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Subject:  Re: Holy buybacks Batman!!! - DIRECTV (DTV) Date:  2/20/2013  11:59 AM
Author:  constructive Number:  394670 of 457

As a reminder, our results exclude those of SKY Mexico, which we do not consolidate.

In PanAmericana, gross additions grew 48% compared to last year, with sales of our prepaid product in Argentina, Colombia and Venezuela driving much of the growth.

Cash flow before interest and taxes in the quarter of $82 million declined from $101 million a year ago as higher OPBDA and high dividends were more than offset by higher nonsubscriber-related CapEx and higher satellite payments and unfavorable working capital movements.

That said, we're expecting programming costs per subscriber growth for the full year to be similar to the rate we saw in 2012 of about 8%.

As such, we are targeting subscriber services, broadcast operations and G&A expenses to be relatively flat and, in some cases, down in each of the next 3 years as a percentage of revenues. [This seems good.]

In addition, as Mike mentioned at an investor conference last month, we expect 2013 to be a peak year in capital spending at DIRECTV U.S. at approximately $2 billion.

So I think for both the U.S. and Latin America, the CapEx on satellite's in kind of the $150 million range for both.

Interesting call.

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