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. 公佈2024年第一季度財務業績
May 08, 2024 7:00am EDT Download as PDF
美國東部時間 2024 年 5 月 8 日上午 7:00 以 PDF 格式下載
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today reported first quarter 2024 results(1).
科羅拉多州恩格爾伍德--（美國商業資訊）--Qurate Retail, Inc.（“Qurate Retail”）（納斯達克股票代碼：QRTEA、QRTEB、QRTEP）今天公佈了2024年第一季度業績(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.
“我們第一季度的業績表明，我們的轉型勢頭持續強勁。Qurate Retail總裁兼首席執行官戴維·羅林森表示，我們連續第四個季度擴大了毛利率，調整後的OIBDA連續第三個季度增長了40％以上，自由現金流連續第五個季度同比改善。“我們正在成功實施轉型計劃，以降低成本和提高產品利潤，同時優先考慮增強商品、品牌發佈和名人合作伙伴關係，這些都是QVC和HSN品牌的標誌。 我們專注於在2024年實現既定目標，併爲業務的未來可持續增長做好準備。
"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，我們啓動了 “可能性時代” 活動，彙集了包括比利·簡·金、帕蒂·拉貝爾、拉蒂法女王、瑪莎·斯圖爾特和其他許多鼓舞人心的女性在內的典型50位大使，講述她們的故事並慶祝我們的核心客戶——50歲以上的女性。”
First quarter 2024 operating results:
2024 年第一季度經營業績：
- 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) 以美元和固定貨幣計(3)
- Qurate Retail增長調整後的OIBDA(4) 25%(2) 以固定貨幣計算
- Qurate Retail公佈的攤薄後每股收益爲0.00美元
- 調整後的攤薄後每股收益(4) 0.04 美元
- QxH 收入下降了 4%
- QVC 國際收入下降了3％
- 按固定貨幣計算，收入下降了1％
- 基石收入下降了11％
Corporate headlines:
企業頭條：
- Repaid remaining $423 million principal outstanding of QVC's 4.85% senior secured notes due April 2024
- 償還了QVC2024年4月到期的4.85％的優先有擔保票據中剩餘的4.23億美元未償本金
Discussion of Results
討論結果
Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2024 to the same period in 2023.
除非另有說明，否則以下討論將截至2024年3月31日的三個月的財務信息與2023年同期的財務信息進行了比較。
| 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 年第一季度財務業績 | ||||||||||||||
| （金額以百萬計） | 1Q23 | 1Q24 | % 變化 | 百分比變化 | ||||||||||
| 收入 | ||||||||||||||
| qxH | $ | 1,601 | $ | 1,539 | (4)% | |||||||||
| QVC 國際 | 592 | 572 | (3)% | (1)% | ||||||||||
| 基石 | 259 | 231 | (11)% | |||||||||||
| 季度零售總收入（不包括 Zulily） | 2,452 | 2,342 | (4) | (4) | ||||||||||
| Zulily(b) | 192 | — | NM | |||||||||||
| 季度零售收入總額（如報告所示） | $ | 2644 | $ | 2,342 | (11) | (11) | ||||||||
| 營業收入（虧損） | ||||||||||||||
| qxH(c) | $ | 74 | $ | 94 | 27% | |||||||||
| QVC 國際(d) | 156 | 63 | (60)% | (57)% | ||||||||||
| 基石 | (2) | (3) | (50)% | |||||||||||
| 未分配的公司成本 | (9) | (9) | -% | |||||||||||
| 季度零售營業收入總額（不包括 Zulily） | 219 | 145 | (34) | (32) | ||||||||||
| Zulily(b) | (43) | — | NM | |||||||||||
| 季度零售營業收入總額（如報告所示） | $ | 176 | $ | 145 | (18) | (15) | ||||||||
| 調整後 OIBDA | ||||||||||||||
| qxH(c) | $ | 139 | $ | 185 | 33% | |||||||||
| QVC 國際(d) | 72 | 75 | 4% | 10% | ||||||||||
| 基石 | 4 | 6 | 50% | |||||||||||
| 未分配的公司成本 | (5) | (7) | (40)% | |||||||||||
