Quick Take DirecTV gained 103,000 net subscribers in the U.S. and 658,000 net subscribers in Latin America (excluding Sky Mexico) Revenue growth in the U.S. was 5%, driven by price increases and better mix of products. In the U.S., the focus will remain on balanced growth in margins and revenue as competition intensifies Revenue growth in Latin America stood over 22%, driven by subscriber growth and partially offset by currency devaluation Latin American growth will continue driven by popularity of middle market packages and prepaid products Some of the key takeaways from DirecTV’s Q4 2012 earnings include a focus on improving financials and controlling costs in the U.S., continued aggressive expansion in Latin America and plans to increase investments in upgrading programs.