Time Warner Cable Inc. (NYSE:TWC) Q4 2014 Earnings Conference Call - Final Transcript

Jan 29, 2015 • 08:30 am ET


Time Warner Cable Inc. (NYSE:TWC) Q4 2014 Earnings Conference Call - Final Transcript


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Hello, and welcome to the Time Warner Cable Fourth Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions) Today's conference is being recorded. If you have any objections, you be disconnect at this time.

Now I will turn the call over to Mr. Tom Robey, SVP, Time Warner Cable, IR. Thank you. You may begin.

Tom Robey

Thanks, Candy, and good morning, everyone. Welcome to Time Warner Cable's 2014 fourth quarter and full year earnings conference call. This morning, we issued a press release detailing our 2014 fourth quarter and full year results.

Before we begin, there are several items I need to cover. First, we refer to certain non-GAAP measures. Definitions and schedules setting out reconciliations of these historical non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and trending schedules.

(Forward-Looking Cautionary Statements) Third, the quarterly growth rates disclosed in this conference call are on a year-over-year basis, unless otherwise noted as being sequential. Fourth, today's press release, Trending Schedules, presentation slide and related reconciliation schedules are available on our website at www.twc.com/investors.

And finally, following prepared comments by Rob Marcus and Artie Minson, Rob, Artie and our COO, Dinni Jain, will be available to answer your questions. With that covered, I'll thank you and turn the call over to Rob. Rob?

Rob Marcus

Thanks, Tom, and good morning everyone. Q4 marked a strong finish to a really positive year for Time Warner Cable. Fourth quarter revenue growth of 3.8% and adjusted OIBDA growth of 5.6% were the best of the year, and our focus on residential subscriber growth was evident in our stand-out sub numbers across all categories.

In particular, residential customer relationship net adds of 54,000 were the best in any fourth quarter since we went public, and residential triple play net adds of 273,000 were the most in any fourth quarter ever. It was just about a year ago that we laid out our three-year operating and strategic plan for Time Warner Cable. As a core element of that plan, we set out to revitalize our residential business by refocusing on growing our customer base, investing in reliability and customer service and enhancing our product set.

Also key to the plan, we committed to drive continued growth in Business Services by expanding our network, augmenting our sales force and increasing productivity. Even with our February agreement to merge with Comcast and all the associated distractions, our team has stayed 100% committed to the plan.

The results show and I couldn't be prouder of what we've been able to accomplish this past year. Our efforts put us ahead of plan in almost every operational category. For the full-year 2014, we added 150,000 residential customer relationships and 373,000 triple plays; a radical turnaround from the past several years.

Not only are we ahead of plan from a subscriber perspective, but we're also ahead of schedule on many of our customer experience focused initiatives. We completed our