| 季度零售調整後OIBDA總額（不包括Zulily） | $ | 210 | $ | 259 | 23 | 25 | ||||||||
| Zulily(b) | (31) | — | NM | |||||||||||
| 季度零售調整後OIBDA總額（如報告所示） | $ | 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) | 有關固定貨幣財務指標的定義，請參閱隨附的附表。 | |
| b) | Zulily, LLC（“Zulily”）於 2023 年 5 月 24 日被剝離。 | |
| c) | 在2023年第一季度，QxH產生了2100萬美元的淨收益，主要與洛基山大火相關的成本，扣除追回款和出售其洛基山配送中心後。這些都包含在營業收入中，不包括在調整後的OIBDA中。請參閱協調時間表 2。 | |
| d) | 2023年第一季度，QVC International錄得與英國和德國配送中心的售後回租相關的1.13億美元收益，部分被1700萬美元的重組費用所抵消。在2024年第一季度，QVC International錄得了100萬美元的收益，這與德國房產的售後回租有關。這些都包含在營業收入中，不包括在調整後的OIBDA中。請參閱 “協調時間表 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 年第一季度淨收入和調整後淨收益(4) | ||||||||
| （金額以百萬計） | 1Q23 | 1Q24 | ||||||
| 淨收益（虧損） | $ | 20 | $ | (1) | ||||
| 調整後淨收益（虧損）(a) | $ | (20) | $ | 17 | ||||
| 基本加權平均已發行股數（“WASO”） | 383 | 392 | ||||||
| 可能具有稀釋作用的股票 | 1 | 1 | ||||||
| 稀釋後的 WASO | 384 | 393 | ||||||
| GAAP EPS(b) | $ | 0.05 | $ | — | ||||
| 調整後 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) | 請參閱協調時間表 3。 | |
| b) | 代表Qurate Retail財務報表中列報的歸屬於A系列和B系列普通股股東的攤薄後每股淨收益。 | |
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貨量減少了4％，但部分被有利的回報以及更高的運輸和手續收入所抵消。QxH報告稱，銷售下降主要是家居和服裝，部分被配飾和珠寶的增長所抵消。
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.
營業收入和調整後的OIBDA利潤率(4) 增長主要是由於產品利潤率提高以及配送（倉庫和運費）和管理費用降低，但部分被較高的營銷成本所抵消。產品利潤率的增加主要是由於向利潤率更高的產品組合轉移以及供應鏈成本的降低。配送的好感主要反映了雅典項目舉措帶來的較低運費和效率。管理費用下降的主要原因是與雅典項目有關的外部服務成本降低。營銷費用增加主要是由於年度支出與去年相比的正常化。
QVC International
QVC 國際
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.
由於美元兌日元上漲11％，美元兌英鎊下跌5％，兌歐元下跌1％，部分抵消了以美元計價的業績受到匯率波動的負面影響。本新聞稿中提供的財務指標還將QVC International以固定貨幣（如適用）計算的業績的百分比變化與根據美國公認會計原則計算的2024年第一季度可比數字進行了比較。
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的固定貨幣收入略有下降，原因是出貨量增長了4％，但平均銷售價格下降了5％。QVC International報告稱，國內貨幣收入持續增長，所有其他類別均有所下降。
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.
營業收入下降的主要原因是與去年確認的與英國和德國售後回租交易相關的1.13億美元收益相比。
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.
調整後的OIBDA利潤率增長主要是由於產品利潤率提高和管理費用降低。產品利潤率的增加主要歸因於豐厚的回報、更高的初始利潤率以及運輸和手續收入。較低的管理費用主要反映了人事開支的減少。
Cornerstone
基石
Cornerstone revenue decreased due to continued softness in certain categories in the home sector and for apparel at Garnet Hill.
由於家居行業和Garnet Hill服裝的某些類別持續疲軟，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.
營業收入利潤率下降的主要原因是與去年開設六家新零售門店和搬遷四家門店相關的折舊率增加。
Adjusted OIBDA margin increased primarily due to lower supply chain costs, partially offset by deleverage of administrative costs and marketing expenses.
