Time Warner Cable Reports 2009 First-Quarter Results

NEW YORK--(Business Wire)--
Time Warner Cable Inc. (NYSE: TWC) today reported financial results for its
first quarter ended March 31, 2009.

Time Warner Cable Chief Executive Officer Glenn Britt said: "Time Warner Cable
performed well in the first quarter, growing revenues, adjusted OIBDA and free
cash flow from last year. We added very healthy numbers of new subscribers to
our video, high-speed data and phone services, and our commercial services
business continued to grow rapidly."

Britt added: "We`re excited to be an independent company. Cable is a very good
business, and our operations are strong and growing despite a challenging
economy. We continue to generate very healthy free cash flow which will enable
us to reduce debt over the next year."

FIRST-QUARTER RESULTS
Revenues for the first quarter of 2009increased 5% ($204 million) over the prior
year quarter to $4.4 billion. Subscription revenues grew 6% ($256 million) to
$4.2 billion. Video revenues rose 2% ($64 million) to $2.7 billion, driven by
video price increases and continued growth in digital video subscriptions
partially offset by a year-over-year decrease in basic video subscribers and
premium channel and transactional video-on-demand revenues. High-speed data
revenues increased 11% ($107 million) to $1.1 billion, as a result of continued
residential high-speed data subscriber growth and increased average revenue per
commercial subscriber. Voice revenues were up 23% ($85 million) to $451
million,reflecting growth in Digital Phone subscribers partially offset by a
decrease in average revenue per subscriber. Advertising revenues declined 26%
($52 million) to $145 million due to declines in most advertising categories.

Adjusted Operating Income before Depreciation and Amortization ("Adjusted
OIBDA") rose 7% ($103 million) over the first quarter of 2008 to $1.5 billion.
Adjusted OIBDA excludes restructuring costs of $43 million compared to $2
million in the prior year quarter. Adjusted OIBDA benefited from revenue growth,
partially offset by higher video programming, employee and voice costs. Video
programming expenses grew 8% ($74 million) to $1.0 billion, due to contractual
rate increases and the expansion of service offerings, offset in part by lower
costs resulting from a decline in basic video subscribers and declines in
subscriptions to premium channels and transactional video-on-demand purchases.
Employee costs were up 4% ($35 million), resulting primarily from headcount and
salary increases. Voice costs climbed 19% ($24 million) primarily reflecting
growth in Digital Phone subscribers. Marketing expenses declined 11% ($18
million) to $140 million.

Operating Income was up 13% ($80 million) over the first quarter of 2008 to $716
million, due to higher Adjusted OIBDA and lower depreciation and amortization
expense ($18 million), offset in part by increased restructuring costs ($41
million).

Net Income Attributable to TWC
For the first quarter of 2009, net income attributable to TWC was $164 million,
or $0.48 per basic and diluted common share, compared to net income attributable
to TWC of $242 million, or $0.74 per basic and diluted common share, for the
first quarter of 2008.

Certain pretax items in the first quarter of 2009 affected comparability to the
prior year quarter, including $43 million of restructuring costs, $40 million of
costs associated with the Company`s separation from Time Warner Inc., an $11
million benefit from an adjustment to reduce excess amortization recorded in
prior years and a $10 million noncash impairment of the Company`s investment in
The Reserve Fund`s Primary Fund. The $40 million of separation-related costs
consisted of $27 million of direct transaction costs (e.g., legal and
professional fees) and $13 million of debt issuance costs. Additionally, the
income tax provision for the first quarter of 2009 included $38 million of
expense related to certain state tax law changes in California. On an after-tax
basis, these items reduced first-quarter 2009 net income attributable to TWC by
$92 million, or $0.27 per basic and diluted common share. In the first quarter
of 2008, the Company recorded a $9 million gain from the sale of a cost-method
investment, $2 million of restructuring costs, and $2 million of direct
transaction costs associated with the Company`s separation from Time Warner Inc.
On an after-tax basis, these items increased first-quarter 2008 net income
attributable to TWC by $1 million and had no impact per basic and diluted common
share. Excluding the impact of these items, net income attributable to TWC
increased for the first quarter of 2009 compared to the first quarter of 2008,
due primarily to an increase in Operating Income, offset partly by higher
interest expense related to the debt incurred to fund the Company`s $10.9
billion special cash dividend paid in March 2009.

