Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB,
QRTEP) today reported second quarter 2024 results(1).
“We delivered a solid quarter of earnings in a continued
challenged macro environment. While revenue was in line with
overall discretionary retail, we expanded gross margins for the
fifth consecutive quarter, generated $165 million in operating
income, grew Adjusted OIBDA for the fourth consecutive quarter and
reduced net debt,” said David Rawlinson, President and CEO of
Qurate Retail. “We remain focused on enhancing our merchandise
assortment, improving product margins and diligently managing
costs. We are also excited about the opportunity in better serving
our core customer of women over fifty as part of the QVC Age of
Possibility campaign we launched in April.”
Second quarter 2024 headlines:
- Qurate Retail revenue decreased 9% in US Dollars and 8% in
constant currency(2)
- Excluding Zulily(3), revenue decreased 5% in US Dollars and 4%
in constant currency
- Generated $165 million in operating income
- Adjusted OIBDA(4) increased 4% in US Dollars to $282 million
and 7% in constant currency
- QxH revenue decreased 4%
- QVC International revenue decreased 5% in US Dollars
- In constant currency, revenue was flat
- Cornerstone revenue decreased 14%
- Reduced revolver balance $70 million using operating cash
flow
Discussion of Results
Unless otherwise noted, the following discussion compares
financial information for the three months ended June 30, 2024 to
the same period in 2023.
SECOND
QUARTER 2024 FINANCIAL RESULTS
(amounts in millions)
2Q23
2Q24
% Change
% Change Constant Currency(a)
Revenue
QxH
$
1,618
$
1,558
(4
)%
QVC International
606
576
(5
)%
—
%
Cornerstone
316
273
(14
)%
Total Qurate Retail Revenue (excluding
Zulily)
2,540
2,407
(5
)%
(4
)%
Zulily(b)
109
—
NM
Total Qurate Retail Revenue (as
reported)
$
2,649
$
2,407
(9
)%
(8
)%
Operating Income (Loss)
QxH(c)
$
303
$
106
(65
)%
QVC International(d)
71
57
(20
)%
(13
)%
Cornerstone(e)
15
11
(27
)%
Unallocated corporate cost
(9
)
(9
)
—
%
Total Qurate Retail Operating Income
(excluding Zulily)
380
165
(57
)%
(55
)%
Zulily(b)
(14
)
—
NM
Total Qurate Retail Operating Income
(as reported)
$
366
$
165
(55
)%
(54
)%
Adjusted OIBDA
QxH(c)
$
185
$
194
5
%
QVC International(d)
77
77
—
%
8
%
Cornerstone(e)
25
19
(24
)%
Unallocated corporate cost
(7
)
(8
)
(14
)%
Total Qurate Retail Adjusted OIBDA
(excluding Zulily)
$
280
$
282
1
%
3
%
Zulily(b)
(10
)
—
NM
Total Qurate Retail Adjusted OIBDA (as
reported)
$
270
$
282
4
%
7
%
____________________
a)
For a definition of constant
currency financial metrics, see the accompanying schedules.
b)
Zulily, LLC (“Zulily”) was
divested on May 24, 2023.
c)
In the second quarter of 2024,
QxH recorded $10 million of restructuring charges related to a plan
to shift its information technology operating model. In the second
quarter of 2023, QxH recognized (i) a $209 million net gain on
insurance proceeds representing insurance proceeds received in
excess of fire-related costs and (ii) a $2 million gain on the sale
of its Rocky Mount fulfillment center in February 2023 that was
released from escrow. These items are included in operating income
and excluded from Adjusted OIBDA. See Reconciling Schedule 2.
d)
In the second quarter of 2024,
QVC International recorded $8 million of restructuring charges
related to a plan to shift its information technology operating
model. In the second quarter of 2023, QVC International recognized
a $6 million gain on an intangible asset primarily related to the
sale of a channel positioning right that is included in operating
income and excluded from Adjusted OIBDA. See Reconciling Schedule
2.
e)
In the second quarter of 2023,
Cornerstone recorded $2 million of restructuring charges related to
a workforce reduction. This amount is included in operating income
and excluded from Adjusted OIBDA. See Reconciling Schedule 2.
QxH
QxH revenue declined due to a 5% decrease in units shipped and
lower shipping and handling revenue, partially offset by a 2%
increase in average selling price. QxH reported sales declines
mainly in beauty, apparel and accessories, partially offset by
growth in jewelry.
