Liberty Interactive Corporation (“Liberty Interactive”) (Nasdaq:
QVCA, QVCB, LVNTA, LVNTB) today reported fourth quarter and year
end 2015 results. Highlights include(1):
Attributed to QVC Group
- Grew QVC US revenue by 3% and adjusted
OIBDA(2) by 3% for the full year 2015
- QVC US operating income increased by
3%
- For the quarter, QVC consolidated
mobile penetration was 52% of QVC.com orders, an 806 basis point
increase
- QVC US mobile penetration was 50% of
QVC.com orders, an 859 basis point increase
- zulily revenue grew 9% to $426 million
and adjusted OIBDA grew 1% to $21 million in the fourth quarter
(including the impact of a one-time, non-cash purchase accounting
reduction to deferred revenue of $17 million)
- Excluding the impact of this purchase
accounting adjustment, zulily revenue grew 13% to $443 million and
adjusted OIBDA grew 87% to $38 million
- zulily operating income decreased by
$65 million, primarily as a result of approximately $63 million of
increased depreciation and amortization related to purchase
accounting from the acquisition
- From November 1, 2015 through January
31, 2016, repurchased 10.3 million QVCA shares at an average price
per share of $26.34 and a total cost of $272 million
“QVC generated another quarter of solid revenue growth,
particularly QVC US, which we view as very strong given the
backdrop of a soft US retail environment. zulily ended the year
with a strong fourth quarter, delivering solid revenue growth and
significant adjusted OIBDA margin expansion, reinforcing our
investment thesis,” said Greg Maffei, Liberty Interactive president
and CEO. “We continue to work on the previously announced spin-offs
of CommerceHub and Liberty Expedia (which are attributed to Liberty
Ventures) and aim to complete both spin-offs in the second
quarter.”
QVC GROUP – For the quarter, QVC Group's revenue
increased 16% to $3.2 billion; adjusted OIBDA increased 1% to $620
million; operating income decreased 13% to $385 million; adjusted
net income(3) increased 14% to $312 million; and net income was
flat at $223 million. QVC Group’s reported GAAP results include the
zulily acquisition beginning in the fourth quarter of 2015 (see the
“zulily” section below for a further discussion of the impact of
the acquisition). Due to the inclusion of the pre-reattribution
impact of the Digital Commerce companies in QVC Group’s full year
2014 results, management believes that the full year 2015 growth
rates are not indicative of underlying business performance.
QVC
“We entered 2016 from a position of strength,” said QVC
President and CEO Mike George. “Our fourth quarter results
demonstrate the stability of our model, which distinguishes us from
other retailers in this volatile environment. In 2015, we created a
stronger foundation for long-term success and industry leadership.
We formed a new global structure to leverage the best of QVC
worldwide. We extended the reach and enhanced the capabilities of
our digital commerce platforms. We entered our seventh market with
the launch of QVC France. We delivered broad-based, local currency
revenue growth, and with the addition of zulily, we expanded our
reach to millennial shoppers.”
“We are excited to have created a new global organizational
structure in 2015. As part of this new structure, we created an
international division and we have aligned our reporting
accordingly. As you can see, QVC now reports results as QVC US
and QVC International.”
QVC’s newly revised organizational structure is intended to
allow the company to better leverage its global scale and
capabilities, which is expected to enhance QVC’s competitive
position and create operational efficiencies. Going forward QVC’s
public financial disclosure will mimic this operating structure.
Management believes it is appropriate to provide public investors
with financial disclosure that is consistent with the way the
company evaluates its business performance and manages its
operations.
QVC's consolidated revenue increased 1% in the fourth quarter to
$2.8 billion and decreased 1% to $8.7 billion for the full year.
Adjusted OIBDA decreased 2% to $608 million in the fourth quarter
and declined 1% to $1.9 billion for the full year. Adjusted OIBDA
margin(2) declined 58 basis points in the quarter and was flat for
the full year. Operating income decreased 1% to $455 million in the
quarter and was flat at $1.3 billion for the year. Consolidated
eCommerce revenue increased 11% to $1.3 billion and grew to 47%
from 43% of consolidated revenue in the quarter. Mobile orders were
52% of eCommerce orders in the quarter, compared to 44% a year ago.
For the full year, consolidated eCommerce revenue increased 9% to
$3.9 billion and grew to 44% from 40% of consolidated revenue.
Mobile orders were 50% of eCommerce orders in 2015, compared to 41%
in 2014.
US Dollar denominated results were negatively impacted by
exchange rate fluctuations in the fourth quarter and full year. In
the quarter, the US Dollar strengthened against the Euro, Japanese
Yen and British Pound Sterling 12%, 6% and 4%, respectively. On a
constant currency basis, consolidated revenue increased 3% and
adjusted OIBDA decreased slightly in the quarter, compared to a 1%
increase and a 2% decline in US Dollars, respectively. For the
year, the US Dollar strengthened against the Euro, Yen and Pound
Sterling 16%, 13% and 7%, respectively. On a constant currency
basis, consolidated revenue increased 3% and adjusted OIBDA
increased 2% compared to a 1% decline for each in US Dollars.
Excluding QVC France and costs related to establishing a global
business service center, consolidated adjusted OIBDA increased 2%
in the quarter and 4% for the full year on a constant currency
basis.
