Time Magazine 2014 Annual Report Download - page 65

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TIME WARNER INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION – (Continued)
operating or financial performance. Examples of forward-looking statements in this 2014 Annual Report to Shareholders
include, but are not limited to, statements regarding (i) the adequacy of the Company’s liquidity to meet its needs for the
foreseeable future and (ii) the Company’s expected investment in the Hudson Yards development over the next five years.
The Company’s forward-looking statements are based on management’s current expectations and assumptions regarding
the Company’s business and performance, the economy and other future conditions and forecasts of future events,
circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to
uncertainty and changes in circumstances. The Company’s actual results may vary materially from those expressed or
implied in its forward-looking statements. Important factors that could cause the Company’s actual results to differ
materially from those in its forward-looking statements include government regulation, economic, strategic, political and
social conditions and the following factors:
• recent and future changes in technology, services and standards, including, but not limited to, alternative methods for
the delivery, storage and consumption of digital media and evolving home entertainment formats;
• changes in consumer behavior, including changes in spending behavior and changes in when, where and how digital
content is consumed;
• the popularity of the Company’s content;
• changes in the Company’s plans, initiatives and strategies, and consumer acceptance thereof;
• changes in the plans, initiatives and strategies of the third parties that distribute, license and/or sell Time Warner’s
content;
• competitive pressures, including as a result of audience fragmentation and changes in technology;
• the Company’s ability to deal effectively with economic slowdowns or other economic or market difficulties;
• changes in advertising market conditions or advertising expenditures due to, among other things, economic
conditions, changes in consumer behavior, pressure from public interest groups, changes in laws and regulations and
other societal or political developments;
• piracy and the Company’s ability to exploit and protect its intellectual property rights in and to its content and other
products;
• lower than expected valuations associated with the cash flows and revenues at Time Warner’s reporting units, which
could result in Time Warner’s inability to realize the value recorded for intangible assets and goodwill at those
reporting units;
• increased volatility or decreased liquidity in the capital markets, including any limitation on the Company’s ability to
access the capital markets for debt securities, refinance its outstanding indebtedness or obtain bank financings on
acceptable terms;
• the effects of any significant acquisitions, dispositions and other similar transactions by the Company;
• the failure to achieve the anticipated benefits of the Company’s cost reduction initiatives;
• the failure to meet earnings expectations;
• the adequacy of the Company’s risk management framework;
• changes in U.S. GAAP or other applicable accounting policies;
• the impact of terrorist acts, hostilities, natural disasters (including extreme weather) and pandemic viruses;
• a disruption or failure of the Company’s or its vendors’ network and information systems or other technology relied
on by the Company;
• the effect of union or labor disputes or professional sports league player lockouts;
• changes in tax, federal communication and other laws and regulations;
• currency exchange restrictions and currency devaluation risks in some foreign countries;
• changes in foreign exchange rates; and
• the other risks and uncertainties detailed in “Risk Factors” in this 2014 Annual Report to Shareholders.
Any forward-looking statement made by the Company in this 2014 Annual Report to Shareholders speaks only as of the
date on which it is made. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter
its forward-looking statements, whether as a result of new information, subsequent events or otherwise.
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