DIRECTV (DTV) [Rocket]

In millions, except per share items	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08	Dec-31-07
	10-K	10-K	10-K	10-K/A	10-K	10-K	10-K	10-K/A
Revenues:
United States	26,370	25,088	23,678	22,310	20,684	18,844	17,454	5,330
DIRECTV U.S.	26,001	24,676	23,235	21,872
DIRECTV Latin America	7,061	6,844	6,244	5,096		2,878	2,383	1,719
Latin America and the Caribbean	6,890	6,666	6,062	4,916	3,418	2,721	2,239	503
Other								9,694
Total revenues	33,260	31,754	29,740	27,226	24,102	21,565	19,693	17,246
Revenue growth [+]	4.7%	6.8%	9.2%	13.0%	11.8%	9.5%	14.2%
United States	5.1%	6.0%	6.1%	7.9%	9.8%	8.0%	227.5%
DIRECTV U.S.	5.4%	6.2%	6.2%
DIRECTV Latin America	3.2%	9.6%	22.5%			20.8%	38.6%
Latin America and the Caribbean	3.4%	10.0%	23.3%	43.8%	25.6%	21.5%	345.1%
Sky Brasil	3.6%	7.2%	15.9%	50.0%
Cost of goods sold	18,216	17,240	16,014	14,329	12,303	10,833	9,905	9,885
Gross profit	15,044	14,514	13,726	12,897	11,799	10,732	9,788	7,361
Gross margin	45.2%	45.7%	46.2%	47.4%	49.0%	49.8%	49.7%	42.7%
Selling, general and administrative [+]	5,772	5,421	5,212	4,966	4,450	4,230	3,672	3,191
Sales and marketing	3,659	3,419	3,397	3,390	3,005	2,773	2,429	2,096
General and administrative	2,113	2,002	1,815	1,576	1,445	1,457	1,243	1,095
Other operating expenses	1,204	1,101	996	957	971	1,189	1,101
EBITDA [+]	8,068	7,992	7,518	6,974	6,378	5,313	5,015	4,170
EBITDA growth	1.0%	6.3%	7.8%	9.3%	20.0%	5.9%	20.3%
EBITDA margin	24.3%	25.2%	25.3%	25.6%	26.5%	24.6%	25.5%	24.2%
Depreciation	2,889	2,780	2,342	2,213	2,292	2,288	1,908	1,684
EBITA	5,179	5,212	5,176	4,761	4,086	3,025	3,107	2,486
EBITA margin	15.6%	16.4%	17.4%	17.5%	17.0%	14.0%	15.8%	14.4%
Amortization of intangibles	54	48	95	136	190	352	412
EBIT [+]	5,125	5,164	5,081	4,625	3,896	2,673	2,695	2,486
EBIT growth	-0.8%	1.6%	9.9%	18.7%	45.8%	-0.8%	8.4%
EBIT margin	15.4%	16.3%	17.1%	17.0%	16.2%	12.4%	13.7%	14.4%
Non-recurring items	-3	14	-4	-4
Interest expense, net [+]	830	768	783	729	518	382	279	124
Interest expense	898	840	842	763	557	423	360	235
Interest income	68	72	59	34	39	41	81	111
Other income (expense), net	150	106	140	84	136	-457	55	26
Pre-tax income	4,448	4,488	4,442	3,984	3,514	1,834	2,471	2,388
Income taxes	1,673	1,603	1,465	1,348	1,202	827	864	943
Tax rate	37.6%	35.7%	33.0%	33.8%	34.2%	45.1%	35.0%	39.5%
Minority interest							-92	-11
Earnings from continuing ops	2,756	2,859	2,949	2,609	2,198	942	1,699	1,456
Earnings from discontinued ops							6	17
Net income	2,756	2,859	2,949	2,609	2,198	942	1,705	1,473
Net margin	8.3%	9.0%	9.9%	9.6%	9.1%	4.4%	8.7%	8.5%

Basic EPS [+]	$5.46	$5.22	$4.62	$3.49	$2.50	$0.96	$1.53	$1.22
Growth	4.6%	12.9%	32.3%	39.8%	161.2%	-37.5%	25.6%
Diluted EPS [+]	$5.40	$5.17	$4.58	$3.47	$2.48	$0.95	$1.53	$1.21
Growth	4.5%	12.9%	32.0%	39.8%	161.2%	-37.7%	25.9%

Shares outstanding (basic) [+]	505	548	638	747	880	985	1,110	1,195
Growth	-7.8%	-14.1%	-14.6%	-15.1%	-10.7%	-11.3%	-7.1%
Shares outstanding (diluted) [+]	510	553	644	752	886	992	1,114	1,202
Growth	-7.8%	-14.1%	-14.4%	-15.1%	-10.7%	-11.0%	-7.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.