Qurate Retail, Inc. Reports First Quarter 2024 Financial Results
Qurate Retail, Inc. Reports First Quarter 2024 Financial Results
Qurate Retail, Inc. Reports First Quarter 2024 Financial Results
Qurate Retail, Inc. 公布2024年第一季度财务业绩
May 08, 2024 7:00am EDT Download as PDF
美国东部时间 2024 年 5 月 8 日上午 7:00 以 PDF 格式下载
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today reported first quarter 2024 results(1).
科罗拉多州恩格尔伍德--（美国商业资讯）--Qurate Retail, Inc.（“Qurate Retail”）（纳斯达克股票代码：QRTEA、QRTEB、QRTEP）今天公布了2024年第一季度业绩(1)。
"Our first quarter results demonstrate the continued momentum in our turnaround. We expanded gross margins for the fourth consecutive quarter, increased Adjusted OIBDA over 40% as reported for the third consecutive quarter of growth, and improved free cash flow year-over-year for the fifth consecutive quarter," said David Rawlinson, President and CEO of Qurate Retail. "We are successfully delivering on our transformation initiatives to reduce costs and improve product margins while prioritizing enhanced merchandise, brand launches and celebrity partnerships which are hallmarks of the QVC and HSN brands. We are focused on achieving our stated objectives throughout 2024 and positioning the business for sustainable future growth.
“我们第一季度的业绩表明，我们的转型势头持续强劲。Qurate Retail总裁兼首席执行官戴维·罗林森表示，我们连续第四个季度扩大了毛利率，调整后的OIBDA连续第三个季度增长了40％以上，自由现金流连续第五个季度同比改善。“我们正在成功实施转型计划，以降低成本和提高产品利润，同时优先考虑增强商品、品牌发布和名人合作伙伴关系，这些都是QVC和HSN品牌的标志。 我们专注于在2024年实现既定目标，并为业务的未来可持续增长做好准备。
"In April, we launched our Age of Possibility campaign, where we brought together a group of Quintessential 50 ambassadors including Billie Jean King, Patti LaBelle, Queen Latifah, Martha Stewart and many other inspiring women to tell their stories and celebrate our core customer of women over 50."
“4月，我们启动了 “可能性时代” 活动，汇集了包括比利·简·金、帕蒂·拉贝尔、拉蒂法女王、玛莎·斯图尔特和其他许多鼓舞人心的女性在内的典型50位大使，讲述她们的故事并庆祝我们的核心客户——50岁以上的女性。”
First quarter 2024 operating results:
2024 年第一季度经营业绩：
- Qurate Retail revenue decreased 4%(2) in both US Dollars and constant currency(3)
- Qurate Retail grew Adjusted OIBDA(4) 25%(2) in constant currency
- Qurate Retail reported diluted EPS of $0.00
- Adjusted diluted EPS(4) of $0.04
- QxH revenue decreased 4%
- QVC International revenue decreased 3%
- In constant currency, revenue decreased 1%
- Cornerstone revenue decreased 11%
- Qurate 零售收入下降了4％(2) 以美元和固定货币计(3)
- Qurate Retail增长调整后的OIBDA(4) 25%(2) 以固定货币计算
- Qurate Retail公布的摊薄后每股收益为0.00美元
- 调整后的摊薄后每股收益(4) 0.04 美元
- QxH 收入下降了 4%
- QVC 国际收入下降了3％
- 按固定货币计算，收入下降了1％
- 基石收入下降了11％
Corporate headlines:
企业头条：
- Repaid remaining $423 million principal outstanding of QVC's 4.85% senior secured notes due April 2024
- 偿还了QVC2024年4月到期的4.85％的优先有担保票据中剩余的4.23亿美元未偿本金
Discussion of Results
讨论结果
Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2024 to the same period in 2023.
除非另有说明，否则以下讨论将截至2024年3月31日的三个月的财务信息与2023年同期的财务信息进行了比较。
| FIRST QUARTER 2024 FINANCIAL RESULTS | ||||||||||||||
| (amounts in millions) | 1Q23 | 1Q24 | % Change | % Change | ||||||||||
| Revenue | ||||||||||||||
| QxH | $ | 1,601 | $ | 1,539 | (4)% | |||||||||
| QVC International | 592 | 572 | (3)% | (1)% | ||||||||||
| Cornerstone | 259 | 231 | (11)% | |||||||||||
| Total Qurate Retail Revenue (excluding Zulily) | 2,452 | 2,342 | (4 | (4 | ||||||||||
| Zulily(b) | 192 | — | NM | |||||||||||
| Total Qurate Retail Revenue (as reported) | $ | 2,644 | $ | 2,342 | (11 | (11 | ||||||||
| Operating Income (Loss) | ||||||||||||||
| QxH(c) | $ | 74 | $ | 94 | 27% | |||||||||
| QVC International(d) | 156 | 63 | (60)% | (57)% | ||||||||||
| Cornerstone | (2) | (3) | (50)% | |||||||||||
| Unallocated corporate cost | (9) | (9) | -% | |||||||||||
| Total Qurate Retail Operating Income (excluding Zulily) | 219 | 145 | (34 | (32 | ||||||||||
| Zulily(b) | (43) | — | NM | |||||||||||
| Total Qurate Retail Operating Income (as reported) | $ | 176 | $ | 145 | (18 | (15 | ||||||||
| Adjusted OIBDA | ||||||||||||||
| QxH(c) | $ | 139 | $ | 185 | 33% | |||||||||
| QVC International(d) | 72 | 75 | 4% | 10% | ||||||||||
| Cornerstone | 4 | 6 | 50% | |||||||||||
| Unallocated corporate cost | (5) | (7) | (40)% | |||||||||||
| Total Qurate Retail Adjusted OIBDA (excluding Zulily) | $ | 210 | $ | 259 | 23 | 25 | ||||||||
| Zulily(b) | (31) | — | NM | |||||||||||
| Total Qurate Retail Adjusted OIBDA (as reported) | $ | 179 | $ | 259 | 45 | 47 | ||||||||
| 2024 年第一季度财务业绩 | ||||||||||||||
| （金额以百万计） | 1Q23 | 1Q24 | % 变化 | 百分比变化 | ||||||||||
| 收入 | ||||||||||||||
| qxH | $ | 1,601 | $ | 1,539 | (4)% | |||||||||
| QVC 国际 | 592 | 572 | (3)% | (1)% | ||||||||||
| 基石 | 259 | 231 | (11)% | |||||||||||
| 季度零售总收入（不包括 Zulily） | 2,452 | 2,342 | (4) | (4) | ||||||||||
| Zulily(b) | 192 | — | NM | |||||||||||
| 季度零售收入总额（如报告所示） | $ | 2644 | $ | 2,342 | (11) | (11) | ||||||||
| 营业收入（亏损） | ||||||||||||||
| qxH(c) | $ | 74 | $ | 94 | 27% | |||||||||
| QVC 国际(d) | 156 | 63 | (60)% | (57)% | ||||||||||
| 基石 | (2) | (3) | (50)% | |||||||||||
| 未分配的公司成本 | (9) | (9) | -% | |||||||||||
| 季度零售营业收入总额（不包括 Zulily） | 219 | 145 | (34) | (32) | ||||||||||
| Zulily(b) | (43) | — | NM | |||||||||||
| 季度零售营业收入总额（如报告所示） | $ | 176 | $ | 145 | (18) | (15) | ||||||||
| 调整后 OIBDA | ||||||||||||||
| qxH(c) | $ | 139 | $ | 185 | 33% | |||||||||
| QVC 国际(d) | 72 | 75 | 4% | 10% | ||||||||||
| 基石 | 4 | 6 | 50% | |||||||||||
| 未分配的公司成本 | (5) | (7) | (40)% | |||||||||||