QVC’s US revenue increased 3% to $2.1 billion in the fourth
quarter and 3% to $6.3 billion for the year. In the quarter, the US
experienced growth in all categories except jewelry. Units sold
increased 4%, average selling price per unit ("ASP") increased
slightly to $61.89 and returns as a percentage of gross product
revenue improved 98 basis points in the quarter. For the year, the
US experienced gains in all categories except jewelry and
electronics. Units sold increased 4%, ASP increased 1% to $60.32,
and the return rate improved 11 basis points for the full year.
eCommerce revenue increased 13% to $1.1 billion and grew to 52%
from 48% of total US revenue in the quarter. For the year,
eCommerce revenue increased 12% to $3.1 billion and grew to 49%
from 45% of total US revenue. In the quarter, adjusted OIBDA
increased 1% to $479 million, and adjusted OIBDA margin decreased
42 basis points. US margin performance primarily reflects lower
shipping and handling revenue due to our reduced S&H fees and
higher warehouse costs, which were partially offset by improved
initial product margins and lower personnel and inventory
obsolescence expense. Additionally, we incurred $3 million of
restructuring costs related to establishing a global business
services center. Excluding this expense, adjusted OIBDA would have
increased 2% for the fourth quarter. For the year, adjusted OIBDA
rose 3% to $1.5 billion, and adjusted OIBDA margin declined 15
basis points, primarily due to lower shipping and handling revenue,
higher obsolescence, freight, personnel and warehouse costs, which
were partially offset by improved credit card income, higher
initial product margins and lower marketing expenses.
QVC's international revenue decreased 5% to $711 million in the
fourth quarter and decreased 9% to $2.5 billion for the full year.
The revenue declines included the impact of the aforementioned
unfavorable exchange rate fluctuations. On a constant currency
basis, international revenue increased 3% in the quarter and 4% in
the full year. Units sold increased 2%, ASP in constant currency
was flat and returns as a percentage of gross product revenue
improved 17 basis points in the quarter. QVC International saw
strength in the home, beauty and apparel categories, partially
offset by a decline primarily in electronics and jewelry in the
quarter on a constant currency basis. For the year, units sold
increased 2%, ASP in constant currency increased 2% and the return
rate improved 14 basis points. QVC International experienced gains
in all categories except electronics for the full year on a
constant currency basis. International eCommerce revenue increased
9% and grew to 33% of total international revenue in the quarter
from 31% in the prior-year quarter on a constant currency basis.
For the full year, international eCommerce revenue increased 13%
and grew to 32% of total international revenue from 29% in 2014 on
a constant currency basis. Adjusted OIBDA decreased 12% to $129
million in the quarter and 11% to $427 million in the full year. On
a constant currency basis, adjusted OIBDA decreased 4% and adjusted
OIBDA margin decreased 123 basis points in the quarter, primarily
due to France start-up and global business service center costs,
which were partially offset by lower commissions and bad debt
expenses. For the full year on a constant currency basis, adjusted
OIBDA increased 1% and adjusted OIBDA margin declined 44 basis
points, primarily due to France start-up and global business
service center costs, which were partially offset by improved
initial product margins and lower bad debt and warehouse expenses.
The fourth quarter and full year results included $9 and $29
million, respectively, in constant currency, of costs related to
the launch of QVC France. Excluding QVC France and costs to
establish a global business service center, consolidated
international adjusted OIBDA increased 3% in the quarter and 6% in
the full year on a constant currency basis.
In the quarter, QVC incurred $7 million of costs related to
establishing a global business services center in Krakow, Poland to
consolidate select finance, human resources, information technology
and legal support functions for its US and European markets.
Approximately $4 million of the costs were incurred in the
international segment and $3 million in the US. In addition to cost
benefits, the center will allow for operational efficiencies and
the ability to scale more effectively. QVC expects to open the
center by early 2017 and build to approximately 200 to 300
positions in the following one to two years. QVC expects to incur
approximately $11 million of additional one-time and incremental
operating costs in 2016. Once fully operational, QVC anticipates
annual cost savings to approximate $12-$15 million.
CNR Home Shopping Co., Ltd. ("CNRS"), QVC's joint venture in
China, delivered a 22% and 21% increase in revenue in local
currency in the fourth quarter and for the full year, respectively.
CNRS' adjusted OIBDA deficit in local currency decreased 9% in the
quarter, reflecting the strong sales gain and favorable inventory
obsolescence expense, which were partially offset primarily by
higher commissions due to the business’ summer expansion into the
strategically important Shanghai market. For the year, the adjusted
OIBDA deficit increased 22% in local currency, primarily due to
lower product margins and higher commissions, warehouse and freight
expenses as the business continued to expand its presence. This
joint venture is being accounted for as an equity method
investment, and as a result, QVC reported a $2 million and $9
million reduction in net income for the quarter and year,
respectively.
QVC's total debt, net of original issue discount, was $5.4
billion at December 31, 2015, an increase of $0.8 billion from the
prior year.
zulily
“We ended 2015 with positive momentum and strong operational
execution across the business,” said zulily CEO Darrell Cavens. “We
remain focused on delivering growth through improvements in
marketing, the launch of new products and brands, compelling
enhancements to our customer experience, and continuing our work to
deliver significant improvements in our supply chain. Additionally,
we remain very excited to work alongside QVC to take advantage of
shared learnings that can help us grow faster together. We believe
these areas of focus will provide a strong foundation for growth in
2016 and beyond.”
