$QRTEA
Qurate Retail, Inc.

2019 Q3 Form 10-Q Financial Statement

#000155837019010663 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q1 2018 Q4
Revenue $3.089B $3.085B $4.376B
YoY Change -4.39% -4.49% 31.14%
Cost Of Revenue $2.026B $2.023B $2.957B
YoY Change -3.94% -3.34% 32.25%
Gross Profit $1.063B $1.062B $1.419B
YoY Change -5.26% -6.6% 28.88%
Gross Profit Margin 34.41% 34.42% 32.43%
Selling, General & Admin $424.0M $425.0M $540.0M
YoY Change -11.11% -5.97% 54.29%
% of Gross Profit 39.89% 40.02% 38.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $146.0M $153.0M $148.0M
YoY Change -12.57% -6.13% 14.73%
% of Gross Profit 13.73% 14.41% 10.43%
Operating Expenses $424.0M $425.0M $951.0M
YoY Change -11.11% -49.58% 40.89%
Operating Profit -$727.0M $288.0M $435.0M
YoY Change -406.75% -2.04% 2.11%
Interest Expense $93.00M $96.00M -$182.0M
YoY Change -1.06% -838.46% 184.38%
% of Operating Profit 33.33% -41.84%
Other Income/Expense, Net -$178.0M -$230.0M $33.00M
YoY Change 17.11% -2190.91% 1550.0%
Pretax Income -$905.0M $58.00M $287.0M
YoY Change -1164.71% -80.14% -61.11%
Income Tax -$150.0M -$8.000M $0.00
% Of Pretax Income -13.79% 0.0%
Net Earnings -$770.0M $55.00M $287.0M
YoY Change -1169.44% -86.15% -67.64%
Net Earnings / Revenue -24.93% 1.78% 6.56%
Basic Earnings Per Share -$1.85 $0.13
Diluted Earnings Per Share -$1.85 $0.13 $610.7K
COMMON SHARES
Basic Shares Outstanding 417.0M 433.0M
Diluted Shares Outstanding 418.0M 434.0M

Balance Sheet

Concept 2019 Q3 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $605.0M $508.0M $653.0M
YoY Change 13.72% -51.85% 97.88%
Cash & Equivalents $605.0M $515.0M $653.0M
Short-Term Investments
Other Short-Term Assets $290.0M $184.0M $224.0M
YoY Change 46.46% -13.21% 83.61%
Inventory $1.674B $1.562B $1.474B
Prepaid Expenses
Receivables $1.260B $1.464B $1.835B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.829B $3.718B $4.186B
YoY Change 5.11% -13.6% 16.86%
LONG-TERM ASSETS
Property, Plant & Equipment $1.321B $1.647B $1.322B
YoY Change 1.62% 21.37% -1.34%
Goodwill $6.559B $7.017B
YoY Change -0.92%
Intangibles $3.315B $3.895B
YoY Change
Long-Term Investments $155.0M $103.0M $135.0M
YoY Change -72.02% -87.36% 213.95%
Other Assets $845.0M $315.0M $267.0M
YoY Change 503.57% 542.86% 480.43%
Total Long-Term Assets $13.15B $14.08B $13.66B
YoY Change -6.27% -2.31% 0.0%
TOTAL ASSETS
Total Short-Term Assets $3.829B $3.718B $4.186B
Total Long-Term Assets $13.15B $14.08B $13.66B
Total Assets $16.98B $17.80B $17.84B
YoY Change -3.93% -4.91% 3.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.013B $938.0M $1.204B
YoY Change -13.12% -5.44% 4.7%
Accrued Expenses $927.0M $1.022B $1.182B
YoY Change -2.93% 5.58% 7.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.220B $1.508B $1.410B
YoY Change -17.12% -18.49% 8194.12%
Total Short-Term Liabilities $3.351B $3.656B $3.951B
YoY Change -11.07% -7.14% 59.19%
LONG-TERM LIABILITIES
Long-Term Debt $6.338B $6.117B $5.963B
YoY Change 7.7% -4.24% -10.81%
Other Long-Term Liabilities $764.0M $575.0M $258.0M
YoY Change 199.61% 73.19% 75.51%
Total Long-Term Liabilities $7.102B $6.692B $6.221B
YoY Change 15.67% -0.42% -8.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.351B $3.656B $3.951B
Total Long-Term Liabilities $7.102B $6.692B $6.221B
Total Liabilities $12.21B $12.34B $12.10B
YoY Change 1.44% -3.97% 16.12%
SHAREHOLDERS EQUITY
Retained Earnings $4.734B $5.675B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.643B $5.453B $5.624B
YoY Change
Total Liabilities & Shareholders Equity $16.98B $17.80B $17.84B
YoY Change -3.93% -4.91% 3.5%

