Company Generates Outstanding Revenue and
Profit Growth at All Businesses
Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB,
QRTEP) today reported first quarter 2021 results (1).
“We generated outstanding results across all our businesses and
markets,” said Mike George, President and CEO of Qurate Retail.
“Our performance demonstrates the competitive advantage of our
business model. We operate at the inflection point of accelerated
online shopping, wide adoption of video streaming and growing
consumer engagement on digital platforms. The progress we’ve made
through years of strategic investment to capitalize on these trends
positions us as a world leader in video, digital, mobile and social
commerce. This past year has solidified our confidence in the long
term prospects for the business.”
First quarter 2021 operating results:
- Qurate Retail revenue increased 14% to $3.3 billion
- In constant currency(2) revenue increased 13%
- eCommerce revenue increased 19% to $2.1 billion or 61% of total
revenue
- Qurate Retail reported diluted EPS of $0.49
- Adjusted diluted EPS(3) increased 78% to $0.48
- QxH revenue increased 8%
- QVC International revenue increased 22%
- In constant currency, revenue increased 15%
- Zulily revenue increased 19%
- Cornerstone revenue increased 41%
Corporate updates:
- From February 1, 2021 through April 30, 2021, repurchased 5.0
million QRTEA shares at an average price per share of $12.12 and
total cost of $61 million
- Qurate Retail published its inaugural Corporate Responsibility
report guided by United Nations’ Sustainable Development Goals
- Includes disclosure aligned with Sustainability Accounting
Standards Board (“SASB”) standards
Discussion of Results
Unless otherwise noted, the following discussion compares
financial information for the three months ended March 31, 2021 to
the same period in 2020.
FIRST
QUARTER 2021 FINANCIAL RESULTS
(amounts in millions)
1Q20
1Q21
% Change
% Change Constant Currency(a)
Revenue
QxH
$
1,792
$
1,936
8
%
QVC International
635
774
22
%
15
%
Zulily
316
377
19
%
Cornerstone
177
250
41
%
Total Qurate Retail Revenue
$
2,920
$
3,337
14
%
13
%
Operating Income (Loss)
QxH
$
190
$
257
35
%
QVC International
80
124
55
%
47
%
Zulily
(20
)
(18
)
10
%
Cornerstone
(11
)
21
NM
Unallocated corporate cost
(8
)
(11
)
(38
)%
Total Qurate Retail Operating Income
(Loss)
$
231
$
373
61
%
58
%
Adjusted OIBDA
QxH
$
293
$
349
19
%
QVC International
97
143
47
%
38
%
Zulily
2
6
200
%
Cornerstone
(2
)
27
NM
Unallocated corporate cost
(6
)
(8
)
(33
)%
Total Qurate Retail Adjusted
OIBDA
$
384
$
517
35
%
32
%
____________________
a)
For a definition of constant currency
financial metrics, see the accompanying schedules.
FIRST
QUARTER 2021 NET INCOME AND ADJUSTED NET INCOME(3)
(amounts in millions)
1Q20
1Q21
% Change
Net income (loss)
$
(20
)
$
206
NM
Adjusted net income(a)
$
114
$
201
76
%
Basic weighted average shares outstanding
("WASO")
416
411
Potentially dilutive shares
1
11
Diluted WASO
417
422
GAAP EPS(b)
$
(0.05
)
$
0.49
NM
Adjusted EPS(a)
$
0.27
$
0.48
78
%
____________________
a)
See reconciling schedule 3.
b)
Represents diluted net income (loss) per
share attributable to Series A and Series B common stockholders as
presented in Qurate Retail’s financial statements.
QxH
QxH revenue growth reflects continued demand for home products,
growth in customers and favorable customer returns. QxH reported
strong growth in home, electronics and accessories, partially
offset by a decline in apparel. Beauty and jewelry were essentially
flat.
Operating income and adjusted OIBDA margin(3) increased
primarily reflecting lower bad debt expense, leverage of
administrative expenses and improved product margins. These gains
were partially offset by higher marketing and fulfillment (freight
and warehouse) costs.
QVC International
US Dollar denominated results were positively impacted by
exchange rate fluctuations, primarily due to the Dollar weakening
9% versus the Euro, 8% against the British Pound and 3% versus the
Japanese Yen. The financial metrics presented in this press release
also provide a comparison of the percentage change in QVC
International’s results in constant currency (where applicable) to
the comparable figures calculated in accordance with US GAAP for
the first quarter of 2021.
QVC International reported constant currency revenue and
customer growth in all markets. The business generated gains in
every category, led by home, apparel and beauty.
