Name: Time Warner Cable Inc. (NYSE:TWC) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Time Warner Cable Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 31, 2013	Dec 31, 2012	Sep 30, 2012	Jun 30, 2012	Mar 31, 2012	Dec 31, 2011	Sep 30, 2011	Jun 30, 2011	Mar 31, 2011
Revenue	6,191)	6,072)	5,922)	5,926)	5,777)	5,790)	5,714)	5,726)	5,582)	5,577)	5,518)	5,550)	5,475)	5,485)	5,363)	5,404)	5,134)	4,993)	4,911)	4,944)	4,827)
Programming and content	(1,551)	(1,446)	(1,461)	(1,489)	(1,419)	(1,318)	(1,326)	(1,341)	(1,309)	(1,231)	(1,210)	(1,234)	(1,275)	(2,565)	(2,499)	(2,474)	(2,404)	(2,283)	(2,286)	(2,297)	(2,272)
Gross profit	4,640)	4,626)	4,461)	4,437)	4,358)	4,472)	4,388)	4,385)	4,273)	4,346)	4,308)	4,316)	4,200)	2,920)	2,864)	2,930)	2,730)	2,710)	2,625)	2,647)	2,555)
Sales and marketing	(613)	(616)	(608)	(596)	(559)	(537)	(556)	(544)	(555)	(551)	(528)	(496)	(473)	—)	—)	—)	—)	—)	—)	—)	—)
Technical operations	(426)	(427)	(437)	(406)	(399)	(387)	(401)	(371)	(371)	(371)	(394)	(363)	(372)	—)	—)	—)	—)	—)	—)	—)	—)
Customer care	(238)	(226)	(224)	(224)	(226)	(217)	(210)	(207)	(205)	(191)	(191)	(187)	(197)	—)	—)	—)	—)	—)	—)	—)	—)
Other operating	(1,204)	(1,225)	(1,212)	(1,181)	(1,178)	(1,191)	(1,167)	(1,209)	(1,162)	(1,207)	(1,190)	(1,233)	(1,246)	(926)	(918)	(919)	(857)	(821)	(843)	(823)	(824)
Depreciation	(940)	(922)	(901)	(885)	(852)	(842)	(824)	(795)	(775)	(784)	(790)	(792)	(789)	(777)	(789)	(817)	(771)	(756)	(750)	(744)	(744)
Amortization	(34)	(34)	(34)	(34)	(34)	(34)	(33)	(35)	(33)	(31)	(32)	(31)	(32)	(31)	(31)	(33)	(15)	(10)	(9)	(8)	(6)
Merger-related and restructuring costs	(40)	(51)	(44)	(82)	(26)	(38)	(46)	(61)	(80)	(38)	(23)	(27)	(31)	(17)	(32)	(21)	(45)	(34)	(21)	(9)	(6)
Asset impairments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(60)	—)	—)	—)
Operating income	1,145)	1,125)	1,001)	1,029)	1,084)	1,226)	1,151)	1,163)	1,092)	1,173)	1,160)	1,187)	1,060)	1,169)	1,094)	1,140)	1,042)	1,029)	1,002)	1,063)	975)
Interest expense, net	(350)	(352)	(351)	(350)	(348)	(353)	(353)	(349)	(364)	(377)	(379)	(398)	(398)	(402)	(402)	(397)	(405)	(406)	(383)	(366)	(363)
Other income (expense), net	11)	3)	10)	127)	10)	7)	5)	8)	15)	1)	—)	11)	(1)	4)	496)	—)	(3)	(5)	(22)	(32)	(30)
Income before income taxes	806)	776)	660)	806)	746)	880)	803)	822)	743)	797)	781)	800)	661)	771)	1,188)	743)	634)	618)	597)	665)	582)
Income tax provision	(312)	(290)	(223)	(343)	(288)	(326)	(304)	(323)	(264)	(257)	(249)	(319)	(260)	(257)	(379)	(290)	(251)	(54)	(241)	(244)	(256)
Net income	494)	486)	437)	463)	458)	554)	499)	499)	479)	540)	532)	481)	401)	514)	809)	453)	383)	564)	356)	421)	326)
Net income attributable to noncontrolling interests	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1)	(1)	(1)	(1)	—)	—)	(1)	(1)
Net income attributable to TWC shareholders	494)	486)	437)	463)	458)	554)	499)	499)	479)	540)	532)	481)	401)	513)	808)	452)	382)	564)	356)	420)	325)

Revenue exhibits a consistent upward trajectory over the analyzed period, growing from 4,827 million US dollars in March 2011 to 6,191 million US dollars by March 2016. This steady expansion indicates a sustained increase in top-line performance throughout the five-year window.

Gross Profitability and Cost Structure: A significant structural shift in gross profit is observed starting in the first quarter of 2013. Prior to this period, programming and content costs averaged between 2,200 and 2,600 million US dollars per quarter. Beginning in March 2013, these costs dropped sharply to approximately 1,200 to 1,500 million US dollars, resulting in a corresponding increase in gross profit from an average of 2,800 million US dollars to over 4,200 million US dollars.
Operational Expenditure Patterns: Beginning in March 2013, a more granular reporting of operating expenses is observed, specifically the introduction of sales and marketing, technical operations, and customer care line items. Combined, these expenditures represent a significant recurring cost, with sales and marketing expenses trending upward from 473 million US dollars in March 2013 to 613 million US dollars in March 2016. Other operating expenses also saw a notable increase, rising from roughly 800 million US dollars in 2011 to approximately 1,200 million US dollars from 2013 onward.
Operating Income Stability: Despite the substantial increase in gross profit and total revenue, operating income remained relatively stable, fluctuating between 1,000 and 1,200 million US dollars. This suggests that the gains in gross margin were largely offset by the increase in detailed operating expenses and other operating costs. Depreciation expenses showed a gradual increase, rising from 744 million US dollars in March 2011 to 940 million US dollars in March 2016, reflecting continued investment in infrastructure.
Net Income and Non-Operating Factors: Net income generally remained within a range of 400 to 600 million US dollars, with a notable outlier in September 2012 where net income reached 809 million US dollars, driven by a one-time "Other income" gain of 496 million US dollars. Interest expenses remained stable, hovering between 350 and 400 million US dollars per quarter. The net income attributable to shareholders closely mirrors total net income, indicating minimal impact from noncontrolling interests.

The overall financial trend is characterized by strong revenue growth and improved gross margins, though these gains were absorbed by rising operational and depreciation costs, leading to a plateau in operating income growth.

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Time Warner Cable Inc. (NYSE:TWC)

Income StatementQuarterly Data

Income Statement
Quarterly Data