調整後的OIBDA利潤率增長主要是由於供應鏈成本的降低，但部分被管理成本和營銷費用的去槓桿化所抵消。
| 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 年第一季度補充指標 | ||||||||||||||
| （除非另有說明，否則金額以百萬計） | 1Q23 | 1Q24 | % 變化 | 百分比變化 | ||||||||||
| qxH | ||||||||||||||
| 銷售成本佔收入的百分比 | 69.0% | 65.4% | (360) 個點子 | |||||||||||
| 營業收入利潤率 (%)(b) | 4.6% | 6.1% | 150 個點子 | |||||||||||
| 調整後的OIBDA利潤率 (%)(b) | 8.7% | 12.0% | 330 個點子 | |||||||||||
| 平均銷售價格 | $ | 53.90 | $ | 53.60 | (1)% | |||||||||
| 已售單位 | (4)% | |||||||||||||
| 退貨率(c) | 16.0% | 15.4% | (60) 個點子 | |||||||||||
| 電子商務收入(d) | $ | 961 | $ | 958 | -% | |||||||||
| 電子商務佔總收入的百分比 | 60.0% | 62.2% | 220 個點子 | |||||||||||
| 移動設備佔電子商務收入的百分比(e) | 68.3% | 69.8% | 150 個點子 | |||||||||||
| LTM 客戶總數(f) | 8.5 | 8.0 | (6)% | |||||||||||
| QVC 國際 | ||||||||||||||
| 銷售成本佔收入的百分比 | 64.7% | 64.0% | (70) bps | |||||||||||
| 營業收入利潤率 (%)(g) | 26.4% | 11.0% | (1,540) 個點子 | |||||||||||
| 調整後的OIBDA利潤率 (%)(g) | 12.2% | 13.1% | 90 個點子 | |||||||||||
| 平均銷售價格 | (7)% | (5)% | ||||||||||||
| 已售單位 | 4% | |||||||||||||
| 退貨率(c) | 19.3% | 19.2% | (10) bps | |||||||||||
| 電子商務收入(d) | $ | 280 | $ | 294 | 5% | 7% | ||||||||
| 電子商務佔總收入的百分比 | 47.3% | 51.4% | 410 個點子 | |||||||||||
| 移動設備佔電子商務收入的百分比(e) | 69.5% | 68.8% | (70) bps | |||||||||||
| LTM 客戶總數(f) | 4.3 | 4.1 | (5)% | |||||||||||
| 基石 | ||||||||||||||
| 銷售成本佔收入的百分比 | 63.8% | 59.7% | (410) 個點子 | |||||||||||
| 營業收入利潤率 (%) | (0.8)% | (1.3)% | (50) bps | |||||||||||
| 調整後的OIBDA利潤率 (%) | 1.5% | 2.6% | 110 個點子 | |||||||||||
| 電子商務收入(d) | $ | 197 | $ | 175 | (11)% | |||||||||
| 電子商務佔總收入的百分比 | 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) | 有關固定貨幣財務指標的定義，請參閱隨附的附表。 | |
| b) | 在2023年第一季度，QxH產生了2100萬美元的淨收益，主要與洛基山大火相關的成本，扣除追回款和出售其洛基山配送中心後。這些都包含在營業收入中，不包括在調整後的OIBDA中。請參閱協調時間表 2。 | |
| c) | 以退貨銷售額與總出貨銷售額相比來衡量（以美元計）。 | |
| d) | 基於淨收入。 | |
| e) | 基於美元訂單總額。 | |
| f) | LTM：最近十二個月。 | |
| g) | 2023年第一季度，QVC International錄得與英國和德國配送中心的售後回租相關的1.13億美元收益，部分被1700萬美元的重組費用所抵消。在2024年第一季度，QVC International錄得了100萬美元的收益，這與德國房產的售後回租有關。這些都包含在營業收入中，不包括在調整後的OIBDA中。請參閱 “協調時間表 2”。 | |
FOOTNOTES
腳註
| 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將在Qurate Retail的業績電話會議上討論這些頭條新聞和其他事項，該電話會議將於2024年5月8日上午8點30分（美國東部時間）開始。有關如何接聽電話的信息，請參閱本文檔後面的 “重要通知”。 | |
| 2) | 根據 2023 年 5 月 24 日對 Zulily 的剝離進行了調整。 | |
| 3) | 有關固定貨幣財務指標的定義，請參閱隨附的附表。適用的對賬可以在本新聞稿開頭的財務表中找到。 | |
| 4) | 有關調整後OIBDA、調整後OIBDA利潤率、調整後淨收益和調整後攤薄後每股收益的定義和適用對賬，請參閱隨附的附表。 |
NOTES
筆記
Cash and Debt
現金和債務
The following presentation is provided to separately identify cash and debt information.
