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DIRECTV's CEO Discusses Q4 2011 Results - Earnings Call Transcript

In a moment, I'll hand the call over to Mike, Bruce and Pat for some introductory remarks but first, I'll read to you the following. On this call, we make statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to be materially different from those expressed or implied by the relevant forward-looking statements. Factors that could cause actual results to differ materially are described in the Risk Factors section and elsewhere in each of DIRECTV's annual reports on Form 10-K, quarterly reports on Form 10-Q, and our other filings with the SEC, which are available at www.sec.gov. Examples of forward-looking statements include, but are not limited to, statements we make related to our business strategy and regarding our outlook for financial results, liquidity and capital resources. Additionally, in accordance with SEC's Regulation G that requires companies reporting non-GAAP financial measures, to reconcile these measures to the most directly comparable GAAP measure, we provide reconciliation schedules for the non-GAAP measures, which are attached to our earnings release and posted on our website at directv.com.

So with that, I'm pleased to introduce Mike.

Michael White

Thanks, Jon, and thanks, everybody, for joining us today. On today's call, we're going to talk briefly about our fourth quarter and full year 2011 results, so we can spend more time discussing both our longer-term strategies and our 2012 outlook.

Now, looking first at our 2011 results, I have to say I think DIRECTV had another year of industry-leading growth, further extending our position as the world's largest provider of pay-TV video services, now with over 32 million subscribers across the Americas. Clearly, one of the highlights of 2011 was the tremendous consumer demand for DIRECTV and Sky's premium brands, which drove record subscriber growth and market share gains across the Americas. Propelled by a strong fourth quarter results in both the U.S. and Latin America, our full year gross additions soared to all-time highs, up over 20% from 2010 levels, culminating in the largest annual net subscriber gain in DIRECTV's history. In fact, including Sky Mexico, we added a record 3.7 million net new subscribers in 2011. In addition to these subscriber achievements, we generated industry-leading top and bottom line growth, while also returning cash to our shareholders through stock repurchases at an industry-leading clip.

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