Operating income decreased primarily as a result of comparing
against a $209 million net gain on insurance proceeds recognized in
the second quarter of 2023 related to the December 2021 Rocky Mount
fire.
Adjusted OIBDA margin(4) increased due to higher product margins
and lower administrative and fulfillment (warehouse and freight)
expenses, partially offset by higher marketing costs. Product
margins increased due to higher initial margins driven by Project
Athens initiatives and mix shift to higher-margin products,
partially offset by lower shipping and handling revenue.
Fulfillment favorability was due to efficiencies from Project
Athens and average selling price leverage. Administrative expenses
declined due to lower costs for outside services related to Project
Athens. Marketing expenses increased primarily due to the launch of
QVC’s Age of Possibility campaign in April and associated brand
marketing.
QVC International
US Dollar denominated results were negatively impacted by
exchange rate fluctuations due to the US Dollar strengthening 12%
against the Japanese Yen and 1% against the Euro, partially offset
by the US Dollar weakening 1% against the British Pound. The
financial metrics presented in this press release also provide a
comparison of the percentage change in QVC International’s results
in constant currency to the comparable figures calculated in
accordance with GAAP, where applicable.
QVC International’s revenue declined 5% in US Dollars. In
constant currency, revenue was flat driven by a 4% increase in
units shipped, offset by a 3% decrease in average selling price as
well as higher returns. QVC International reported constant
currency growth in jewelry, beauty and electronics, with a decline
in home.
Operating income decreased due to $8 million of restructuring
charges related to a plan to shift QVC International’s information
technology operating model and comparing against a $6 million gain
on an intangible asset recorded in the second quarter of 2023.
Adjusted OIBDA margin increased due to higher product margins
and lower marketing and administrative expenses, partially offset
by higher fulfillment costs. Product margins increased due to mix
shift to higher-margin products and favorable vendor negotiations,
partially offset by unfavorable returns. Selling, general and
administrative expenses decreased primarily due to lower marketing
expenses and costs from outside services. Increased fulfillment
costs were due to higher unit volume and increased wage and freight
rates from inflationary pressures.
Cornerstone
Cornerstone revenue decreased due to continued softness in the
home sector. Operating income and Adjusted OIBDA margin decreased
due to the deleveraging of selling, general and administrative
expenses, partially offset by lower supply chain costs.
SECOND
QUARTER 2024 SUPPLEMENTAL METRICS
(amounts in millions unless otherwise
noted)
2Q23
2Q24
% Change
% Change Constant Currency(a)
QxH
Cost of Goods Sold % of Revenue
66.2
%
64.6
%
(160
) bps
Operating Income Margin (%)(b)
18.7
%
6.8
%
(1,190
) bps
Adjusted OIBDA Margin (%)(b)
11.4
%
12.5
%
110
bps
Average Selling Price
$
51.29
$
52.51
2
%
Units Sold
(5
)%
Return Rate(c)
15.8
%
15.9
%
10
bps
eCommerce Revenue(d)
$
972
$
980
1
%
eCommerce % of Total Revenue
60.1
%
62.9
%
280
bps
Mobile % of eCommerce Revenue(e)
68.7
%
70.6
%
190
bps
LTM Total Customers(f)
8.3
7.9
(5
)%
QVC International
Cost of Goods Sold % of Revenue
63.5
%
63.7
%
20
bps
Operating Income Margin (%)(g)
11.7
%
9.9
%
(180
) bps
Adjusted OIBDA Margin (%)(g)
12.7
%
13.4
%
70
bps
Average Selling Price
(7
)%
(3
)%
Units Sold
4
%
Return Rate(c)
19.6
%
20.4
%
80
bps
eCommerce Revenue(d)
$
295
$
300
2
%
6
%
eCommerce % of Total Revenue
48.7
%
52.1
%
340
bps
Mobile % of eCommerce Revenue(e)
70.2
%
76.1
%
590
bps
LTM Total Customers(f)
4.2
4.1
(2
)%
Cornerstone
Cost of Goods Sold % of Revenue
61.1
%
57.9
%
(320
) bps
Operating Income Margin (%)(h)
4.7
%
4.0
%
(70
) bps
Adjusted OIBDA Margin (%)(h)
7.9
%
7.0
%
(90
) bps
eCommerce Revenue(d)
$
242
$
207
(14
)%
eCommerce % of Total Revenue
76.6
%
75.8
%
(80
) bps
____________________
a)
For a definition of constant
currency financial metrics, see the accompanying schedules.