Operating income and adjusted OIBDA margin increased primarily
due to leverage of administrative expenses and TV commissions,
favorable fulfillment expense and improved product margins. These
gains were partially offset by higher incentive compensation
accruals and inventory obsolescence expense.
Zulily
Zulily revenue increased on customer growth and broad-based
gains across categories, led by home, apparel and beauty. Operating
income and adjusted OIBDA margin increased primarily due to
leverage of administrative expenses and improved product margins.
These gains were partially offset by higher fulfillment costs and
marketing expense.
Cornerstone
Cornerstone revenue increased primarily due to strong demand in
its home brands (Frontgate, Ballard Designs and Grandin Road).
Garnet Hill sustained revenue growth in the quarter on the strength
of apparel and home textiles. Operating income and adjusted OIBDA
margin increased primarily from sales growth and product margin
gains, partially offset by higher fulfillment costs.
FIRST
QUARTER 2021 SUPPLEMENTAL METRICS
(amounts in millions unless otherwise
noted)
1Q20
1Q21
% Change
% Change Constant Currency(a)
QxH
Cost of Sales % of Revenue
66.0
%
66.0
%
—
bps
Operating Income Margin (%)
10.6
%
13.3
%
270
bps
Adjusted OIBDA Margin (%)
16.4
%
18.0
%
160
bps
Average Selling Price
$
53.96
$
52.61
(3
)%
Units Sold
8
%
Return Rate(b)
16.6
%
14.3
%
(230
)bps
eCommerce Revenue(c)
$
1,022
$
1,142
12
%
eCommerce % of Total Revenue
57.0
%
59.0
%
200
bps
Mobile % of eCommerce Revenue(d)
65.3
%
66.2
%
90
bps
LTM Total Customers(e)
10.5
11.8
12
%
QVC – International
Cost of Sales % of Revenue
63.3
%
61.9
%
(140
)bps
Operating Income Margin (%)
12.6
%
16.0
%
340
bps
Adjusted OIBDA Margin (%)
15.3
%
18.5
%
320
bps
Average Selling Price
11
%
4
%
Units Sold
8
%
Return Rate(b)
19.8
%
18.0
%
(180
)bps
eCommerce Revenue(c)
$
265
$
353
33
%
25
%
eCommerce % of Total Revenue
41.7
%
45.6
%
390
bps
Mobile % of eCommerce Revenue(d)
73.2
%
71.7
%
(150
)bps
LTM Total Customers(e)
4.6
5.1
11
%
Zulily
Cost of Sales % of Revenue
75.9
%
76.4
%
50
bps
Operating Income Margin (%)
(6.3
)%
(4.8
)%
150
bps
Adjusted OIBDA Margin (%)
0.6
%
1.6
%
100
bps
Mobile % of Total Orders
73.7
%
75.5
%
180
bps
LTM Total Customers(e)
5.0
5.8
16
%
Cornerstone
Cost of Sales % of Revenue
62.1
%
59.8
%
(230
)bps
Operating Income Margin (%)
(6.2
)%
8.4
%
NM
Adjusted OIBDA Margin (%)
(1.1
)%
10.8
%
NM
eCommerce Revenue(c)
$
123
$
180
46
%
eCommerce % of Total Revenue
69.5
%
72.0
%
250
bps
____________________
a)
For a definition of constant currency
financial metrics, see the accompanying schedules.
b)
Measured as returned sales over gross
shipped sales in US dollars.
c)
Based on net revenue.
d)
Based on gross US dollar orders.
e)
LTM: Last twelve months.
Taxes
Qurate Retail estimates that its average annual effective tax
rate through 2021 will be in the range of 15-18% including federal,
state and foreign taxes, net of tax credits generated by Qurate
Retail’s green energy investments. This estimate excludes the
impact of one-time items and is subject to adjustment.
Capital Returns
From February 1, 2021 through April 30, 2021, Qurate Retail
repurchased approximately 5.0 million shares of Series A common
stock (Nasdaq: QRTEA) at an average cost per share of $12.12 for
total cash consideration of $61 million. The remaining repurchase
authorization for Qurate Retail is approximately $354 million as of
May 1, 2021.
FOOTNOTES
1)
Qurate Retail’s President and CEO, Mike
George, and Executive Chairman, Greg Maffei will discuss these
headlines and other matters on Qurate Retail’s earnings conference
call that will begin at 8:30 a.m. (E.D.T.) on May 7, 2021. 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)
For definitions and applicable
reconciliations of adjusted OIBDA, adjusted OIBDA margin, adjusted
net income and adjusted diluted EPS, see the accompanying
schedules.
