Time Warner Inc. (TWX) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Home SEC Filings Warner Media, Llc (TWX) 10-K Annual Report Thu Feb 22 2018

Exhibit 99.1

TIME WARNER INC. REPORTS FOURTH-QUARTER AND FULL-YEAR 2017 RESULTS

Full-Year Highlights

 

  •   Revenues increased 7% to $31.3 billion

 

  •   Turner and Home Box Office’s Subscription revenues increased 13% and 11%, respectively

 

  •   Operating Income grew 5% to $7.9 billion and Adjusted Operating Income grew 7% to $8.2 billion

 

  •   EPS grew 34% to $6.64 and Adjusted EPS grew 27% to $7.47

 

  •   Cash Provided by Operations from Continuing Operations grew 9% to $5.1 billion and Free Cash Flow grew 2% to $4.4 billion

NEW YORK, February 1, 2018 – Time Warner Inc. (NYSE:TWX) today reported financial results for its fourth quarter and full year ended December 31, 2017.

Chairman and Chief Executive Officer Jeff Bewkes said: “We had another very successful year in 2017, achieving our financial goals thanks to the great creative and programming excellence across Time Warner. All three of our operating divisions increased revenue and profits while also investing to capitalize on the growing demand for the most creative and compelling content as well as new ways to deliver it to audiences worldwide. Warner Bros. had its best year ever at the global box office with its films grossing over $5 billion in box office receipts, led by hits like Wonder Woman, It and Dunkirk, which received eight Academy Award nominations, including for Best Picture. Warner Bros. also remains the #1 supplier of television shows for the broadcast networks, and saw continued growth in games with franchise releases Middle-earth: Shadow of War and Injustice 2.”

Mr. Bewkes continued: “HBO again excelled with its combination of the biggest Hollywood hit movies and award-winning original programming - receiving more Primetime Emmy Awards in 2017 than any other network for the 16th consecutive year as well as four Golden Globe Awards in 2018 for Big Little Lies, also the most of any network. Led by its great content, Home Box Office delivered its highest increase in domestic subscribers ever in 2017 and its best subscription revenue growth in over 20 years. Turner continued to deliver exceptional value with TBS, TNT and Adult Swim all ranking among ad-supported cable’s top five networks in primetime among adults 18-49 for the year. Turner claimed the #1 comedy across all television among adults 18-34 with Adult Swim’s Rick and Morty, and CNN was the #1 digital news destination for the second year in a row. We remain excited about the proposed merger with AT&T, pending judicial review, and the potential to accelerate our pace of innovation and connect more directly with consumers.”

Full-Year Company Results

Full-year revenues increased 7% to $31.3 billion due to increases at all operating divisions. Operating Income increased 5% to $7.9 billion and Adjusted Operating Income increased 7% to $8.2 billion due to increases at all operating divisions.

The Company posted 2017 Diluted Income per Common Share from Continuing Operations (“EPS”) of $6.64, up 34% compared to $4.94 in 2016. Adjusted Diluted Income per Common Share from Continuing Operations (“Adjusted EPS”) was $7.47, up 27% from $5.86 for the prior year. EPS and Adjusted EPS in 2017 include a tax provision benefit of $1.07 related to the U.S. tax reform legislation enacted at the end of 2017. EPS and Adjusted EPS in 2016 included a net tax benefit of $0.29 related to an Internal Revenue Service (“IRS”)-approved tax accounting method change. Adjusted EPS excludes premiums paid and costs incurred in connection with debt repurchases of $1.1 billion in 2017 and $1.0 billion in 2016.

The following information was filed by Warner Media, Llc (TWX) on Thursday, February 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: TWX
CIK: 1105705
Form Type: 10-K Annual Report
Accession Number: 0001193125-18-053619
Submitted to the SEC: Thu Feb 22 2018 12:46:45 PM EST
Accepted by the SEC: Thu Feb 22 2018
Period: Sunday, December 31, 2017
Industry: Cable And Other Pay Television Services

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