DIRECTV 2010 Annual Report Download - page 53

Download and view the complete annual report

Please find page 53 of the 2010 DIRECTV annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 142

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142

DIRECTV
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF could cause our actual results to differ may occur and it is not possible for us to
FINANCIAL CONDITION AND RESULTS OF OPERATIONS predict them all. We undertake no obligation to publicly update any forward-
looking statement, whether as a result of new information, future developments or
CAUTIONARY STATEMENT FOR PURPOSE OF THE otherwise, except as required by law.
‘‘SAFE HARBOR’’ PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 CONTENTS
This Annual Report on Form 10-K may contain certain statements that we The following is a discussion of our results of operations and financial
believe are, or may be considered to be, ‘‘forward-looking statements’’ within the condition. This discussion should be read in conjunction with the consolidated
meaning of various provisions of the Securities Act of 1933 and of the Securities financial statements and related notes included elsewhere in this Annual Report.
Exchange Act of 1934. These forward-looking statements generally can be identified Information in this section is organized as follows:
by use of statements that include phrases such as we ‘‘believe,’’ ‘‘expect,’’ ‘‘estimate,’’
‘‘anticipate,’’ ‘‘intend,’’ ‘‘plan,’’ ‘‘foresee,’’ ‘‘project’’ or other similar references to • Summary Results of Operations and Financial Condition
future periods. Examples of forward- looking statements include, but are not • Significant Transactions Affecting the Comparability of the Results of
limited to, statements we make related to our business strategy and regarding our Operations
outlook for 2011 financial results, liquidity and capital resources.
• Key Terminology
Forward-looking statements are based on our current expectations and
assumptions regarding our business, the economy and other future conditions. • Executive Overview and Outlook
Because forward-looking statements relate to the future, they are subject to inherent • Results of Operations
uncertainties, risks and changes in circumstances that are difficult to predict. Our
actual results may differ materially from those contemplated by the forward-looking • Liquidity and Capital Resources
statements. We caution you therefore against relying on any of these forward- • Contractual Obligations
looking statements. They are neither statements of historical fact nor guarantees or
assurances of future performance. Important factors that could cause actual results • Off-Balance Sheet Arrangements
to differ materially from those in the forward-looking statements include economic, • Contingencies
business, competitive, national or global political, market and regulatory conditions
and other risks, each of which is described in more detail in Item 1A—Risk Factors • Certain Relationships and Related-Party Transactions
of this Annual Report. • Critical Accounting Estimates
Any forward looking statement made by us in this Annual Report on • Accounting Changes and New Accounting Pronouncements
Form 10-K speaks only as of the date on which it is made. Factors or events that
31