提供以下演示文稿是爲了分別識別現金和債務信息。
| (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 | ||||||
| （金額以百萬計） | 12/31/2023 | 3/31/2024 | ||||||
| 現金和現金等價物（GAAP） | $ | 1,121 | $ | 1,102 | ||||
| 債務： | ||||||||
| QVC 高級擔保票據(a) | $ | 3,509 | $ | 3,086 | ||||
| QVC 高級擔保銀行信貸額度 | 857 | 1,295 | ||||||
| Qurate 零售集團債務總額 | $ | 4,366 | $ | 4,381 | ||||
| 高級筆記(a) | 792 | 792 | ||||||
| 優先可交換債券(b) | 781 | 780 | ||||||
| 企業級債券 | 1,573 | 1,572 | ||||||
| Qurate Retail, Inc. 債務總額 | $ | 5,939 | $ | 5,953 | ||||
| 未攤銷的折扣、公允市值調整和遞延貸款成本 | (599) | (462) | ||||||
| Qurate Retail, Inc. 債務總額（GAAP） | $ | 5,340 | $ | 5,491 | ||||
| 其他財務義務： | ||||||||
| 優先股(c) | $ | 1,270 | $ | 1,272 | ||||
| QVC, Inc. 的槓桿作用(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) | 面對優先票據和債券的金額，未攤銷的折扣不減免。 | |
| b) | 優先可交換債券的面值金額，不根據公允市場價值調整進行調整。 | |
| c) | 優先股的息票爲8％，每股100美元的初始清算優先權加上應計和未付的股息，並且是無投票權的。它必須在 2031 年 3 月 15 日強制兌換。就公認會計原則而言，優先股被視爲負債，扣除資本化成本後入賬。 | |
| d) | 如QVC的信貸協議所定義。爲了計算QVC銀行信貸額度的契約，調整後的息稅折舊攤銷前利潤中包含部分預期的成本節省。 | |
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的第一季度現金減少了1900萬美元，原因是該期間的運營現金和淨借款主要被資本支出所抵消。Qurate Retail, Inc.的總債務在第一季度增加了1400萬美元，原因是QVC銀行信貸額度下的額外借款足以抵消債務償還。Qurate Retail贖回了QVC第一季度到期的4.85％的優先擔保票據中剩餘的4.23億美元未償本金。
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的銀行信貸額度已提取13億美元，扣除信用證後的增量可用性爲19億美元。根據QVC循環信貸額度的定義，QVC的槓桿率在季度末爲2.5倍。根據QVC循環信貸額度的條款，預期節省的成本的一部分包含在營業收入中，以QVC的槓桿比率進行契約計算。儘管調整後OIBDA的增長在很大程度上抵消了這些回調，但QVC的槓桿率自2023年12月31日起略有增加，這是由於某些回調不再影響計算。
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的合併槓桿比率（根據QVC的優先有擔保票據計算）超過3.5倍，因此QVC進行無限分紅或其他限制性付款的能力受到限制。債券契約和信貸協議允許QVC爲償還其母實體債務的本金和利息而派發的股息，以及QVC根據公司間稅收共享協議向Qurate Retail支付的與Qvc及其子公司的某些納稅義務有關的款項。
Qurate Retail is in compliance with all debt covenants as of March 31, 2024.
截至2024年3月31日，Qurate Retail遵守了所有債務契約。
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.（納斯達克股票代碼：QRTEA、QRTEB、QRTEP）將在2024年5月8日上午8點30分（美國東部時間）開始的電話會議上討論Qurate Retail發佈的業績。至少在開始時間前 10 分鐘，撥打 (877) 704-4234 或 (215) 268-9904，密碼爲 13742823，即可接聽電話。電話會議還將通過互聯網進行現場直播，並存檔在我們的網站上。要訪問網絡直播，請訪問 https://www.qurateretail.com/investors/news-events/ir-calendar。Qurate Retail的網站上還將提供本新聞稿和電話會議重播的鏈接。
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.
