http://www.morningstar.com/earnings/47878767-time-warner-cable-inc-twc-q4-2012.aspx

Time Warner Cable Inc TWC
Q4 2012 Earnings Call Transcript

Transcript Call Date 01/31/2013

Operator: Hello and welcome to the Time Warner Cable Fourth 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 the call over to Mr. Tom Robey, Senior Vice President of Time Warner Cable Investor Relations.

Thomas Robey - SVP, IR: Thanks, Candy, and good morning, everyone. Welcome to Time Warner Cable's 2012 fourth quarter and full year earnings conference call. This morning we issued two press releases, one detailing our 2012 fourth quarter and full year results and the other announcing the increase in our regular quarterly dividend.

Before we begin, there are a couple items I want 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 and 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, 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 releases, 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 Britt. Glenn?

Glenn A. Britt - Chairman and CEO: Good morning and thanks for joining us. As we look back on 2012 we have much to be proud of. It was a year in which we grew revenue by almost 9%, powered by our acquisition and successful integration of Insight Communications, continued success in business services, and a best-ever year in advertising.

Broadband continues to be our strongest product, we added another 0.5 million subs in 2012 and improved the mix even as we raised prices, a powerful combination. But considering that the average customer used roughly 40% more capacity last year and we increased our standard speed by 50%. Pricing increased by less than 10%. Our broadband product is still a terrific value for customers.

We met or exceeded all elements of our guidance in 2012. In addition we honored our commitment to return capital to shareholders. We repurchased 22 million shares for a $1.9 billion in 2012 raising the total since initiation late in 2010 to over $5 billion. And to our regular dividend we returned $700 million to shareholders last year. This morning we announced a 16% increase on dividend to an annualized rate of $2.60 per share, demonstrating our continued confidence in our ability to generate very strong free cash flow.

Read our Earnings Call Transcript disclaimer.
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