NOTES
Cash and Debt
The following presentation is provided to separately identify
cash and debt information.
(amounts in millions)
12/31/2020
3/31/2021
Cash and cash equivalents
(GAAP)
$
806
$
739
Indemnification Asset(a)
$
345
$
293
Debt:
QVC senior secured notes(b)
$
4,450
$
4,450
QVC senior secured bank credit
facility
—
75
Senior exchangeable debentures(c)
218
214
Total Qurate Retail Group Debt
$
4,668
$
4,739
Senior notes(b)
792
792
Senior exchangeable debentures(c)
1,194
1,194
Corporate Level Debentures
1,986
1,986
Total Qurate Retail, Inc. Debt
$
6,654
$
6,725
Unamortized discount, fair market value
adjustment and deferred loan costs
282
305
Total Qurate Retail, Inc. Debt
(GAAP)
$
6,936
$
7,030
Other Financial Obligations:
Preferred stock(d)
$
1,249
$
1,259
QVC, Inc. leverage(e)
2.0x
1.9x
____________________
a)
Indemnity from Liberty Broadband, pursuant
to an indemnification agreement with respect to the 1.75%
exchangeable debentures due 2046 (the “Charter exchangeable
debentures”) issued by Liberty Interactive LLC (“LI LLC”), as
described in this press release.
b)
Face amount of Senior Notes and Debentures
with no reduction for the unamortized discount.
c)
Face amount of Senior Exchangeable
Debentures with no reduction for the fair market value
adjustment.
d)
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 a mandatory
redemption on March 15, 2031. The Preferred Stock is considered a
liability for GAAP purposes, and is recorded net of capitalized
costs.
e)
As defined in QVC, Inc.’s credit
agreement. Includes QxH, QVC International and Zulily.
Cash at Qurate Retail decreased $67 million in the first quarter
as investments in cost and equity investments, capital
expenditures, TV distribution payments and share repurchases more
than offset cash flow from operations, net borrowing and
approximately $40 million received from the sale of fixed assets at
QVC. Investments in cost and equity investments were elevated in
the first quarter primarily due to $78 million contributed to new
investments (excluding green energy), primarily an investment in
ComScore.
Total debt at Qurate Retail increased $71 million in the first
quarter due to borrowing at Zulily under QVC’s bank credit
facility. QVC’s bank credit facility has $75 million drawn as of
March 31, 2021 with available capacity of approximately $2,853
million, net of letters of credit. The credit facility matures on
December 31, 2023. Qurate Retail is in compliance with all debt
covenants as of March 31, 2021.
Qurate Retail benefits from an indemnification agreement with
Liberty Broadband with respect to its Charter exchangeable
debentures. The indemnification agreement compensates Qurate Retail
for any payments made in excess of the adjusted principal amount of
the debentures to any holder that exercises its exchange right on
or before the put/call date of October 5, 2023. This indemnity is
supported by a negative pledge in favor of Qurate Retail on the 1.0
million reference shares of Class A common stock of Charter held at
Liberty Broadband that underlie the Charter exchangeable
debentures. The indemnification asset on Qurate Retail’s balance
sheet is valued based on the estimated exchange feature in the
Charter exchangeable debentures. As of March 31, 2021, a holder of
the Charter exchangeable debentures has the ability to exchange
and, accordingly, the indemnification asset is included as a
current asset in our consolidated balance sheet as of that
date.
Important Notice: Qurate Retail, Inc. (Nasdaq: QRTEA,
QRTEB, QRTEP) President and CEO, Mike George, and Executive
Chairman, Greg Maffei, will discuss Qurate Retail’s earnings
release on a conference call which will begin at 8:30 a.m. (E.D.T.)
on May 7, 2021. The call can be accessed by dialing (800) 289-0571
or (323) 794-2093, passcode 3973031, 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
http://ir.qurateretail.com/events-and-presentations. 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 and
their expected benefits, market potential, future financial
performance and prospects, Qurate Retail’s estimated ongoing annual
tax rate, market conditions, the indemnification by Liberty
Broadband, future repayment of debt, the continuation of our stock
repurchase program, the payment of quarterly cash dividends on the
Preferred Stock 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 COVID-19) and market
conditions conducive to stock repurchases. 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 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, separately
reported litigation settlements, restructuring, acquisition and
other related costs and impairments. 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’ 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.
In addition, this press release includes references to adjusted
net income and adjusted earnings per share, which are non-GAAP
financial measures, for Qurate Retail. Qurate Retail defines
adjusted net income as net income, excluding the impact of
acquisition accounting amortization (net of deferred tax benefit),
mark to market adjustments on certain public debt and equity
securities and other one-time adjustments. Qurate Retail defines
adjusted earnings per share as diluted earnings per share plus the
diluted per share effects of certain adjustments, net of tax.
