subscribers in four years. a video symphony highlighted by an advantaged technology platform delivering distinctive content done with a twist, and n We grew our Pre-SAC margin by more than a point and drove industry-leading customer service backed up by the best brand capital expenditures down about 15% – and we did both while in the business. It also doesn’t hurt to bring a strong balance significantly improving our call center and installer network’s sheet to today’s competitive market with the power to generate performance. significant amounts of free cash flow. n In 2009, DIRECTV once again posted the highest customer service In some ways, DIRECTV’s strengths come as no surprise. The fact rating in the ASCI – the American Customer Satisfaction Index is, long before I ever imagined becoming CEO at DIRECTV, I was – beating all major cable companies for the 9th consecutive year. a DIRECTV customer. What I wanted was a service that used the latest technology to bring me and my family the hot new shows, hit movies n In Latin America, our performance was even more impressive, and big games – with superior sound and picture, and outstanding as we established new records for most key metrics including customer service at a competitive price. As I soon found out, DIRECTV net additions, revenues and operating profit before depreciation delivered. But I also knew that as a consumer, I had choices when it and amortization. came to home entertainment. That customer perspective is one I’m n All told, these achievements drove industry-leading results at going to work hard to keep as a means of testing how well we’re the consolidated DIRECTV level, including nearly 10% revenue delivering the DIRECTV experience in the future. growth and 40% free cash flow growth. The reasons for DIRECTV’s success are hardly a secret: It’s a terrific product delivered by a talented team of people. No new n On top of all of that, we completed the merger with Liberty CEO taking the helm could ask for a stronger foundation. In the Entertainment and repurchased another $1.7 billion of stock, 5 ½ years that Chase Carey led DIRECTV, the company added bringing the total buyback to nearly $10 billion in the past four over 11 million subscribers in the U.S. and Latin America, more years, reducing our shares outstanding by a third. than doubling revenues while generating over $5 billion of free The strengths we’ve shown will prove critical, especially now.
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