Cash Provided by Operating Activities for the first three months of 2009 was
$1.1 billion, a decrease of $45 million over the first three months of 2008.
This decrease was primarily driven by higher interest payments offset partly by
higher Adjusted OIBDA and a net tax reimbursement from Time Warner Inc. in
accordance with the companies' tax sharing arrangement.

Capital Expenditures for the first three months of 2009 totaled $769 million, a
decrease of $77 million compared to the first three months of 2008, largely
reflecting lower residential capital spending, particularly lower residential
customer premise equipment purchases.

Adjusted OIBDA less Capital Expenditures for the first three months of 2009 was
$738 million, an increase of $180 million, or 32%, over the first three months
of 2008, due to both higher Adjusted OIBDA and lower capital expenditures.

Free Cash Flow for the first three months of 2009 increased 11% to $367 million
from $331 million in the first three months of 2008, due mainly to lower capital
expenditures, offset partly by a decrease in cash provided by operating
activities. Free cash flow per diluted common share was $1.08 for the first
quarter of 2009 compared to $1.02 in the first quarter of 2008.

Net debt and mandatorily redeemable preferred equity membership units, as of
March 31, 2009, totaled $23.1 billion compared to $12.6 billion as of December
31, 2008, due to net borrowings to fund the Company`s special cash dividend
payment in March 2009.

Table 1

First Quarter Results

(Unaudited)

Three Months Ended March 31,
2009 2008 % Change
(in millions)
Subscription revenues:
Video $ 2,667 $ 2,603 2 %
High-speed data 1,101 994 11 %
Voice 451 366 23 %
Total Subscription revenues 4,219 3,963 6 %
Advertising revenues 145 197 (26 %)
Total revenues $ 4,364 $ 4,160 5 %
Adjusted OIBDA $ 1,507 $ 1,404 7 %
Capital Expenditures $ 769 $ 846 (9 %)
Adjusted OIBDA less Capital Expenditures $ 738 $ 558 32 %
Operating Income before Depreciation and Amortization $ 1,464 $ 1,402 4 %
Operating Income $ 716 $ 636 13 %

SUBSCRIBER UPDATE
For definitions of certain terms, please refer to Table 2 below, which presents
select subscriber and penetration data.

Highlights

Customer relationships were 14.7 million as of March 31, 2009. Primary service
units ("PSUs"), which represent the total of all video, high-speed data and
voice subscribers, reached 26.0 million with net additions of 435,000 during the
first quarter of 2009. Revenue generating units ("RGUs") totaled 34.8 million -
reflecting net additions of 556,000 during the first quarter of 2009. Triple
Play subscribers exceeded 3.2 million (or 22% of total customer relationships),
benefiting from 146,000 net additions during the first quarter of 2009. Over 55%
of customers received bundled services as of March 31, 2009.

Table 2

Selected Subscriber and Penetration Data

Net
Additions
12/31/08 (Declines)(a) 3/31/09
(in thousands)
Subscriber Data:
Video subscribers(b) 13,069 36 13,105
Residential high-speed data 8,444 225 8,669
subscribers(c)(d)
Commercial high-speed data 283 - 283
subscribers(c)(d)
Residential Digital Phone 3,747 166 3,913
subscribers(d)(e)
Commercial Digital Phone 30 8 38
subscribers(d)(e)
Primary service units(f) 25,573 435 26,008
Digital video subscribers(g) 8,627 121 8,748
Revenue generating units(h) 34,200 556 34,756

Single play subscribers(i) 6,689 (125 ) 6,564
Double play subscribers(j) 4,794 60 4,854
Triple play subscribers(k) 3,099 146 3,245
Customer relationships(l) 14,582 81 14,663

12/31/08 3/31/09
Penetration Data:
Video(m) 48.8 % 48.7 %
High-speed data(n) 32.8 % 33.5 %
Digital Phone(o) 14.6 % 15.1 %
Digital video(p) 66.0 % 66.8 %
Double play(q) 32.9 % 33.1 %
Triple play(r) 21.2 % 22.1 %
Bundled(s) 54.1 % 55.2 %
Customer relationships(t) 54.5 % 54.5 %