| 季度零售调整后OIBDA总额（不包括Zulily） | $ | 210 | $ | 259 | 23 | 25 | ||||||||
| Zulily(b) | (31) | — | NM | |||||||||||
| 季度零售调整后OIBDA总额（如报告所示） | $ | 179 | $ | 259 | 45 | 47 | ||||||||
| ____________________ | ||
| 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 first quarter of 2023, QxH incurred $21 million of net gains primarily related to Rocky Mount fire related costs, net of recoveries and the sale of its Rocky Mount fulfillment center. These are included in operating income and excluded from Adjusted OIBDA. See Reconciling Schedule 2. | |
| d) | In the first quarter of 2023, QVC International recorded $113 million of gains related to the sale leaseback of the UK and German fulfillment centers partially offset by $17 million of restructuring charges. In the first quarter of 2024, QVC International recorded a $1 million gain related to the sale leaseback of a German property. These are included in operating income and excluded from Adjusted OIBDA. See Reconciling Schedule 2. | |
| __________________ | ||
| a) | 有关固定货币财务指标的定义，请参阅随附的附表。 | |
| b) | Zulily, LLC（“Zulily”）于 2023 年 5 月 24 日被剥离。 | |
| c) | 在2023年第一季度，QxH产生了2100万美元的净收益，主要与洛基山大火相关的成本，扣除追回款和出售其洛基山配送中心后。这些都包含在营业收入中，不包括在调整后的OIBDA中。请参阅协调时间表 2。 | |
| d) | 2023年第一季度，QVC International录得与英国和德国配送中心的售后回租相关的1.13亿美元收益，部分被1700万美元的重组费用所抵消。在2024年第一季度，QVC International录得了100万美元的收益，这与德国房产的售后回租有关。这些都包含在营业收入中，不包括在调整后的OIBDA中。请参阅 “协调时间表 2”。 | |
| FIRST QUARTER 2024 NET INCOME AND ADJUSTED NET INCOME(4) | ||||||||
| (amounts in millions) | 1Q23 | 1Q24 | ||||||
| Net income (loss) | $ | 20 | $ | (1) | ||||
| Adjusted net income (loss)(a) | $ | (20) | $ | 17 | ||||
| Basic weighted average shares outstanding ("WASO") | 383 | 392 | ||||||
| Potentially dilutive shares | 1 | 1 | ||||||
| Diluted WASO | 384 | 393 | ||||||
| GAAP EPS(b) | $ | 0.05 | $ | — | ||||
| Adjusted EPS(a) | $ | (0.05) | $ | 0.04 | ||||
| 2024 年第一季度净收入和调整后净收益(4) | ||||||||
| （金额以百万计） | 1Q23 | 1Q24 | ||||||
| 净收益（亏损） | $ | 20 | $ | (1) | ||||
| 调整后净收益（亏损）(a) | $ | (20) | $ | 17 | ||||
| 基本加权平均已发行股数（“WASO”） | 383 | 392 | ||||||
| 可能具有稀释作用的股票 | 1 | 1 | ||||||
| 稀释后的 WASO | 384 | 393 | ||||||
| GAAP EPS(b) | $ | 0.05 | $ | — | ||||
| 调整后 EPS(a) | $ | (0.05) | $ | 0.04 | ||||
| ____________________ | ||
| a) | See Reconciling Schedule 3. | |
| b) | Represents diluted net income per share attributable to Series A and Series B common stockholders as presented in Qurate Retail's financial statements. | |
| __________________ | ||
| a) | 请参阅协调时间表 3。 | |
| b) | 代表Qurate Retail财务报表中列报的归属于A系列和B系列普通股股东的摊薄后每股净收益。 | |
QxH
qxH
QxH revenue declined primarily due to a 4% decrease in units shipped, partially offset by favorable returns and higher shipping and handling revenue. QxH reported sales declines mainly in home and apparel, partially offset by growth in accessories and jewelry.
QxH 收入下降的主要原因是出货量减少了4％，但部分被有利的回报以及更高的运输和手续收入所抵消。QxH报告称，销售下降主要是家居和服装，部分被配饰和珠宝的增长所抵消。
Operating income and Adjusted OIBDA margin(4) increased mainly due to higher product margins and lower fulfillment (warehouse and freight) and administrative expenses, partially offset by higher marketing costs. Product margins increased primarily due to mix shift to higher-margin products and lower supply chain costs. Fulfillment favorability primarily reflected lower freight rates and efficiencies from Project Athens initiatives. Administrative expenses declined primarily due to lower costs for outside services related to Project Athens. Marketing expenses increased largely due to the normalization of the annual spend compared to the prior year.
营业收入和调整后的OIBDA利润率(4) 增长主要是由于产品利润率提高以及配送（仓库和运费）和管理费用降低，但部分被较高的营销成本所抵消。产品利润率的增加主要是由于向利润率更高的产品组合转移以及供应链成本的降低。配送的好感主要反映了雅典项目举措带来的较低运费和效率。管理费用下降的主要原因是与雅典项目有关的外部服务成本降低。营销费用增加主要是由于年度支出与去年相比的正常化。
QVC International
QVC 国际
US Dollar denominated results were negatively impacted by exchange rate fluctuations due to the US Dollar strengthening 11% against the Japanese Yen, which was partially offset by the US Dollar weakening 5% against the British Pound and 1% against the Euro. 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 2024.
由于美元兑日元上涨11％，美元兑英镑下跌5％，兑欧元下跌1％，部分抵消了以美元计价的业绩受到汇率波动的负面影响。本新闻稿中提供的财务指标还将QVC International以固定货币（如适用）计算的业绩的百分比变化与根据美国公认会计原则计算的2024年第一季度可比数字进行了比较。
QVC International's constant currency revenue declined slightly as a 4% increase in units shipped was offset by a 5% decrease in average selling price. QVC International reported constant currency revenue growth in home, with declines in all other categories.
QVC International的固定货币收入略有下降，原因是出货量增长了4％，但平均销售价格下降了5％。QVC International报告称，国内货币收入持续增长，所有其他类别均有所下降。
Operating income decreased primarily as a result of comparing against $113 million of gains recognized in the prior year related to the UK and German sale leaseback transactions.
营业收入下降的主要原因是与去年确认的与英国和德国售后回租交易相关的1.13亿美元收益相比。
Adjusted OIBDA margin increased mainly due to higher product margins and lower administrative expenses. Product margins increased primarily due to favorable returns, higher initial margins and shipping and handling revenue. Lower administrative expenses mainly reflected lower personnel expenses.
调整后的OIBDA利润率增长主要是由于产品利润率提高和管理费用降低。产品利润率的增加主要归因于丰厚的回报、更高的初始利润率以及运输和手续收入。较低的管理费用主要反映了人事开支的减少。
Cornerstone
基石
Cornerstone revenue decreased due to continued softness in certain categories in the home sector and for apparel at Garnet Hill.
