Time Warner Cable 2012 Annual Report Download - page 3
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Dear Shareholders,
2012 was a year of signiicant accomplishment at Time Warner Cable. We delivered good results
while making the investments needed for longer-term success in a highly competitive business.
And I am pleased to report that, as a result of our actions, we continued to build shareholder value.
2012 Accomplishments and Highlights
We drove healthy year-over-year growth in many key inancial and operational metrics in 2012:
^ Total company revenue increased 8.7% to $21.4 billion.
^ Business Services revenue increased 29.4% to $1.9 billion.
^ Advertising revenue increased 19.7% to $1.1 billion—an all-time record.
^ Primary service units (PSUs)—the sum of video, high-speed data and voice subscribers for
both residential and business services—were 28.9 million at year end, up from 27.1 million at
the start of 2012.
^ Operating income increased 9.2% to $4.4 billion.
^ Diluted earnings per share grew to $6.90 from $4.97.
^ Free cash low topped $2.5 billion.
Given our strong cash low and solid balance sheet, we paid dividends and repurchased
Time Warner Cable shares totaling $2.6 billion and acquired Insight Communications for $3 billion.
Taking a closer look at the steps we took to drive our 2012 performance and better position
the company for the future:
^ We increased the speed of our standard tier of residential Internet service by 50%, and our
Internet customers now have even more choices with the addition of optional usage-based
tiers available in nearly 90% of our footprint. We added 10,000 WiFi access points, which, when
combined with the thousands of hot spots activated by our WiFi arrangements with other cable
companies, give our Internet customers access to more than 50,000 hotspots nationwide, one
of the most robust WiFi networks in the U.S. And we improved the mix of our subscriber base,
with more subscribers to our Turbo, Extreme and Ultimate tiers.
^ We continued to enhance our TWC TV™ platform. With up to 300 live linear channels
available on the iOS and Android platforms, PCs and MACs, as well as on Roku devices, we
believe we oer the most advanced linear IP video product in the industry. We also added
4,000 on demand assets to the iOS app. Our apps have been well received; in December alone,
more than three-quarters of a million unique customers used the TWC TV™ app—
almost four million times. In addition, we bolstered our programming lineups
in 2012, particularly in sports, and we launched two new regional sports
networks (RSNs) to serve as home to the Los Angeles Lakers in Southern
California—Time Warner Cable SportsNet and Time Warner Cable
Deportes, the irst-ever Spanish language RSN in the U.S.
Glenn A. Britt
Chairman & CEO