Time Warner Cable 2010 Annual Report Download - page 3
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2010 Annual Report 1
Dear Time Warner Cable Shareholders,
Employees and Communities:
For Time Warner Cable, 2010 was a year of signiicant accomplishments,
inancially and operationally.
We continued to grow our business
and enhance our products and services,
while generating record free cash low.
We accelerated the growth of business
services and had a terriic year in
advertising sales.
We initiated payment of a regular
quarterly cash dividend in 2010, relecting
our conidence in the strength of our
business. We returned $1.1 billion of capital
to shareholders during the year through
the dividends and by repurchasing $515
million of our common stock. In January
2011, we raised our regular quarterly
dividend by 20% to $1.92 per share on
an annualized basis.
Our many accomplishments during 2010
demonstrate our fundamental strength
as a company. They also relect a strong
commitment to our mission of connecting
our customers to the things that are
important to them and giving them
more control in ways that are simple
and easy. Our business is dynamic
and ever-changing. We face intense
competition from providers old and
new. But, despite the challenges of
competition and economic uncertainty,
we continue to innovate and develop
new products and technologies that
add value to our customers’ lives—so I’m
very excited about our performance and
about the prospects ahead.
Financial Performance
For the year, our revenues increased
5.6% over 2009 to $18.9 billion, fueled by
more than 25% growth in ad revenues
and over 21% increase in business
services revenues, which crossed the
$1 billion mark for the irst time. Our
operating income was up 11.2% over
2009 to $3.7 billion, earnings per share
grew more than 19%, and free cash
low grew more than 16%. We grew our
primary service units (PSUs)—the total of
video, high-speed data and digital phone
subscribers—to 26.7 million.
Products and Services
The range and variety of our products
and services are the foundation of our
inancial and operational success. During
2010, we introduced several new oerings,
enhanced existing ones and sharpened our
marketing focus. Among the highlights, we:
residential customers across most
of our footprint. Designed to build
stronger relationships with some of our
best customers and attract discerning
new ones, this product is a comprehen-
sive, premium triple-play oering that
connects in-home entertainment,
information and technology with the
convenience of personalized service.
Essentials, a video-only package,
launched irst in New York City and
northeast Ohio, targeting budget-
conscious consumers.
of our service areas. Using our network-
our digital video customers with on-
demand access to programming on
approximately 60 networks for up to
three days after airing.
Glenn A. Britt
Chairman and
Chief Executive Oicer
TWC_005_2010AR_BL02_NEW.indd 1 3/22/11 7:51 AM