由于家居行业和Garnet Hill服装的某些类别持续疲软，基石收入下降。
Operating income margin decreased primarily due to higher depreciation related to the opening of six new retail stores and the relocation of four stores in the past year.
营业收入利润率下降的主要原因是与去年开设六家新零售门店和搬迁四家门店相关的折旧率增加。
Adjusted OIBDA margin increased primarily due to lower supply chain costs, partially offset by deleverage of administrative costs and marketing expenses.
调整后的OIBDA利润率增长主要是由于供应链成本的降低，但部分被管理成本和营销费用的去杠杆化所抵消。
| FIRST QUARTER 2024 SUPPLEMENTAL METRICS | ||||||||||||||
| (amounts in millions unless otherwise noted) | 1Q23 | 1Q24 | % Change | % Change | ||||||||||
| QxH | ||||||||||||||
| Cost of Goods Sold % of Revenue | 69.0% | 65.4% | (360) bps | |||||||||||
| Operating Income Margin (%)(b) | 4.6% | 6.1% | 150bps | |||||||||||
| Adjusted OIBDA Margin (%)(b) | 8.7% | 12.0% | 330bps | |||||||||||
| Average Selling Price | $ | 53.90 | $ | 53.60 | (1)% | |||||||||
| Units Sold | (4)% | |||||||||||||
| Return Rate(c) | 16.0% | 15.4% | (60) bps | |||||||||||
| eCommerce Revenue(d) | $ | 961 | $ | 958 | -% | |||||||||
| eCommerce % of Total Revenue | 60.0% | 62.2% | 220bps | |||||||||||
| Mobile % of eCommerce Revenue(e) | 68.3% | 69.8% | 150bps | |||||||||||
| LTM Total Customers(f) | 8.5 | 8.0 | (6)% | |||||||||||
| QVC International | ||||||||||||||
| Cost of Goods Sold % of Revenue | 64.7% | 64.0% | (70) bps | |||||||||||
| Operating Income Margin (%)(g) | 26.4% | 11.0% | (1,540) bps | |||||||||||
| Adjusted OIBDA Margin (%)(g) | 12.2% | 13.1% | 90bps | |||||||||||
| Average Selling Price | (7)% | (5)% | ||||||||||||
| Units Sold | 4% | |||||||||||||
| Return Rate(c) | 19.3% | 19.2% | (10) bps | |||||||||||
| eCommerce Revenue(d) | $ | 280 | $ | 294 | 5% | 7% | ||||||||
| eCommerce % of Total Revenue | 47.3% | 51.4% | 410bps | |||||||||||
| Mobile % of eCommerce Revenue(e) | 69.5% | 68.8% | (70) bps | |||||||||||
| LTM Total Customers(f) | 4.3 | 4.1 | (5)% | |||||||||||
| Cornerstone | ||||||||||||||
| Cost of Goods Sold % of Revenue | 63.8% | 59.7% | (410) bps | |||||||||||
| Operating Income Margin (%) | (0.8)% | (1.3)% | (50) bps | |||||||||||
| Adjusted OIBDA Margin (%) | 1.5% | 2.6% | 110bps | |||||||||||
| eCommerce Revenue(d) | $ | 197 | $ | 175 | (11)% | |||||||||
| eCommerce % of Total Revenue | 76.1% | 75.8% | (30) bps | |||||||||||
| 2024 年第一季度补充指标 | ||||||||||||||
| （除非另有说明，否则金额以百万计） | 1Q23 | 1Q24 | % 变化 | 百分比变化 | ||||||||||
| qxH | ||||||||||||||
| 销售成本占收入的百分比 | 69.0% | 65.4% | (360) 个基点 | |||||||||||
| 营业收入利润率 (%)(b) | 4.6% | 6.1% | 150 个基点 | |||||||||||
| 调整后的OIBDA利润率 (%)(b) | 8.7% | 12.0% | 330 个基点 | |||||||||||
| 平均销售价格 | $ | 53.90 | $ | 53.60 | (1)% | |||||||||
| 已售单位 | (4)% | |||||||||||||
| 退货率(c) | 16.0% | 15.4% | (60) 个基点 | |||||||||||
| 电子商务收入(d) | $ | 961 | $ | 958 | -% | |||||||||
| 电子商务占总收入的百分比 | 60.0% | 62.2% | 220 个基点 | |||||||||||
| 移动设备占电子商务收入的百分比(e) | 68.3% | 69.8% | 150 个基点 | |||||||||||
| LTM 客户总数(f) | 8.5 | 8.0 | (6)% | |||||||||||
| QVC 国际 | ||||||||||||||
| 销售成本占收入的百分比 | 64.7% | 64.0% | (70) bps | |||||||||||
| 营业收入利润率 (%)(g) | 26.4% | 11.0% | (1,540) 个基点 | |||||||||||
| 调整后的OIBDA利润率 (%)(g) | 12.2% | 13.1% | 90 个基点 | |||||||||||
| 平均销售价格 | (7)% | (5)% | ||||||||||||
| 已售单位 | 4% | |||||||||||||
| 退货率(c) | 19.3% | 19.2% | (10) bps | |||||||||||
| 电子商务收入(d) | $ | 280 | $ | 294 | 5% | 7% | ||||||||
| 电子商务占总收入的百分比 | 47.3% | 51.4% | 410 个基点 | |||||||||||
| 移动设备占电子商务收入的百分比(e) | 69.5% | 68.8% | (70) bps | |||||||||||
| LTM 客户总数(f) | 4.3 | 4.1 | (5)% | |||||||||||
| 基石 | ||||||||||||||
| 销售成本占收入的百分比 | 63.8% | 59.7% | (410) 个基点 | |||||||||||
| 营业收入利润率 (%) | (0.8)% | (1.3)% | (50) bps | |||||||||||
| 调整后的OIBDA利润率 (%) | 1.5% | 2.6% | 110 个基点 | |||||||||||
| 电子商务收入(d) | $ | 197 | $ | 175 | (11)% | |||||||||
| 电子商务占总收入的百分比 | 76.1% | 75.8% | (30) bps | |||||||||||
| ____________________ | ||
| a) | For a definition of constant currency financial metrics, see the accompanying schedules. | |
| b) | In the first quarter of 2023, QxH incurred $21 million of net gains primarily related to Rocky Mount fire related costs, net of recoveries and the sale of its Rocky Mount fulfillment center. These are included in operating income and excluded from Adjusted OIBDA. 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 first quarter of 2023, QVC International recorded $113 million of gains related to the sale leaseback of the UK and German fulfillment centers partially offset by $17 million of restructuring charges. In the first quarter of 2024, QVC International recorded a $1 million gain related to the sale leaseback of a German property. These are included in operating income and excluded from Adjusted OIBDA. See Reconciling Schedule 2. | |
| __________________ | ||
| a) | 有关固定货币财务指标的定义，请参阅随附的附表。 | |
| b) | 在2023年第一季度，QxH产生了2100万美元的净收益，主要与洛基山大火相关的成本，扣除追回款和出售其洛基山配送中心后。这些都包含在营业收入中，不包括在调整后的OIBDA中。请参阅协调时间表 2。 | |
| c) | 以退货销售额与总出货销售额相比来衡量（以美元计）。 | |
| d) | 基于净收入。 | |
| e) | 基于美元订单总额。 | |
| f) | LTM：最近十二个月。 | |
| g) | 2023年第一季度，QVC International录得与英国和德国配送中心的售后回租相关的1.13亿美元收益，部分被1700万美元的重组费用所抵消。在2024年第一季度，QVC International录得了100万美元的收益，这与德国房产的售后回租有关。这些都包含在营业收入中，不包括在调整后的OIBDA中。请参阅 “协调时间表 2”。 | |
FOOTNOTES
脚注
| 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 May 8, 2024. For information regarding how to access the call, please see "Important Notice" later in this document. | |
| 2) | Adjusted for the divestiture of Zulily on May 24, 2023. | |
| 3) | 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. | |
| 4) | For definitions and applicable reconciliations of Adjusted OIBDA, Adjusted OIBDA margin, adjusted net income and adjusted diluted EPS, see the accompanying schedules. |
| 1) | Qurate Retail将在Qurate Retail的财报电话会议上讨论这些头条新闻和其他事项，该电话会议将于2024年5月8日上午8点30分（美国东部时间）开始。有关如何接听电话的信息，请参阅本文档后面的 “重要通知”。 | |
| 2) | 根据 2023 年 5 月 24 日对 Zulily 的剥离进行了调整。 | |
| 3) | 有关固定货币财务指标的定义，请参阅随附的附表。适用的对账可以在本新闻稿开头的财务表中找到。 | |
| 4) | 有关调整后OIBDA、调整后OIBDA利润率、调整后净收益和调整后摊薄后每股收益的定义和适用对账，请参阅随附的附表。 |
NOTES
笔记
Cash and Debt
现金和债务
The following presentation is provided to separately identify cash and debt information.