b)
In the second quarter of 2024,
QxH recorded $10 million of restructuring charges related to a plan
to shift its information technology operating model. In the second
quarter of 2023, QxH recognized (i) a $209 million net gain on
insurance proceeds representing insurance proceeds received in
excess of fire-related costs and (ii) a $2 million gain on the sale
of its Rocky Mount fulfillment center in February 2023 that was
released from escrow. See Reconciling Schedule 2.
c)
Measured as returned sales over
gross shipped sales in US Dollars.
d)
Based on net revenue.
e)
Based on gross US Dollar
orders.
f)
LTM: Last twelve months.
g)
In the second quarter of 2024,
QVC International recorded $8 million of restructuring charges
related to a plan to shift its information technology operating
model. In the second quarter of 2023, QVC International recognized
a $6 million gain on an intangible asset primarily related to the
sale of a channel positioning right that is included in operating
income and excluded from Adjusted OIBDA. See Reconciling Schedule
2.
h)
In the second quarter of 2023,
Cornerstone recorded $2 million of restructuring charges related to
a workforce reduction. This amount is included in operating income
and excluded from Adjusted OIBDA. See Reconciling Schedule 2.
FOOTNOTES
1)
Qurate Retail will discuss these
headlines and other matters on Qurate Retail’s earnings conference
call that will begin at 8:30 a.m. (E.T.) on August 8, 2024. For
information regarding how to access the call, please see “Important
Notice” later in this document.
2)
For a definition of constant
currency financial metrics, see the accompanying schedules.
Applicable reconciliations can be found in the financial tables at
the beginning of this press release.
3)
Adjusted for the divestiture of
Zulily on May 24, 2023.
4)
For definitions and applicable
reconciliations of Adjusted OIBDA and Adjusted OIBDA margin, see
the accompanying schedules.
NOTES
Cash and Debt
The following presentation is provided to separately identify
cash and debt information.
(amounts in millions)
3/31/2024
6/30/2024
Cash and cash equivalents
(GAAP)
$
1,102
$
1,210
Debt:
QVC senior secured notes(a)
$
3,086
$
3,086
QVC senior secured bank credit
facility
1,295
1,225
Total Qurate Retail Group Debt
$
4,381
$
4,311
Senior notes(a)
792
792
Senior exchangeable debentures(b)
780
779
Corporate Level Debentures
1,572
1,571
Total Qurate Retail, Inc. Debt
$
5,953
$
5,882
Unamortized discount, fair market value
adjustment and deferred loan costs
(462
)
(543
)
Total Qurate Retail, Inc. Debt
(GAAP)
$
5,491
$
5,339
Other Financial Obligations:
Preferred stock(c)
$
1,272
$
1,272
QVC, Inc. leverage(d)
2.5x
3.1x
____________________
a)
Face amount of Senior Notes and
Debentures with no reduction for the unamortized discount.
b)
Face amount of Senior
Exchangeable Debentures with no adjustment for the fair market
value adjustment.
c)
Preferred Stock has an 8% coupon,
$100 per share initial liquidation preference plus accrued and
unpaid dividends and is non-voting. It is subject to mandatory
redemption on March 15, 2031. The Preferred Stock is considered a
liability for GAAP purposes, and is recorded net of capitalized
costs.
d)
As defined in QVC’s credit
agreement. A portion of expected cost savings are included in
Adjusted EBITDA for purposes of the covenant calculations under
QVC’s bank credit facility.
Cash at Qurate Retail increased $108 million in the second
quarter as cash from operations more than offset net debt repayment
and capital expenditures during the period. Total debt at Qurate
Retail decreased $71 million in the second quarter due to net debt
repayment under QVC’s bank credit facility.
QVC’s bank credit facility has $1.2 billion drawn as of June 30,
2024 with incremental availability of $1.9 billion, net of letters
of credit. QVC’s leverage ratio, as defined by the QVC revolving
credit facility, was 3.1x at quarter-end. Pursuant to the terms of
QVC’s revolving credit facility, a portion of expected cost savings
are included in operating income for purposes of QVC’s leverage
ratio for covenant calculations. QVC’s leverage ratio increased
from March 31, 2024 primarily due to certain add backs no longer
impacting the calculation.
