This excerpt taken from the DTV 10-Q filed Nov 4, 2005.
In our Annual Report on Form 10-K for the year ended December 31, 2004, we disclosed that we expected DIRECTV U.S.' cash flows, which we defined as net cash provided by (used in) operating activities plus cash provided by (used in) investing activities, in 2005 to be slightly above break even. However, DIRECTV U.S.' cash flows have been higher than expected in the current year due mostly to lower than expected capital expenditures, the deferral of capital expenditures to future periods and improved cash management.
This excerpt taken from the DTV 10-Q filed Aug 5, 2005.
In our Annual Report on Form 10-K for the year ended December 31, 2004, we disclosed our expectation that average monthly subscriber churn at DIRECTV U.S. for 2005 would improve slightly over the 1.59% reported for 2004. As a result of higher involuntary churn from subscribers with lower credit scores, due in part to the significant increase in gross subscriber additions over the past several quarters, as well as a more competitive marketplace, we now expect average monthly subscriber churn to increase slightly in 2005 compared to 2004.
Average monthly subscriber churn represents the number of DIRECTV subscribers whose service is disconnected, expressed as a percentage of the average total number of DIRECTV subscribers. A more detailed explanation of our calculation of average monthly subscriber churn is included below in the discussion of the results of operations.