Qurate Retail believes adjusted net income and adjusted earnings
per share are important indicators of financial performance due to
the impact of purchase accounting amortization, mark to market
adjustments and other one-time items identified in Schedule 3
below. Because adjusted net income and adjusted earnings per share
are used as measures of overall financial performance, Qurate
Retail views net income and diluted earnings per share,
respectively, as the most directly comparable GAAP measures.
Adjusted net income and adjusted earnings per share are not meant
to replace or supersede net income, diluted earnings per share or
any other GAAP measure, but rather to supplement such GAAP measures
in order to present investors with a supplemental metric of
financial performance. Please see the attached schedules for a
reconciliation of adjusted net income to net income (loss) and
adjusted earnings per share to diluted earnings per share, in each
case, calculated in accordance with GAAP for Qurate Retail
(Schedule 3).
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 calculated in accordance
with GAAP for the three months ended March 31, 2020, June 30, 2020,
September 30, 2020, December 31, 2020 and March 31, 2021,
respectively.
CONSOLIDATED OPERATING INCOME AND ADJUSTED
OIBDA RECONCILIATION
(amounts in millions)
1Q20
2Q20
3Q20
4Q20
1Q21
Qurate Retail, Inc. Operating Income
(Loss)
$
231
$
405
$
406
$
530
$
373
Depreciation and amortization
142
144
141
135
128
Stock compensation expense
11
16
19
18
16
Qurate Retail, Inc. Adjusted
OIBDA
$
384
$
565
$
566
$
683
$
517
SCHEDULE 2
The following table provides a reconciliation of Adjusted OIBDA
for QVC, Zulily and Cornerstone to that entity or such businesses'
operating income (loss) calculated in accordance with GAAP for the
three months ended March 31, 2020, June 30, 2020, September 30,
2020, December 31, 2020 and March 31, 2021, respectively.
SUBSIDIARY ADJUSTED OIBDA
RECONCILIATION
(amounts in millions)
1Q20
2Q20
3Q20
4Q20
1Q21
QVC
Operating income
$
270
$
381
$
388
$
528
$
381
Depreciation and amortization
114
116
114
109
102
Stock compensation
6
10
10
11
9
Adjusted OIBDA
$
390
$
507
$
512
$
648
$
492
QxH Adjusted OIBDA
$
293
$
388
$
380
$
486
$
349
QVC International Adjusted
OIBDA
97
$
119
$
132
$
162
143
Zulily
Operating income (loss)
$
(20
)
$
20
$
3
$
(15
)
$
(18
)
Depreciation and amortization
20
20
20
20
20
Stock compensation
2
5
4
4
4
Adjusted OIBDA
$
2
$
45
$
27
$
9
$
6
Cornerstone
Operating income (loss)
$
(11
)
$
13
$
28
$
34
$
21
Depreciation and amortization
8
8
7
6
6
Stock compensation
1
—
—
—
—
Adjusted OIBDA
$
(2
)
$
21
$
35
$
40
$
27
SCHEDULE 3
The following table provides a reconciliation of Qurate Retail’s
net income (loss) to its adjusted net income and diluted earnings
(loss) per share to adjusted earnings per share, in each case,
calculated in accordance with GAAP for the three months ended March
31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 and
March 31, 2021, respectively.
ADJUSTED NET INCOME AND ADJUSTED EPS
RECONCILIATION
(amounts in millions)
1Q20
2Q20
3Q20
4Q20
1Q21
Qurate Retail, Inc. Net Income (Loss)
(GAAP)
$
(20
)
220
$
338
$
666
$
206
Purchase accounting amort., net of
deferred tax benefit (a)
29
24
28
27
26
Gain on transactions, net of tax
impact
—
—
(167
)
—
—
Loss on extinguishment of debt, net of tax
impact
—
—
30
—
—
Mark-to-market adjustments, net(b)
105
(18
)
9
(13
)
(31
)
Adjusted Net Income
$
114
$
226
$
238
$
680
$
201
Diluted earnings (loss) per share
(GAAP)
$
(0.05
)
$
0.53
$
0.80
$
1.56
$
0.49
Total adjustments per share, net of
tax
0.32
0.01
(0.24
)
0.03
(0.01
)
Adjusted earnings per share
$
0.27
$
0.54
$
0.57
$
1.59
$
0.48
____________________
a)
Add-back relates to non-cash, non-tax
deductible purchase accounting amortization from Qurate Retail’s
acquisitions of QVC, HSN, Zulily and Cornerstone, net of book
deferred tax benefit.
b)
Add-back includes realized and unrealized
gains/losses on financial instruments, net of tax.