Liberty Interactive acquired zulily on October 1, 2015. Prior to
the acquisition, zulily utilized a retail calendar, whereby each
fiscal year ended on the Sunday closest to December 31. Upon
acquisition, zulily changed its year end to December 31 on a
prospective basis, resulting in four additional days in the year
compared to the prior year. In addition, zulily reclassified
certain costs between financial statement line items to conform to
Liberty Interactive’s reporting structure for ease of comparability
for all reporting periods. Lastly, as part of purchase accounting,
zulily reduced deferred revenue by $17 million that was recognized
as of October 1, 2015 (acquisition date). This had the effect of a
one-time, non-cash reduction in reported revenue, adjusted OIBDA
and operating income during the fourth quarter of 2015. The impact
of this adjustment on zulily’s results for the fourth quarter and
full year 2015 is as follows:
(amounts in millions)
As
reportedPost-Acquisition:October 1,2015
-December 31,2015
AdjustedPost-AcquisitionOctober
1,2015 - December 31,2015
Pre-Acquisition:December
29,2014 -September30, 2015
DeferredRevenueAdjustment
Adjusted2015 Total
Net revenue $ 426 17 443 918 1,361 Cost of sales (318 ) —
(318 ) (660 ) (978 ) Gross profit 108 17 125 258 383
Operating expenses (13 )
—
(13 ) (30 ) (43 ) SG&A expenses (ex. stock-based comp and
acquisition expenses) (74 ) —
(74
)
(195
) (269 ) Adjusted OIBDA 21
17
38
33
71 Acquisition related expenses — — — (30 ) (30 ) Stock-based
compensation (5 ) — (5 ) (14 ) (19 ) Depreciation and amortization
(69 ) — (69 ) (14 ) (83 ) Deferred revenue adjustment —
(17 ) (17 ) — (17 ) Operating loss $ (53 ) —
(53 ) (25 ) (78 )
zulily revenue increased 9% to $426 million in the fourth
quarter and 12% to $1.3 billion for the year. As mentioned above,
these amounts were negatively impacted by the $17 million purchase
accounting adjustment. Adjusting for this item, revenue increased
13% to $443 million in the fourth quarter and 13% to $1.4 billion
for the year. Mobile orders were 59% of total orders placed in the
fourth quarter, compared to 51% the year prior.
Adjusted OIBDA increased 1% to $21 million in the fourth quarter
and 23% to $54 million for the year. Adjusting for the $17 million
purchase accounting adjustment, adjusted OIBDA grew 87% to $38
million in the fourth quarter and 63% to $71 million for the year.
Adjusted OIBDA margin increased 335 basis points in the fourth
quarter and 160 basis points for the year, primarily attributed to
improved operational performance driven by supply chain
efficiencies including fulfillment process improvements and
transportation operations improvements. zulily’s full year 2015
adjusted OIBDA excludes $30 million in transaction costs related to
the sale to Liberty Interactive (recognized in the third quarter of
2015).
Operating income decreased from $12 million to $(53) million in
the fourth quarter and from $16 million to $(78) million for the
full year. zulily’s fourth quarter operating income includes
approximately $63 million of depreciation and amortization and $17
million in revenue impacts as a result of purchase accounting
adjustments. zulily’s full year operating income also includes $30
million in costs associated with the closing of the
acquisition.
The above disclosures include full year 2015 results because
management believes that this information is relevant to assessing
the performance of the business. For GAAP reporting purposes,
Liberty Interactive consolidates the results of zulily from the
date of the acquisition.
Share Repurchases
From November 1, 2015 through January 31, 2016, Liberty
Interactive repurchased approximately 10.3 million Series A QVC
Group shares (Nasdaq: QVCA) at an average cost per share of $26.34
for total cash consideration of $271.8 million. Since the creation
of the QVC Group stock (including its predecessor, Liberty
Interactive Group) in May 2006, Liberty Interactive has repurchased
shares for aggregate cash consideration of $6.2 billion,
representing approximately 40.8% of the shares outstanding at the
time of creation of the QVC Group stock. All repurchases up to
August 9, 2012, the date on which the QVC Group stock was
recapitalized to create the Liberty Ventures Group stock, were
comprised of shares of the combined stocks. The remaining
repurchase authorization as of February 1, 2016 for QVC Group stock
was approximately $858 million.
QVC Group consists of Liberty Interactive’s subsidiaries, QVC,
Inc. and zulily, llc, and Liberty Interactive’s interest in
HSN.
LIBERTY VENTURES GROUP – On November 12, 2015, Liberty
Interactive announced that its board of directors had authorized
management to pursue a plan to spin-off to holders of its Liberty
Ventures common stock shares of newly formed companies to be called
CommerceHub, Inc. and Liberty Expedia Holdings, Inc. (“Liberty
Expedia”). CommerceHub, Inc. would be comprised of Liberty
Interactive’s Commerce Technologies, Inc. (“CommerceHub”) business.
Liberty Expedia would be comprised, of among other things, Liberty
Interactive’s interest in Expedia, Inc. and Liberty Interactive’s
subsidiary Bodybuilding.com, LLC and $350 million of debt.
In prior years, Liberty Interactive voluntarily provided
financial information for the Digital Commerce businesses on an
aggregated basis. Due to the sale of Provide and Backcountry and
due to Liberty Interactive’s announced intention to pursue a plan
to spin-off Bodybuilding and CommerceHub, Liberty no longer
provides separate financial information for the Digital Commerce
businesses. The Digital Commerce businesses are now included in
Corporate and Other.
Share Repurchases
There were no repurchases of Liberty Ventures Group common stock
(Nasdaq: LVNTA) from November 1, 2015 through January 31, 2016. The
total remaining repurchase authorization for Liberty Ventures Group
stock is approximately $650 million.
The businesses and assets attributed to the Liberty Ventures
Group are all of Liberty Interactive's businesses and assets other
than those attributed to the QVC Group, including its interests in
Expedia, Interval Leisure, Lending Tree and FTD, its subsidiaries
Bodybuilding.com, CommerceHub, and Evite, and minority interests in
Time Warner, Time Warner Cable and Lending Tree.
FOOTNOTES
1) Liberty Interactive's President and CEO, Greg Maffei,
will discuss these highlights and other matters in Liberty
Interactive's earnings conference call which will begin at 12:15
p.m. (E.S.T.) on February 26, 2016. For information regarding how
to access the call, please see “Important Notice” later in this
document. 2) For a definition of adjusted OIBDA and applicable
reconciliations and a definition of adjusted OIBDA margin, see the
accompanying schedules. 3) For a definition of adjusted net income
and applicable reconciliations, see the accompanying schedules.
