Qurate Retail, Inc. Reports Third Quarter 2024 Financial Results
“While the third quarter was anticipated to be the most difficult quarter of 2024, current headline events and the challenging macro-economic climate heavily impacted viewership of our programming and consumer behavior more than expected,” said
“We are nearing the end of our multi-year Project Athens initiative focused on margin and free cash flow. The team has materially improved the business, becoming a more profitable, leaner and more nimble organization. We are transitioning to the next phase of our strategic growth as we enhance our capabilities to reach aggregated audiences on primarily social and streaming platforms.”
Third quarter 2024 headlines:
-
Qurate Retail revenue decreased 5% in both US Dollars and constant currency(2) -
Generated
$152 million in operating income -
Adjusted OIBDA(3) decreased 12% in both US Dollars and constant currency to
$250 million - QxH revenue decreased 6%
-
QVC International revenue decreased 1% in both US Dollars and constant currency - Cornerstone revenue decreased 12%
-
Tendered 89% of QVC, Inc.’s 2027 and 2028 notes
-
Partially funded with
$605 million of new 6.875% senior secured notes due 2029 - Improves QVC credit position with reduced debt balance and extended maturity profile
-
Partially funded with
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three months ended
|
THIRD QUARTER 2024 FINANCIAL RESULTS |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(amounts in millions) |
3Q23 |
|
3Q24 |
|
% Change |
|
% Change Constant Currency(a) |
|||||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|||||
|
QxH |
$ |
1,617 |
|
|
$ |
1,521 |
|
|
(6 |
)% |
|
|
||
|
|
|
577 |
|
|
|
571 |
|
|
(1 |
)% |
|
(1 |
)% |
|
|
Cornerstone |
|
285 |
|
|
|
252 |
|
|
(12 |
)% |
|
|
||
|
Total Qurate Retail Revenue |
|
2,479 |
|
|
|
2,344 |
|
|
(5 |
)% |
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|||||
|
QxH(b) |
$ |
91 |
|
|
$ |
107 |
|
|
18 |
% |
|
|
||
|
|
|
63 |
|
|
|
57 |
|
|
(10 |
)% |
|
(8 |
)% |
|
|
Cornerstone |
|
4 |
|
|
|
(2 |
) |
|
NM |
|
|
|
||
|
Unallocated corporate cost |
|
(7 |
) |
|
|
(10 |
) |
|
(43 |
)% |
|
|
||
|
Total Qurate Retail Operating Income |
|
151 |
|
|
|
152 |
|
|
1 |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Adjusted OIBDA |
|
|
|
|
|
|
|
|
|
|||||
|
QxH(b) |
$ |
201 |
|
|
$ |
182 |
|
|
(9 |
)% |
|
|
||
|
|
|
77 |
|
|
|
70 |
|
|
(9 |
)% |
|
(9 |
)% |
|
|
Cornerstone |
|
11 |
|
|
|
6 |
|
|
(45 |
)% |
|
|
||
|
Unallocated corporate cost |
|
(4 |
) |
|
|
(8 |
) |
|
(100 |
)% |
|
|
||
|
Total Qurate Retail Adjusted OIBDA |
$ |
285 |
|
|
$ |
250 |
|
|
(12 |
)% |
|
(12 |
)% |
|
| ________________________________________ | ||
|
a) |
For a definition of constant currency financial metrics, see the accompanying schedules. |
|
|
b) |
In the third quarter of 2023, QxH incurred (i) a |
|
QxH
QxH revenue declined due to a 6% decrease in units shipped as well as lower shipping and handling revenue, partially offset by favorable returns. QxH reported declines in all categories.
Operating income increased in the third quarter comparing against
Adjusted OIBDA margin(3) decreased due to fulfillment (warehouse and freight) pressure and sales deleverage, partially offset by higher product margins. Fulfillment pressure was driven by higher fulfillment center wages and freight rates and deleverage, partially offset by increased productivity efficiencies. Operating expenses decreased 6% due to lower commissions. Selling, general and administrative expenses decreased 4% driven by lower personnel expense and outside services costs, partially offset by increased marketing costs due to brand marketing to support QVC’s Age of Possibility campaign.
