Time Warner Cable Inc TWC
Q4 2011 Earnings Call Transcript

Transcript Call Date 01/26/2012

Operator: Hello and welcome to Time Warner Cable's Fourth Quarter 2011 and Full Year Results Conference Call. At this time, all participants are in a listen-only mode. Today's conference is being recorded. If you have any objections, you may disconnect at this time.

Now, I'll 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: Great. Thanks, Candy, and good morning, everyone. Welcome to Time Warner Cable's 2011 fourth quarter and full year earnings conference call. This morning, we issued two press releases, one detailing our 2011 fourth quarter and full year results and the other announcing the reload of our share repurchase authorization and an increase in our regular quarterly dividend. Before we begin, there are several items I want 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 earnings release and our trending schedules.

Second, today's announcement includes 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 Time Warner Cable's SEC filings, including its 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.

Third, today's comments on our outlook for 2012 do not include the impact of our pending acquisition of Insight Communications and the expected sale of AWS spectrum by SpectrumCo, and finally today's press releases, trending schedules, the presentation slides for Mr. Marcus and Ms. Esteves and the relative 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 January 30.

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

Glenn A. Britt - Chairman and CEO: Good morning, and thanks for joining us today. Time Warner Cable capped off 2011 with a strong performance in the fourth quarter. We grew revenues of 4% and adjusted OIBDA almost 9% on a year-over-year basis. These results were driven by our focus on improved top line performance and tighter cost management even as we invested in new growth opportunities.

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