QVC GROUP
FINANCIAL METRICS – QUARTER
(amounts in millions) 4Q14 4Q15 % Change
Revenue
QVC US $ 2,030 $ 2,089 3 % QVC International(1) 751
711 (5 ) % Total QVC Revenue 2,781 2,800 1 %
zulily(2) NA 426 NA %
Total QVC Group Revenue
$ 2,781 $ 3,226 16
%
Gross Margins
QVC US 35.6 % 34.6 % QVC International(1) 37.7 % 38.0 % zulily(2)
NA % 25.2 %
Adjusted OIBDA
QVC US $ 474 $ 479 1 % QVC International(1) 146
129 (12 ) % Total QVC Adjusted OIBDA 620 608 (2 ) %
zulily(2) NA 21 NA % Corporate and Other (8 ) (9 )
(13 ) %
Total QVC Group Adjusted OIBDA $
612
$
620
1
%
Operating Income
QVC US $ 349 $ 355 2 % QVC International(1) 110
100 (9 ) % Total QVC Operating Income 459 455 (1 ) %
zulily NA (53 ) NA % Corporate and Other (14 ) (17 )
(21 ) %
Total QVC Group Operating Income $ 445
$ 385 (13 ) %
Adjusted Net Income(3) Total QVC Group
Adjusted Net Income $ 273 $ 312
14 % China JV(4) Revenue $ 39 $
46 18 % Adjusted OIBDA $ (3 ) $ (3 ) - %
QVC Shares
Outstanding 1/31/2015 1/31/2016
Outstanding A and B shares 474 487
Quarter ended
Quarter ended QVCA and QVCB Basic and Diluted Shares
12/31/2014 12/31/2015 Basic Weighted
Average Shares Outstanding (“WASO”) 475 495 Potentially Dilutive
Shares 7 7
Diluted WASO 482 502
1) Includes QVC France, QVC Germany, QVC Italy, QVC
Japan, and QVC UK. 2) Includes zulily as of the beginning of the
fourth quarter 2015. Revenue and adjusted OIBDA include the impact
of a $17 million one-time, non-cash purchase accounting reduction
in deferred revenue. Excluding the impact of this purchase
accounting adjustment, revenue grew 13% to $443 million and
adjusted OIBDA grew 87% to $38 million. 3) GAAP net income was $222
million and $223 million for the three months ended December 31,
2014 and 2015, respectively (see reconciling schedule 4). 4) This
joint venture is being accounted for as an equity investment.
QVC GROUP
FINANCIAL METRICS - FULL YEAR
(amounts in millions) 2014 2015 % Change
Revenue
QVC US $ 6,055 $ 6,257 3 % QVC International(1) 2,746
2,486 (9 )% Total QVC Revenue 8,801 8,743 (1 )%
zulily(2) NA 426 NA% Corporate and Other(3) 1,227
— NA%
Total QVC Group Revenue $
10,028 $ 9,169 (9
)% Gross Margin QVC US 36.6 % 36.2 % QVC
International(1) 37.8 % 38.3 % zulily(2) NA % 25.2 %
Adjusted OIBDA QVC US $ 1,429 $ 1,467 3 % QVC
International(1) 481 427 (11 )% Total
QVC Adjusted OIBDA 1,910 1,894 (1 )% zulily(2) NA 21
NA%
Corporate and Other(3) 29 (28 ) (197 )%
Total QVC Group Adjusted OIBDA $ 1,939
$ 1,887 (3 )%
Operating Income QVC US $ 941 $ 972 3 % QVC International(1)
338 303 (10 )% Total QVC Operating
Income 1,279 1,275 0 % zulily(2) NA (53 ) NA% Corporate and
Other(3) (73 ) (52 ) 29 %
Total QVC Group
Operating Income $ 1,206 $
1,170 (3 )% Adjusted Net
Income(4) Total QVC Group Adjusted Net Income
$ 739 $ 878 19 %
China JV(5) Revenue $ 140 $ 165 18 % Adjusted OIBDA $
(10 ) $ (12 ) (20 )% 1) Includes QVC France, QVC
Germany, QVC Italy, QVC Japan, and QVC UK. 2) Includes zulily as of
the beginning of the fourth quarter 2015. Revenue and adjusted
OIBDA include the impact of a $17 million one-time non-cash
purchase accounting reduction in deferred revenue. 3) Includes the
pre-reattribution impact of the Digital Commerce companies through
September 30, 2014. 4) GAAP net income was $520 million and $640
million for the twelve months ended December 31, 2014 and 2015,
respectively (see reconciling schedule 4). 5) This joint venture is
being accounted for as an equity investment.
QVC OPERATING
METRICS – QUARTER
(amounts in millions) 4Q14 4Q15 % Change
QVC - Consolidated
eCommerce $ of total revenue $ 1,200 $ 1,328 11 % eCommerce % of
total revenue 43.2 % 47.4 % 428 bps
Mobile % of total eCommerce(1)
43.6 % 51.6 % 806 bps
QVC - US eCommerce $ of total
revenue $ 969 $ 1,095 13 % eCommerce % of total revenue 47.7 % 52.4
% 468 bps Mobile % of total eCommerce(1) 41.8 % 50.4 % 859 bps
Return Rate 16.9 % 15.9 % (98 ) bps
zulily Mobile %
of total orders 50.3 % 58.6 % 830 bps
QVC OPERATING
METRICS – FULL YEAR
(amounts in millions) 2014 2015 % Change
QVC - Consolidated eCommerce $ of total revenue $ 3,533 $
3,851 9 % eCommerce % of total revenue 40.1 % 44.0 % 390 bps Mobile
% of total eCommerce(1) 41.5 % 50.4 % 897 bps LTM Total
Customers(2) 12.2 12.6 3 %
QVC - US eCommerce $ of
total revenue $ 2,740 $ 3,059 12 % eCommerce % of total revenue
45.3 % 48.9 % 364 bps Mobile % of total eCommerce(1) 39.6 % 49.2 %
960 bps LTM Total Customers(2) 8.0 8.3 4 % Return Rate 18.5 % 18.4
% (11 ) bps
zulily Mobile % of total orders 49.2 %
57.3 % 810 bps LTM Total Customers(2) 4.9 5.0 2 % 1)
Based on gross US Dollar orders. 2)
LTM: Last twelve months.