QVC International’s constant currency revenue decreased primarily due to a 3% decrease in average selling price, partially offset by a 1% increase in units shipped and favorable returns.
Operating income and Adjusted OIBDA margin decreased primarily due to higher fulfillment costs and lower product margins, partially offset by lower operating expenses. Fulfillment costs increased due to higher freight rates and fulfillment center wages. Product margins decreased reflecting lower initial margin due to product mix and higher ocean freight rates, partially offset by favorable returns.
US Dollar denominated results were not materially impacted by exchange rate fluctuations. The Dollar weakened 3% against the British Pound, 1% against the Euro and strengthened 3% against the Japanese Yen. The financial metrics presented in this press release also provide a comparison of the percentage change in QVC International’s results in constant currency to the comparable figures calculated in accordance with US GAAP, where applicable.
Cornerstone
Cornerstone revenue decreased, reflecting softness and competitive promotional pressure in the home sector. Cornerstone is implementing a transformation plan to improve its revenue and profitability given the continued challenges in the housing sector. Operating income and Adjusted OIBDA margin decreased mainly due to higher costs for outside services related to its transformation plan and sales deleverage, partially offset by lower supply chain costs.
|
THIRD QUARTER 2024 SUPPLEMENTAL METRICS |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(amounts in millions unless otherwise noted) |
|
3Q23 |
3Q24 |
% Change |
|
% Change Constant Currency(a) |
||||||||
|
QxH |
|
|
|
|
|
|
|
|
|
|
||||
|
Cost of Goods Sold % of Revenue |
|
|
65.4 |
% |
|
65.5 |
% |
10 |
bps |
|
|
|||
|
Operating Income Margin (%)(b) |
|
|
5.6 |
% |
|
7.0 |
% |
140 |
bps |
|
|
|||
|
Adjusted OIBDA Margin (%)(b) |
|
|
12.4 |
% |
|
12.0 |
% |
(40 |
)bps |
|
|
|||
|
Average Selling Price |
|
$ |
51.78 |
|
$ |
51.76 |
|
0 |
% |
|
|
|||
|
Units Sold |
|
|
|
|
|
|
|
(6 |
)% |
|
|
|||
|
Return Rate(c) |
|
|
15.4 |
% |
|
14.6 |
% |
(80 |
)bps |
|
|
|||
|
eCommerce Revenue(d) |
|
$ |
996 |
|
$ |
967 |
|
(3 |
)% |
|
|
|||
|
eCommerce % of Total Revenue |
|
|
61.6 |
% |
|
63.6 |
% |
200 |
bps |
|
|
|||
|
Mobile % of eCommerce Revenue(e) |
|
|
69.0 |
% |
|
70.7 |
% |
170 |
bps |
|
|
|||
|
LTM Total Customers(f) |
|
|
8.2 |
|
|
7.9 |
|
(4 |
)% |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cost of Goods Sold % of Revenue |
|
|
63.4 |
% |
|
64.6 |
% |
120 |
bps |
|
|
|||
|
Operating Income Margin (%) |
|
|
10.9 |
% |
|
10.0 |
% |
(90 |
)bps |
|
|
|||
|
Adjusted OIBDA Margin (%) |
|
|
13.3 |
% |
|
12.3 |
% |
(100 |
)bps |
|
|
|||
|
Average Selling Price |
|
|
|
|
|
|
|
(3 |
)% |
|
(3 |
)% |
||
|
Units Sold |
|
|
|
|
|
|
|
1 |
% |
|
|
|||
|
Return Rate(c) |
|
|
19.6 |
% |
|
18.9 |
% |
(70 |
)bps |
|
|
|||
|
eCommerce Revenue(d) |
|
$ |
283 |
|
$ |
297 |
|
5 |
% |
|
5 |
% |
||
|
eCommerce % of Total Revenue |
|
|
49.0 |
% |
|
52.0 |
% |
300 |
bps |
|
|
|||
|
Mobile % of eCommerce Revenue(e) |
|
|
69.3 |
% |
|
76.1 |
% |