As of June 30, 2024, QVC’s consolidated leverage ratio (as
calculated under QVC’s senior secured notes) was greater than 3.5x
and as a result QVC is restricted in its ability to make unlimited
dividends or other restricted payments. Dividends made by QVC to
service the principal and interest of indebtedness of its parent
entities, as well as payments made by QVC to Qurate Retail under an
intercompany tax sharing agreement in respect of certain tax
obligations of QVC and its subsidiaries, are permitted under the
bond indenture and credit agreement.
Qurate Retail is in compliance with all debt covenants as of
June 30, 2024.
Important Notice: Qurate Retail, Inc. (Nasdaq: QRTEA,
QRTEB, QRTEP) will discuss Qurate Retail’s earnings release on a
conference call which will begin at 8:30 a.m. (E.T.) on August 8,
2024. The call can be accessed by dialing (877) 704-4234 or (215)
268-9904, passcode 13742824, at least 10 minutes prior to the start
time. The call will also be broadcast live across the Internet and
archived on our website. To access the webcast go to
https://www.qurateretail.com/investors/news-events/ir-calendar.
Links to this press release and replays of the call will also be
available on Qurate Retail’s website.
This press release includes certain forward-looking statements,
including statements about business strategies and initiatives
(including QVC’s Age of Possibility) and their expected benefits,
market potential, future financial performance and prospects and
other matters that are not historical facts. These forward-looking
statements involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements, including, without limitation, possible changes
in market acceptance of new products or services, competitive
issues, regulatory matters affecting our businesses, continued
access to capital on terms acceptable to Qurate Retail, changes in
law and government regulations, the availability of investment
opportunities, general market conditions (including as a result of
future public health crises), issues impacting the global supply
chain and labor market and use of social media and influencers.
These forward-looking statements speak only as of the date of this
press release, and Qurate Retail expressly disclaims any obligation
or undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in
Qurate Retail's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Please refer to the publicly filed documents of Qurate
Retail, including the most recent Forms 10-K and 10-Q, for
additional information about Qurate Retail and about the risks and
uncertainties related to Qurate Retail's business which may affect
the statements made in this press release.
NON-GAAP FINANCIAL MEASURES
To provide investors with additional information regarding our
financial results, this press release includes a presentation of
Adjusted OIBDA, which is a non-GAAP financial measure, for Qurate
Retail, QVC (and certain of its subsidiaries), Zulily (through May
23, 2023) and Cornerstone together with a reconciliation to that
entity or such businesses’ operating income, as determined under
GAAP. Qurate Retail defines Adjusted OIBDA as operating income
(loss) plus depreciation and amortization, stock-based
compensation, and where applicable, separately identified
impairments, litigation settlements, restructuring, penalties,
acquisition-related costs, fire related costs, net (including Rocky
Mount inventory losses), and (gains) losses on sale leaseback
transactions. Further, this press release includes Adjusted OIBDA
margin, which is also a non-GAAP financial measure. Qurate Retail
defines Adjusted OIBDA margin as Adjusted OIBDA divided by
revenue.
Qurate Retail believes Adjusted OIBDA is an important indicator
of the operational strength and performance of its businesses by
identifying those items that are not directly a reflection of each
business’s performance or indicative of ongoing business trends. In
addition, this measure allows management to view operating results
and perform analytical comparisons and benchmarking between
businesses and identify strategies to improve performance. Because
Adjusted OIBDA is used as a measure of operating performance,
Qurate Retail views operating income as the most directly
comparable GAAP measure. Adjusted OIBDA is not meant to replace or
supersede operating income or any other GAAP measure, but rather to
supplement such GAAP measures in order to present investors with
the same information that Qurate Retail's management considers in
assessing the results of operations and performance of its assets.
Please see the attached schedules for applicable
reconciliations.
This press release also references certain financial metrics on
a constant currency basis, which is a non-GAAP measure, for Qurate
Retail. Constant currency financial metrics, as presented herein,
are calculated by translating the current-year and prior-year
reported amounts into comparable amounts using a single foreign
exchange rate for each currency.
Qurate Retail believes constant currency financial metrics are
an important indicator of financial performance, in particular for
QVC, due to the translational impact of foreign currency
fluctuations relating to its subsidiaries in the UK, Germany, Italy
and Japan. We use constant currency financial metrics to provide a
framework to assess how our businesses performed excluding the
effects of foreign currency exchange fluctuations. Please see the
financial tables at the beginning of this press release for a
reconciliation of the impact of foreign currency fluctuations on
revenue, operating income, Adjusted OIBDA and average selling
price.