提供以下演示文稿是为了分别识别现金和债务信息。
| (amounts in millions) | 12/31/2023 | 3/31/2024 | ||||||
| Cash and cash equivalents (GAAP) | $ | 1,121 | $ | 1,102 | ||||
| Debt: | ||||||||
| QVC senior secured notes(a) | $ | 3,509 | $ | 3,086 | ||||
| QVC senior secured bank credit facility | 857 | 1,295 | ||||||
| Total Qurate Retail Group Debt | $ | 4,366 | $ | 4,381 | ||||
| Senior notes(a) | 792 | 792 | ||||||
| Senior exchangeable debentures(b) | 781 | 780 | ||||||
| Corporate Level Debentures | 1,573 | 1,572 | ||||||
| Total Qurate Retail, Inc. Debt | $ | 5,939 | $ | 5,953 | ||||
| Unamortized discount, fair market value adjustment and deferred loan costs | (599) | (462) | ||||||
| Total Qurate Retail, Inc. Debt (GAAP) | $ | 5,340 | $ | 5,491 | ||||
| Other Financial Obligations: | ||||||||
| Preferred stock(c) | $ | 1,270 | $ | 1,272 | ||||
| QVC, Inc. leverage(d) | 2.4x | 2.5x | ||||||
| （金额以百万计） | 12/31/2023 | 3/31/2024 | ||||||
| 现金和现金等价物（GAAP） | $ | 1,121 | $ | 1,102 | ||||
| 债务： | ||||||||
| QVC 高级担保票据(a) | $ | 3,509 | $ | 3,086 | ||||
| QVC 高级担保银行信贷额度 | 857 | 1,295 | ||||||
| Qurate 零售集团债务总额 | $ | 4,366 | $ | 4,381 | ||||
| 高级笔记(a) | 792 | 792 | ||||||
| 优先可交换债券(b) | 781 | 780 | ||||||
| 企业级债券 | 1,573 | 1,572 | ||||||
| Qurate Retail, Inc. 债务总额 | $ | 5,939 | $ | 5,953 | ||||
| 未摊销的折扣、公允市值调整和递延贷款成本 | (599) | (462) | ||||||
| Qurate Retail, Inc. 债务总额（GAAP） | $ | 5,340 | $ | 5,491 | ||||
| 其他财务义务： | ||||||||
| 优先股(c) | $ | 1,270 | $ | 1,272 | ||||
| QVC, Inc. 的杠杆作用(d) | 2.4 倍 | 2.5 倍 | ||||||
| ____________________ | ||
| 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. | |
| __________________ | ||
| a) | 面对优先票据和债券的金额，未摊销的折扣不减免。 | |
| b) | 优先可交换债券的面值金额，不根据公允市场价值调整进行调整。 | |
| c) | 优先股的息票为8％，每股100美元的初始清算优先权加上应计和未付的股息，并且是无投票权的。它必须在 2031 年 3 月 15 日强制兑换。就公认会计原则而言，优先股被视为负债，扣除资本化成本后入账。 | |
| d) | 如QVC的信贷协议所定义。为了计算QVC银行信贷额度的契约，调整后的息税折旧摊销前利润中包含部分预期的成本节省。 | |
Cash at Qurate Retail decreased $19 million in the first quarter as cash from operations and net borrowings were primarily offset by capital expenditures during the period. Total debt at Qurate Retail, Inc. increased $14 million in the first quarter as additional borrowings under QVC's bank credit facility more than offset debt repayment. Qurate Retail redeemed the remaining $423 million principal outstanding of QVC's 4.85% senior secured notes due April 2024 in the first quarter.
Qurate Retail的第一季度现金减少了1900万美元，原因是该期间的运营现金和净借款主要被资本支出所抵消。Qurate Retail, Inc.的总债务在第一季度增加了1400万美元，原因是QVC银行信贷额度下的额外借款足以抵消债务偿还。Qurate Retail赎回了QVC第一季度到期的4.85％的优先担保票据中剩余的4.23亿美元未偿本金。
QVC's bank credit facility has $1.3 billion drawn as of March 31, 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 2.5x 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 slightly from December 31, 2023 due to certain add backs no longer impacting the calculation, though these add backs were largely offset by growth in Adjusted OIBDA.
截至2024年3月31日，QVC的银行信贷额度已提取13亿美元，扣除信用证后的增量可用性为19亿美元。根据QVC循环信贷额度的定义，QVC的杠杆率在季度末为2.5倍。根据QVC循环信贷额度的条款，预期节省的成本的一部分包含在营业收入中，以QVC的杠杆比率进行契约计算。尽管调整后OIBDA的增长在很大程度上抵消了这些回调，但QVC的杠杆率自2023年12月31日起略有增加，这是由于某些回调不再影响计算。
As of March 31, 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.
截至2024年3月31日，QVC的合并杠杆比率（根据QVC的优先有担保票据计算）超过3.5倍，因此QVC进行无限分红或其他限制性付款的能力受到限制。债券契约和信贷协议允许QVC为偿还其母实体债务的本金和利息而派发的股息，以及QVC根据公司间税收共享协议向Qurate Retail支付的与Qvc及其子公司的某些纳税义务有关的款项。
Qurate Retail is in compliance with all debt covenants as of March 31, 2024.
截至2024年3月31日，Qurate Retail遵守了所有债务契约。
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 May 8, 2024. The call can be accessed by dialing (877) 704-4234 or (215) 268-9904, passcode 13742823, 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.