680 |
bps |
|
|
|||
|
LTM Total Customers(f) |
|
|
4.2 |
|
|
4.0 |
|
(5 |
)% |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cornerstone |
|
|
|
|
|
|
|
|
|
|
||||
|
Cost of Goods Sold % of Revenue |
|
|
62.8 |
% |
|
59.9 |
% |
(290 |
)bps |
|
|
|||
|
Operating Income Margin (%) |
|
|
1.4 |
% |
|
NM |
|
NM |
|
|
|
|||
|
Adjusted OIBDA Margin (%) |
|
|
3.9 |
% |
|
2.4 |
% |
(150 |
)bps |
|
|
|||
|
eCommerce Revenue(d) |
|
$ |
218 |
|
$ |
188 |
|
(14 |
)% |
|
|
|||
|
eCommerce % of Total Revenue |
|
|
76.5 |
% |
|
74.6 |
% |
(190 |
)bps |
|
|
|||
| ________________________________________ | ||
|
a) |
For a definition of constant currency financial metrics, see the accompanying schedules. |
|
|
b) |
In the third quarter of 2023, QxH incurred (i) a |
|
|
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. |
|
| FOOTNOTES | ||
|
1) |
|
|
|
2) |
For a definition of constant currency financial metrics, see the accompanying schedules. Applicable reconciliations can be found in the financial tables at the beginning of this press release. |
|
|
3) |
For definitions and applicable reconciliations of Adjusted OIBDA and Adjusted OIBDA margin, see the accompanying schedules. |
|
NOTES
Cash and Debt
The following presentation is provided to separately identify cash and debt information.
|
|
|
|
|
|
|
|
||
|
(amounts in millions) |
|
|
|
|
||||
|
Cash and cash equivalents (GAAP) |
|
$ |
1,210 |
|
|
$ |
873 |
|
|
|
|
|
|
|
|
|
||
|
Debt: |
|
|
|
|
|
|
||
|
QVC senior secured notes(a) |
|
$ |
3,086 |
|
|
$ |
2,732 |
|
|
QVC senior secured bank credit facility |
|
|
1,225 |
|
|
|
1,280 |
|
|
Total Qurate Retail Group Debt |
|
$ |
4,311 |
|
|
$ |
4,012 |
|
|
|
|
|
|
|
|
|
||
|
Senior notes(a) |
|
|
792 |
|
|
|
792 |
|
|
Senior exchangeable debentures(b) |
|
|
779 |
|
|
|
779 |
|
|
Corporate Level Debentures |
|
|
1,571 |
|
|
|
1,571 |
|
|
|
|
$ |
5,882 |
|
|
$ |
5,583 |
|
|
Unamortized discount, fair market value adjustment and deferred loan costs |
|
|
(543 |
) |
|
|
(524 |
) |
|
|
|
$ |
5,339 |
|
|
$ |
5,059 |
|
|
|
|
|
|
|
|
|
||
|
Other Financial Obligations: |
|
|
|
|
|
|
||
|
Preferred stock(c) |
|
$ |
1,272 |
|
|
$ |
1,272 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
3.1x |
|
|
3.1x |
||
| ________________________________________ | ||
|
a) |
Face amount of Senior Notes and Debentures with no reduction for the unamortized discount. |
|
|
b) |
Face amount of Senior Exchangeable Debentures with no adjustment for the fair market value adjustment. |
|
|
c) |
Preferred Stock has an 8% coupon, |
|
|
d) |
As defined in QVC’s credit agreement. A portion of expected cost savings are included in Adjusted EBITDA for purposes of the covenant calculations under QVC’s bank credit facility. |
|
Cash at
QVC’s bank credit facility has
As of
Important Notice:
This press release includes certain forward-looking statements, including statements about business strategies and initiatives (including Project Athens and Cornerstone’s transformation plan) 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
NON-GAAP FINANCIAL MEASURES
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for
