Raising the Bar

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Raising the Bar raising the bar DIRECTV Annual Report 2007 Company Information Board of Directors Elected Offi cers NEIL R. AUSTRIAN CHASE CAREY Private Investor President and Chairman, Nominating and Chief Executive Offi cer Corporate Governance Committee Compensation Committee BRUCE B. CHURCHILL Executive Vice President, President RALPH F. BOYD, JR. of DIRECTV Latin America, LLC and Executive Vice President / President – New Ventures we’re jumping hurdles to bring you Community Relations, Freddie Mac LARRY D. HUNTER Chairman, Freddie Mac Foundation Executive Vice President, Legal, Audit Committee Human Resources and Administration, Nominating and Corporate General Counsel and Secretary the best television Governance Committee MICHAEL W. PALKOVIC CHASE CAREY Executive Vice President – Operations President and Chief Executive Offi cer, ROMULO G. PONTUAL The DIRECTV Group, Inc. Executive Vice President and experience JAMES M. CORNELIUS Chief Technology Offi cer Chairman and Chief Executive Offi cer, PATRICK T. DOYLE Bristol-Meyers Squibb Senior Vice President and Chairman, Audit Committee Chief Financial Offi cer CHARLES R. LEE J. WILLIAM LITTLE Retired Chairman and Senior Vice President and Treasurer Co-Chief Executive Offi cer, Verizon Communications, Inc. JOHN F. MURPHY Chairman, Compensation Committee Senior Vice President, Nominating and Corporate Controller and Chief Accounting Offi cer Governance Committee PETER A. LUND Private Investor and Media Consultant Corporate Information Compensation Committee Audit Committee Corporate Offi ce 2230 East Imperial Highway GREGORY B. MAFFEI* El Segundo, CA 90245-0956 President and Chief Executive Offi cer (310) 964-5000 Liberty Media Corporation Company Information JOHN C. MALONE* Media Relations Chairman (212) 462-5136 The DIRECTV Group, Inc. Investor Relations Chairman (212) 462-5200 Liberty Media Corporation and directv.com Liberty Global, Inc. NASDAQ ticker symbol: DTV NANCY S. NEWCOMB Transfer Agent and Registrar Retired Senior Corporate Computershare Offi cer, Citigroup, Inc. P.O Box 43078 Audit Committee Providence, RI 02940-3078 Nominating and Corporate Computershare.com Governance Committee (877) 498-8904 HAIM SABAN Independent Registered Public Chairman and Chief Accounting Firm Executive Offi cer, Deloitte & Touche LLP Saban Capital Group, Inc. 350 South Grand Avenue Compensation Committee Suite 200 Los Angeles, CA 90071-2462 * Effective February 27, 2008 Design: Sundberg Associates Inc. Financial Highlights Years Ended December 31, 2007 2006 2005 (Dollars in Millions, Except Per Share Amounts) Revenues $17,246 $14,755 $13,164 Operating profi t $2,486 $2,357 $633 Depreciation and amortization expense 1,684 1,034 853 Operating profi t before depreciation and amortization1 $4,170 $3,391 $1,486 Income from continuing operations $1,434 $1,420 $305 Income from discontinued operations, net of taxes 17 — 31 Net income $1,451 $1,420 $336 Basic earnings per common share: Income from continuing operations $1.20 $1.13 $0.22 Income from discontinued operations, net of taxes 0.01 — 0.02 Basic earnings per common share $1.21 $1.13 $0.24 Weighted average number of common shares outstanding (in millions) 1,195 1,262 1,388 Cash paid for property, equipment and satellites $2,692 $1,976 $889 As of December 31, 2007 2006 2005 Cash and cash equivalents $1,083 $2,499 $3,701 Total current assets 3,146 4,556 6,096 Total assets 15,063 15,141 15,630 Total current liabilities 3,434 3,322 2,828 Total debt 3,395 3,615 3,415 Total stockholders’ equity 6,302 6,681 7,940 Number of employees (in thousands) 12 11 9 (1) Operating profi t before depreciation and amortization, which is a fi nancial 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 profi t.” This measure should be used in conjunction with GAAP fi nancial measures and is not presented as an alternative measure of operating results, as determined in accordance with GAAP. For a further discussion of operating profi t before depreciation and amortization, see Summary Data in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in The DIRECTV Group, Inc.’s Form 10-K for the year ended December 31, 2007, included in this Annual Report. 