Cashflow Statement

Concept 2019 Q3 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$770.0M $55.00M $287.0M
YoY Change -1169.44% -86.15% -67.64%
Depreciation, Depletion And Amortization $146.0M $153.0M $148.0M
YoY Change -12.57% -6.13% 14.73%
Cash From Operating Activities $317.0M $156.0M $277.0M
YoY Change 11.23% -45.83% -13.71%
INVESTING ACTIVITIES
Capital Expenditures -$82.00M -$61.00M -$103.0M
YoY Change 10.81% 29.79% 33.77%
Acquisitions
YoY Change
Other Investing Activities -$37.00M $10.00M $234.0M
YoY Change -118.88% -123.81% 3242.86%
Cash From Investing Activities -$119.0M -$166.0M $131.0M
YoY Change -197.54% 86.52% -287.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $210.0M
YoY Change
Debt Paid & Issued, Net $618.0M
YoY Change
Cash From Financing Activities -108.0M -131.0M -291.0M
YoY Change -79.51% 114.75% -4.28%
NET CHANGE
Cash From Operating Activities 317.0M 156.0M 277.0M
Cash From Investing Activities -119.0M -166.0M 131.0M
Cash From Financing Activities -108.0M -131.0M -291.0M
Net Change In Cash 90.00M -145.0M 117.0M
YoY Change -175.0% -205.07% -320.75%
FREE CASH FLOW
Cash From Operating Activities $317.0M $156.0M $277.0M
Capital Expenditures -$82.00M -$61.00M -$103.0M
Free Cash Flow $399.0M $217.0M $380.0M
YoY Change 11.14% -35.22% -4.52%

Facts In Submission

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9694000000
CY2019Q3 qrtea Adjusted Oibda
AdjustedOibda
456000000
CY2018Q3 qrtea Adjusted Oibda
AdjustedOibda
468000000
qrtea Adjusted Oibda
AdjustedOibda
1429000000
qrtea Adjusted Oibda
AdjustedOibda
1502000000
CY2019Q3 us-gaap Assets
Assets
16979000000
CY2019Q3 us-gaap Equity Method Investments
EquityMethodInvestments
155000000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
249000000
CY2019Q3 qrtea Adjusted Oibda
AdjustedOibda
456000000
CY2018Q3 qrtea Adjusted Oibda
AdjustedOibda
468000000
qrtea Adjusted Oibda
AdjustedOibda
1429000000
qrtea Adjusted Oibda
AdjustedOibda
1502000000
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
17000000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
21000000
us-gaap Share Based Compensation
ShareBasedCompensation
54000000
us-gaap Share Based Compensation
ShareBasedCompensation
67000000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
146000000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
167000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
457000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
489000000
CY2019Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
1020000000
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
1020000000
CY2018Q3 qrtea Acquisition Restructuring And Advisory Fees
AcquisitionRestructuringAndAdvisoryFees
43000000
qrtea Acquisition Restructuring And Advisory Fees
AcquisitionRestructuringAndAdvisoryFees
1000000
qrtea Acquisition Restructuring And Advisory Fees
AcquisitionRestructuringAndAdvisoryFees
57000000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-727000000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
237000000
us-gaap Operating Income Loss
OperatingIncomeLoss
-103000000
us-gaap Operating Income Loss
OperatingIncomeLoss
889000000
CY2019Q3 us-gaap Interest Expense
InterestExpense
93000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
621000000
CY2018Q3 us-gaap Interest Expense
InterestExpense
94000000
us-gaap Interest Expense
InterestExpense
282000000
us-gaap Interest Expense
InterestExpense
288000000
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-36000000
CY2018Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-29000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-104000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-89000000
CY2019Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-45000000
CY2018Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-27000000
us-gaap Gain Loss On Investments
GainLossOnInvestments
-239000000
us-gaap Gain Loss On Investments
GainLossOnInvestments
92000000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4000000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-19000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
17000000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-905000000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
85000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-747000000

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