本新聞稿包括某些前瞻性陳述，包括有關業務戰略和舉措（包括雅典項目）及其預期收益、市場潛力、未來財務業績和前景的陳述以及其他非歷史事實的事項。這些前瞻性陳述涉及許多風險和不確定性，可能導致實際結果與此類陳述所表達或暗示的結果存在重大差異，包括但不限於市場對新產品或服務的接受程度可能發生變化、競爭問題、影響我們業務的監管事項、繼續按Qurate Retail可接受的條款獲得資本的機會、法律和政府監管的變化、投資機會的可用性、總體市場狀況（包括未來公共衛生狀況的結果）危機），影響全球供應鏈和勞動力市場的問題以及社交媒體和影響者的使用。這些前瞻性陳述僅代表截至本新聞稿發佈之日，Qurate Retail明確表示沒有義務或承諾發佈此處包含的任何前瞻性陳述的任何更新或修訂，以反映Qurate Retail對此的預期的任何變化或任何此類聲明所依據的事件、條件或情況的任何變化。請參閱Qurate Retail公開提交的文件，包括最新的10-K和10-Q表格，以獲取有關Qurate Retail以及可能影響本新聞稿中聲明的與Qurate Retail業務相關的風險和不確定性的更多信息。
NON-GAAP FINANCIAL MEASURES
非公認會計准則財務指標
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.
爲了向投資者提供有關我們財務業績的更多信息，本新聞稿包括介紹Qurate Retail、QVC（及其某些子公司）、Zulily（截至2023年5月23日）和Cornerstone的調整後OIBDA，這是一項非公認會計准則財務指標，以及根據公認會計原則確定的與該實體或此類企業營業收入的對賬。Qurate Retail將調整後的OIBDA定義爲營業收入（虧損）加上折舊和攤銷、股票薪酬，以及在適用的情況下，單獨確定的減值、訴訟和解、重組、處罰、收購相關成本、火災相關成本、淨額（包括洛基山庫存損失）和售後回租交易的（收益）虧損。此外，本新聞稿還包括調整後的OIBDA利潤率，這也是一項非公認會計准則財務指標。Qurate Retail將調整後的OIBDA利潤率定義爲調整後的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認爲，調整後的OIBDA是衡量其業務運營實力和業績的重要指標，它可以識別那些不能直接反映每個企業的業績或表明持續業務趨勢的項目。此外，該措施使管理層能夠查看經營業績，在企業之間進行分析比較和基準設定，並確定改善績效的策略。由於調整後的OIBDA被用作經營業績的衡量標準，因此Qurate Retail將營業收入視爲最直接的可比GAAP指標。調整後的OIBDA並不旨在取代或取代營業收入或任何其他GAAP指標，而是爲了補充此類GAAP指標，以便向投資者提供Qurate Retail管理層在評估經營業績和資產業績時所考慮的相同信息。有關適用的對賬表，請參閱隨附的時間表。
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，本新聞稿還提到了Qurate Retail的調整後淨收益和調整後的每股收益，這些是非公認會計准則的財務指標。Qurate Retail將調整後的淨收益定義爲淨收益，不包括收購會計攤銷（扣除遞延所得稅優惠）、對某些公共債務和股權證券的按市值計價調整、固定資產出售收益（收益）損失和其他一次性調整的影響。Qurate Retail將調整後的每股收益定義爲攤薄後的每股收益加上某些調整的攤薄後每股影響，不含稅。
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認爲，由於收購會計攤銷、按市值計價調整和下文附表3中列出的其他一次性項目的影響，調整後的淨收益和調整後的每股收益是財務業績的重要指標。由於調整後淨收益和調整後每股收益被用作衡量整體財務業績的指標，因此Qurate Retail將淨收益和攤薄後每股收益分別視爲最直接的可比GAAP指標。調整後的淨收益和調整後的每股收益並不旨在取代或取代淨收益、攤薄後每股收益或任何其他GAAP指標，而是爲了補充此類GAAP指標，以便爲投資者提供財務業績的補充指標。請參閱隨附的調整後淨收益與淨收益（虧損）以及調整後每股收益與攤薄後每股收益的對賬表，每種情況均根據Qurate Retail的GAAP（附表3）計算。
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.
