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DIRECTV Announces Third Quarter 2011 Results


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53 replies to this topic

#1 OFFLINE   Scott Kocourek

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Posted 03 November 2011 - 06:38 AM

DIRECTV Adds All-Time Record 1.14 Million Net New Subscribers in Latin America and the U.S. in the Quarter.
•DIRECTV Latin America sets records with 957,000 gross and 574,000 net additions in the quarter while Sky Mexico adds 238,000 net new subscribers.
•DIRECTV U.S. gross additions of 1.28 million and lower churn of 1.62% fuel the highest third quarter net additions in 7 years to 327,000

Revenue Growth of 14% Accelerates to $6.84 Billion
•Increase driven by DIRECTV Latin America's record subscriber growth and 11% higher Average Revenue per Subscriber, as well as 8% revenue growth at DIRECTV U.S.

DIRECTV Diluted Earnings per Share Increases 27% to $0.70
•EPS growth driven by 37% increase in operating profit at DIRECTVLatin America as well as share repurchases of $5.9 billion over the last twelve months, including nearly $1.5 billion in the third quarter

EL SEGUNDO, Calif.--(BUSINESS WIRE)-- DIRECTV (NASDAQ: DTV) today reported increases in third quarter 2011 revenues of nearly 14% to $6.84 billion, operating profit before depreciation and amortization1 (OPBDA) of 7% to $1.58 billion and operating profit of 19% to $1.03 billion compared to last year's third quarter. DIRECTV also reported that third quarter net income increased 8% to $516 million while diluted earnings per share grew 27% to $0.70 compared with the same period last year.

"Third quarter net additions soared to an all-time record high of 1.14 million—or 901 thousand excluding Sky Mexico—as the strength of DIRECTV's brands and unparalleled video experience fueled the largest net subscriber gain in DIRECTV's history," said Mike White, president and CEO of DIRECTV. "This tremendous growth came throughout the Americas, as DIRECTV Latin America generated its best quarter ever with 574 thousand net additions while DIRECTV U.S. had its biggest third quarter in seven years with 327 thousand new subscribers. Combining this record performance with solid ARPU growth drove an acceleration of consolidated revenue growth to nearly 14% exceeding both last year and first half growth rates. Earnings per share in the quarter grew even faster to 27% fueled mostly by higher operating profit at DIRECTV Latin America and our share repurchase program, partially offset by higher programming costs and the short term impact from the additional acquisition costs related to the significant increase in gross additions at DIRECTV U.S."

White finished, "Looking forward, we plan to build on this momentum by debuting several compelling new products and services including a greatly enhanced DIRECTV Anywhere offering that will enable consumers to stream live-TV programming and on-demand movies to their mobile devices, as well as a brand new HD user interface and the much anticipated launch of our home media center. We also have exciting growth plans in Latin America as we expect to continue to greatly expand our subscriber base by offering the best video experience to a rapidly growing pay-TV market throughout the region."

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#2 OFFLINE   dirtyblueshirt

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Posted 03 November 2011 - 07:05 AM

As always, news of growth for premium pay TV services is a good sign. I can only expect the release of the HR34 would improve on this for 4Q11.
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#3 OFFLINE   hdtvfan0001

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Posted 03 November 2011 - 08:02 AM

WOW - impressive numbers across the board.

Having seen how cable lost tons of subscribers the last quarter...we now know where many of them moved.
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#4 OFFLINE   FHSPSU67

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Posted 03 November 2011 - 08:04 AM

Great news, but of course "someone" will have a rebuttal:)
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#5 OFFLINE   TomK

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Posted 03 November 2011 - 08:31 AM

Look at what the addition of a few HD channels accomplished. Solution to get even more subscribers? Add even more HD channels. :)

#6 OFFLINE   Drew2k

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Posted 03 November 2011 - 09:03 AM

Looks like DIRECTV is very stable right now... good sign for us.

#7 OFFLINE   ChicagoBlue

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Posted 03 November 2011 - 09:13 AM

Must have been all due to adding AMC in HD, right Swanni? LOL

More proof that Swanni has no clue what he is talking about. Time Warner Cable announced major losses last week as did Cablevision, yet they added HD. At the end of the day, the very few missing HD channels that DTV doesn't have isn't going to drive adds or cause losses. How many consecutive quarters of earnings of all the MSOs do we have to see to prove this out

#8 OFFLINE   maartena

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Posted 03 November 2011 - 09:15 AM

Look at what the addition of a few HD channels accomplished. Solution to get even more subscribers? Add even more HD channels. :)


Correction: Look what the addition of mostly PREMIUM HD channels accomplished.... By the time 3d quarter started, they were in the last stages of adding HBO and Cinemax channels, AND they added a great NFL Sunday Ticket deal as well!

The only non-premium launch, AMC HD didn't hit until the end of the 3d quarter, and with all the "games" it was a guessing game whether that was even true until 2 days before the launch.

What this tells DirecTV is: "See, we don't have to launch BASIC HD. People won't leave because of lack of BASIC HD, and they still sign up for our service! Mr White, please give me another cigar!" :D :D

Edited by maartena, 03 November 2011 - 09:27 AM.

