Time Warner financials

Summary - Funding Rounds

Founding Date	1985

Time Warner is a subsidiary of AT&T

Time Warner Revenue Breakdown

Business Segment

Embed Graph

Time Warner revenue breakdown by business segment: 43.0% from Warner Bros., 19.4% from Home Box Office and 37.5% from Turner

Annual

USD	FY, 2010	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	26.9b	29.0b	28.7b	26.5b	27.4b	28.1b	29.3b	31.3b
Revenue growth, %		8%	(1%)	(8%)	3%	3%	4%
Cost of goods sold								17.6b
Gross profit								13.6b
Gross profit Margin, %								44%
General and administrative expense							5.1b	5.4b
Operating expense total							5.1b	5.4b
Depreciation and amortization								(197.0m)
EBIT				6.8b	6.1b	6.9b	7.5b	7.9b
EBIT margin, %				26%	22%	24%	26%	25%
Interest expense						1.2b	1.2b	1.0b
Pre tax profit						5.4b	5.2b	5.9b
Income tax expense						(1.7b)	(1.3b)	(701.0m)
Net Income				3.7b	3.8b	3.8b	3.9b	5.2b

Source: SEC Filings

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018
Revenue	6.9b	7.5b	6.8b	6.2b		7.3b	6.6b	7.3b	7.0b	7.2b	7.7b	7.3b	7.6b	8.0b
Cost of goods sold	3.5b	4.2b	3.9b	3.7b		4.2b	3.5b	4.0b	3.8b	3.9b	4.3b	4.2b	3.9b	4.7b
Gross profit	3.4b	3.4b	2.9b	2.6b		3.2b	3.0b	3.3b	3.1b	3.3b	3.4b	3.1b	3.7b	3.3b
Gross profit Margin, %	49%	45%	42%	41%		43%	46%	45%	45%	46%	44%	43%	48%	41%
General and administrative expense	1.5b	1.7b	1.2b	1.2b		1.2b	1.1b	1.3b	1.3b	1.2b	1.3b	1.4b	1.4b	1.4b
Operating expense total	1.5b	1.7b	1.2b	1.2b		1.2b	1.1b	1.3b	1.3b	1.2b	1.3b	1.4b	1.4b	1.4b
Depreciation and amortization	(60.0m)	(69.0m)	(50.0m)	(52.0m)		(43.0m)	(47.0m)	(48.0m)	(47.0m)	(48.0m)	(45.0m)	(46.0m)	(45.0m)	(43.0m)
EBIT	1.8b	1.9b	1.6b	971.0m		1.9b	1.8b	2.0b	1.8b	2.0b	2.1b	1.7b	2.2b	1.8b
EBIT margin, %	27%	26%	23%	16%		25%	28%	27%	27%	28%	27%	23%	30%	23%
Interest expense	301.0m	266.0m	296.0m	307.0m		286.0m	294.0m	284.0m	292.0m	298.0m	259.0m	249.0m	254.0m	207.0m
Pre tax profit	1.5b	1.7b	1.3b	529.0m		1.4b	1.5b	1.7b	1.4b	1.7b	1.9b	1.5b	1.9b	1.5b
Income tax expense	(477.0m)	(368.0m)	(434.0m)	437.0m		(477.0m)	(452.0m)	(498.0m)	(472.0m)	(217.0m)	(470.0m)	(452.0m)	(550.0m)	132.0m
Net Income	1.2b	1.3b	850.0m	967.0m	970.0m	971.0m	1.0b	1.2b	951.0m	1.5b	1.4b	1.1b	1.4b	1.6b

Source: SEC Filings

Annual

usd	Y, 2009	Y, 2010	Y, 2011	Y, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	4.7b	3.7b	3.5b	2.8b	1.9b	2.6b	2.2b	1.5b	2.6b
Inventories					2.0b	1.7b	1.8b	2.1b	2.4b
Current Assets					12.8b	13.2b	12.5b	13.5b	15.2b
PP&E					3.8b	2.7b	2.6b	2.5b	2.7b
Goodwill					30.6b	27.6b	27.7b	27.8b	27.8b
Total Assets					68.0b	63.3b	63.8b	66.0b	69.2b
Accounts Payable								3.6m	7.9b
Short-term debt
Current Liabilities					8.4b	9.2b	8.0b	9.7b	14.1b
Long-term debt					20.1b	21.4b	23.6b	22.4b	18.3b
Total Debt					20.1b	21.4b	23.6b	22.4b	18.3b
Additional Paid-in Capital						149.3b	148.0b	146.8b	145.1b
Retained Earnings					(85.0b)	(81.2b)	(77.4b)	(73.5b)	(68.2b)
Total Equity					29.9b	24.5b	23.6b	24.3b	28.4b
Debt to Equity Ratio					0.7 x	0.9 x	1 x	0.9 x
Debt to Assets Ratio					0.3 x	0.3 x	0.4 x	0.3 x
Financial Leverage					2.3 x	2.6 x	2.7 x	2.7 x	2.4 x