該新聞稿還引用了Qurate Retail按固定貨幣計算的某些財務指標，這是一項非公認會計准則的衡量標準。如本文所示，固定貨幣財務指標的計算方法是使用每種貨幣的單一外匯匯率，將本年度和上年度報告的金額轉換爲可比金額。
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認爲，恒定貨幣財務指標是衡量財務業績的重要指標，尤其是對QVC而言，這是因爲與其在英國、德國、意大利和日本的子公司相關的外幣波動會產生轉化影響。我們使用固定貨幣財務指標來提供一個框架來評估我們的業務表現，不包括外幣匯率波動的影響。請參閱本新聞稿開頭的財務表，以覈對外幣波動對收入、營業收入、調整後OIBDA和平均銷售價格的影響。
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調整後的OIBDA與其分別根據公認會計原則計算的截至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日的三個月的營業收入（虧損）的對賬情況。
| 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 | ||||||||||
| 合併營業收入和調整後的OIBDA對賬 | ||||||||||||||||||||
| （金額以百萬計） | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| 季度零售營業收入（虧損） | $ | 176 | $ | 366 | $ | 151 | $ | (103) | $ | 145 | ||||||||||
| 折舊和攤銷 | 100 | 104 | 105 | 98 | 99 | |||||||||||||||
| 股票補償費用 | 16 | 14 | 10 | 13 | 16 | |||||||||||||||
| 扣除（回收額）（包括洛基山庫存損失）後的重組、罰款和火災相關成本(a) | — | (208) | 19 | — | — | |||||||||||||||
| 無形資產減值(b) | — | — | — | 326 | — | |||||||||||||||
| 出售資產和售後回租交易的（收益）虧損(c) | (113) | (6) | — | 6 | (1) | |||||||||||||||
| Qurate 零售調整後的 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確認了（i）2.09億美元的保險收益淨收益，即超過火災相關成本的保險收益，以及（ii）2023年2月出售洛基山的200萬美元收益，該收益已從託管中釋放。此外，在2023年第二季度，Cornerstone記錄了200萬美元，Zulily記錄了100萬美元的重組費用，均與裁員有關。在2023年第三季度，QxH（i）2023年2月出售洛基山的200萬美元收益來自託管所得收益，以及（ii）2100萬美元的重組、罰款和火災相關費用。這些項目包含在營業收入中，不包括在調整後的OIBDA中。 | |
| b) | 在2023年第四季度，QxH確認了與商譽相關的3.26億美元非現金減值費用。 | |
| c) | 包括2023年第一季度與英國和德國配送中心的售後回租相關的收益、2023年第二季度出售主要與出售渠道定位權相關的無形資產的收益、與2023年第四季度德國物業售後回租相關的虧損以及與2024年第一季度德國房產售後回租相關的收益。 | |
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日的三個月，QVC和Cornerstone調整後OIBDA與該實體的對賬情況，或根據公認會計原則計算的這些企業的營業收入（虧損）。
| 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 | ||||||||||
| 子公司調整後的OIBDA對賬 | ||||||||||||||||||||
| （金額以百萬計） | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| QVC | ||||||||||||||||||||
| 營業收入（虧損） | $ | 230 | $ | 374 | $ | 154 | $ | (113) | $ | 157 | ||||||||||
| 折舊和攤銷 | 89 | 94 | 98 | 91 | 92 | |||||||||||||||
| 股票補償 | 9 | 11 | 7 | 10 | 12 | |||||||||||||||
| 扣除（回收額）（包括洛基山庫存損失）後的重組、罰款和火災相關成本 | (4) | (211) | 19 | — | — | |||||||||||||||
| 出售資產和售後回租交易的（收益）虧損 | (113) | (6) | — | 6 | (1) | |||||||||||||||
| 無形資產減值 | — | — | — | 326 | — | |||||||||||||||
| 調整後 OIBDA | $ | 211 | $ | 262 | $ | 278 | $ | 320 | $ | 260 | ||||||||||
| qxH 調整後的 OIBDA | $ | 139 | $ | 185 | $ | 201 | $ | 221 | $ | 185 | ||||||||||
| QVC 國際調整後的 OIBDA | $ | 72 | $ | 77 | $ | 77 | $ | 99 | $ | 75 | ||||||||||
| 基石 | ||||||||||||||||||||
| 營業收入（虧損） | $ | (2) | $ | 15 | $ | 4 | $ | 18 | $ | (3) | ||||||||||
| 折舊和攤銷 | 5 | 7 | 7 | 7 | 7 | |||||||||||||||
| 股票補償 | 1 | 1 | — | 2 | 2 | |||||||||||||||
| 重組成本 | — | 2 | — | — | — | |||||||||||||||
| 調整後 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.
