DIRECTV HOLDINGS LLC

CIK:0001234308|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Millions	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Millions	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues	$ 5,421	$ 5,031	$ 15,843	$ 14,737
Costs of revenues, exclusive of depreciation and amortization expense
Broadcast programming and other	2,411	2,125	6,818	6,158
Subscriber service expenses	375	351	1,081	999
Broadcast operations expenses	75	68	224	203
Selling, general and administrative expenses, exclusive of depreciation and amortization expense
Subscriber acquisition costs	793	724	2,101	1,929
Upgrade and retention costs	332	306	889	815
General and administrative expenses	282	265	768	741
Depreciation and amortization expense	353	472	1,225	1,465
Total operating costs and expenses	4,621	4,311	13,106	12,310
Operating profit	800	720	2,737	2,427
Interest income			1	4
Interest expense	(177)	(131)	(519)	(344)
Other, net	6	(9)	29	(9)
Income before income taxes	629	580	2,248	2,078
Income tax expense	(237)	(228)	(848)	(811)
Net income	$ 392	$ 352	$ 1,400	$ 1,267

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions	Sep. 30, 2011	Sep. 30, 2010
Cash Flows from Operating Activities
Net income	$ 1,400	$ 1,267
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,225	1,465
Amortization of deferred revenues and deferred credits	(27)	(27)
Share-based compensation expense	62	50
Deferred income taxes	260	193
Other	(34)	25
Change in other operating assets and liabilities:
Accounts receivable	(42)	(103)
Inventories	(59)	33
Prepaid expenses and other	(177)	(185)
Accounts payable and accrued liabilities	(220)	5
Unearned subscriber revenue and deferred credits	46	115
Other, net	(10)	(19)
Net cash provided by operating activities	2,424	2,819
Cash Flows from Investing Activities
Cash paid for property and equipment	(404)	(349)
Cash paid for subscriber leased equipment-subscriber acquisitions	(546)	(437)
Cash paid for subscriber leased equipment-upgrade and retention	(236)	(232)
Cash paid for satellites	(83)	(99)
Investment in companies, net of cash acquired	(11)	(1)
Proceeds from sale of investments	55
Other, net	1	3
Net cash used in investing activities	(1,224)	(1,115)
Cash Flows from Financing Activities
Cash proceeds from debt issuance	3,990	5,978
Debt issuance costs	(30)	(44)
Repayment of long-term debt	(1,000)	(2,323)
Repayment of other long-term obligations	(61)	(73)
Cash dividends to Parent	(4,000)	(5,500)
Excess tax benefit from share-based compensation	21	8
Net cash used in financing activities	(1,080)	(1,954)
Net increase (decrease) in cash and cash equivalents	120	(250)
Cash and cash equivalents at beginning of the period	687	1,716
Cash and cash equivalents at end of the period	807	1,466
Supplemental cash flow information
Cash paid for interest	512	248
Cash paid for income taxes	$ 691	$ 717

CONSOLIDATED BALANCE SHEETS (USD $) In Millions	Sep. 30, 2011	Dec. 31, 2010
Current assets
Cash and cash equivalents	$ 807	$ 687
Accounts receivable, net of allowances of $67 and $46	1,792	1,735
Inventories	286	227
Prepaid expenses and other	366	187
Total current assets	3,251	2,836
Satellites, net	1,742	1,794
Property and equipment, net	2,984	2,832
Goodwill	3,177	3,176
Intangible assets, net	463	495
Other assets	258	267
Total assets	11,875	11,400
Current liabilities
Accounts payable and accrued liabilities	2,705	2,977
Unearned subscriber revenues and deferred credits	424	378
Total current liabilities	3,129	3,355
Long-term debt	13,463	10,472
Deferred income taxes	1,180	906
Other liabilities and deferred credits	242	288
Commitments and contingencies
Owner's deficit
Capital stock and additional paid-in capital	13	7
Accumulated deficit	(6,152)	(3,628)
Total owner's deficit	(6,139)	(3,621)
Total liabilities and owner's deficit	$ 11,875	$ 11,400