http://www.morningstar.com/earnings/44898883-twc-twc-q3-2012.aspx

TWC TWC
Q3 2012 Earnings Call Transcript

Transcript Call Date 11/07/2012

Operator: Hello and welcome to the Time Warner Cable Third Quarter 2012 Earnings 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 today's call over to Tom Robey, Senior Vice President of Time Warner Cable Investor Relations. Thank you, Sir. You may begin.

Thomas Robey - SVP, IR: Thanks, Candy, and good morning, everyone. Welcome to Time Warner Cable's 2012 third quarter earnings conference call. This morning, we issued a press release detailing our 2012 third quarter results. Before we begin, there are a couple of items I need to cover.

First, we refer to certain non-GAAP measures, 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 or our training 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 which are discussed in detail in our SEC filings. 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 release, trending schedules, presentation slides, and relative reconciliation schedules are available on our website at twc.com/investors.

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. I want to begin by thanking all of our employees who worked in many ways to help keep our customers informed and connected during last week's storm, as well as those who’ve been dealing with the May aftereffects.

I'm truly inspired by the tremendous dedication of our residential, commercial operations and customer care teams as well as our news channels, including New York 1, News Channel 14 in the Carolinas and YNN in upstate New York. They did an amazing job covering the approach impact and now the aftermath of the storm.

Our customers have noticed our work and they appreciate it, as do I. I would note that we have sustained some damage to our facilities, vehicles and outdoor plant almost entirely here in New York City. We're still evaluating the loss and the extent of insurance coverage, but we don't expect the amount to be very significant.

Certainly on a relative basis, it pales in comparison to the losses that so many families, businesses and communities have suffered. Our third quarter was in many ways like the quarter that preceded it, more than 9% revenue growth with very steady margins and increasing return of capital to shareholders.

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