下表分別根據截至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日的三個月的GAAP計算，Qurate Retail的淨收益（虧損）與調整後每股收益的對賬情況。
| 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 | ||||||||||
| 調整後的淨收入和調整後的每股收益對賬 | ||||||||||||||||||||
| （金額以百萬計） | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||||||||
| Qurate 零售淨收益（虧損）（GAAP） | $ | 20 | $ | 107 | $ | 1 | $ | (273) | $ | (1) | ||||||||||
| 扣除遞延所得稅優惠後的購買會計金額(a) | 17 | 15 | 14 | 14 | 14 | |||||||||||||||
| 扣除稅收影響後的無形資產減值 | — | — | — | 326 | — | |||||||||||||||
| 扣除（追回）和稅收影響（包括洛基山庫存損失）後的重組、罰款和火災相關成本 | — | (156) | 14 | — | — | |||||||||||||||
| 扣除稅收影響後的無形資產出售和售後回租交易的（收益）虧損 | (92) | (5) | — | 6 | (2) | |||||||||||||||
| 按市值計價的調整，淨額(b) | 35 | 26 | 11 | 14 | 6 | |||||||||||||||
| 調整後淨收益（虧損） | $ | (20) | $ | (13) | $ | 40 | $ | 87 | $ | 17 | ||||||||||
| 攤薄後每股收益（虧損）（GAAP） | $ | 0.05 | $ | 0.28 | $ | — | $ | (0.70) | $ | — | ||||||||||
| 每股調整總額，扣除稅款 | (0.10) | (0.31) | 0.10 | 0.92 | 0.04 | |||||||||||||||
| 調整後的每股收益（虧損） | $ | (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) | 增值返還涉及Qurate Retail收購QVC、HSN、Zulily和Cornerstone的非現金、不可扣稅的購買會計攤銷，扣除賬面遞延所得稅優惠後。 | |
| b) | 附加收益包括扣除稅款的金融工具已實現和未實現收益/虧損。 | |
| 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 | |||||||
| 簡明的合併資產負債表信息 | |||||||
| （未經審計） | |||||||
| 3月31日 | 十二月三十一日 | ||||||
| 2024 | 2023 | ||||||
| 以百萬爲單位的金額 | |||||||
| 資產 | |||||||
| 流動資產： | |||||||
| 現金和現金等價物 | $ | 1,102 | 1,121 | ||||
| 扣除信貸損失備抵後的貿易和其他應收賬款 | 980 | 1,308 | |||||
| 庫存，淨額 | 1,134 | 1,044 | |||||
| 其他流動資產 | 170 | 209 | |||||
| 流動資產總額 | 3,386 | 3,682 | |||||
| 財產和設備，淨額 | 496 | 512 | |||||
| 無需攤銷的無形資產 | 5,839 | 5,862 | |||||
| 需要攤銷的無形資產，淨額 | 495 | 526 | |||||
| 經營租賃使用權資產 | 629 | 635 | |||||
| 其他資產，按成本計算，扣除累計攤銷額 | 136 | 151 | |||||
| 總資產 | $ | 10,981 | 11,368 | ||||
| 負債和權益 | |||||||
| 流動負債： | |||||||
| 應付賬款 | 789 | 895 | |||||
| 應計負債 | 715 | 983 | |||||
| 債務的當前部分 | 939 | 642 | |||||
| 其他流動負債 | 100 | 97 | |||||
| 流動負債總額 | 2,543 | 2,617 | |||||
| 長期債務 | 4,552 | 4,698 | |||||
| 遞延所得稅負債 | 1,504 | 1,531 | |||||
| 優先股 | 1,272 | 1,270 | |||||
| 經營租賃負債 | 617 | 615 | |||||
| 其他負債 | 142 | 148 | |||||
| 負債總額 | 10,630 | 10,879 | |||||
| 公平 | 255 | 385 | |||||
| 子公司股權中的非控股權益 | 96 | 104 | |||||
| 負債和權益總額 | $ | 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 | |||||||
| 簡明的合併運營報表信息 | |||||||
| （未經審計） | |||||||
| 三個月已結束 | |||||||
| 3月31日 | |||||||
| 2024 | 2023 | ||||||