重要通知： Qurate Retail, Inc.（纳斯达克股票代码：QRTEA、QRTEB、QRTEP）将在2024年5月8日上午8点30分（美国东部时间）开始的电话会议上讨论Qurate Retail发布的财报。至少在开始时间前 10 分钟，拨打 (877) 704-4234 或 (215) 268-9904，密码为 13742823，即可接听电话。电话会议还将通过互联网进行现场直播，并存档在我们的网站上。要访问网络直播，请访问 https://www.qurateretail.com/investors/news-events/ir-calendar。Qurate Retail的网站上还将提供本新闻稿和电话会议重播的链接。
This press release includes certain forward-looking statements, including statements about business strategies and initiatives (including Project Athens) 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.
本新闻稿包括某些前瞻性陈述，包括有关业务战略和举措（包括雅典项目）及其预期收益、市场潜力、未来财务业绩和前景的陈述以及其他非历史事实的事项。这些前瞻性陈述涉及许多风险和不确定性，可能导致实际结果与此类陈述所表达或暗示的结果存在重大差异，包括但不限于市场对新产品或服务的接受程度可能发生变化、竞争问题、影响我们业务的监管事项、继续按Qurate Retail可接受的条款获得资本的机会、法律和政府监管的变化、投资机会的可用性、总体市场状况（包括未来公共卫生状况的结果）危机），影响全球供应链和劳动力市场的问题以及社交媒体和影响者的使用。这些前瞻性陈述仅代表截至本新闻稿发布之日，Qurate Retail明确表示没有义务或承诺发布此处包含的任何前瞻性陈述的任何更新或修订，以反映Qurate Retail对此的预期的任何变化或任何此类声明所依据的事件、条件或情况的任何变化。请参阅Qurate Retail公开提交的文件，包括最新的10-K和10-Q表格，以获取有关Qurate Retail以及可能影响本新闻稿中声明的与Qurate Retail业务相关的风险和不确定性的更多信息。
NON-GAAP FINANCIAL MEASURES
非公认会计准则财务指标
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.
为了向投资者提供有关我们财务业绩的更多信息，本新闻稿包括介绍Qurate Retail、QVC（及其某些子公司）、Zulily（截至2023年5月23日）和Cornerstone的调整后OIBDA，这是一项非公认会计准则财务指标，以及根据公认会计原则确定的与该实体或此类企业营业收入的对账。Qurate Retail将调整后的OIBDA定义为营业收入（亏损）加上折旧和摊销、股票薪酬，以及在适用的情况下，单独确定的减值、诉讼和解、重组、处罚、收购相关成本、火灾相关成本、净额（包括洛基山库存损失）和售后回租交易的（收益）亏损。此外，本新闻稿还包括调整后的OIBDA利润率，这也是一项非公认会计准则财务指标。Qurate Retail将调整后的OIBDA利润率定义为调整后的OIBDA除以收入。
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.
Qurate Retail认为，调整后的OIBDA是衡量其业务运营实力和业绩的重要指标，它可以识别那些不能直接反映每个企业的业绩或表明持续业务趋势的项目。此外，该措施使管理层能够查看经营业绩，在企业之间进行分析比较和基准设定，并确定改善绩效的策略。由于调整后的OIBDA被用作经营业绩的衡量标准，因此Qurate Retail将营业收入视为最直接的可比GAAP指标。调整后的OIBDA并不旨在取代或取代营业收入或任何其他GAAP指标，而是为了补充此类GAAP指标，以便向投资者提供Qurate Retail管理层在评估经营业绩和资产业绩时所考虑的相同信息。有关适用的对账表，请参阅随附的时间表。
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, (gain) loss on sale of fixed assets 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.
此外，本新闻稿还提到了Qurate Retail的调整后净收益和调整后的每股收益，这些是非公认会计准则的财务指标。Qurate Retail将调整后的净收益定义为净收益，不包括收购会计摊销（扣除递延所得税优惠）、对某些公共债务和股权证券的按市值计价调整、固定资产出售收益（收益）损失和其他一次性调整的影响。Qurate Retail将调整后的每股收益定义为摊薄后的每股收益加上某些调整的摊薄后每股影响，不含税。
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).
Qurate Retail认为，由于收购会计摊销、按市值计价调整和下文附表3中列出的其他一次性项目的影响，调整后的净收益和调整后的每股收益是财务业绩的重要指标。由于调整后净收益和调整后每股收益被用作衡量整体财务业绩的指标，因此Qurate Retail将净收益和摊薄后每股收益分别视为最直接的可比GAAP指标。调整后的净收益和调整后的每股收益并不旨在取代或取代净收益、摊薄后每股收益或任何其他GAAP指标，而是为了补充此类GAAP指标，以便为投资者提供财务业绩的补充指标。请参阅随附的调整后净收益与净收益（亏损）以及调整后每股收益与摊薄后每股收益的对账表，每种情况均根据Qurate Retail的GAAP（附表3）计算。
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.
该新闻稿还引用了Qurate Retail按固定货币计算的某些财务指标，这是一项非公认会计准则的衡量标准。如本文所示，固定货币财务指标的计算方法是使用每种货币的单一外汇汇率，将本年度和上年度报告的金额转换为可比金额。
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.
Qurate Retail认为，恒定货币财务指标是衡量财务业绩的重要指标，尤其是对QVC而言，这是因为与其在英国、德国、意大利和日本的子公司相关的外币波动会产生转化影响。我们使用固定货币财务指标来提供一个框架来评估我们的业务表现，不包括外币汇率波动的影响。请参阅本新闻稿开头的财务表，以核对外币波动对收入、营业收入、调整后OIBDA和平均销售价格的影响。
SCHEDULE 1
附表 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 March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively.
下表提供了Qurate Retail调整后的OIBDA与其分别根据公认会计原则计算的截至2023年3月31日、2023年6月30日、2023年9月30日、2023年12月31日和2024年3月31日的三个月的营业收入（亏损）的对账情况。
| CONSOLIDATED OPERATING INCOME AND ADJUSTED OIBDA RECONCILIATION | ||||||||||||||||||||
| (amounts in millions) | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| Qurate Retail Operating Income (Loss) | $ | 176 | $ | 366 | $ | 151 | $ | (103) | $ | 145 | ||||||||||
| Depreciation and amortization | 100 | 104 | 105 | 98 | 99 | |||||||||||||||
| Stock compensation expense | 16 | 14 | 10 | 13 | 16 | |||||||||||||||
| Restructuring, penalties and fire related costs, net of (recoveries) (including Rocky Mount inventory losses)(a) | — | (208) | 19 | — | — | |||||||||||||||
| Impairment of intangible assets(b) | — | — | — | 326 | — | |||||||||||||||
| (Gains) losses on sale of assets and sale leaseback transactions(c) | (113) | (6) | — | 6 | (1) | |||||||||||||||
| Qurate Retail Adjusted OIBDA | $ | 179 | $ | 270 | $ | 285 | $ | 340 | $ | 259 | ||||||||||
| 合并营业收入和调整后的OIBDA对账 | ||||||||||||||||||||
| （金额以百万计） | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| 季度零售营业收入（亏损） | $ | 176 | $ | 366 | $ | 151 | $ | (103) | $ | 145 | ||||||||||
| 折旧和摊销 | 100 | 104 | 105 | 98 | 99 | |||||||||||||||
| 股票补偿费用 | 16 | 14 | 10 | 13 | 16 | |||||||||||||||
| 扣除（回收额）（包括洛基山库存损失）后的重组、罚款和火灾相关成本(a) | — | (208) | 19 | — | — | |||||||||||||||
| 无形资产减值(b) | — | — | — | 326 | — | |||||||||||||||
| 出售资产和售后回租交易的（收益）亏损(c) | (113) | (6) | — | 6 | (1) | |||||||||||||||
| Qurate 零售调整后的 OIBDA | $ | 179 | $ | 270 | $ | 285 | $ | 340 | $ | 259 | ||||||||||
| ____________________ | ||
| 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 Rocky Mount 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 Rocky Mount in February 2023 on proceeds released from escrow and (ii) $21 million of restructuring, penalties and fire-related costs. 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 gains related to the sale leaseback of the UK and German fulfillment centers in the first quarter of 2023, 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. | |
| __________________ | ||
| a) | 在2023年第二季度，QxH确认了（i）2.09亿美元的保险收益净收益，即超过火灾相关成本的保险收益，以及（ii）2023年2月出售洛基山的200万美元收益，该收益已从托管中释放。此外，在2023年第二季度，Cornerstone记录了200万美元，Zulily记录了100万美元的重组费用，均与裁员有关。在2023年第三季度，QxH（i）2023年2月出售洛基山的200万美元收益来自托管所得收益，以及（ii）2100万美元的重组、罚款和火灾相关费用。这些项目包含在营业收入中，不包括在调整后的OIBDA中。 | |
| b) | 在2023年第四季度，QxH确认了与商誉相关的3.26亿美元非现金减值费用。 | |
| c) | 包括2023年第一季度与英国和德国配送中心的售后回租相关的收益、2023年第二季度出售主要与出售渠道定位权相关的无形资产的收益、与2023年第四季度德国物业售后回租相关的亏损以及与2024年第一季度德国房产售后回租相关的收益。 | |
SCHEDULE 2
附表 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 March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively.