This press release also references certain financial metrics on a constant currency basis, which is a non-GAAP measure, for
SCHEDULE 1
The following table provides a reconciliation of Qurate Retail’s Adjusted OIBDA to its operating income (loss) calculated in accordance with GAAP for the three months ended
|
CONSOLIDATED OPERATING INCOME AND ADJUSTED OIBDA RECONCILIATION |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(amounts in millions) |
|
3Q23 |
|
4Q23 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
|||||||
|
Qurate Retail Operating Income (Loss) |
|
$ |
151 |
|
$ |
(103 |
) |
|
$ |
145 |
|
|
$ |
165 |
|
$ |
152 |
|
Depreciation and amortization |
|
|
105 |
|
|
98 |
|
|
|
99 |
|
|
|
96 |
|
|
95 |
|
Stock compensation expense |
|
|
10 |
|
|
13 |
|
|
|
16 |
|
|
|
3 |
|
|
3 |
|
Restructuring, penalty and fire related costs, net of (recoveries) (including |
|
|
19 |
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
— |
|
Impairment of intangible assets(b) |
|
|
— |
|
|
326 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
(Gains) losses on sale of assets and sale leaseback transactions(c) |
|
|
— |
|
|
6 |
|
|
|
(1 |
) |
|
|
— |
|
|
— |
|
Qurate Retail Adjusted OIBDA |
|
$ |
285 |
|
$ |
340 |
|
|
$ |
259 |
|
|
$ |
282 |
|
$ |
250 |
| ________________________________________ | ||
|
a) |
In the third quarter of 2023, QxH incurred (i) a |
|
|
b) |
In the fourth quarter of 2023, QxH recognized a |
|
|
c) |
Includes a loss related to the sale leaseback of a German property in the fourth quarter of 2023 and a gain related to the sale leaseback of a German property in the first quarter of 2024. |
|
SCHEDULE 2
The following table provides a reconciliation of Adjusted OIBDA for QVC and Cornerstone to that entity or such businesses' operating income (loss) calculated in accordance with GAAP for the three months ended
|
SUBSIDIARY ADJUSTED OIBDA RECONCILIATION |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
(amounts in millions) |
|
3Q23 |
|
4Q23 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
||||||||
|
QVC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operating income (loss) |
|
$ |
154 |
|
$ |
(113 |
) |
|
$ |
157 |
|
|
$ |
163 |
|
$ |
164 |
|
|
Depreciation and amortization |
|
|
98 |
|
|
91 |
|
|
|
92 |
|
|
|
88 |
|
|
87 |
|
|
Stock compensation |
|
|
7 |
|
|
10 |
|
|
|
12 |
|
|
|
2 |
|
|
1 |
|
|
Restructuring, penalty and fire related costs, net of (recoveries) (including |
|
|
19 |
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
— |
|
|
(Gains) losses on sale of assets and sale leaseback transactions |
|
|
— |
|
|
6 |
|
|
|
(1 |
) |
|
|
— |
|
|
— |
|
|
Impairment of intangible assets |
|
|
— |
|
|
326 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
Adjusted OIBDA |
|
$ |
278 |
|
$ |
320 |
|
|
$ |
260 |
|
|
$ |
271 |
|
$ |
252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
QxH Adjusted OIBDA |
|
$ |
201 |
|
$ |
221 |
|
|
$ |
185 |
|
|
$ |
194 |
|
$ |
182 |
|
|
QVC International Adjusted OIBDA |
|
$ |
77 |
|
$ |
99 |
|
|
$ |
75 |
|
|
$ |
77 |
|
$ |
70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cornerstone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operating income (loss) |
|
$ |
4 |
|
$ |