| 以百萬爲單位的金額 | |||||||
| 收入： | |||||||
| 總收入，淨額 | $ | 2,342 | 2644 | ||||
| 運營成本和開支： | |||||||
| 銷售商品的成本（不包括折舊，如下所示） | 1,511 | 1,809 | |||||
| 運營費用 | 180 | 194 | |||||
| 銷售、一般和管理，包括股票薪酬 | 408 | 478 | |||||
| 折舊和攤銷 | 99 | 100 | |||||
| 出售資產和回租交易的收益 | (1) | (113) | |||||
| 2,197 | 2,468 | ||||||
| 營業收入（虧損） | 145 | 176 | |||||
| 其他收入（支出）： | |||||||
| 利息支出 | (117) | (94) | |||||
| 股息和利息收入 | 12 | 11 | |||||
| 金融工具的已實現和未實現收益（虧損），淨額 | (7) | (32) | |||||
| 其他，淨額 | (2) | 4 | |||||
| (114) | (111) | ||||||
| 所得稅前收益（虧損） | 31 | 65 | |||||
| 所得稅（費用）福利 | (23) | (32) | |||||
| 淨收益（虧損） | 8 | 33 | |||||
| 減去歸屬於非控股權益的淨收益（虧損） | 9 | 13 | |||||
| 歸屬於Qurate Retail, Inc.股東的淨收益（虧損） | $ | (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 | |||||||
| 簡明的合併現金流量表信息 | |||||||
| （未經審計） | |||||||
| 三個月已結束 | |||||||
| 3月31日 | |||||||
| 2024 | 2023 | ||||||
| 以百萬爲單位的金額 | |||||||
| 經營活動產生的現金流量: | |||||||
| 淨收益（虧損） | $ | 8 | 33 | ||||
| 調整淨收益（虧損）與經營活動提供的淨現金： | |||||||
| 折舊和攤銷 | 99 | 100 | |||||
| 基於股票的薪酬 | 16 | 16 | |||||
| 金融工具的已實現和未實現（收益）虧損，淨額 | 7 | 32 | |||||
| 出售資產和售後回租交易的收益 | (1) | (113) | |||||
| 扣除火災相關費用後的保險收益收益 | — | (17) | |||||
| 收到的用於支付運營費用和業務中斷損失的保險收益 | — | 37 | |||||
| 遞延所得稅支出（福利） | (2) | (2) | |||||
| 其他，淨額 | 4 | 9 | |||||
| 運營資產和負債的變化 | |||||||
| 應收賬款減少（增加） | 313 | 294 | |||||
| 庫存減少（增加） | (94) | 25 | |||||
| 預付費用和其他資產減少（增加） | 45 | 48 | |||||
| 貿易應付賬款 (減少) 增加 | (101) | (167) | |||||
| 應計負債和其他負債 (減少) 增加 | (268) | (279) | |||||
| 經營活動提供（使用）的淨現金 | 26 | 16 | |||||
| 來自投資活動的現金流: | |||||||
| 資本支出 | (40) | (54) | |||||
| 電視發行權的支出 | (2) | (38) | |||||
| 處置投資的現金收益 | 6 | 1 | |||||
| 出售固定資產的收益 | 6 | 198 | |||||
| 收到的固定資產損失保險收益 | — | 18 | |||||
| 金融工具結算的付款 | — | (179) | |||||
| 金融工具結算的收益 | — | 167 | |||||
| 其他投資活動，淨額 | (1) | (1) | |||||
| 投資活動提供（使用）的淨現金 | (31) | 112 | |||||
| 來自融資活動的現金流量: | |||||||
| 債務借款 | 1,570 | 677 | |||||
| 償還債務 | (1,555) | (803) | |||||
| 支付給非控股權益的股息 | (11) | (12) | |||||
| 支付給普通股股東的股息 | (4) | (7) | |||||
| 賠償協議和解 | — | 24 | |||||
| 其他融資活動，淨額 | (2) | (1) | |||||
| 融資活動提供（使用）的淨現金 | (2) | (122) | |||||
| 外幣匯率對現金、現金等價物和限制性現金的影響 | (12) | 4 | |||||
| 現金、現金等價物和限制性現金的淨增加（減少） | (19) | 10 | |||||
| 期初的現金、現金等價物和限制性現金 | 1,136 | 1,285 | |||||
| 期末現金、現金等價物和限制性現金 | $ | 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·克萊因斯坦
720-875-5432
Source: Qurate Retail, Inc.
來源：Qurate Retail, Inc.
Released May 8, 2024
2024 年 5 月 8 日發佈