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DIRECTV Announces Second Quarter 2012 Results


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#1 OFFLINE   DodgerKing

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Posted 02 August 2012 - 07:17 AM

DIRECTV Latin America Increases Net Additions 37% to All-time Record 645,000 Surpassing the 9 Million Cumulative Subscriber Mark

DIRECTV Revenues Grow 9% to $7.22 Billion


Increase driven by strong DIRECTV Latin America subscriber growth coupled with 4.2% higher ARPU at DIRECTV U.S.

Operating Profit before Depreciation and Amortization Increases 9% to $2.01 Billion and Operating Profit Grows 15% to $1.41 Billion

Growth driven by DIRECTV U.S.'s 10% increase in operating profit before depreciation and amortization to $1.59 billion and 20% increase in operating profit to$1.22 billion.

DIRECTV's Diluted Earnings per Share Rise 20% and Stock Repurchases Total $1.35 Billion in the Quarter

EL SEGUNDO, Calif.--(BUSINESS WIRE)-- DIRECTV (NASDAQ:DTV) today reported an increase in second quarter 2012 revenues of 9% to $7.22 billion, operating profit before depreciation and amortization1 (OPBDA) of 9% to $2.01 billion and operating profit of 15% to $1.41 billion compared to last year's second quarter. DIRECTV reported that second quarter net income increased 1% to $711 million and diluted earnings per share grew 20% to $1.09 compared with the same period last year.

"DIRECTV's strong second quarter consolidated results reflect the unique benefits from our diversified portfolio of businesses which are driving industry leading top-line and bottom-line results," said Mike White, president and CEO of DIRECTV. "DIRECTV Latin America's results demonstrate our competitive advantages in a rapidly growing market by achieving an all-time record of 645,000 net additions and 20% revenue growth in the quarter even with currency headwinds. In addition, DIRECTV U.S. delivered the highest operating profit before depreciation and amortization growth in two years accelerating to 10%, an early indication of successfully executing on our long term strategy of striking a more optimal balance between growth and profitability. Also by leveraging the achievements of both DIRECTV Latin America and DIRECTV U.S. with the continuation of our share repurchase program, earnings per share increased by 20% in the quarter."


DIRECTV'S Operational Review



Second Quarter Review


DIRECTV's second quarter revenues of $7.22 billion increased 9% principally due to subscriber growth at DIRECTV Latin America (DTVLA) and DIRECTV U.S. over the past twelve months. Also impacting the comparison was higher ARPU and net subscriber losses of 52,000 in the second quarter at DIRECTV U.S. Operating profit before depreciation and amortization (OPBDA) increased 9% to $2.01 billion in the quarter compared with the same period last year. OPBDA margin declined due to higher customer service, upgrade and retention and subscriber acquisition spending at DTVLA, partially offset by higher DIRECTV U.S. OPBDA margin principally driven by lower subscriber acquisition, upgrade and retention costs, as well as relatively unchanged customer service expenses. Also in the quarter, operating profit increased 15% to $1.41 billion and operating profit margin increased to 19.5% due to lower depreciation expense at DIRECTV U.S.

http://investor.dire...eleaseID=697550

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#2 OFFLINE   DodgerKing

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Posted 02 August 2012 - 07:19 AM

A net gain in LA
A net loss in US of 52k (I believe this is their first loss ever)

A total net gain for US and LA combined

#3 OFFLINE   raott

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Posted 02 August 2012 - 07:27 AM

A net gain in LA
A net loss in US of 52k (I believe this is their first loss ever)

A total net gain for US and LA combined


Are we seeing the affect of Dish Hopper marketing for the quarter?
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#4 OFFLINE   Go Beavs

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Posted 02 August 2012 - 07:30 AM

Are we seeing the affect of Dish Hopper marketing for the quarter?


That and the Viacom dispute probably.

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#5 OFFLINE   DodgerKing

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Posted 02 August 2012 - 07:45 AM

Are we seeing the affect of Dish Hopper marketing for the quarter?


Nope. Dish lost even more...much more

#6 OFFLINE   raott

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Posted 02 August 2012 - 07:50 AM

Nope. Dish lost even more...much more


Dish only lost 10k in that same period according to the thread in the Dish forum. Even so, shoots the theory down that they went to Dish.

FIOS isn't really building out, I think U Verse stopped as well, so is it cord cutters?
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#7 OFFLINE   onthecake

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Posted 02 August 2012 - 07:59 AM

Happy to say I was in that list. Couldn't handle the performance of the lovely HR series anymore and their lack of a solution that didn't cost me even more money.

#8 OFFLINE   lparsons21

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Posted 02 August 2012 - 08:13 AM

I think the overriding factor that caused both D* and E* to have net loss of subscribers is more to do with the souring of the economy finally showing up in pay to watch TV. It is hard for many to want or can pay for TV when everything they buy has gone up and their paychecks haven't.

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#9 OFFLINE   harsh

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Posted 02 August 2012 - 08:42 AM

Nope. Dish lost even more...much more

While DISH hasn't made their official quarterly announcement, the 8K information says your much wrong.

http://www.fiercecab...2012/2012-07-20

In the first half of the 2012, DISH has added 65,000 more net subscribers.

DIRECTV's US profits remain high with their $94.40 ARPU; up $3.82 over last year's quarter. DIRECTV is fast approaching the triple digits in ARPU and I can't help but think that's going to be a plateau (but I could certainly be wrong).

The DIRECTV LA news would be happier if their ARPU wasn't just over $57 and their churn at 1.80% but that's how they roll.

SAC was $857, up 6.9% over last year. Attracting new customers has become VERY expensive.

