Time Warner Inc. is a media and entertainment company. The Company was formed in connection with the merger of America Online, Inc. and Time Warner Inc., now known as Historic TW Inc., which was consummated on January 11, 2001. The Company classifies its businesses into the five reporting segments: AOL, consisting principally of interactive services; Cable, consisting principally of interests in cable systems providing video, high-speed data and Digital Phone services; Filmed Entertainment, consisting principally of feature film, television and home video production and distribution; Networks, consisting principally of cable television and broadcast networks; and Publishing, consisting principally of magazine publishing and, subject to a pending sale, book publishing. America Online, Inc., a subsidiary of the Company based in Dulles, Virginia, is in interactive services. AOL and its subsidiaries operate a network of web brands and the Internet access subscription service in the United States. AOL's operations conducted directly and through subsidiaries, are organized into four business units Access, Audience, Digital Services and International. The core AOL service, a subscription-based service with over 19.5 million members in the U.S. and 6.0 million members in Europe at December 31, 2005, provides members with access to the Internet and a global, interactive community offering a variety of content, features, services, applications and tools. In the Company's Cable business, Time Warner Cable Inc. and its subsidiaries, is the operator of cable systems in the U.S. As of December 31, 2005, Time Warner Cable managed cable systems serving approximately 10.957 million basic cable subscribers in highly clustered and upgraded systems in 27 states, of which approximately 9.40 million were in cable systems owned by consolidated entities and approximately 1.557 million were in cable systems of unconsolidated investees.
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TIME WARNER INC. REPORTS SECOND-QUARTER 2008 RESULTS PDF
NEW YORK, August 6, 2008 – Time Warner Inc. (NYSE:TWX) today reported financial results for its
second quarter ended June 30, 2008.
Chief Executive Officer Jeff Bewkes said: “I’m pleased by the overall performance of our businesses so far this year, particularly in light of the challenging economic environment, and that we’re on track to achieve our business outlook. This resilience reflects the strength of our brands, our expertise and our scale, which we think give us a sustained advantage in creating, packaging and distributing the industry’s most compelling content – such as The Dark Knight, Sex and the City and The Closer.”
Mr. Bewkes continued: “We’ve also made significant progress in our top structural initiatives. During the quarter, we agreed to the terms of our planned separation from Time Warner Cable. In addition, we’ve made the key decisions that will enable us to run AOL’s access and audience businesses separately beginning in 2009. As we continue to reshape Time Warner, we’ll increasingly focus on our goal to create
and manage high-quality branded content, across multiple platforms around the world, at the highest
returns possible for our stockholders.”
Company Results
In the quarter, Revenues climbed 5% over the same period in 2007 to $11.6 billion, led by increases at the Filmed Entertainment, Cable and Networks segments. 
Adjusted Operating Income before Depreciation and Amortization rose 4% to $3.2 billion. Growth at the Cable, Networks and Filmed Entertainment segments more than offset declines at the AOL and Publishing segments. Operating Income was up 1% to $1.9 billion.
For the first six months, Cash Provided by Operations was $4.9 billion, and Free Cash Flow totaled $2.9
billion (representing a 46% conversion rate of Adjusted Operating Income before Depreciation and
Amortization). As of June 30, 2008, Net Debt was $34.6 billion, down $1.0 billion from $35.6 billion at
the end of 2007, due primarily to the generation of Free Cash Flow.
Diluted Income per Common Share from Continuing Operations was $0.22 for the three months ended June 30, 2008, compared to $0.25 in last year’s second quarter. The current and prior year amounts included certain items affecting comparability that are described in detail in the Consolidated Reported Net Income and Per Share Results section below. The net impact of such items was to decrease the current year
quarter’s results by $0.02 per diluted common share and to increase the prior year quarter’s results by $0.03
per diluted common share.
Segment Performances
Presentation of Financial Information
The schedule below reflects Time Warner’s financial performance for the three and six months ended June 30, by line of business (millions).
In the presentation of financial information in this release, Adjusted Operating Income (Loss) before Depreciation and Amortization excludes the impact of noncash impairments of goodwill, intangible and fixed assets, as well as gains and losses on asset sales and amounts related to securities litigation and government investigations. Operating Income includes these amounts in their respective periods. Refer to
the reconciliations of Adjusted Operating Income (Loss) before Depreciation and Amortization to Operating Income (Loss) before Depreciation and Amortization and the reconciliations of Operating Income (Loss) before Depreciation and Amortization to Operating Income (Loss) in this release for details.