[Disclaimer] The definition of "soon" is based solely on DirecTV's interpretation of the word, and all similarities with dictionary definitions of the word "soon" are purely coincidental and should not be interpreted as a time frame that will come to pass within a reasonable amount of time.

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#9 OFFLINE   YakeVlad

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Posted 03 November 2011 - 09:16 AM

It's quite impressive for D* to be posting such strong numbers when other providers are suffering substantial subscriber losses. It's already been mentioned by others what TWC and Cablevision's results were, and Comcast's numbers were released yesterday showing a net loss of 165,000 subs. Way to continue bucking the industry trends D*. It should be interesting to see if the wide release of the HR34 and the addition of live-streaming TV to mobile devices mentioned in the Q3 results drives those numbers even higher, especially the live-streaming as it adds a service competitors have that D* does not currently. I'll be watching the posts here to see if any timelines are given for the release of those in the conference call today.

Keep the good news coming D*!

Edited by YakeVlad, 03 November 2011 - 09:22 AM.


#10 OFFLINE   maartena

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Posted 03 November 2011 - 09:26 AM

Must have been all due to adding AMC in HD, right Swanni? LOL

More proof that Swanni has no clue what he is talking about. Time Warner Cable announced major losses last week as did Cablevision, yet they added HD. At the end of the day, the very few missing HD channels that DTV doesn't have isn't going to drive adds or cause losses. How many consecutive quarters of earnings of all the MSOs do we have to see to prove this out


Of course! It doesn't matter that AMC HD was added towards the END of the 3d quarter, and that the BEGINNING of the 3d quarter ended the introduction of a whole range of PREMIUM HD channels..... of course not!

It was ALL because AMC HD! As soon as AMC HD got added, over 300.000 new customers FLOCKED to DirecTV in those last three weeks of the 3d quarter! It had nothing to do with previous Premium additions, it was all AMC HD!

The reality of course is: NFL Sunday ticket promotion probably was the reason for the LION share of the subscriber additions. But it does show that DirecTV's focus on sports and premiums, is paying off.
[Disclaimer] The definition of "soon" is based solely on DirecTV's interpretation of the word, and all similarities with dictionary definitions of the word "soon" are purely coincidental and should not be interpreted as a time frame that will come to pass within a reasonable amount of time.

I am the Stig.

#11 OFFLINE   harsh

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Posted 03 November 2011 - 09:28 AM

I can only expect the release of the HR34 would improve on this for 4Q11.

Given that general release probably won't happen during Q4, I think that would be premature. The eerie absence of RVU clients isn't a positive indicator to wide uptake.

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#12 OFFLINE   HoTat2

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Posted 03 November 2011 - 09:29 AM

WOW - impressive numbers across the board. ...


Sure are impressive, and I suppose would be even more so if I really understood what some of them mean :D

"operating profit before depreciation and amortization1?"

"diluted earnings per share?"

"share repurchase program?"

:confused:


Sorry folks, but finance-speak and economics 101 have never been my strong suit. :sure:

#13 OFFLINE   Huskie_2009

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Posted 03 November 2011 - 09:45 AM

•DIRECTV U.S. gross additions of 1.28 million and lower churn of 1.62% fuel the highest third quarter net additions in 7 years to 327,000


They added 1.28 million customers and lost 953,000 customers?
Is that right or do I have to change the batteries in this calculator?

#14 OFFLINE   bobvick1983

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Posted 03 November 2011 - 09:56 AM

They added 1.28 million customers and lost 953,000 customers?
Is that right or do I have to change the batteries in this calculator?


Yes, they lost 953,000. That is called churn, but their net GAIN was 327,000 over the 953,000 that they lost. Since they have roughly 19,000,000 subscribers it is about a 1.75% gain give or take.

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#15 OFFLINE   hilmar2k

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Posted 03 November 2011 - 09:57 AM

They added 1.28 million customers and lost 953,000 customers?
Is that right or do I have to change the batteries in this calculator?


Looks right to me.

#16 OFFLINE   TheRatPatrol

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Posted 03 November 2011 - 10:27 AM

Now how about adding some more basic HD channels? :sure:

#17 OFFLINE   sigma1914

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Posted 03 November 2011 - 10:30 AM

Now how about adding some more basic HD channels? :sure:


Why? There's no reason to after seeing them continue to grow in subs.
If you stop responding to them or put them on ignore, then eventually they'll go away.

#18 OFFLINE   hilmar2k

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Posted 03 November 2011 - 10:34 AM

Now how about adding some more basic HD channels? :sure:


Doesn't this have it's own thread?

#19 OFFLINE   hdtvfan0001

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Posted 03 November 2011 - 12:12 PM

I would think years of sustaining growth and maintaining average or lower churn are a result of numerous factors, of which providing a service many people want nears the very top of the list.

Edited by hdtvfan0001, 03 November 2011 - 12:17 PM.

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#20 OFFLINE   yosoyellobo

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Posted 03 November 2011 - 12:17 PM

Anybody have any idea how much PPV contribute to the bottom line?




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