下表提供了截至2023年3月31日、2023年6月30日、2023年9月30日、2023年9月30日、2023年12月31日和2024年3月31日的三个月，QVC和Cornerstone调整后OIBDA与该实体的对账情况，或根据公认会计原则计算的这些企业的营业收入（亏损）。
| SUBSIDIARY ADJUSTED OIBDA RECONCILIATION | ||||||||||||||||||||
| (amounts in millions) | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| QVC | ||||||||||||||||||||
| Operating income (loss) | $ | 230 | $ | 374 | $ | 154 | $ | (113) | $ | 157 | ||||||||||
| Depreciation and amortization | 89 | 94 | 98 | 91 | 92 | |||||||||||||||
| Stock compensation | 9 | 11 | 7 | 10 | 12 | |||||||||||||||
| Restructuring, penalties and fire related costs, net of (recoveries) (including Rocky Mount inventory losses) | (4) | (211) | 19 | — | — | |||||||||||||||
| (Gains) losses on sale of assets and sale leaseback transactions | (113) | (6) | — | 6 | (1) | |||||||||||||||
| Impairment of intangible assets | — | — | — | 326 | — | |||||||||||||||
| Adjusted OIBDA | $ | 211 | $ | 262 | $ | 278 | $ | 320 | $ | 260 | ||||||||||
| QxH Adjusted OIBDA | $ | 139 | $ | 185 | $ | 201 | $ | 221 | $ | 185 | ||||||||||
| QVC International Adjusted OIBDA | $ | 72 | $ | 77 | $ | 77 | $ | 99 | $ | 75 | ||||||||||
| Cornerstone | ||||||||||||||||||||
| Operating income (loss) | $ | (2) | $ | 15 | $ | 4 | $ | 18 | $ | (3) | ||||||||||
| Depreciation and amortization | 5 | 7 | 7 | 7 | 7 | |||||||||||||||
| Stock compensation | 1 | 1 | — | 2 | 2 | |||||||||||||||
| Restructuring costs | — | 2 | — | — | — | |||||||||||||||
| Adjusted OIBDA | $ | 4 | $ | 25 | $ | 11 | $ | 27 | $ | 6 | ||||||||||
| 子公司调整后的OIBDA对账 | ||||||||||||||||||||
| （金额以百万计） | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| QVC | ||||||||||||||||||||
| 营业收入（亏损） | $ | 230 | $ | 374 | $ | 154 | $ | (113) | $ | 157 | ||||||||||
| 折旧和摊销 | 89 | 94 | 98 | 91 | 92 | |||||||||||||||
| 股票补偿 | 9 | 11 | 7 | 10 | 12 | |||||||||||||||
| 扣除（回收额）（包括洛基山库存损失）后的重组、罚款和火灾相关成本 | (4) | (211) | 19 | — | — | |||||||||||||||
| 出售资产和售后回租交易的（收益）亏损 | (113) | (6) | — | 6 | (1) | |||||||||||||||
| 无形资产减值 | — | — | — | 326 | — | |||||||||||||||
| 调整后 OIBDA | $ | 211 | $ | 262 | $ | 278 | $ | 320 | $ | 260 | ||||||||||
| qxH 调整后的 OIBDA | $ | 139 | $ | 185 | $ | 201 | $ | 221 | $ | 185 | ||||||||||
| QVC 国际调整后的 OIBDA | $ | 72 | $ | 77 | $ | 77 | $ | 99 | $ | 75 | ||||||||||
| 基石 | ||||||||||||||||||||
| 营业收入（亏损） | $ | (2) | $ | 15 | $ | 4 | $ | 18 | $ | (3) | ||||||||||
| 折旧和摊销 | 5 | 7 | 7 | 7 | 7 | |||||||||||||||
| 股票补偿 | 1 | 1 | — | 2 | 2 | |||||||||||||||
| 重组成本 | — | 2 | — | — | — | |||||||||||||||
| 调整后 OIBDA | $ | 4 | $ | 25 | $ | 11 | $ | 27 | $ | 6 | ||||||||||
SCHEDULE 3
附表 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, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively.