(a) Net additions (declines) reflect subscriber activity for each period other
than subscriber changes resulting from acquisitions, dispositions or exchanges
during any given quarter of cable systems that, in the aggregate, served more than
5,000 video subscribers.
(b) Video subscriber numbers reflect billable subscribers who receive at least
basic video service.
(c) High-speed data subscriber numbers reflect billable subscribers who receive
Road Runner(TM) high-speed data service or any of the other high-speed data
services offered by the Company.
(d) The determination of whether a high-speed data or Digital Phone subscriber is
categorized as commercial or residential is generally based upon the type of
service provided to that subscriber. For example, if the Company provides a
commercial service, the subscriber is classified as commercial.
(e) Digital Phone subscriber numbers reflect billable subscribers who receive an
IP-based telephony service.
(f) Primary service unit numbers represent the total of all video, high-speed data
and voice subscribers.
(g) Digital video subscriber numbers reflect billable video subscribers who
receive any level of video service at their dwelling or commercial establishment
via digital transmissions (including the digital guide tier, the digital basic
tier, digital sports tiers, digital movie tiers, etc.).
(h) Revenue generating unit numbers represent the total of all video, digital
video, high-speed data and voice subscribers.
(i) Single play subscriber numbers reflect customers who subscribe to one of the
Company`s primary services.
(j) Double play subscriber numbers reflect customers who subscribe to two of the
Company`s primary services.
(k) Triple play subscriber numbers reflect customers who subscribe to all three of
the Company`s primary services.
(l) Customer relationships represent the number of subscribers who receive at
least one level of service, encompassing video, high-speed data and voice
services, without regard to the number of services purchased. For example, a
subscriber who purchases only high-speed data service and no video service will
count as one customer relationship, and a subscriber who purchases both video and
high-speed data services will also count as only one customer relationship.
(m) Video penetration represents video subscribers as a percentage of the
estimated number of video service-ready single residence homes, apartment and
condominium units and commercial establishments passed by the Company`s cable
systems without further extending the transmission lines.
(n) High-speed data penetration represents total residential and commercial high
-speed data subscribers as a percentage of the estimated number of high-speed data
service-ready single residence homes, apartment and condominium units and
commercial establishments passed by the Company`s cable systems without further
extending the transmission lines.
(o) Digital Phone penetration represents total residential and commercial Digital
Phone subscribers as a percentage of the estimated number of Digital Phone service
-ready single residence homes, apartment and condominium units and commercial
establishments passed by the Company`s cable systems without further extending the
transmission lines.
(p) Digital video penetration represents digital video subscribers as a percentage
of video subscribers.
(q) Double play penetration represents double play subscribers as a percentage of
customer relationships.
(r) Triple play penetration represents triple play subscribers as a percentage of
customer relationships.
(s) Bundled penetration represents total double play and triple play subscribers
as a percentage of customer relationships.
(t) Customer relationships penetration represents customer relationships as a
percentage of the estimated number of video service-ready single residence homes,
apartment and condominium units and commercial establishments passed by the
Company`s cable systems without further extending the transmission lines.

Use of Operating Income (Loss) before Depreciation and Amortization, Adjusted
OIBDA and Free Cash Flow
Operating Income (Loss) before Depreciation and Amortization is a financial
measure not calculated and presented in accordance with U.S. generally accepted
accounting principles ("GAAP"). The Company defines Operating Income (Loss)
before Depreciation and Amortization as Operating Income (Loss) before
depreciation of tangible assets and amortization of intangible assets. The
Company also evaluates the performance of its business using Operating Income
(Loss) before Depreciation and Amortization excluding the impact of noncash
impairments of goodwill, intangible and fixed assets, as well as gains and
losses on asset sales, merger-related and restructuring costs and costs
associated with equity awards granted to offset the reduction in value as a
result of the Company`s separation from Time Warner Inc. ("Time Warner") of Time
Warner equity awards held by TWC employees ("Separation-related "make-up" equity
award costs") (referred to herein as "Adjusted OIBDA"). Management utilizes
Operating Income (Loss) before Depreciation and Amortization and Adjusted OIBDA,
among other measures, in evaluating the performance of the Company`s business
because they eliminate the uneven effect across its business of considerable
amounts of depreciation of tangible assets and amortization of intangible assets
recognized in business combinations. Additionally, management utilizes Operating
Income (Loss) before Depreciation and Amortization and Adjusted OIBDA because it
believes these measures provide valuable insight into the underlying performance
of the Company`s individual cable systems by removing the effects of items that
are not within the control of local personnel charged with managing these
systems such as net income (loss) attributable to noncontrolling interests,
income tax benefit (provision), other income (expense), net, and interest
expense, net. Similarly, management uses Adjusted OIBDA less Capital
Expenditures to evaluate the performance of its business because it reflects
management`s capital spending decisions. In this regard, Operating Income (Loss)
before Depreciation and Amortization, Adjusted OIBDA and Adjusted OIBDA less
Capital Expenditures are significant components of measures used in the
Company`s annual incentive compensation programs.

