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» Time Warner Cable CEO Discusses Q3 2010 Results - Earnings Call Transcript
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Second, today's announcements includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to various factors, including economic, business, competitive, technological, strategic and/or regulatory changes that could affect our business.These factors are discussed in detail in our SEC filings, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Time Warner Cable is under no obligation to, and in fact, expressly disclaims any such obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. And finally, today's press releases, trending schedules, presentation slides and related reconciliation schedules are available on our company's website at timewarnercable.com/investors. A replay of today's call will be available beginning approximately two hours after the call has ended and will run through midnight Eastern Time, February 1. With that covered, I'll thank you and turn the call over to Glenn. Glenn? Glenn Britt Good morning, and thanks for joining us today. 2010 was a year of significant accomplishment for Time Warner Cable. We achieved healthy growth on the top line and delivered record free cash flow. At the same time, we enhanced our products and services, increased the sophistication of our marketing and accelerated the growth of our Commercial business. We also delivered on our shareholder-oriented capital allocation strategy. We returned more than $570 million through our dividend in 2010, and we have spent roughly $0.75 billion on a repurchase of our own shares since November. In addition, this morning, we announced an increase of 20% to our quarterly dividend. This increase is yet another signal of our confidence in our business, and reinforces our focus on returning capital to our shareholders while continuing to invest in long-term growth.
We also made a lot of progress in our product offerings. We completed the deployment of video switches, enabling a dramatic increase in the availability of HD channels across our footprint. We launched Look Back, providing our digital customers with on-demand access to three days of programming on 59 networks using our network DVR technology.At the same time, we made our movies On-Demand offering even more attractive by doubling the day and date availability of new titles. We invested in a wireless broadband offering in 2010. The investment is providing us with key insights into the operation of a Wireless business and how it fits with our Wireline business. In 2010, we continued our ongoing efforts to build a more vast marketing tools and additional analytical capabilities. Specifically, last year, we introduced a more sophisticated product pricing regime. And our first products targeted at specific customer segments. We launched Signature Home broadly across our footprint in December, and we're currently engaged in trials of TV Essentials in New York City and Northeast Ohio. We expect this to be but the first in a series of products designed to more closely fit the individual needs of our customers. Now turning to 2011, we entered the new year with aggressive plans, and we're optimistic about our prospects, although weakness in employment and occupied housing will continue to provide a headwind. Competition isn't new to our business, and we expect continuing competitive pressures from the telephone and satellite companies in 2011. But with better products and better marketing than we've ever had before, we're ready. On the regulatory front, we'll continue to press for reform and retransmission consent where 20-year-old statutes effectively tipped the competitive scales of the broadcasters' favor. Regarding broadband regulation, we're pleased that we've avoided Title II Reclassification. However, many parties at both ends of the political spectrum remain unsatisfied, and we expect this issue to remain in the news.
I'm really excited about our rapid progress in harnessing the power of consumer electronics devices to give our customers a better experience and more control as they use our services. Earlier this month, at the Consumer Electronics Show, we demonstrated our ability to deliver video directly to IP-connected devices, such a Smart TVs, tablets and Blu-ray players, all without the need for set-top boxes. This ability to deliver TV to virtually any device in the home is a logical extension of our video product. We expect to launch this capability in the coming months.Read the rest of this transcript for free on seekingalpha.com