下表分别根据截至2023年3月31日、2023年6月30日、2023年9月30日、2023年9月30日、2023年12月31日和2024年3月31日的三个月的GAAP计算，Qurate Retail的净收益（亏损）与调整后每股收益的对账情况。
| ADJUSTED NET INCOME AND ADJUSTED EPS RECONCILIATION | ||||||||||||||||||||
| (amounts in millions) | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| Qurate Retail Net Income (Loss) (GAAP) | $ | 20 | $ | 107 | $ | 1 | $ | (273) | $ | (1) | ||||||||||
| Purchase accounting amort., net of deferred tax benefit(a) | 17 | 15 | 14 | 14 | 14 | |||||||||||||||
| Impairment of intangible assets, net of tax impact | — | — | — | 326 | — | |||||||||||||||
| Restructuring, penalties and fire related costs, net of (recoveries) and tax impact (including Rocky Mount inventory losses) | — | (156) | 14 | — | — | |||||||||||||||
| (Gains) losses on sale of intangible asset and sale leaseback transactions, net of tax impact | (92) | (5) | — | 6 | (2) | |||||||||||||||
| Mark-to-market adjustments, net(b) | 35 | 26 | 11 | 14 | 6 | |||||||||||||||
| Adjusted Net Income (Loss) | $ | (20 | $ | (13 | $ | 40 | $ | 87 | $ | 17 | ||||||||||
| Diluted earnings (loss) per share (GAAP) | $ | 0.05 | $ | 0.28 | $ | — | $ | (0.70) | $ | — | ||||||||||
| Total adjustments per share, net of tax | (0.10) | (0.31) | 0.10 | 0.92 | 0.04 | |||||||||||||||
| Adjusted earnings (loss) per share | $ | (0.05 | $ | (0.03 | $ | 0.10 | $ | 0.22 | $ | 0.04 | ||||||||||
| 调整后的净收入和调整后的每股收益对账 | ||||||||||||||||||||
| （金额以百万计） | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| Qurate 零售净收益（亏损）（GAAP） | $ | 20 | $ | 107 | $ | 1 | $ | (273) | $ | (1) | ||||||||||
| 扣除递延所得税优惠后的购买会计金额(a) | 17 | 15 | 14 | 14 | 14 | |||||||||||||||
| 扣除税收影响后的无形资产减值 | — | — | — | 326 | — | |||||||||||||||
| 扣除（追回）和税收影响（包括洛基山库存损失）后的重组、罚款和火灾相关成本 | — | (156) | 14 | — | — | |||||||||||||||
| 扣除税收影响后的无形资产出售和售后回租交易的（收益）亏损 | (92) | (5) | — | 6 | (2) | |||||||||||||||
| 按市值计价的调整，净额(b) | 35 | 26 | 11 | 14 | 6 | |||||||||||||||
| 调整后净收益（亏损） | $ | (20) | $ | (13) | $ | 40 | $ | 87 | $ | 17 | ||||||||||
| 摊薄后每股收益（亏损）（GAAP） | $ | 0.05 | $ | 0.28 | $ | — | $ | (0.70) | $ | — | ||||||||||
| 每股调整总额，扣除税款 | (0.10) | (0.31) | 0.10 | 0.92 | 0.04 | |||||||||||||||
| 调整后的每股收益（亏损） | $ | (0.05) | $ | (0.03 | $ | 0.10 | $ | 0.22 | $ | 0.04 | ||||||||||
| ____________________ | ||
| 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. | |
| __________________ | ||
| a) | 增值返还涉及Qurate Retail收购QVC、HSN、Zulily和Cornerstone的非现金、不可扣税的购买会计摊销，扣除账面递延所得税优惠后。 | |
| b) | 附加收益包括扣除税款的金融工具已实现和未实现收益/亏损。 | |
| QURATE RETAIL, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION | |||||||
| (unaudited) | |||||||
| March 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| amounts in millions | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 1,102 | 1,121 | ||||
| Trade and other receivables, net of allowance for credit losses | 980 | 1,308 | |||||
| Inventory, net | 1,134 | 1,044 | |||||
| Other current assets | 170 | 209 | |||||
| Total current assets | 3,386 | 3,682 | |||||
| Property and equipment, net | 496 | 512 | |||||
| Intangible assets not subject to amortization | 5,839 | 5,862 | |||||
| Intangible assets subject to amortization, net | 495 | 526 | |||||
| Operating lease right-of-use assets | 629 | 635 | |||||
| Other assets, at cost, net of accumulated amortization | 136 | 151 | |||||
| Total assets | $ | 10,981 | 11,368 | ||||
| Liabilities and Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | 789 | 895 | |||||
| Accrued liabilities | 715 | 983 | |||||
| Current portion of debt | 939 | 642 | |||||
| Other current liabilities | 100 | 97 | |||||
| Total current liabilities | 2,543 | 2,617 | |||||
| Long-term debt | 4,552 | 4,698 | |||||
| Deferred income tax liabilities | 1,504 | 1,531 | |||||
| Preferred stock | 1,272 | 1,270 | |||||
| Operating lease liabilities | 617 | 615 | |||||
| Other liabilities | 142 | 148 | |||||
| Total liabilities | 10,630 | 10,879 | |||||
| Equity | 255 | 385 | |||||
| Non-controlling interests in equity of subsidiaries | 96 | 104 | |||||
| Total liabilities and equity | $ | 10,981 | 11,368 | ||||
| QUARTE RETAIL, INC | |||||||
| 简明的合并资产负债表信息 | |||||||
| （未经审计） | |||||||
| 3月31日 | 十二月三十一日 | ||||||
| 2024 | 2023 | ||||||
| 以百万为单位的金额 | |||||||
| 资产 | |||||||
| 流动资产： | |||||||
| 现金和现金等价物 | $ | 1,102 | 1,121 | ||||
| 扣除信贷损失备抵后的贸易和其他应收账款 | 980 | 1,308 | |||||
| 库存，净额 | 1,134 | 1,044 | |||||
| 其他流动资产 | 170 | 209 | |||||
| 流动资产总额 | 3,386 | 3,682 | |||||
| 财产和设备，净额 | 496 | 512 | |||||
| 无需摊销的无形资产 | 5,839 | 5,862 | |||||
| 需要摊销的无形资产，净额 | 495 | 526 | |||||
| 经营租赁使用权资产 | 629 | 635 | |||||
| 其他资产，按成本计算，扣除累计摊销额 | 136 | 151 | |||||
| 总资产 | $ | 10,981 | 11,368 | ||||
| 负债和权益 | |||||||
| 流动负债： | |||||||
| 应付账款 | 789 | 895 | |||||
| 应计负债 | 715 | 983 | |||||
| 债务的当前部分 | 939 | 642 | |||||
| 其他流动负债 | 100 | 97 | |||||
| 流动负债总额 | 2,543 | 2,617 | |||||
| 长期债务 | 4,552 | 4,698 | |||||
| 递延所得税负债 | 1,504 | 1,531 | |||||
| 优先股 | 1,272 | 1,270 | |||||
| 经营租赁负债 | 617 | 615 | |||||
| 其他负债 | 142 | 148 | |||||
| 负债总额 | 10,630 | 10,879 | |||||
| 公平 | 255 | 385 | |||||
| 子公司股权中的非控股权益 | 96 | 104 | |||||
| 负债和权益总额 | $ | 10,981 | 11,368 | ||||
| QURATE RETAIL, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION | |||||||
| (unaudited) | |||||||
| Three months ended | |||||||
| March 31, | |||||||
| 2024 | 2023 | ||||||
| amounts in millions | |||||||
| Revenue: | |||||||
| Total revenue, net | $ | 2,342 | 2,644 | ||||
| Operating costs and expenses: | |||||||
| Cost of goods sold (exclusive of depreciation shown separately below) | 1,511 | 1,809 | |||||
| Operating expense | 180 | 194 | |||||
| Selling, general and administrative, including stock-based compensation | 408 | 478 | |||||
| Depreciation and amortization | 99 | 100 | |||||
| Gain on sale of assets and leaseback transactions | (1) | (113) | |||||
| 2,197 | 2,468 | ||||||
| Operating income (loss) | 145 | 176 | |||||
| Other income (expense): | |||||||
