Directv Earnings Call Insights: EBITDA Growth and Benefits of Economic Stimulus
Benjamin Swinburne – Morgan Stanley: I have I guess two questions of clarification. Bruce for you, on the guidance for ’13, I think I heard you say, 20% EBITDA growth in Brazil and then flat Pan Americana including the impact of the charge. I just want to clarify that was correct.
Bruce B. Churchill – EVP and President, DIRECTV Latin America: No. So, the 20% was in local currency. 20% local currency revenue and OPBDA growth, but rolling everything all in, so consolidated, both Pan Americana and Brazil, it would be about mid-teens revenue and flat OPBDA.
Benjamin Swinburne – Morgan Stanley: Then I hope this doesn’t count as GVT question, but I was curious Pat, you talked about the buyback plan getting through I think early next year. Is that some subject to what happens to GVT? You also talked about, Mike talked keeping the investment grade rating just maybe you could help put that into context for us?
Patrick T. Doyle – EVP and CFO: The $4 billion in getting into next year would be kind of the business as usual without introducing strategic transaction. So, I think as we would look at it, I mean obviously we would be very conscious of. We expect that our credit rating and making sure we give ourselves the most financial flexibility.