NOTES
Unless otherwise noted, the foregoing discussion compares
financial information for the year ended December 31, 2015 to the
same period in 2014.
The following financial information with respect to Liberty
Interactive's equity affiliates and available for sale securities
is intended to supplement Liberty Interactive's consolidated
statements of operations which are included in its Form 10-K for
the year ended December 31, 2015.
Fair Value of Public
Holdings
(amounts in millions)
9/30/2015
12/31/2015 HSN(1) $ 1,146 $ 1,014
Total Attributed QVC
Group $ 1,146 $ 1,014
Expedia(2) $ 2,778 $ 2,934 FTD(3) 304 267 Interval Leisure Group
and Lending Tree(4) 564 507 Other Public Holdings(5) 1,281
1,294
Total Attributed Liberty Ventures Group
$ 4,927 $ 5,002
(1) Represents fair value of QVC Group's investment in HSN. In
accordance with GAAP, QVC Group accounts for this investment using
the equity method of accounting and includes this investment in its
attributed balance sheet at its historical carrying value which
aggregated $159 million and $165 million at September 30, 2015 and
December 31, 2015, respectively. (2) Represents fair value of
Liberty Ventures Group's investment in Expedia. In accordance with
GAAP, Liberty Ventures Group accounts for this investment using the
equity method of accounting and includes this investment in its
attributed balance sheet at its historical carrying value which
aggregated $626 million and $927 million at September 30, 2015 and
December 31, 2015, respectively. (3) Represents fair value of
Liberty Ventures Group's investment in FTD. In accordance with
GAAP, Liberty Ventures Group accounts for this investment using the
equity method of accounting and includes this investment in its
attributed balance sheet at its historical carrying value which was
$343 million and $267 million at September 30, 2015 and December
31, 2015, respectively. (4) Represents fair value of Liberty
Ventures Group's investments. In accordance with GAAP, Liberty
Ventures Group accounts for these investments using the equity
method of accounting and includes these investments in its
attributed balance sheet at their historical carrying values which
aggregated $115 million and $118 million at September 30, 2015 and
December 31, 2015, respectively. (5) Represents Liberty Ventures
Group's other public holdings which are accounted for at fair
value. Excludes $5 million of long-term marketable securities as of
September 30, 2015.
Cash and
Debt
The following presentation is provided to
separately identify cash and liquid investments and debt
information.
(amounts in millions) 9/30/2015
12/31/2015
Cash and Liquid Investments Attributable to: QVC
Group(1) $ 527 $ 438 Liberty Ventures Group(2)(3) 2,932
2,921
Total Liberty Consolidated Cash and
Liquid Investments $
3,459
$ 3,359 Less: Short-term
marketable securities - QVC Group $ 15 $ 12 Short-term marketable
securities - Liberty Ventures Group 893 898 Long-term marketable
securities - Liberty Ventures Group 5 —
Total Liberty Consolidated Cash (GAAP) $ 2,546
$ 2,449 Debt: Senior
notes and debentures(4) $ 792 $ 791 Senior exchangeable
debentures(5) 346 346 QVC senior notes(4) 3,550 3,550 QVC bank
credit facility 920 1,815 Other 76 72
Total Attributed QVC Group Debt $ 5,684
$ 6,574 Unamortized discount, fair market value
adjustment and deferred loan costs (29 ) (39 )
Total Attributed QVC Group Debt (GAAP) $ 5,655
$ 6,535 Senior exchangeable
debentures(5) $ 2,070 $ 2,070 Other 43 41
Total Attributed Liberty Ventures Group Debt $
2,113 $ 2,111 Fair market value adjustment
51 61
Total Attributed Liberty
Ventures Group Debt (GAAP) $ 2,164
$ 2,172 Total
Liberty Interactive Corporation Debt (GAAP) $
7,819 $ 8,707 (1)
Includes $15 million and $12 million of short-term marketable
securities with an original maturity greater than 90 days as of
September 30, 2015 and December 31, 2015, respectively. (2)
Includes $893 million and $898 million of short-term marketable
securities with an original maturity greater than 90 days as of
September 30, 2015 and December 31, 2015, respectively. (3)
Includes $5 million of marketable securities with an original
maturity greater than one year as of September 30, 2015, which is
reflected in investments in available-for-sale securities in
Liberty Ventures Group's condensed attributed balance sheet. (4)
Face amount of Senior Notes and Debentures with no reduction for
the unamortized discounts. (5)
Face amount of Senior Exchangeable
Debentures with no reduction for the fair market value
adjustment.
Total cash and liquid investments attributed to the QVC Group
decreased by approximately $89 million during the fourth quarter,
primarily driven by the acquisition of zulily, stock repurchases
and capital expenditures. These outflows were partially offset by
cash flows from operations and borrowings on the QVC bank credit
facility in excess of repayments. Total debt attributed to the QVC
Group increased by $890 million, primarily due to borrowings on the
QVC bank credit facility to finance a portion of the consideration
for the acquisition of zulily.
Total cash and liquid investments attributed to the Liberty
Ventures Group was relatively flat.
