Time Warner Cable Inc TWC
Q4 2010 Earnings Call Transcript

Transcript Call Date 01/27/2011

Operator: Hello and welcome to the Time Warner Cable Fourth Quarter and Full Year 2010 Earnings. At this time, all participants are in a listen-only mode. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

Now, I will turn the call over to Mr. Tom Robey, Senior Vice President of Time Warner Cable Investor Relations. Thank you. You may begin.

Thomas Robey - SVP, IR: Thanks, Candy, and good morning, everyone. Welcome to Time Warner Cable's 2010 Fourth Quarter and Full Year Earnings Conference Call. This morning we issued two press releases, one detailing our 2010 fourth quarter and full year results and the other announcing an increase in and the declaration of our regular quarterly dividends.

Before we begin, there are several items I need to cover. First, we refer to certain non-GAAP measures, including operating income before depreciation and amortization or OIBDA. In addition, we refer to adjusted OIBDA and adjusted OIBDA less capital expenditures. Definitions and schedules setting out reconciliations of these historical non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our trending schedules and earnings release.

Second, today's announcement include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to various factors, including economic, business, competitive, technological, strategic and/or regulatory changes that could affect our business. These factors are discussed in detail in our SEC filings, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Time Warner Cable is under no obligation to, and in fact, expressly disclaims any such obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Finally, today's press releases, trending schedules, presentation slides and related reconciliation schedules are available on our Company's website, at A replay of today's call will be available beginning approximately two hours after the call has ended and will run through midnight Eastern Time, February 1.

With that covered, I'll thank you and turn the call over to Glenn.

Glenn A. Britt - Chairman, President and CEO: Good morning, and thanks for joining us today. 2010 was the year of significant accomplishment for Time Warner Cable. We achieved healthy growth on the top line and delivered record free cash flow. At the same time, we enhanced our products and services, increased the sophistication of our marketing and accelerated the growth of our commercial business.

We also delivered on our shareholder oriented capital allocation strategy. We returned more than $570 million through a dividend in 2010 and we have spent roughly three quarters of a $1 billion on the repurchase of our own shares since November. In addition, this morning we announced an increase of 20% to our quarterly dividend. This increase is yet another signal of our confidence in our business and reinforces our focus on returning capital to our shareholders while continuing to invest in long-term growth.

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