Summary - Funding Rounds

Founding Date

1985
Time Warner is a subsidiary of AT&T

Time Warner Revenue Breakdown

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

Time Warner Income Statement

Annual

USDFY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Revenue

26.9 b29 b28.7 b26.5 b27.4 b28.1 b29.3 b

Revenue growth, %

8%(1%)(8%)3%3%4%

General and administrative expense

5.1 b

Operating expense total

5.1 b

EBIT

6.8 b6.1 b6.9 b7.5 b

EBIT margin, %

26%22%24%26%

Interest expense

1.2 b1.2 b

Pre tax profit

5.4 b5.2 b

Income tax expense

(1.7 b)(1.3 b)

Net Income

3.7 b3.8 b3.8 b3.9 b

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Revenue

7.3 b6.6 b7.3 b7 b7.2 b7.7 b7.3 b7.6 b8 b

Cost of goods sold

4.7 b

Gross profit

3.3 b

Gross profit Margin, %

41%

General and administrative expense

1.2 b1.1 b1.3 b1.3 b1.2 b1.3 b1.4 b1.4 b1.4 b

Operating expense total

1.2 b1.1 b1.3 b1.3 b1.2 b1.3 b1.4 b1.4 b1.4 b

Depreciation and amortization

(43 m)

EBIT

1.9 b1.8 b2 b1.8 b2 b2.1 b1.7 b2.2 b1.8 b

EBIT margin, %

25%28%27%27%28%27%23%30%23%

Interest expense

286 m294 m284 m292 m298 m259 m249 m254 m207 m

Pre tax profit

1.4 b1.5 b1.7 b1.4 b1.7 b1.9 b1.5 b1.9 b1.5 b

Income tax expense

(477 m)(452 m)(498 m)(472 m)(217 m)(470 m)(452 m)(550 m)132 m

Net Income

2.1 b3.1 b970 m971 m1 b1.2 b951 m1.5 b1.4 b1.1 b1.4 b1.6 b

Time Warner Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Cash

4.7 b3.7 b3.5 b2.8 b1.9 b2.6 b2.2 b1.5 b

Inventories

2 b1.7 b1.8 b2.1 b

Current Assets

12.8 b13.2 b12.5 b13.5 b

PP&E

3.8 b2.7 b2.6 b2.5 b

Goodwill

30.6 b27.6 b27.7 b27.8 b

Total Assets

68 b63.3 b63.8 b66 b

Accounts Payable

3.6 m

Short-term debt

Current Liabilities

8.4 b9.2 b8 b9.7 b

Long-term debt

20.1 b21.4 b23.6 b22.4 b

Total Debt

20.1 b21.4 b23.6 b22.4 b

Additional Paid-in Capital

149.3 b148 b146.8 b

Retained Earnings

(85 b)(81.2 b)(77.4 b)(73.5 b)

Total Equity

29.9 b24.5 b23.6 b24.3 b

Debt to Equity Ratio

0.7 x0.9 x1 x0.9 x

Debt to Assets Ratio

0.3 x0.3 x0.4 x0.3 x

Financial Leverage

2.3 x2.6 x2.7 x2.7 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

1.6 b3.5 b4.5 b3.2 b2.3 b3.1 b1.8 b1.5 b2.5 b2.3 b1.5 b1.7 b2.6 b1.7 b

Inventories

2.1 b1.9 b1.7 b1.8 b1.5 b1.6 b2 b1.6 b1.7 b1.9 b2 b2 b2.2 b2.1 b

Current Assets

11.6 b14 b14.2 b12.9 b12.5 b13.8 b12.1 b11.8 b13 b13.3 b12.9 b13.4 b14.6 b15.1 b

PP&E

3.7 b3.2 b2.7 b2.7 b2.6 b2.6 b2.6 b2.5 b2.5 b2.5 b2.5 b2.5 b2.6 b2.8 b

Goodwill

30.5 b30.6 b27.6 b27.6 b27.6 b27.6 b27.7 b27.7 b27.7 b27.7 b27.7 b27.8 b27.8 b27.8 b

Total Assets

66.5 b68.2 b64.5 b63.1 b62.2 b63.4 b62.7 b63.3 b64.1 b65.8 b65.6 b66.1 b68.3 b69 b

Accounts Payable

6.8 b7.3 b6.6 b7.1 b7.1 b7.1 b7.6 b6.6 b6.4 b6.9 b6.8 b7 b8 b8 b

Current Liabilities

7.7 b8.3 b7.2 b8.7 b8.9 b9.2 b8.4 b7.2 b7 b7.5 b8.2 b8.8 b9.9 b12.9 b

Long-term debt

19.1 b20.2 b22.4 b21.4 b21.2 b22.3 b22.7 b23.6 b24.4 b24.4 b22.4 b21.8 b21.9 b18.3 b

Total Debt

19.1 b20.2 b22.4 b21.4 b21.2 b22.3 b22.7 b23.6 b24.4 b24.4 b22.4 b21.8 b21.9 b18.3 b

Additional Paid-in Capital

153 b150 b150 b149 b149 b148 b148 b147 b147 b146 b146 b145 b144.8 b

Retained Earnings

(86 b)(83.7 b)(82.9 b)(81.9 b)(80.2 b)(79.3 b)(78.2 b)(76.2 b)(75.2 b)(73.7 b)(72 b)(71 b)(69.6 b)(66.7 b)

Total Equity

29.9 b30 b25.9 b25.2 b24.2 b24 b23.6 b23.8 b23.9 b24.3 b25.4 b26 b27.3 b29.8 b

Financial Leverage

2.2 x2.3 x2.5 x2.5 x2.6 x2.6 x2.7 x2.7 x2.7 x2.7 x2.6 x2.5 x2.5 x2.3 x

Time Warner Cash Flow

Annual

usdFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

3.7 b3.8 b3.8 b3.9 b

Depreciation and Amortization

(190 m)

Accounts Payable

(492 m)592 m(200 m)631 m

Cash From Operating Activities

3.7 b802 m(463 m)

Cash From Investing Activities

(910 m)

Dividends Paid

(1.1 b)(1.1 b)(1.2 b)(1.3 b)

Cash From Financing Activities

(3.8 b)

Free Cash Flow

4.3 b

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

2.7 b1.3 b2.1 b3.1 b970 m1.9 b3 b1.2 b951 m1.5 b1.4 b2.5 b3.9 b1.6 b

Depreciation and Amortization

653 m226 m368 m551 m170 m334 m501 m167 m336 m502 m165 m334 m503 m171 m

Cash From Operating Activities

2.8 b1.7 b753 m2 b3.5 b1.5 b2.5 b3.9 b1.3 b

Cash From Investing Activities

(602 m)(155 m)(214 m)(999 m)(26 m)(226 m)(532 m)(308 m)

Dividends Paid

(811 m)(287 m)(568 m)(841 m)(294 m)(584 m)(869 m)(322 m)(640 m)(954 m)(316 m)(632 m)(948 m)(317 m)

Cash From Financing Activities

(3.5 b)(1.1 b)(1.2 b)(1.4 b)(2.4 b)(1.5 b)(2.1 b)(2.3 b)(1.9 b)

Free Cash Flow

2.5 b1.6 b678 m1.8 b3.3 b1.4 b2.3 b3.6 b1.2 b
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Time Warner Operating Metrics

FY, 2014FY, 2015FY, 2016

Channels

165 180 175

Countries

200 200 200

Films in Library

7 k7 k7 k

Households (CNN)

394.30 m392.30 m
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