18 |
|
|
$ |
(3 |
) |
|
$ |
11 |
|
$ |
(2 |
) |
|
Depreciation and amortization |
|
|
7 |
|
|
7 |
|
|
|
7 |
|
|
|
8 |
|
|
8 |
|
|
Stock compensation |
|
|
— |
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
— |
|
|
Restructuring costs |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
Adjusted OIBDA |
|
$ |
11 |
|
$ |
27 |
|
|
$ |
6 |
|
|
$ |
19 |
|
$ |
6 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (unaudited) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
|
|
|
amounts in millions |
||
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
873 |
|
1,121 |
|
Trade and other receivables, net of allowance for credit losses |
|
|
883 |
|
1,308 |
|
Inventory, net |
|
|
1,299 |
|
1,044 |
|
Other current assets |
|
|
174 |
|
209 |
|
Total current assets |
|
|
3,229 |
|
3,682 |
|
Property and equipment, net |
|
|
500 |
|
512 |
|
Intangible assets not subject to amortization |
|
|
5,873 |
|
5,862 |
|
Intangible assets subject to amortization, net |
|
|
437 |
|
526 |
|
Operating lease right-of-use assets |
|
|
618 |
|
635 |
|
Other assets, at cost, net of accumulated amortization |
|
|
116 |
|
151 |
|
Total assets |
|
$ |
10,773 |
|
11,368 |
|
Liabilities and Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
|
839 |
|
895 |
|
Accrued liabilities |
|
|
802 |
|
983 |
|
Current portion of debt |
|
|
874 |
|
642 |
|
Other current liabilities |
|
|
134 |
|
97 |
|
Total current liabilities |
|
|
2,649 |
|
2,617 |
|
Long-term debt |
|
|
4,185 |
|
4,698 |
|
Deferred income tax liabilities |
|
|
1,443 |
|
1,531 |
|
Preferred stock |
|
|
1,272 |
|
1,270 |
|
Operating lease liabilities |
|
|
614 |
|
615 |
|
Other liabilities |
|
|
131 |
|
148 |
|
Total liabilities |
|
|
10,294 |
|
10,879 |
|
Equity |
|
|
397 |
|
385 |
|
Non-controlling interests in equity of subsidiaries |
|
|
82 |
|
104 |
|
Total liabilities and equity |
|
$ |
10,773 |
|
11,368 |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION (unaudited) |
|||||||
|
|
|
|
|
|
|
||
|
|
|
Three months ended |
|||||
|
|
|
|
|||||
|
|
|
2024 |
|
2023 |
|||
|
|
|
amounts in millions |
|||||
|
Revenue: |
|
|
|
|
|
||
|
Total revenue, net |
|
$ |
2,344 |
|
|
2,479 |
|
|
|
|
|
|
|
|
||
|
Operating costs and expenses: |
|
|
|
|
|
||
|
Cost of goods sold (exclusive of depreciation shown separately below) |
|
|
1,517 |
|
|
1,603 |
|
|
Operating expense |
|
|
175 |
|
|
186 |
|
|
Selling, general and administrative, including stock-based compensation |
|
|
405 |
|
|
415 |
|
|
Restructuring, penalty and fire related costs, net of (recoveries) |
|
|
— |
|
|
19 |
|
|
Depreciation and amortization |
|
|
95 |
|
|
105 |
|
|
|
|
|
2,192 |
|
|
2,328 |
|
|
Operating income (loss) |
|
|
152 |
|
|
151 |
|
|
|
|
|
|
|
|
||
|
Other income (expense): |
|
|
|
|
|
||
|
Interest expense |
|
|
(117 |
) |
|
(119 |
) |
|
Dividend and interest income |
|
|
14 |
|
|
14 |
|
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(36 |
) |
|
(14 |
) |
|
Other, net |
|
|
(13 |
) |
|
1 |
|
|
|
|
|
(152 |
) |
|
(118 |
) |
|
Earnings (loss) before income taxes |
|
|
— |
|
|
33 |
|
|
Income tax (expense) benefit |
|
|
(15 |
) |
|
(21 |
) |
|
Net earnings (loss) |
|
|
(15 |
) |
|
12 |
|
