Full Year Results
Full year 2012 net revenues increased $165 million, or 13.9%, to $1.353 billion over full year 2011, reflecting 15.9% growth at National Networks partially offset by a decrease of 8.8% at International and Other. AOCF totaled $465 million, an increase of 5.4% or $24 million versus the prior year period. AOCF reflected the impact of the litigation and associated temporary carriage termination with DISH Network. The AOCF increase resulted from 10.0% growth at National Networks partially offset by a decrease of $25 million at International and Other. Operating income was $363 million, an increase of 11.1% or $36 million versus the prior year period. The operating income increase resulted from 16.8% growth at National Networks partially offset by an increase of $27 million in operating loss at International and Other.
1. See definition of Adjusted Operating Cash Flow ("AOCF") included in the discussion of non-GAAP financial measures on page 5 of this earnings release.
Full year 2012 net income from continuing operations was $136 million ($1.89 per diluted share), compared with $126 million ($1.79 per diluted share) in full year 2011. The increase resulted from the growth in operating income partially offset by an increase in interest expense.For the full year 2012, net cash provided by operating activities was $569 million and Free Cash Flow 2 was $551 million. These amounts include a preliminary disbursement of $350 million related to the VOOM HD lawsuit settlement. As discussed in the "Other Matters" section of this release, the $350 million disbursement is subject to the final resolution of the allocation of the proceeds from the VOOM HD lawsuit settlement. Excluding the $350 million related to the VOOM HD lawsuit settlement, net cash provided by operating activities was $219 million and Free Cash Flow was $201 million for the full year 2012. These amounts represent a decrease of $36 million and $39 million, respectively, compared to the full year 2011. Excluding the $350 million related to the VOOM HD lawsuit settlement, the $39 million decrease in free cash flow was primarily the result of an increase in cash interest, cash income taxes and capital expenditures partially offset by improved operating performance.
|(dollars in thousands)||Three Months Ended December 31,||Twelve Months Ended December 31,|
|National Networks||$ 338,551||$ 305,438||10.8%||$ 1,254,186||$ 1,082,358||15.9%|
|International and Other||32,619||39,246||(16.9%)||114,541||125,573||(8.8%)|
|Total net revenues||$ 366,712||$ 338,959||8.2%||$ 1,352,577||$ 1,187,741||13.9%|
|National Networks||$ 106,694||$ 101,079||5.6%||$ 492,129||$ 447,555||10.0%|
|International and Other||(4,302)||6,907||n/m||(30,040)||(4,976)||(503.7%)|
|Total AOCF||$ 102,914||$ 107,172||(4.0%)||$ 465,417||$ 441,713||5.4%|
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