DIRECTV 4Q 2014 Revenue Growth of 4% Drives Full Year Revenues Up 5% to US$ 33.3 billion

El Segundo, Calif., February 20, 2015-- >DIRECTV (NASDAQ:DTV) today reported that fourth quarter 2014 revenues increased 4% to US$ 8.92 billion, operating profit before depreciation and amortization (OPBDA) and operating profit decreased to US$ 2.00 billion  and US $1.26 billion, respectively, and diluted earnings per share was unchanged at US$1.53 compared to last year's fourth quarter.

“Our fourth quarter results, although marked by challenging macroeconomic conditions in Latin America and a conscious decision to reinvest in our U.S. business, capped off another strong year of operations for DIRECTV. In Latin America, despite the macroeconomic headwinds, our DIRECTV and Sky brands attracted over 1.4 million net new customers - surpassing the 19 million cumulative subscriber mark by year-end. More importantly, even excluding Venezuela, DTVLA improved cash flow by over US$ 400 million and generated positive cash flow for the year - easily surpassing our internal plans for the business,” said Mike White, President and CEO of DIRECTV.

“And in the U.S., despite operating in a mature, hyper-competitive market with significant cost pressures, we were able to improve our OPBDA margins for the third consecutive year and surpass all of our 2014 plans for subscriber, revenue, OPBDA and cash flow growth, while also making significant headway on improving both the customer service and entertainment experience,” White added. “The focused performance of our two primary segments resulted in a 21% increase in our consolidated free cash flow, topping $3.1 billion for the year - and leaving us with $4.6 billion of cash on the balance sheet at year end,” White added.

 “2015 will bring additional challenges to our businesses, but given our solid continued operating momentum and the pending merger withAT&T, I am confident that we will continue to drive value for our shareholders for the foreseeable future,” White concluded.

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