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
8 |
|
|
11 |
|
|
Net earnings (loss) attributable to |
|
$ |
(23 |
) |
|
1 |
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION (unaudited) |
|||||||
|
|
|
|
|
|
|
||
|
|
|
Nine months ended |
|||||
|
|
|
|
|||||
|
|
|
2024 |
|
2023 |
|||
|
|
|
amounts in millions |
|||||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
||
|
Net earnings (loss) |
|
$ |
25 |
|
|
164 |
|
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
290 |
|
|
309 |
|
|
Stock-based compensation |
|
|
22 |
|
|
40 |
|
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
53 |
|
|
60 |
|
|
Gain on sale of assets and sale leaseback transactions |
|
|
(1 |
) |
|
(119 |
) |
|
Gain on insurance proceeds, net of fire related costs |
|
|
— |
|
|
(225 |
) |
|
Insurance proceeds received for operating expenses and business interruption losses |
|
|
— |
|
|
226 |
|
|
Loss on disposition of Zulily |
|
|
— |
|
|
64 |
|
|
Deferred income tax expense (benefit) |
|
|
(86 |
) |
|
62 |
|
|
Other, net |
|
|
11 |
|
|
3 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
||
|
Decrease (increase) in accounts receivable |
|
|
411 |
|
|
378 |
|
|
Decrease (increase) in inventory |
|
|
(249 |
) |
|
63 |
|
|
Decrease (increase) in prepaid expenses and other assets |
|
|
71 |
|
|
90 |
|
|
(Decrease) increase in trade accounts payable |
|
|
(59 |
) |
|
(103 |
) |
|
(Decrease) increase in accrued and other liabilities |
|
|
(175 |
) |
|
(410 |
) |
|
Net cash provided (used) by operating activities |
|
|
313 |
|
|
602 |
|
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
||
|
Capital expenditures |
|
|
(137 |
) |
|
(151 |
) |
|
Expenditures for television distribution rights |
|
|
(23 |
) |
|
(111 |
) |
|
Cash proceeds from dispositions of investments |
|
|
7 |
|
|
71 |
|
|
Cash paid for disposal of Zulily |
|
|
— |
|
|
(35 |
) |
|
Proceeds from sale of fixed assets |
|
|
6 |
|
|
202 |
|
|
Insurance proceeds received for fixed asset loss |
|
|
— |
|
|
54 |
|
|
Payments for settlements of financial instruments |
|
|
— |
|
|
(179 |
) |
|
Proceeds from settlements of financial instruments |
|
|
— |
|
|
167 |
|
|
Other investing activities, net |
|
|
(2 |
) |
|
— |
|
|
Net cash provided (used) by investing activities |
|
|
(149 |
) |
|
18 |
|
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
||
|
Borrowings of debt |
|
|
1,895 |
|
|
1,137 |
|
|
Repayments of debt |
|
|
(2,249 |
) |
|
(1,893 |
) |
|
Dividends paid to noncontrolling interest |
|
|
(51 |
) |
|
(35 |
) |
|
Dividends paid to common shareholders |
|
|
(4 |
) |
|
(8 |
) |
|
Indemnification agreement settlement |
|
|
— |
|
|
26 |
|
|
Other financing activities, net |
|
|
(3 |
) |
|
(3 |
) |
|
Net cash provided (used) by financing activities |
|
|
(412 |
) |
|
(776 |
) |
|
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash |
|
|
2 |
|
|
(17 |
) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(246 |
) |
|
(173 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
1,136 |
|
|
1,285 |
|
|
Cash, cash equivalents and restricted cash at end period |
|
$ |
890 |
|
|
1,112 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106593803/en/
Source:
