Time Warner Cable 2008 Annual Report Download - page 99

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TIME WARNER CABLE INC.
CONSOLIDATED STATEMENT OF OPERATIONS
2008 2007 2006
Year Ended December 31,
(in millions, except per share data)
Revenues:
Subscription:
Video . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,524 $ 10,165 $ 7,632
High-speed data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,159 3,730 2,756
Voice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,619 1,193 715
Total Subscription . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,302 15,088 11,103
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 898 867 664
Total revenues
(a)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,200 15,955 11,767
Costs and expenses:
Costs of revenues
(a)(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,145 7,542 5,356
Selling, general and administrative
(a)(b)
. . . . . . . . . . . . . . . . . . . . 2,854 2,648 2,126
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,826 2,704 1,883
Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262 272 167
Merger-related and restructuring costs . . . . . . . . . . . . . . . . . . . . 15 23 56
Impairment of cable franchise rights . . . . . . . . . . . . . . . . . . . . . 14,822 — —
Loss on sale of cable systems . . . . . . . . . . . . . . . . . . . . . . . . . . 58 — —
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,982 13,189 9,588
Operating Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,782) 2,766 2,179
Interest expense, net
(a)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (923) (894) (646)
Minority interest income (expense), net . . . . . . . . . . . . . . . . . . . . . 1,022 (165) (108)
Other income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (367) 156 131
Income (loss) from continuing operations before income taxes . . . . . (12,050) 1,863 1,556
Income tax benefit (provision) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,706 (740) (620)
Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . (7,344) 1,123 936
Discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . — — 1,038
Cumulative effect of accounting change, net of tax . . . . . . . . . . . . . — — 2
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (7,344) $ 1,123 $ 1,976
Basic income (loss) per common share from continuing operations . . $ (7.52) $ 1.15 $ 0.95
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1.05
Cumulative effect of accounting change . . . . . . . . . . . . . . . . . . . . . — — —
Basic net income (loss) per common share . . . . . . . . . . . . . . . . . . . $ (7.52) $ 1.15 $ 2.00
Average basic common shares outstanding . . . . . . . . . . . . . . . . . . . 977.0 976.9 990.4
Diluted income (loss) per common share from continuing operations. . $ (7.52) $ 1.15 $ 0.95
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1.05
Cumulative effect of accounting change . . . . . . . . . . . . . . . . . . . . . — — —
Diluted net income (loss) per common share . . . . . . . . . . . . . . . . . $ (7.52) $ 1.15 $ 2.00
Average diluted common shares outstanding . . . . . . . . . . . . . . . . . . 977.0 977.2 990.4
(a)
Amounts include the following income (expenses) resulting from transactions with related companies:
2008 2007 2006
Year Ended December 31,
(in millions)
Revenues ......................................... $ 29 $ 20 $ 94
Costs of revenues .................................... (1,054) (1,024) (830)
Selling, general and administrative ......................... (22) (16) 9
Interest expense, net . . . ............................... — — (73)
(b)
Costs of revenues and selling, general and administrative expenses exclude depreciation.
See accompanying notes.
89