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#10 OFFLINE   Sgt. Slaughter

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Posted 02 August 2012 - 10:21 AM

Well I guess ppl are just cutting cords then overall....

freaking TWC lost 169K subs.... http://www.engadget....02/twc-q2-2012/

#11 OFFLINE   raott

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Posted 02 August 2012 - 10:33 AM

Well I guess ppl are just cutting cords then overall....

freaking TWC lost 169K subs.... http://www.engadget....02/twc-q2-2012/


Comcast lost 176k:

http://www.dslreport...scribers-120599

So Directv, Dish, Comcast and TWC were all down in the second quarter.
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#12 OFFLINE   DodgerKing

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Posted 02 August 2012 - 11:27 AM

While DISH hasn't made their official quarterly announcement, the 8K information says your much wrong.

http://www.fiercecab...2012/2012-07-20

In the first half of the 2012, DISH has added 65,000 more net subscribers.

DIRECTV's US profits remain high with their $94.40 ARPU; up $3.82 over last year's quarter. DIRECTV is fast approaching the triple digits in ARPU and I can't help but think that's going to be a plateau (but I could certainly be wrong).

The DIRECTV LA news would be happier if their ARPU wasn't just over $57 and their churn at 1.80% but that's how they roll.

SAC was $857, up 6.9% over last year. Attracting new customers has become VERY expensive.

Not wrong at all. This is the first quarter DirecTV has ever had a net loss is subs, ever. When you factor LA and US, they had a net gain. While Dish, over several quarters, has had a net loss of subs, a lot of subs.

#13 OFFLINE   dcowboy7

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Posted 02 August 2012 - 11:41 AM

Fios added 134,000....guess they dont have scissors.

#14 OFFLINE   raott

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Posted 02 August 2012 - 11:48 AM

Not wrong at all. This is the first quarter DirecTV has ever had a net loss is subs, ever. When you factor LA and US, they had a net gain. While Dish, over several quarters, has had a net loss of subs, a lot of subs.


The post you originally replied to (which Harsh then responded to) was about whether the Dish Hopper was affecting Directv's second quarter numbers. Nothing to do with LA or the first quarter. You asserted that Dish lost many more subscribers. It appears that is not true. Although they did lose 10k, it was not as many US customers as Directv. I'm sure Harsh will correct me, but that is likely why he said you were wrong.
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#15 OFFLINE   RAD

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Posted 02 August 2012 - 11:50 AM

Remember if you have nothing to do the conference call starts at 14:00 EDT, www.directv.com/investor

See post My Setup for configuration info.


#16 OFFLINE   MysteryMan

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Posted 02 August 2012 - 12:05 PM

That and the Viacom dispute probably.


The Viacom dispute occurred in the 3rd quarter.

DirecTV customer since 1995.


#17 OFFLINE   mdavej

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Posted 02 August 2012 - 12:23 PM

Fios added 134,000....guess they dont have scissors.

But Fios has a lot more to offer than most other providers (faster internet, perfect PQ, etc.). I think they are an anomaly. Nearly everyone else is losing subs, likely due to cord cutters, many of whom are driven by costs.

What is a bit surprising to me is these losses are despite the most aggressive marketing and best equipment ever (free ST and 5 tuner DVR with HD GUI from DirecTV, and PTAT and Auto-Hop with the Hopper from Dish). So even though the services are better than ever, there's still not enough value there to justify the high cost for many.

#18 OFFLINE   Gloria_Chavez

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Posted 02 August 2012 - 12:37 PM

It's finally impacted D*. Took awhile, but it was inevitable.

Glance at my signature line.

The real median income continues to decline. Yet, PayTv distributors ask for 7%+ annual rate hikes. Something's gotta give.

The ESPN negotiations will be interesting. As someone who doesn't watch much sports (except for the occasional Cardinal football game), I do hope that the PayTV distributors tell ESPN, we'll pay you 70% of what we were paying you last year, take it or leave it.

Solve the ESPN problem and you solve the PayTV subscriber problem.

Nonsports fans do not want to continue subsidizing the sports fanatic.
Since 1995 the average cable bill has increased 122%, while TV consumption per household just 13%.

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#19 OFFLINE   tonyd79

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Posted 02 August 2012 - 12:57 PM

It's finally impacted D*. Took awhile, but it was inevitable.

Glance at my signature line.

The real median income continues to decline. Yet, PayTv distributors ask for 7%+ annual rate hikes. Something's gotta give.

The ESPN negotiations will be interesting. As someone who doesn't watch much sports (except for the occasional Cardinal football game), I do hope that the PayTV distributors tell ESPN, we'll pay you 70% of what we were paying you last year, take it or leave it.

Solve the ESPN problem and you solve the PayTV subscriber problem.

Nonsports fans do not want to continue subsidizing the sports fanatic.


You really are fixated on espn. They are not the source of all evils in this business.
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#20 OFFLINE   tsduke

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Posted 02 August 2012 - 01:46 PM

It's finally impacted D*. Took awhile, but it was inevitable.

Glance at my signature line.

The real median income continues to decline. Yet, PayTv distributors ask for 7%+ annual rate hikes. Something's gotta give.

The ESPN negotiations will be interesting. As someone who doesn't watch much sports (except for the occasional Cardinal football game), I do hope that the PayTV distributors tell ESPN, we'll pay you 70% of what we were paying you last year, take it or leave it.

Solve the ESPN problem and you solve the PayTV subscriber problem.

Nonsports fans do not want to continue subsidizing the sports fanatic.


I don't want to subsidize your Hallmark or Lifetime, or any of those type of channels either. So I guess we are even.




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