| Interest expense | (117) | (94) | |||||
| Dividend and interest income | 12 | 11 | |||||
| Realized and unrealized gains (losses) on financial instruments, net | (7) | (32) | |||||
| Other, net | (2) | 4 | |||||
| (114) | (111) | ||||||
| Earnings (loss) before income taxes | 31 | 65 | |||||
| Income tax (expense) benefit | (23) | (32) | |||||
| Net earnings (loss) | 8 | 33 | |||||
| Less net earnings (loss) attributable to the noncontrolling interests | 9 | 13 | |||||
| Net earnings (loss) attributable to Qurate Retail, Inc. shareholders | $ | (1) | 20 | ||||
| QUARTE RETAIL, INC | |||||||
| 简明的合并运营报表信息 | |||||||
| （未经审计） | |||||||
| 三个月已结束 | |||||||
| 3月31日 | |||||||
| 2024 | 2023 | ||||||
| 以百万为单位的金额 | |||||||
| 收入： | |||||||
| 总收入，净额 | $ | 2,342 | 2644 | ||||
| 运营成本和开支： | |||||||
| 销售商品的成本（不包括折旧，如下所示） | 1,511 | 1,809 | |||||
| 运营费用 | 180 | 194 | |||||
| 销售、一般和管理，包括股票薪酬 | 408 | 478 | |||||
| 折旧和摊销 | 99 | 100 | |||||
| 出售资产和回租交易的收益 | (1) | (113) | |||||
| 2,197 | 2,468 | ||||||
| 营业收入（亏损） | 145 | 176 | |||||
| 其他收入（支出）： | |||||||
| 利息支出 | (117) | (94) | |||||
| 股息和利息收入 | 12 | 11 | |||||
| 金融工具的已实现和未实现收益（亏损），净额 | (7) | (32) | |||||
| 其他，净额 | (2) | 4 | |||||
| (114) | (111) | ||||||
| 所得税前收益（亏损） | 31 | 65 | |||||
| 所得税（费用）福利 | (23) | (32) | |||||
| 净收益（亏损） | 8 | 33 | |||||
| 减去归属于非控股权益的净收益（亏损） | 9 | 13 | |||||
| 归属于Qurate Retail, Inc.股东的净收益（亏损） | $ | (1) | 20 | ||||
| QURATE RETAIL, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION | |||||||
| (unaudited) | |||||||
| Three months ended | |||||||
| March 31, | |||||||
| 2024 | 2023 | ||||||
| amounts in millions | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net earnings (loss) | $ | 8 | 33 | ||||
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 99 | 100 | |||||
| Stock-based compensation | 16 | 16 | |||||
| Realized and unrealized (gains) losses on financial instruments, net | 7 | 32 | |||||
| Gain on sale of assets and sale leaseback transactions | (1) | (113) | |||||
| Gain on insurance proceeds, net of fire related costs | — | (17) | |||||
| Insurance proceeds received for operating expenses and business interruption losses | — | 37 | |||||
| Deferred income tax expense (benefit) | (2) | (2) | |||||
| Other, net | 4 | 9 | |||||
| Changes in operating assets and liabilities | |||||||
| Decrease (increase) in accounts receivable | 313 | 294 | |||||
| Decrease (increase) in inventory | (94) | 25 | |||||
| Decrease (increase) in prepaid expenses and other assets | 45 | 48 | |||||
| (Decrease) increase in trade accounts payable | (101) | (167) | |||||
| (Decrease) increase in accrued and other liabilities | (268) | (279) | |||||
| Net cash provided (used) by operating activities | 26 | 16 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Capital expenditures | (40) | (54) | |||||
| Expenditures for television distribution rights | (2) | (38) | |||||
| Cash proceeds from dispositions of investments | 6 | 1 | |||||
| Proceeds from sale of fixed assets | 6 | 198 | |||||
| Insurance proceeds received for fixed asset loss | — | 18 | |||||
| Payments for settlements of financial instruments | — | (179) | |||||
| Proceeds from settlements of financial instruments | — | 167 | |||||
| Other investing activities, net | (1) | (1) | |||||
| Net cash provided (used) by investing activities | (31) | 112 | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Borrowings of debt | 1,570 | 677 | |||||
| Repayments of debt | (1,555) | (803) | |||||
| Dividends paid to noncontrolling interest | (11) | (12) | |||||
| Dividends paid to common shareholders | (4) | (7) | |||||
| Indemnification agreement settlement | — | 24 | |||||
| Other financing activities, net | (2) | (1) | |||||
| Net cash provided (used) by financing activities | (2) | (122) | |||||
| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (12) | 4 | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (19) | 10 | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 1,136 | 1,285 | |||||
| Cash, cash equivalents and restricted cash at end period | $ | 1,117 | 1,295 | ||||
| QUARTE RETAIL, INC | |||||||
| 简明的合并现金流量表信息 | |||||||
| （未经审计） | |||||||
| 三个月已结束 | |||||||
| 3月31日 | |||||||
| 2024 | 2023 | ||||||
| 以百万为单位的金额 | |||||||
| 经营活动产生的现金流量: | |||||||
| 净收益（亏损） | $ | 8 | 33 | ||||
| 调整净收益（亏损）与经营活动提供的净现金： | |||||||
| 折旧和摊销 | 99 | 100 | |||||
| 基于股票的薪酬 | 16 | 16 | |||||
| 金融工具的已实现和未实现（收益）亏损，净额 | 7 | 32 | |||||
| 出售资产和售后回租交易的收益 | (1) | (113) | |||||
| 扣除火灾相关费用后的保险收益收益 | — | (17) | |||||
| 收到的用于支付运营费用和业务中断损失的保险收益 | — | 37 | |||||
| 递延所得税支出（福利） | (2) | (2) | |||||
| 其他，净额 | 4 | 9 | |||||
| 运营资产和负债的变化 | |||||||
| 应收账款减少（增加） | 313 | 294 | |||||
| 库存减少（增加） | (94) | 25 | |||||
| 预付费用和其他资产减少（增加） | 45 | 48 | |||||
| 贸易应付账款 (减少) 增加 | (101) | (167) | |||||
| 应计负债和其他负债 (减少) 增加 | (268) | (279) | |||||
| 经营活动提供（使用）的净现金 | 26 | 16 | |||||
| 来自投资活动的现金流: | |||||||
| 资本支出 | (40) | (54) | |||||
| 电视发行权的支出 | (2) | (38) | |||||
| 处置投资的现金收益 | 6 | 1 | |||||
| 出售固定资产的收益 | 6 | 198 | |||||
| 收到的固定资产损失保险收益 | — | 18 | |||||
| 金融工具结算的付款 | — | (179) | |||||
| 金融工具结算的收益 | — | 167 | |||||
| 其他投资活动，净额 | (1) | (1) | |||||
| 投资活动提供（使用）的净现金 | (31) | 112 | |||||
| 来自融资活动的现金流量: | |||||||
| 债务借款 | 1,570 | 677 | |||||
| 偿还债务 | (1,555) | (803) | |||||
| 支付给非控股权益的股息 | (11) | (12) | |||||
| 支付给普通股股东的股息 | (4) | (7) | |||||
| 赔偿协议和解 | — | 24 | |||||
| 其他融资活动，净额 | (2) | (1) | |||||
| 融资活动提供（使用）的净现金 | (2) | (122) | |||||
| 外币汇率对现金、现金等价物和限制性现金的影响 | (12) | 4 | |||||
| 现金、现金等价物和限制性现金的净增加（减少） | (19) | 10 | |||||
| 期初的现金、现金等价物和限制性现金 | 1,136 | 1,285 | |||||
| 期末现金、现金等价物和限制性现金 | $ | 1,117 | 1,295 | ||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507179583/en/
在 businesswire.com 上查看源版本： https://www.businesswire.com/news/home/20240507179583/en/
Shane Kleinstein
720-875-5432
肖恩·克莱因斯坦
720-875-5432
Source: Qurate Retail, Inc.
来源：Qurate Retail, Inc.
Released May 8, 2024
2024 年 5 月 8 日发布