TIME WARNER INC. (TWX) [Rocket]

In millions, except per share items	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Warner Bros.	13,866	13,037	12,992	12,526	12,312	12,018	12,638
Turner	12,081	11,364	10,596	10,396	9,983	9,527	9,166
Home Box Office	6,329	5,890	5,615	5,398	4,890	4,686	4,498
Networks								12,480
Other							2,672	14,408
Total revenues [+]	31,271	29,318	28,118	27,359	26,461	25,325	28,974	26,888
Subscription	12,308	11,014	10,153	9,945	9,250	8,787	9,523	9,028
Advertising	4,655	4,696	4,569	4,502	4,530	4,316	6,116	5,682
Other					527	481	700	613
Revenue growth [+]	6.7%	4.3%	2.8%	3.4%	4.5%	-12.6%	7.8%	5.9%
Warner Bros.	6.4%	0.3%	3.7%	1.7%	2.4%	-4.9%
Turner	6.3%	7.2%	1.9%	4.1%	4.8%	3.9%
Home Box Office	7.5%	4.9%	4.0%	10.4%	4.4%	4.2%
Networks								10.9%
Cost of goods sold	17,647	16,376	16,154	15,875	14,935	14,575	16,311	15,023
Gross profit	13,624	12,942	11,964	11,484	11,526	10,750	12,663	11,865
Gross margin	43.6%	44.1%	42.5%	42.0%	43.6%	42.4%	43.7%	44.1%
Selling, general and administrative	5,438	5,123	4,824	5,190	4,934	4,813	6,439	6,126
Other operating expenses	130	112	190	-262	80	167	262	264
EBITDA [+]	8,750	8,376	7,631	7,289	7,271	6,535	6,884	6,413
EBITDA growth	4.5%	9.8%	4.7%	0.2%	11.3%	-5.1%	7.3%	11.6%
EBITDA margin	28.0%	28.6%	27.1%	26.6%	27.5%	25.8%	23.8%	23.9%
Depreciation and amortization	497	479	492	531	550	553	653	674
EBITA	8,253	7,897	7,139	6,758	6,721	5,982	6,231	5,739
EBITA margin	26.4%	26.9%	25.4%	24.7%	25.4%	23.6%	21.5%	21.3%
Amortization of intangibles	197	190	189	202	209	212	269	264
EBIT [+]	8,056	7,707	6,950	6,556	6,512	5,770	5,962	5,475
EBIT growth	4.5%	10.9%	6.0%	0.7%	12.9%	-3.2%	8.9%	14.1%
EBIT margin	25.8%	26.3%	24.7%	24.0%	24.6%	22.8%	20.6%	20.4%
Non-recurring items [+]	136	160	85	581	244	272	157	47
Asset impairment	16	43	25	69	61	180	44	20
Restructuring charges	120	117	60	512	183	92	113	97
Loss (gain) on sale of assets								-70
Interest expense, net [+]	993	1,164	1,043	1,169	1,189	1,251	1,210	1,178
Interest expense	1,202	1,391	1,262	1,169	1,189	1,251	1,210	1,178
Interest income	209	227	219
Other income (expense), net	-982	-1,188	-376	-127	-111	-214	-236	-331
Pre-tax income	5,945	5,195	5,446	4,679	4,968	4,033	4,359	3,919
Income taxes	701	1,281	1,651	785	1,614	1,370	1,477	1,348
Tax rate	11.8%	24.7%	30.3%	16.8%	32.5%	34.0%	33.9%	34.4%
Minority interest	-3	-1	-1			-3	-4	-7
Earnings from continuing ops	5,247	3,915	3,796	7,788	3,354	2,666	2,886	2,578
Earnings from discontinued ops		11	37	-67	337	259
Net income	5,247	3,926	3,833	7,721	3,691	2,925	2,886	2,578
Net margin	16.8%	13.4%	13.6%	28.2%	13.9%	11.5%	10.0%	9.6%

Basic EPS [+]	$6.76	$5.01	$4.66	$9.02	$3.65	$2.79	$2.76	$2.28
Growth	34.7%	7.6%	-48.4%	147.5%	30.5%	1.3%	20.7%	32.0%
Diluted EPS [+]	$6.64	$4.94	$4.58	$8.82	$3.56	$2.73	$2.71	$2.25
Growth	34.3%	8.0%	-48.1%	148.0%	30.3%	0.7%	20.4%	31.3%

Dividends per share [+]	$2.01	$1.61	$1.40	$1.27	$1.15	$1.04	$0.94	$0.85
Growth	25.0%	15.0%	10.2%	10.4%	10.6%	10.6%	10.6%	13.3%

Shares outstanding (basic) [+]	777	781	815	863	920	954	1,046	1,128
Growth	-0.5%	-4.2%	-5.6%	-6.2%	-3.6%	-8.8%	-7.3%	-4.7%
Shares outstanding (diluted) [+]	791	792	830	883	943	976	1,065	1,145
Growth	-0.2%	-4.5%	-6.0%	-6.4%	-3.5%	-8.3%	-7.1%	-4.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.