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Time Warner Cable Reports 2012 Fourth-Quarter And Full-Year Results

Residential services revenue

Residential services revenue growth for the fourth quarter and full year of 2012 was primarily driven by an increase in high-speed data revenue, partially offset by declines in video and voice revenue.
  • The growth in residential high-speed data revenue was the result of growth in high-speed data subscribers and an increase in average revenue per subscriber, primarily due to price increases (including equipment rental charges) and a greater percentage of subscribers purchasing higher-priced tiers of service.
  • Residential video revenue decreased driven by declines in video subscribers and transactional video-on-demand and premium network revenue, partially offset by price increases, a greater percentage of subscribers purchasing higher-priced tiers of service and increased revenue from equipment rentals.
  • Residential voice revenue decreased slightly due to a decrease in average revenue per subscriber, partially offset by growth in voice subscribers.

Business services revenue

Business services revenue growth for the fourth quarter and full year of 2012 was primarily due to increases in high-speed data and voice subscribers and growth in Metro Ethernet revenue.

Advertising revenue

Advertising revenue increased for the fourth quarter and full year of 2012 primarily as a result of increases in political advertising, revenue from advertising inventory sold on behalf of other video distributors and the advertising sold on the Company’s two Los Angeles regional sports networks, which were launched on October 1, 2012 and carry Los Angeles Lakers’ basketball games and other sports programming.

Other revenue

Other revenue increased for the fourth quarter and full year of 2012 primarily as a result of fees from distributors of the Los Angeles regional sports networks.

Fourth-quarter 2012 Adjusted Operating Income before Depreciation and Amortization (“Adjusted OIBDA”) increased 5.6% from the fourth quarter of 2011 to $2.0 billion driven by revenue growth, partially offset by a 12.5% increase in operating expenses. In particular, employee costs were up 11.4% to $1.2 billion, video programming expenses grew 7.0% to $1.2 billion, marketing costs increased 18.3% to $181 million, voice costs were up 10.6% to $156 million and other operating costs increased 27.0% to $649 million.

Full-year 2012 Adjusted OIBDA increased 8.3% from 2011 to $7.8 billion. The year-over-year increase in Adjusted OIBDA was driven by revenue growth, partially offset by an 8.9% increase in operating expenses. For the full year, employee costs were up 10.7% to $4.5 billion, video programming expenses grew 6.4% to $4.6 billion, voice costs were up 3.2% to $614 million and other operating costs increased 15.6% to $2.3 billion.

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