DIRECTV 2011 Annual Report Download - page 126
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DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2011
Parent Guarantor Non-Guarantor DIRECTV
Guarantor Co-Issuers Subsidiaries Subsidiaries Eliminations Consolidated
(Dollars in Millions)
Revenues ......................................................... $ — $ 682 $21,872 $5,422 $ (750) $27,226
Operating costs and expenses
Costs of revenues, exclusive of depreciation and amortization expense
Broadcast programming and other ..................................... — — 9,799 1,916 (60) 11,655
Subscriber service expenses .......................................... — — 1,435 476 — 1,911
Broadcast operations expenses ........................................ — — 300 96 (7) 389
Selling, general and administrative expenses, exclusive of depreciation and amortization
expense
Subscriber acquisition costs .......................................... — — 2,794 596 — 3,390
Upgrade and retention costs ......................................... — — 1,209 118 — 1,327
General and administrative expenses .................................... 11 — 1,729 519 (683) 1,576
Depreciation and amortization expense .................................... — — 1,587 762 — 2,349
Total operating costs and expenses ..................................... 11 — 18,853 4,483 (750) 22,597
Operating profit (loss) ................................................ (11) 682 3,019 939 — 4,629
Equity in income of consolidated subsidiaries ................................. 2,622 1,947 — — (4,569) —
Interest income ..................................................... — — 1 44 (11) 34
Interest expense ..................................................... — (692) (4) (78) 11 (763)
Other, net ........................................................ (4) (25) 60 53 — 84
Income before income taxes ............................................. 2,607 1,912 3,076 958 (4,569) 3,984
Income tax benefit (expense) ............................................ 2 13 (1,129) (234) — (1,348)
Net income ....................................................... 2,609 1,925 1,947 724 (4,569) 2,636
Less: Net income attributable to noncontrolling interest .......................... — — — (27) — (27)
Net income attributable to DIRECTV ..................................... $2,609 $1,925 $ 1,947 $ 697 $(4,569) $ 2,609
102