SCHEDULE 1
The following table provides a reconciliation of Qurate Retail’s
Adjusted OIBDA to its operating income (loss) calculated in
accordance with GAAP for the three months ended June 30, 2023,
September 30, 2023, December 31, 2023, March 31, 2024 and June 30,
2024, respectively.
CONSOLIDATED
OPERATING INCOME AND ADJUSTED OIBDA RECONCILIATION
(amounts in millions)
2Q23
3Q23
4Q23
1Q24
2Q24
Qurate Retail Operating Income
(Loss)
$
366
$
151
$
(103
)
$
145
$
165
Depreciation and amortization
104
105
98
99
96
Stock compensation expense
14
10
13
16
3
Restructuring, penalties and fire related
costs, net of (recoveries) (including Rocky Mount inventory
losses)(a)
(208
)
19
—
—
18
Impairment of intangible assets(b)
—
—
326
—
—
(Gains) losses on sale of assets and sale
leaseback transactions(c)
(6
)
—
6
(1
)
—
Qurate Retail Adjusted OIBDA
$
270
$
285
$
340
$
259
$
282
____________________
a)
In the second quarter of 2023,
QxH recognized (i) a $209 million net gain on insurance proceeds
representing insurance proceeds received in excess of fire-related
costs and (ii) a $2 million gain on the sale of its Rocky Mount
fulfillment center in February 2023 that was released from escrow.
Additionally, in the second quarter of 2023, Cornerstone recorded
$2 million and Zulily recorded $1 million of restructuring charges,
both related to workforce reductions. In the third quarter of 2023,
QxH incurred (i) a $2 million gain on the sale of its Rocky Mount
fulfillment center in February 2023 on proceeds released from
escrow and (ii) $21 million of restructuring, penalties and
fire-related costs. In the second quarter of 2024, Qurate Retail
incurred $18 million of restructuring charges related to a plan to
shift its information technology operating model. These items are
included in operating income and excluded from Adjusted OIBDA.
b)
In the fourth quarter of 2023,
QxH recognized a $326 million non-cash impairment charge related to
goodwill.
c)
Includes a gain on the sale of an
intangible asset primarily related to the sale of a channel
positioning right in the second quarter of 2023, a loss related to
the sale leaseback of a German property in the fourth quarter of
2023 and a gain related to the sale leaseback of a German property
in the first quarter of 2024.
SCHEDULE 2
The following table provides a reconciliation of Adjusted OIBDA
for QVC and Cornerstone to that entity or such businesses'
operating income (loss) calculated in accordance with GAAP for the
three months ended June 30, 2023, September 30, 2023, December 31,
2023, March 31, 2024 and June 30, 2024, respectively.
SUBSIDIARY ADJUSTED
OIBDA RECONCILIATION
(amounts in millions)
2Q23
3Q23
4Q23
1Q24
2Q24
QVC
Operating income (loss)
$
374
$
154
$
(113
)
$
157
$
163
Depreciation and amortization
94
98
91
92
88
Stock compensation
11
7
10
12
2
Restructuring, penalties and fire related
costs, net of (recoveries) (including Rocky Mount inventory
losses)
(211
)
19
—
—
18
(Gains) losses on sale of assets and sale
leaseback transactions
(6
)
—
6
(1
)
—
Impairment of intangible assets
—
—
326
—
—
Adjusted OIBDA
$
262
$
278
$
320
$
260
$
271
QxH Adjusted OIBDA
$
185
$
201
$
221
$
185
$
194
QVC International Adjusted
OIBDA
$
77
$
77
$
99
$
75
$
77
Cornerstone
Operating income (loss)
$
15
$
4
$
18
$
(3
)
$
11
Depreciation and amortization
7
7
7
7
8
Stock compensation
1
—
2
2
—
Restructuring costs
2
—
—
—
—
Adjusted OIBDA
$
25
$
11
$
27
$
6
$
19
QURATE RETAIL, INC.
