DIRECTV 2010 Annual Report Download - page 55

DIRECTV
SUMMARY RESULTS OF OPERATIONS AND FINANCIAL CONDITION—(continued)
December 31,
2010 2009
(Dollars in Millions)
Consolidated Balance Sheet Data:
Cash and cash equivalents .......................................................................................... $ 1,502 $ 2,605
Total current assets ............................................................................................... 4,253 5,055
Total assets .................................................................................................... 17,909 18,260
Total current liabilities ............................................................................................. 4,450 5,701
Long-term debt ................................................................................................. 10,472 6,500
Redeemable noncontrolling interest ..................................................................................... 224 400
Total stockholders’ equity (deficit) ..................................................................................... (194) 2,911
Reference should be made to the notes to the Consolidated Financial Statements.
Years Ended December 31,
2010 2009 2008
(Dollars in Millions)
Other Data:
Operating profit before depreciation and amortization (1)
Operating profit .......................................................................................... $3,896 $ 2,673 $ 2,695
Add: Depreciation and amortization expense ......................................................................... 2,482 2,640 2,320
Operating profit before depreciation and amortization ................................................................... $6,378 $ 5,313 $ 5,015
Operating profit before depreciation and amortization margin .............................................................. 26.5% 24.6% 25.5%
Cash flow information
Net cash provided by operating activities ........................................................................... $5,206 $ 4,431 $ 3,910
Net cash used in investing activities .............................................................................. (3,099) (2,194) (2,388)
Net cash used in financing activities .............................................................................. (3,210) (1,637) (600)
Free cash flow (2)
Net cash provided by operating activities ........................................................................... $5,206 $ 4,431 $ 3,910
Less: Cash paid for property and equipment ......................................................................... (2,303) (2,012) (2,101)
Less: Cash paid for satellites ................................................................................... (113) (59) (128)
Free cash flow ........................................................................................... $2,790 $ 2,360 $ 1,681
(1) Operating profit before depreciation and amortization, which is a financial measure that is not determined in accordance with accounting principles generally accepted in the United States
of America, or GAAP, can be calculated by adding amounts under the caption ‘‘Depreciation and amortization expense’’ to ‘‘Operating profit.’’ This measure should be used in conjunction
with GAAP financial measures and is not presented as an alternative measure of operating results, as determined in accordance with GAAP. Our management and our Board of Directors
use operating profit before depreciation and amortization to evaluate the operating performance of our company and our business segments and to allocate resources and capital to business
segments. This metric is also used as a measure of performance for incentive
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