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DIRECTV Announces Second Quarter 2013 Results

DIRECTV (NASDAQ:DTV) today announced an increase in second quarter 2013 revenues of 7% to $7.70 billion, operating profit before depreciation and amortization 1 (OPBDA) of 4% to $2.08 billion, a decline in operating profit of 4% to $1.35 billion, and higher earnings per share of 8% to $1.18 compared to last year's second quarter.

“Our second quarter consolidated results highlight the benefits of our diversified portfolio of businesses as DIRECTV, the world's largest pay-TV company, grew its subscriber base to nearly 37 million customers,” said Mike White, president and CEO of DIRECTV. “While macro-economic and operational challenges in Latin America impacted our results, particularly in Brazil, contributions from successfully executing on DIRECTV U.S.' long term strategic imperatives combined with our share repurchase program drove solid revenue, earnings per share and free cash flow in the quarter.”

DIRECTV'S Operational Review

DIRECTV Consolidated         Three Months EndedJune 30,     Six Months EndedJune 30,
Dollars in Millions except Earnings per Common Share         2013       2012     2013       2012
Revenues         $ 7,700         $ 7,224       $ 15,280         $ 14,270  
Reported Operating Profit Before Depreciation and Amortization (1) 2,081       2,009 4,001       3,912
Reported OPBDA Margin (1)         27.0 %       27.8 %     26.2 %       27.4 %
Reported Operating Profit 1,350 1,411 2,592 2,719
Reported Operating Profit Margin         17.5 %       19.5 %     17.0 %       19.1 %
Reported Net Income Attributable to DIRECTV         660         711       1,350         1,442  
Reported Diluted Earnings Per Common Share         1.18         1.09       2.37         2.16  
Capital Expenditures and Cash Flow                                
Cash paid for property and equipment         193         215       345         368  
Cash paid for subscriber leased equipment - subscriber acquisitions         403         290       772         702  
Cash paid for subscriber leased equipment - upgrade and retention         236         159       463         347  
Cash paid for satellites         116         126       194         184  
Cash Flow Before Interest and Taxes (2)         1,179         1,028       2,286         2,336  
Free Cash Flow (3)         526         471       1,236         1,423  
Adjusted Financial Results                                
Adjusted Operating Profit Before Depreciation and Amortization (1)

 

 

4,167 3,912
Adjusted OPBDA Margin (1)        

 

 

     

 

 

    27.3 %       27.4 %
Adjusted Operating Profit

 

 

2,758 2,719
Adjusted Operating Profit Margin        

 

 

     

 

 

    18.0 %       19.1 %
Adjusted Net Income Attributable to DIRECTV        

 

       

 

      1,486         1,442  
Adjusted Diluted Earnings Per Common Share        

 

       

 

      2.61         2.16  
 

"Adjusted" financial results in the table above and year-to-date discussion below exclude a $166 million pre-tax charge ($136 million after-tax) associated with the revaluation of the net monetary assets of the company's subsidiary in Venezuela at the time of the Bolivar's devaluation in February 2013.

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