CONDENSED CONSOLIDATED BALANCE
SHEET INFORMATION
(unaudited)
June 30,
December 31,
2024
2023
amounts in millions
Assets
Current assets:
Cash and cash equivalents
$
1,210
1,121
Trade and other receivables, net of
allowance for credit losses
897
1,308
Inventory, net
1,122
1,044
Other current assets
187
209
Total current assets
3,416
3,682
Property and equipment, net
488
512
Intangible assets not subject to
amortization
5,824
5,862
Intangible assets subject to amortization,
net
457
526
Operating lease right-of-use assets
619
635
Other assets, at cost, net of accumulated
amortization
135
151
Total assets
$
10,939
11,368
Liabilities and Equity
Current liabilities:
Accounts payable
762
895
Accrued liabilities
787
983
Current portion of debt
856
642
Other current liabilities
138
97
Total current liabilities
2,543
2,617
Long-term debt
4,483
4,698
Deferred income tax liabilities
1,468
1,531
Preferred stock
1,272
1,270
Operating lease liabilities
612
615
Other liabilities
140
148
Total liabilities
10,518
10,879
Equity
328
385
Non-controlling interests in equity of
subsidiaries
93
104
Total liabilities and equity
$
10,939
11,368
QURATE RETAIL, INC.
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS INFORMATION
(unaudited)
Three months ended
June 30,
2024
2023
amounts in millions
Revenue:
Total revenue, net
$
2,407
2,649
Operating costs and expenses:
Cost of goods sold (exclusive of
depreciation shown separately below)
1,532
1,734
Operating expense
178
193
Selling, general and administrative,
including stock-based compensation
418
466
Restructuring, penalties and fire related
costs, net of (recoveries)
18
(208
)
Depreciation and amortization
96
104
Gain on sale of assets and leaseback
transactions
—
(6
)
2,242
2,283
Operating income (loss)
165
366
Other income (expense):
Interest expense
(119
)
(123
)
Dividend and interest income
15
14
Realized and unrealized gains (losses) on
financial instruments, net
(10
)
(14
)
Loss on disposition of Zulily, net
—
(64
)
Other, net
(4
)
6
(118
)
(181
)
Earnings (loss) before income taxes
47
185
Income tax (expense) benefit
(15
)
(66
)
Net earnings (loss)
32
119
Less net earnings (loss) attributable to
the noncontrolling interests
12
12
Net earnings (loss) attributable to Qurate
Retail, Inc. shareholders
$
20
107
QURATE RETAIL, INC.
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS INFORMATION
(unaudited)
Six months ended
June 30,
2024
2023
amounts in millions
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings (loss)
$
40
152
Adjustments to reconcile net earnings
(loss) to net cash provided by operating activities:
Depreciation and amortization
195
204
Stock-based compensation
19
30
Realized and unrealized (gains) losses on
financial instruments, net
17
46
Gain on sale of assets and sale leaseback
transactions
(1
)
(119
)
Gain on insurance proceeds, net of fire
related costs
—
(228
)
Insurance proceeds received for operating
expenses and business interruption losses
—
226
Loss on disposition of Zulily
—
64
Deferred income tax expense (benefit)
(60
)
25
Other, net
6
6
Changes in operating assets and
liabilities
Decrease (increase) in accounts
receivable
395
403
Decrease (increase) in inventory
(84
)
131
Decrease (increase) in prepaid expenses
and other assets
39
61
(Decrease) increase in trade accounts
payable
(122
)
(220
)
(Decrease) increase in accrued and other
liabilities
(151
)
(313
)
Net cash provided (used) by operating
activities
293
468
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(94
)
(105
)
Expenditures for television distribution
rights
(13
)
(107
)
Cash proceeds from dispositions of
investments
6
71
Cash paid for disposal of Zulily
—
(28
)
Proceeds from sale of fixed assets
6
200
Insurance proceeds received for fixed
asset loss
—
54
Payments for settlements of financial
instruments
—
(179
)
Proceeds from settlements of financial
instruments
—
167
Other investing activities, net
(3
)
(1
)
Net cash provided (used) by investing
activities
(98
)
72
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt
1,660
1,002
Repayments of debt
(1,716
)
(1,320
)
Dividends paid to noncontrolling
interest
(22
)
(24
)
Dividends paid to common shareholders
(4
)
(7
)
Indemnification agreement settlement
—
25
Other financing activities, net
(3
)
(2
)
Net cash provided (used) by financing
activities
(85
)
(326
)
Effect of foreign currency exchange rates
on cash, cash equivalents and restricted cash
(21
)
(7
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
89
207
Cash, cash equivalents and restricted cash
at beginning of period
1,136
1,285
Cash, cash equivalents and restricted cash
at end period
$
1,225
1,492
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807854065/en/
Shane Kleinstein, (720) 875-5432
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