A limitation of Operating Income (Loss) before Depreciation and Amortization and
Adjusted OIBDA, however, is that they do not reflect the periodic costs of
certain capitalized tangible and intangible assets used in generating revenues
in the Company`s business. Moreover, Adjusted OIBDA does not reflect gains and
losses on asset sales, any impairment charge related to goodwill, intangible
assets and fixed assets, merger-related and restructuring costs or
Separation-related "make-up" equity award costs. To compensate for this
limitation, management evaluates the investments in such tangible and intangible
assets through other financial measures, such as capital expenditure budget
variances, investment spending levels and return on capital analyses. Another
limitation of these measures is that they do not reflect the significant costs
borne by the Company for income taxes, debt servicing costs, the share of
Operating Income (Loss) before Depreciation and Amortization and Adjusted OIBDA
related to noncontrolling interests, the results of the Company`s equity
investments or other non-operational income or expense. Management compensates
for this limitation through other financial measures such as a review of net
income (loss) attributable to TWC and net income (loss) attributable to TWC per
common share.

Free Cash Flow is a non-GAAP financial measure. The Company defines Free Cash
Flow as cash provided by operating activities (as defined under GAAP) plus
excess tax benefits from the exercise of stock options, less cash provided by
(used by) discontinued operations, capital expenditures, cash paid for other
intangible assets, partnership distributions and principal payments on capital
leases. Management uses Free Cash Flow to evaluate the Company`s business. The
Company believes this measure is an important indicator of its liquidity,
including its ability to reduce net debt and make strategic investments, because
it reflects the Company`s operating cash flow after considering the significant
capital expenditures required to operate its business. A limitation of this
measure, however, is that it does not reflect payments made in connection with
investments and acquisitions, which reduce liquidity. To compensate for this
limitation, management evaluates such expenditures through other financial
measures such as return on investment analyses.

Operating Income (Loss) before Depreciation and Amortization, Adjusted OIBDA,
Adjusted OIBDA less Capital Expenditures and Free Cash Flow should be considered
in addition to, not as a substitute for, the Company`s Operating Income (Loss),
net income (loss) attributable to TWC and various cash flow measures (e.g., cash
provided by operating activities), as well as other measures of financial
performance and liquidity reported in accordance with GAAP, and may not be
comparable to similarly titled measures used by other companies.

About Time Warner Cable
Time Warner Cable is the second-largest cable operator in the U.S., with
technologically advanced, well-clustered systems located in five geographic
areas - New York State (including New York City), the Carolinas, Ohio, southern
California (including Los Angeles) and Texas. Time Warner Cable serves more than
14 million customers who subscribe to one or more of its video, high-speed data
and voice services. Time Warner Cable Business Class offers a suite of phone,
Internet, Ethernet and cable television services to businesses of all sizes.
Time Warner Cable Media Sales, the advertising arm of Time Warner Cable, offers
national, regional and local companies innovative advertising solutions that are
targeted and affordable. More information about the services of Time Warner
Cable is available at www.timewarnercable.com,www.twcbc.com and
www.twcmediasales.com.

Information on Conference Call
Time Warner Cable`s earnings conference call can be heard live at 8:30 am ET on
Wednesday, April 29, 2009. To listen to the call, visit
www.timewarnercable.com/investors.

Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based
on management`s current expectations or beliefs, and are subject to uncertainty
and changes in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in economic,
business, competitive, technological, strategic and/or regulatory factors, and
other factors affecting the operations of Time Warner Cable Inc. More detailed
information about these factors may be found in filings by Time Warner Cable
Inc. with the Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Time Warner Cable
is under no obligation to, and expressly disclaims any such obligation to,
update or alter its forward-looking statements, whether as a result of new
information, future events, or otherwise.