Important Notice: Liberty Interactive (Nasdaq: QVCA,
QVCB, LVNTA, LVNTB) President and CEO, Greg Maffei will discuss
Liberty Interactive's earnings release in a conference call which
will begin at 12:15 p.m. (E.S.T.) on February 26, 2016. The call
can be accessed by dialing (844) 307-2219 or (678) 509-7635 at
least 10 minutes prior to the start time. The call will also be
broadcast live across the Internet and archived on our website. To
access the webcast go to http://www.libertyinteractive.com/events. Links to
this press release will also be available on Liberty Interactive's
website.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements about business strategies, market
potential, future financial prospects, international expansion
(including the establishment of QVC’s new support center in
Poland), new service and product offerings, the benefits of QVC’s
newly revised organizational structure, Liberty Interactive’s
ability to complete the proposed spin-offs of CommerceHub and
Liberty Expedia, the monetization of our non-core assets, the
continuation of our stock repurchase program, the estimated
liabilities under exchangeable debentures 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 Liberty Interactive, the
satisfaction of conditions to each of the proposed spin-offs,
changes in law and government regulations that may impact the
derivative instruments that hedge certain of our financial risks,
the availability of investment opportunities, and market conditions
conducive to stock repurchases. These forward-looking statements
speak only as of the date of this presentation, and Liberty
Interactive expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in Liberty
Interactive'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 Liberty
Interactive, including the most recent Form 10-K, for additional
information about Liberty Interactive and about the risks and
uncertainties related to Liberty Interactive's business which may
affect the statements made in this presentation.
NON-GAAP FINANCIAL MEASURES
This press release includes a presentation of adjusted OIBDA,
which is a non-GAAP financial measure, for Liberty Interactive, QVC
(and certain of its subsidiaries), and zulily together with a
reconciliation to that entity or such businesses’ operating income,
as determined under GAAP. Liberty Interactive defines adjusted
OIBDA as revenue less cost of sales, operating expenses, and
selling, general and administrative expenses, excluding all stock
based compensation, and excludes from that definition depreciation
and amortization and restructuring and impairment charges that are
included in the measurement of operating income pursuant to GAAP.
Further, this press release includes adjusted OIBDA margin which is
also a non-GAAP financial measure. Liberty Interactive defines
adjusted OIBDA margin as adjusted OIBDA divided by revenue.
Liberty Interactive believes adjusted OIBDA is an important
indicator of the operational strength and performance of its
businesses, including each business' ability to service debt and
fund capital expenditures. 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, Liberty Interactive 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 Liberty Interactive's management considers in
assessing the results of operations and performance of its assets.
Please see the attached schedules for applicable
reconciliations.
In addition, this presentation includes references to adjusted
net income, which is a non-GAAP financial measure, for QVC Group.
Liberty Interactive defines adjusted net income as net income,
excluding the impact of purchase accounting amortization (net of
deferred tax benefit) and net income (loss) generated by the
Digital Commerce companies.
Liberty Interactive believes adjusted net income is an important
indicator of financial performance, in particular for QVC Group,
due to the impact of purchase accounting amortization and the
reattribution of the Digital Commerce companies. Because adjusted
net income is used as a measure of overall financial performance,
Liberty Interactive views net income as the most directly
comparable GAAP measure. Adjusted net income is not meant to
replace or supersede net income or any other GAAP measure, but
rather to supplement such GAAP measures in order to present
investors with a valuable supplemental metric of financial
performance. Please see the attached schedules for a reconciliation
of adjusted net income to net income (loss) calculated in
accordance with GAAP for QVC Group (Schedule 4).
SCHEDULE 1
The following table provides a reconciliation of QVC Group's
adjusted OIBDA to its operating income calculated in accordance
with GAAP for the three months ended December 31, 2014, March 31,
2015, June 30, 2015, September 30, 2015 and December 31, 2015,
respectively and years ended December 31, 2014 and 2015.
QUARTERLY
SUMMARY
(amounts in millions) 4Q14 1Q15
2Q15 3Q15 4Q15
QVC Group Adjusted OIBDA(1)(2)
$ 612 $ 401 $ 445 $ 421 $ 620 Depreciation and amortization (150 )
(152 ) (149 ) (141 ) (215 ) Stock compensation expense (17 )
(12 ) (12 ) (16 ) (20 )
Operating
Income $ 445 $ 237
$ 284 $ 264 $
385
ANNUAL
SUMMARY
(amounts in millions)
2014 2015
QVC Group Adjusted OIBDA(1)(2) 1,939
1,887 Depreciation and amortization (643) (657) Stock compensation
expense (83) (60) Impairment of intangible assets (7) —
Operating Income $ 1,206 $1,170
1) Adjusted OIBDA includes the impact of a $17 million
one-time, non-cash purchase accounting reduction in deferred
revenue. 2) Includes zulily beginning with the fourth quarter of
2015.
SCHEDULE 2
The following table provides a reconciliation of adjusted OIBDA
for QVC (and certain of its subsidiaries) and zulily to that entity
or such businesses' operating income (loss) calculated in
accordance with GAAP for the three months ended December 31, 2014,
March 31, 2015, June 30, 2015, September 30, 2015 and December 31,
2015, respectively and years ended December, 31, 2014 and 2015.
QUARTERLY
SUMMARY
(amounts in millions) 4Q14 1Q15 2Q15
3Q15 4Q15
QVC
Group
QVC Adjusted OIBDA QVC US $ 474 $ 306 $ 349 $ 333 $ 479 QVC
International 146 101 100 97 129 Consolidated QVC adjusted
OIBDA 620 407 449 430 608 Depreciation and amortization (151 ) (153
) (148 ) (141 ) (146 ) Stock compensation (10 ) (8 )
(7 ) (9 ) (7 )
QVC Operating Income
$ 459 $ 246 $
294 $ 280 $ 455
zulily Adjusted OIBDA(1) $ NA $ NA $ NA $ NA $
21 Depreciation and amortization NA NA NA NA (69 ) Stock
compensation NA NA NA NA (5 )
zulily Operating Income $ NA
$ NA
$ NA
$ NA
$ (53 )
ANNUAL
SUMMARY
(amounts in millions)
2014 2015
QVC
Group
QVC Adjusted OIBDA QVC US $ 1,429 $ 1,467 QVC International
481 427 Consolidated QVC adjusted OIBDA 1,910 1,894
Depreciation and amortization (587) (588) Stock compensation
(44) (31)
QVC Operating Income $ 1,279
$ 1,275 zulily Adjusted OIBDA(1) $ NA $
21 Depreciation and amortization NA (69) Stock compensation
NA (5)
zulily Operating Income $ NA
$ (53) 1) Includes zulily as of the
beginning of the fourth quarter 2015. For full year adjusted OIBDA
and a related reconciliation, see the table included under “zulily”
in the narrative section of this release. Adjusted OIBDA includes
the impact of a $17 million one-time, non-cash purchase accounting
reduction in deferred revenue.