2 DIRECTV A MessageMessage to Shareholders 2007waswas a yearyear in which DIRECTV’s strategystrategy to deliver the best television experienceexperience in the United States to higher quality subscribers drove superior fi nancial and operating results. We took major strides to strengthen our leadership in content, technology and service. And in the fi rst full year of performance since the completion of the DIRECTV and SKY merger, DIRECTV Latin America also reported outstanding results. As a result, our businesses in the U.S. and Latin America have never been stronger and we are well positioned for years of profi table growth. DIRECTV U.S. – Raising the Bar total penetration of advanced services to Much of the planning and hard work over 40% of our subscriber base. Importantly, performed in years past to develop superior the pace has been accelerating, as over 50% programming and advanced products, as of our new subscribers purchased advanced well as focusing on attaining higher quality services in the second half of 2007. subscribers, is now paying off. DIRECTV Many of these accomplishments were U.S. welcomed a total of 878,000 net new attributable to the signifi cant contributions subscribers, a 7% increase over 2006. We from our direct sales channel, which gener- also made signifi cant progress in reducing ated well over 40% of our new subscribers in average monthly churn – the percentage 2007. This is an important sales channel for us of customers who disconnect their service as we continue to target higher quality, loyal each month – to an eight-year low of 1.51%. subscribers who typically generate higher Average monthly subscriber revenue, or monthly revenues and margin. ARPU, increased 7.2% to $79.05 and revenues We are especially proud of our 2007 grew 13% to $15.5 billion. results, considering that our major competi- We fulfi lled a promise made at the begin- tors pointed to the weaker economy as an ning of the year to become the clear and explanation for their signifi cantly slower undisputed leader in HD. We’ve spent a great growth – or, in the case of cable, to the loss deal of effort communicating this message of hundreds of thousands of TV subscribers. through enhanced marketing and, as a result, For some time now, the core of our our brand has never been stronger. For strategy to provide the best television expe- example, in 2007, DIRECTV’s unaided brand rience was defi ned by delivering superior awareness reached an all-time high of 50% service, content and technology. That was and aided awareness rose to near-universal the case in 2007 and will continue to be the levels of 93%. focus in 2008. It’s a message that has clearly resonated On the customer service side, for the with the pay television market and our seventh consecutive year we attained customers. We added a record 2 million HD a higher score for customer satisfaction and/or DVR customers in 2007, bringing our than cable companies from the American ANNUAL REPORT 3 Customer Satisfaction Index (ACSI), University for ways to bring sports fans more, we of Michigan Business School, in addition to recently announced a new addition to our other leading scores from J.D. Power and stable of sports options, The MASTERS Associates and Forrester Research. Experience on DIRECTV. This unique service And while the service side of the business combines live CBS and ESPN coverage of the made real strides in 2007, we still have much tournament with additional views of the work to do. Improving this area is one of our legendary Augusta National Golf Club. In top priorities for 2008. We simply will not be addition, an array of statistics, scores and satisfi ed until our overall customer experience on-demand video clips will be accessible with is nothing less than stellar and is commen- a DIRECTV remote control. surate with the sterling reputation of our We’ve also added new features to some of brand. We want to delight our customers and our more popular packages. Fans of our NFL do so at a lower cost by operating smarter SUNDAY TICKET™ SuperFan® package enjoyed and more effi ciently. a new service – giving them access to the On the content side, we’ve never been entire weekly lineup of live NFL SUNDAY stronger. We quickly moved ahead of our TICKET™ games via a web-stream to their PC or competitors by offering 92 national HD chan- laptop, and the ability to receive in-progress nels – far more than any other TV provider. To game highlights on their cell phone. Our further extend our advantage, we launched NASCAR HotPass™ service is now available the DIRECTV 11 satellite in March 2008. Once entirely in HD and features 13 additional live operational, this satellite will provide us with audio feeds of driver/pit crew communica- the capacity to offer up to 150 national HD tions. More and more, DIRECTV customers are channels and deliver local HD channels to enjoying our enhanced services as evidenced virtuallyvirtually all markets. AndA with the launch by the more than 500 million impressions we of DIRECTV 12 in 2009,2009, we’re confi dent that had across our sports, news and advertising we’ll maintain our leadershipleadership position fforor interactive applications. quitequite some time. While sports are a large part of our We alsoalso addedadded depthdepth andand breadthbreadth to our DIRECTV offerings, we also provide a unique sports content, continuingcontinuing to brinbringg new variety of general entertainment options.
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