TIME WARNER CABLE INC.

CONSOLIDATED BALANCE SHEET

(Unaudited)

March 31, December 31,
2009 2008
(recast)
(in millions)
ASSETS
Current assets:
Cash and equivalents $ 396 $ 5,449
Receivables, less allowances of $96 million and $90 526 692
million as of
March 31, 2009 and December 31, 2008, respectively
Receivables from affiliated parties - 161
Deferred income tax assets 141 156
Prepaid expenses and other current assets 279 201
Total current assets 1,342 6,659
Investments 917 895
Property, plant and equipment, net 13,461 13,537
Intangible assets subject to amortization, net 444 493
Intangible assets not subject to amortization 24,091 24,094
Goodwill 2,103 2,101
Other assets 166 110
Total assets $ 42,524 $ 47,889

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 357 $ 546
Deferred revenue and subscriber-related liabilities 167 156
Payables to affiliated parties 56 209
Accrued programming expense 678 530
Other current liabilities 1,317 1,432
Total current liabilities 2,575 2,873
Long-term debt 23,158 17,727
Mandatorily redeemable preferred equity membership 300 300
units issued by a subsidiary
Deferred income tax liabilities, net 8,334 8,193
Other liabilities 572 522
TWC shareholders` equity:
Class A common stock, $0.01 par value, 0 shares and - 3
300.7 million shares
issued and outstanding as of March 31, 2009 and
December 31, 2008, respectively
Class B common stock, $0.01 par value, 0 shares and - -
25.0 million shares
issued and outstanding as of March 31, 2009 and
December 31, 2008, respectively
Common stock, $0.01 par value, 352.3 million shares 4 -
and 0 shares
issued and outstanding as of March 31, 2009 and
December 31, 2008, respectively
Paid-in capital 9,753 19,514
Accumulated other comprehensive loss, net (457 ) (467 )
Accumulated deficit (1,719 ) (1,886 )
Total TWC shareholders` equity 7,581 17,164
Noncontrolling interests 4 1,110
Total equity 7,585 18,274
Total liabilities and equity $ 42,524 $ 47,889

See accompanying note.

TIME WARNER CABLE INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

Three Months Ended
March 31,
2009 2008
(recast)
(in millions, except per share data)
Revenues:
Subscription:
Video $ 2,667 $ 2,603
High-speed data 1,101 994
Voice 451 366
Total Subscription 4,219 3,963
Advertising 145 197
Total revenues 4,364 4,160
Costs and expenses:
Costs of revenues(a) 2,127 2,007
Selling, general and administrative(a) 730 749
Depreciation 691 701
Amortization 57 65
Restructuring costs 43 2
Total costs and expenses 3,648 3,524
Operating Income 716 636
Interest expense, net (290 ) (199 )
Other income (expense), net (51 ) 11
Income before income taxes 375 448
Income tax provision (191 ) (182 )
Net income 184 266
Less: Net income attributable to (20 ) (24 )
noncontrolling interests
Net income attributable to TWC $ 164 $ 242

Net income attributable to TWC per common
share:
Basic $ 0.48 $ 0.74
Diluted $ 0.48 $ 0.74
Average common shares outstanding:
Basic 339.0 325.6
Diluted 339.6 325.8

Special cash dividend declared and paid $ 30.81 $ -
per share of common stock

(a) Costs of revenues and selling, general and administrative expenses exclude
depreciation.

See accompanying note.

TIME WARNER CABLE INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

Three Months Ended
March 31,
2009 2008
(recast)
(in millions)
OPERATING ACTIVITIES
Net income $ 184 $ 266
Adjustments for noncash and nonoperating items:
Depreciation and amortization 748 766
Pretax gain on asset sales - (9 )
Loss from equity investments, net of cash distributions 17 -
Deferred income taxes 145 147
Equity-based compensation 35 34
Changes in operating assets and liabilities, net of
acquisitions:
Receivables 173 104
Accounts payable and other liabilities (112 ) (66 )
Other changes (49 ) (56 )
Cash provided by operating activities 1,141 1,186

INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired and 9 (5 )
distributions received
Capital expenditures (769 ) (846 )
Proceeds from asset sales 1 10
Cash used by investing activities (759 ) (841 )

FINANCING ACTIVITIES
Borrowings (repayments), net(a) - 166
Borrowings(b) 8,614 141
Repayments(b) (3,182 ) (655 )
Debt issuance costs (11 ) -
Payment of special cash dividend (10,856 ) -
Other financing activities - (3 )
Cash used by financing activities (5,435 ) (351 )

Decrease in cash and equivalents (5,053 ) (6 )
Cash and equivalents at beginning of period 5,449 232
Cash and equivalents at end of period $ 396 $ 226

(a) Borrowings (repayments), net, reflects borrowings under TWC`s commercial paper
program with
original maturities of three months or less, net of repayments of such borrowings.
(b) Amounts represent borrowings and repayments related to debt instruments with
original maturities
greater than three months.

See accompanying note.

TIME WARNER CABLE INC.

RECONCILIATION OF NON-GAAP AND OTHER FINANCIAL MEASURES

(Unaudited)

Reconciliation of Operating Income to

Adjusted Operating Income before Depreciation and Amortization less Capital
Expenditures

Three Months Ended
March 31,
2009 2008
(in millions)
Operating $ 716 $ 636
Income
Depreciati 691 701
on
Amortizati 57 65
on
Operating 1,464 1,402
Income
before
Depreciati
on and
Amortizati
on
Restructur 43 2
ing costs
Adjusted 1,507 1,404
Operating
Income
before
Depreciati
on and
Amortizati
on
Less: (769 ) (846 )
Capital
Expenditur
es
Adjusted $ 738 $ 558
Operating
Income
before
Depreciati
on and
Amortizati
on less
Capital
Expenditur
es

Reconciliation of Cash Provided by Operating Activities to Free Cash Flow

Three Months Ended
March 31,
2009 2008
(in millions)
Cash $ 1,141 $ 1,186
provided
by
operating
activities
Less:
Capital (769 ) (846 )
expenditur
es
Cash paid (5 ) (8 )
for other
intangible
assets
Partnershi - (1 )
p tax
distributi
ons, stock
option
distributi
ons and
principal
payments
on capital
leases
Free Cash $ 367 $ 331
Flow

Reconciliation of Net Debt

March 31, December 31,
2009 2008
(in millions)
Long-term $ 23,158 $ 17,727
debt
Debt due - 1
within one
year
Total debt 23,158 17,728
Less: Cash (396 ) (5,449 )
and
equivalent
s
Net 22,762 12,279
debt(a)
Mandatoril 300 300
y
redeemable
preferred
membership
units
issued by
a
subsidiary
Net debt $ 23,062 $ 12,579
and
mandatoril
y
redeemable
preferred
membership
units
issued by
a
subsidiary

(a) Net debt is defined as total debt less cash and equivalents.

TIME WARNER CABLE INC.
NOTE TO FINANCIAL INFORMATION
(Unaudited)

1.CHANGES IN BASIS OF PRESENTATION

Effective January 1, 2009, Time Warner Cable Inc. (the "Company" or "TWC")
adopted Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 160, Noncontrolling Interests in Consolidated Financial
Statements-an amendment of ARB No. 51 ("FAS 160"). As provided for in FAS 160,
the Company has recast the presentation of noncontrolling interests in the prior
year financial statements so that they are comparable to those of 2009.

On March 12, 2009, the Company implemented a reverse stock split of all
outstanding and treasury shares of TWC Common Stock at a 1-for-3 ratio. The
Company has recast the presentation of share and per share data in the prior
year financial statements to reflect the reverse stock split.

Certain other reclassifications have been made to the prior year financial
information to conform to the March 31, 2009 presentation.

During the first quarter of 2009, the Company revised its definition of Adjusted
Operating Income before Depreciation and Amortization to exclude restructuring
costs in addition to the previously excluded items. Additionally, the Company
revised its definition of Free Cash Flow to deduct cash paid for other
intangible assets. These revised definitions have been applied for all periods
presented.

Time Warner Cable Inc.
Corporate Communications
Alex Dudley, 212-364-8229
or Justin Venech, 212-364-8242
or
Investor Relations
Tom Robey, 212-364-8218
or Laraine Mancini, 212-364-8202

Copyright Business Wire 2009