SCHEDULE 3
The following table provides a reconciliation of adjusted OIBDA
for QVC Group and the Liberty Ventures Group to the Liberty
Interactive Corporation operating income (loss) calculated in
accordance with GAAP for the three months ended December 31, 2014,
March 31, 2015, June 30, 2015, September 30, 2015 and December 31,
2015, respectively and years ended December, 31, 2014 and 2015.
QUARTERLY
SUMMARY
(amounts in millions) 4Q14 1Q15 2Q15
3Q15 4Q15 QVC Group Adjusted OIBDA $ 612 $ 401
$ 445 $ 421 $ 620 Liberty Ventures Group Adjusted OIBDA 38
18 14 13 14
Consolidated Liberty
Interactive Corp. Adjusted OIBDA $ 650 $
419 $ 459 $ 434 $
634 Depreciation and amortization (169) (168) (161) (150)
(224) Stock compensation (37) (15) (29)
(37) (46)
Consolidated Liberty Interactive Corp.
Operating Income $ 444 $ 236
$ 269 $ 247 $ 364
ANNUAL
SUMMARY
(amounts in millions)
2014
2015 QVC Group Adjusted OIBDA $ 1,939 $
1,887 Liberty Ventures Group Adjusted OIBDA 26
59
Consolidated Liberty Interactive Corp. Adjusted
OIBDA $ 1,965 $ 1,946
Depreciation and amortization (662 ) (703 ) Stock compensation (108
) (127 ) Impairment of intangible assets (7 ) —
Consolidated Liberty Interactive Corp. Operating
Income $ 1,188 $ 1,116
SCHEDULE 4
The following table provides a reconciliation of QVC Group's
adjusted net income to its net income calculated in accordance with
GAAP for the three months ended December 31, 2014, March 31, 2015,
June 30, 2015, September 30, 2015 and December 31, 2015,
respectively and years ended December 31, 2014 and 2015. Adjusted
net income excludes the impact of the Digital Commerce companies
due to their reattribution to Liberty Ventures Group in the fourth
quarter of 2014.
QUARTERLY
SUMMARY
(amounts in millions) 4Q14 1Q15 2Q15
3Q15 4Q15 LTM
QVC Group Net income(1) $
222 $ 151 $ 112 $ 154 $ 223 $ 640 QVC purchase accounting amort,
net deferred tax benefit (2) 51 51 49 49 50 199 zulily purchase
accounting amort, net deferred tax benefit(3) — —
— — 39 39 QVC Group Adjusted net income
$ 273 $ 202 $ 161 $ 203 $ 312 $ 878 QVCA/B shares
outstanding as of January 31, 2016 487 Adjusted LTM earnings per
share $ 1.80
ANNUAL
SUMMARY
(amounts in millions)
2014 2015
QVC Group Net income(1) $ 520 $ 640
QVC purchase accounting amort, net deferred tax benefit (2) 204 199
zulily purchase accounting amort, net deferred tax benefit(3) — 39
Digital Commerce net income (loss) (15 ) — QVC Group
Adjusted net income $ 739 $ 878 1) Includes
the results of zulily beginning in the fourth quarter of 2015.
Includes the impact of a $17 million non-cash, one-time reduction
in deferred revenue, net of book deferred tax benefit. 2) Add-back
relates to non-cash, non-tax deductible purchase accounting
amortization from Liberty Interactive’s acquisition of QVC, net of
book deferred tax benefit (gross non-cash, non-tax deductible
purchase accounting amortization was $323 million and $316 million
for the twelve months ended December 31, 2014 and 2015,
respectively, and is applied ratably across the four quarters in
each year). 3) Add-back relates to non-cash, non-tax deductible
purchase accounting amortization from Liberty Interactive’s
acquisition of zulily, net of book deferred tax benefit.
LIBERTY INTERACTIVE CORPORATION
BALANCE SHEET INFORMATION
December 31, 2015 - (unaudited)
Attributed QVC
Ventures Consolidated Group
Group Liberty amounts in millions
Assets
Current assets: Cash and cash equivalents $ 426 2,023 2,449 Trade
and other receivables, net 1,379 64 1,443 Inventory, net 945 55
1,000 Short-term marketable securities 12 898 910 Other current
assets 65 8 73 Total current assets 2,827
3,048 5,875 Investments in available-for-sale securities and
other cost investments 4 1,349 1,353 Investments in affiliates,
accounted for using the equity method 208 1,433 1,641 Property and
equipment, net 1,104 36 1,140 Intangible assets not subject to
amortization 9,358 127 9,485 Intangible assets subject to
amortization, net 1,607 40 1,647 Other assets, at cost, net of
accumulated amortization 33 6 39 Total assets $
15,141 6,039 21,180
Liabilities and Equity
Current liabilities: Intergroup Payable (receivable) $ 45 (45 ) —
Accounts payable 736 26 762 Accrued liabilities 745 39 784 Current
portion of debt 358 868 1,226 Other current liabilities 219
109 328 Total current liabilities 2,103 997
3,100 Long-term debt 6,177 1,304 7,481 Deferred income tax
liabilities 1,359 2,143 3,502 Other liabilities 209 13
222 Total liabilities 9,848 4,457 14,305
Equity/Attributed net assets (liabilities) 5,195 1,592 6,787
Non-controlling interests in equity of subsidiaries 98 (10 )
88 Total liabilities and equity $ 15,141 6,039 21,180
LIBERTY INTERACTIVE CORPORATION
STATEMENT OF OPERATIONS
INFORMATION
Twelve months ended December 31, 2015 -
(unaudited)
Attributed QVC
Ventures Consolidated Group Group
Liberty amounts in millions Revenue: Net retail sales $
9,169 820 9,989 Operating costs and expenses: Cost of retail
sales (exclusive of depreciation shown separately below) 5,847 546
6,393 Operating, including stock-based compensation 620 79 699