QURATE RETAIL, INC.
BALANCE SHEET
INFORMATION
(unaudited)
March 31,
December 31,
2021
2020
amounts in millions
Assets
Current assets:
Cash and cash equivalents
$
739
806
Trade and other receivables, net
1,245
1,640
Inventory, net
1,374
1,301
Indemnification asset
293
345
Other current assets
484
473
Total current assets
4,135
4,565
Property and equipment, net
1,222
1,300
Intangible assets not subject to
amortization
9,769
9,806
Intangible assets subject to amortization,
net
831
779
Other assets, at cost, net of accumulated
amortization
614
549
Total assets
$
16,571
16,999
Liabilities and Equity
Current liabilities:
Accounts payable
1,129
1,305
Accrued liabilities
1,088
1,418
Current portion of debt
1,767
1,750
Other current liabilities
236
231
Total current liabilities
4,220
4,704
Long-term debt
5,263
5,186
Deferred income tax liabilities
1,349
1,359
Preferred stock
1,259
1,249
Other liabilities
716
768
Total liabilities
12,807
13,266
Equity
3,636
3,598
Non-controlling interests in equity of
subsidiaries
128
135
Total liabilities and equity
$
16,571
16,999
QURATE RETAIL, INC.
STATEMENT OF OPERATIONS
INFORMATION
(unaudited)
Three months ended
March 31,
2021
2020
Revenue:
Total revenue, net
$
3,337
2,920
Operating costs and expenses:
Cost of retail sales (exclusive of
depreciation shown separately below)
2,195
1,933
Operating expense
206
193
Selling, general and administrative,
including stock-based compensation
435
421
Depreciation and amortization
128
142
2,964
2,689
Operating income (loss)
373
231
Other income (expense):
Interest expense
(117
)
(97
)
Share of earnings (losses) of affiliates,
net
(32
)
(36
)
Realized and unrealized gains (losses) on
financial instruments, net
41
(138
)
Other, net
13
13
(95
)
(258
)
Earnings (loss) before income taxes
278
(27
)
Income tax benefit (expense)
(54
)
18
Net earnings (loss)
224
(9
)
Less net earnings (loss) attributable to
noncontrolling interests
18
11
Net earnings (loss) attributable to Qurate
Retail, Inc. shareholders
$
206
(20
)
QURATE RETAIL, INC.
STATEMENT OF CASH FLOWS
INFORMATION
(unaudited)
Three months ended
March 31,
2021
2020
amounts in millions
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings (loss)
$
224
(9
)
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
128
142
Stock-based compensation
16
11
Share of (earnings) losses of affiliates,
net
32
36
Realized and unrealized gains (losses) on
financial instruments, net
(41
)
138
Deferred income tax expense (benefit)
2
(43
)
Other, net
6
4
Changes in operating assets and
liabilities
Decrease (increase) in accounts
receivable
382
411
Decrease (increase) in inventory
(81
)
(23
)
Decrease (increase) in prepaid expenses
and other assets
32
62
(Decrease) increase in trade accounts
payable
(165
)
(240
)
(Decrease) increase in accrued and other
liabilities
(382
)
(317
)
Net cash provided (used) by operating
activities
153
172
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in and loans to cost and
equity investees
(118
)
(36
)
Capital expenditures
(47
)
(45
)
Expenditures for television distribution
rights
(56
)
(1
)
Cash proceeds from dispositions of
investments
2
—
Proceeds from sale of fixed assets
40
—
Other investing activities, net
(1
)
8
Net cash provided (used) by investing
activities
(180
)
(74
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt
265
743
Repayments of debt
(194
)
(942
)
Repurchases of Qurate Retail common
stock
(41
)
—
Withholding taxes on net settlements of
stock-based compensation
(21
)
(2
)
Dividends paid to noncontrolling
interest
(16
)
(15
)
Dividends paid to common shareholders
(13
)
—
Other financing activities, net
(3
)
6
Net cash provided (used) by financing
activities
(23
)
(210
)
Effect of foreign currency rates on cash,
cash equivalents and restricted cash
(17
)
(6
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(67
)
(118
)
Cash, cash equivalents and restricted cash
at beginning of period
814
681
Cash, cash equivalents and restricted cash
at end period
$
747
563
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210507005118/en/
Qurate Retail, Inc. Courtnee Chun, 720-875-5420
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