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018
Cash	1.6b	3.5b	4.5b	3.2b	2.3b	3.1b	1.8b	1.5b	2.5b	2.3b	1.5b	1.7b	2.6b	1.7b
Inventories	2.1b	1.9b	1.7b	1.8b	1.5b	1.6b	2.0b	1.6b	1.7b	1.9b	2.0b	2.0b	2.2b	2.1b
Current Assets	11.6b	14.0b	14.2b	12.9b	12.5b	13.8b	12.1b	11.8b	13.0b	13.3b	12.9b	13.4b	14.6b	15.1b
PP&E	3.7b	3.2b	2.7b	2.7b	2.6b	2.6b	2.6b	2.5b	2.5b	2.5b	2.5b	2.5b	2.6b	2.8b
Goodwill	30.5b	30.6b	27.6b	27.6b	27.6b	27.6b	27.7b	27.7b	27.7b	27.7b	27.7b	27.8b	27.8b	27.8b
Total Assets	66.5b	68.2b	64.5b	63.1b	62.2b	63.4b	62.7b	63.3b	64.1b	65.8b	65.6b	66.1b	68.3b	69.0b
Accounts Payable	6.8b	7.3b	6.6b	7.1b	7.1b	7.1b	7.6b	6.6b	6.4b	6.9b	6.8b	7.0b	8.0b	8.0b
Current Liabilities	7.7b	8.3b	7.2b	8.7b	8.9b	9.2b	8.4b	7.2b	7.0b	7.5b	8.2b	8.8b	9.9b	12.9b
Long-term debt	19.1b	20.2b	22.4b	21.4b	21.2b	22.3b	22.7b	23.6b	24.4b	24.4b	22.4b	21.8b	21.9b	18.3b
Total Debt	19.1b	20.2b	22.4b	21.4b	21.2b	22.3b	22.7b	23.6b	24.4b	24.4b	22.4b	21.8b	21.9b	18.3b
Additional Paid-in Capital		153.0b	149.8b	149.5b	149.0b	148.6b	148.3b	147.6b	147.3b	147.0b	146.3b	145.7b	145.4b	144.8b
Retained Earnings	(86.0b)	(83.7b)	(82.9b)	(81.9b)	(80.2b)	(79.3b)	(78.2b)	(76.2b)	(75.2b)	(73.7b)	(72.0b)	(71.0b)	(69.6b)	(66.7b)
Total Equity	29.9b	30.0b	25.9b	25.2b	24.2b	24.0b	23.6b	23.8b	23.9b	24.3b	25.4b	26.0b	27.3b	29.8b
Debt to Equity Ratio	0.6 x	0.7 x	0.9 x	0.8 x		0.9 x	1 x	1 x	1 x	1 x	0.9 x	0.8 x	0.8 x	0.6 x
Debt to Assets Ratio	0.3 x	0.3 x	0.3 x	0.3 x		0.4 x	0.4 x	0.4 x	0.4 x	0.4 x	0.3 x	0.3 x	0.3 x	0.3 x
Financial Leverage	2.2 x	2.3 x	2.5 x	2.5 x	2.6 x	2.6 x	2.7 x	2.7 x	2.7 x	2.7 x	2.6 x	2.5 x	2.5 x	2.3 x

Annual

usd	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	3.7b	3.8b	3.8b	3.9b	5.2b
Depreciation and Amortization				(190.0m)	694.0m
Accounts Receivable					(704.0m)
Accounts Payable	(492.0m)	592.0m	(200.0m)	631.0m	624.0m
Cash From Operating Activities	3.7b	802.0m	(463.0m)		5.1b
Cash From Investing Activities	(910.0m)				(996.0m)
Dividends Paid	(1.1b)	(1.1b)	(1.1b)	(1.3b)	(1.3b)
Cash From Financing Activities	(3.8b)				(3.0b)
Free Cash Flow	4.3b				4.4b

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018
Net Income	2.7b	1.3b	2.1b	3.1b	970.0m	1.9b	3.0b	1.2b	2.2b	3.6b	1.4b	2.5b	3.9b	1.6b
Depreciation and Amortization	653.0m	226.0m	368.0m	551.0m	170.0m	334.0m	501.0m	167.0m	336.0m	502.0m	165.0m	334.0m	503.0m	171.0m
Cash From Operating Activities	2.8b	1.7b						753.0m	2.0b	3.5b	1.5b	2.5b	3.9b	1.3b
Cash From Investing Activities	(602.0m)							(155.0m)	(214.0m)	(999.0m)	(26.0m)	(226.0m)	(532.0m)	(308.0m)
Dividends Paid	(811.0m)	(287.0m)	(568.0m)	(841.0m)	(294.0m)	(584.0m)	(869.0m)	(322.0m)	(640.0m)	(954.0m)	(316.0m)	(632.0m)	(948.0m)	(317.0m)
Cash From Financing Activities	(3.5b)	(1.1b)						(1.2b)	(1.4b)	(2.4b)	(1.5b)	(2.1b)	(2.3b)	(1.9b)
Free Cash Flow	2.5b	1.6b						678.0m	1.8b	3.3b	1.4b	2.3b	3.6b	1.2b

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Culture & Values

3.7

Work/Life Balance

3.9

Senior Management

3.5

Salary & Benefits

3.7

Career Opportunities

3.5

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