![]() That's more than 8% of our outstanding shares. We also continue to return capital to our shareholders, last year, paying $1 billion in dividends and purchasing more than $3 billion of our stock. And as you saw this morning, we once again expect to deliver low double-digit adjusted earnings per share growth this year. At the same time, in 2012, we continue to build a foundation for strong ongoing growth in 2013 and beyond. ![]() Our networks, which is the core of the company, grew adjusted operating income in the double digits in 2012 and 12% annually over that same 4-year period. Looking back over the last 4 years, adjusted OI has grown at 10% per year, and adjusted EPS has grown by more than 20% per year, or over 130% cumulatively. Adjusted operating income was up 4%, and adjusted earnings per share climbed 13%. 2012 was another successful year for us, and we're at an even stronger position today than we were a year ago. Thanks, Doug, and thanks for listening in today. Time Warner is under no obligation, in fact, expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. These factors are discussed in detail in Time Warner's SEC filings, including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. Actual results may vary materially from those expressed or implied by these statements due to various factors. Reconciliations of our expected future financial performance are also included in the business outlook release that's available on our site.Īnd second, today's announcement includes certain forward-looking statements, which are based on management's current expectations. These reconciliations are available on our website at /investors. Schedules setting out reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and trending schedules. First, we refer to certain non-GAAP financial measures. ![]() This morning, we issued 2 press releases, one detailing our results for the fourth quarter and full year and the other providing our 2013 full year business outlook.īefore we begin, there are 2 items I need to cover. Doug Shapiro, Senior Vice President of Investor Relations for Time Warner. I will now turn the call over to your host for today, Mr. Please note that this conference is being recorded. My name is Ellen, and I will be your operator for today's call. Welcome to the Time Warner Incorporated Fourth Quarter and Fiscal Year 2012 Earnings Conference Call.
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