Selling, general and administrative, including stock-based
compensation 875 203 1,078 Depreciation and amortization 657
46 703 7,999 874 8,873
Operating income 1,170 (54 ) 1,116 Other income
(expense): Interest expense (283 ) (77 ) (360 ) Share of earnings
(losses) of affiliates, net 55 (115 ) (60 ) Realized and unrealized
gains (losses) on financial instruments, net 42 72 114 Gains
(losses) on transactions, net — 110 110 Gains (losses) on dilution
of investments in affiliates — 314 314 Other, net (6 ) 25
19 (192 ) 329 137 Earnings
(loss) before income taxes 978 275 1,253 Income tax benefit
(expense) (304 ) (38 ) (342 ) Net earnings (loss) 674 237
911 Less net earnings (loss) attributable to noncontrolling
interests 34 8 42 Net earnings (loss)
attributable to Liberty Interactive Corporation shareholders $ 640
229 869
LIBERTY INTERACTIVE CORPORATION
STATEMENT OF OPERATIONS
INFORMATION
Twelve months ended December 31, 2014 -
(unaudited)
Attributed QVC
Ventures Consolidated Group Group
Liberty amounts in millions Revenue: Net retail sales $
10,028 471 10,499 Operating costs and expenses: Cost of
retail sales (exclusive of depreciation shown separately below)
6,378 306 6,684 Operating 719 37 756 Selling, general and
administrative, including stock-based compensation 1,075 127 1,202
Depreciation and amortization 643 19 662 Impairment of intangible
assets 7 — 7 8,822 489
9,311 Operating income 1,206 (18 ) 1,188 Other
income (expense): Interest expense (312 ) (75 ) (387 ) Share of
earnings (losses) of affiliates, net 51 (12 ) 39 Realized and
unrealized gains (losses) on financial instruments, net (22 ) (35 )
(57 ) Gains (losses) on transactions, net — 74 74 Gains (losses) on
dilution of investments in affiliates (2 ) — (2 ) Other, net
(41 ) 22 (19 ) (326 ) (26 ) (352 ) Earnings (loss)
before income taxes 880 (44 ) 836 Income tax benefit (expense)
(306 ) 48 (258 ) Net earnings (loss) from continuing
operations 574 4 578 Net earnings (loss) from discontinued
operations, net of taxes (15 ) 63 48 Net
earnings (loss) 559 67 626 Less net earnings (loss) attributable to
non-controlling interests 39 50 89 Net
earnings (loss) attributable to Liberty Interactive Corporation
shareholders $ 520 17 537
LIBERTY INTERACTIVE CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Twelve months ended December 31, 2015 -
(unaudited)
Attributed QVC
Ventures Consolidated Group Group
Liberty amounts in millions
CASH FLOWS FROM OPERATING
ACTIVITIES: Net earnings (loss) $ 674 237 911 Adjustments to
reconcile net earnings to net cash provided by operating
activities: Depreciation and amortization 657 46 703 Stock-based
compensation 60 67 127 Cash payments for stock based compensation —
(16 ) (16 ) Excess tax benefit from stock based compensation (24 )
(9 ) (33 ) Noncash interest expense 6 (1 ) 5 Share of (earnings)
losses of affiliates, net (55 ) 115 60 Cash receipts from return on
equity investments 22 30 52 Realized and unrealized gains (losses)
on financial instruments, net (42 ) (72 ) (114 ) (Gains) losses on
transactions, net — (110 ) (110 ) (Gains) losses on dilution of
investments in affiliates — (314 ) (314 ) (Gains) losses on
extinguishment of debt 21 — 21 Deferred income tax (benefit)
expense (122 ) 173 51 Intergroup tax allocation 141 (141 ) —
Intergroup tax payments (101 ) 101 — Other noncash charges
(credits), net (14 ) (2 ) (16 ) Changes in operating assets and
liabilities Current and other assets (245 ) 8 (237 ) Payables and
other current liabilities 3 (47 ) (44 ) Net cash
provided (used) by operating activities 981 65
1,046
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash acquired (824 ) (20 ) (844
) Cash proceeds from dispositions — 271 271 Investments in and
loans to cost and equity investees — (143 ) (143 ) Cash receipts
from returns of equity investments 200 50 250 Capital expended for
property and equipment (223 ) (40 ) (263 ) Purchases of short term
and other marketable securities (184 ) (1,186 ) (1,370 ) Sales of
short term and other marketable securities 193 1,166 1,359 Other
investing activities, net (71 ) — (71 ) Net cash
provided (used) by investing activities (909 ) 98
(811 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt 3,969 589 4,558 Repayments of debt (3,244 ) (567
) (3,811 ) Repurchases of QVC Group common stock (785 ) — (785 )
Minimum withholding taxes on net settlements of stock-based
compensation (25 ) (5 ) (30 ) Excess tax benefit from stock based
compensation 24 9 33 Purchase of noncontrolling interest — (33 )
(33 ) Other financing activities, net (4 ) (17 ) (21 ) Net
cash provided (used) by financing activities (65 ) (24 ) (89
) Effect of foreign currency rates on cash (3 ) — (3
) Net increase (decrease) in cash and cash equivalents 4 139 143
Cash and cash equivalents at beginning of period 422
1,884 2,306 Cash and cash equivalents at end of
period
$ 426 2,023 2,449
LIBERTY INTERACTIVE CORPORATION
STATEMENT OF CASH FLOWS
INFORMATION
Twelve months ended December 31,
2014 - (unaudited)
Attributed
QVC Ventures Consolidated
Group Group Liberty CASH FLOWS FROM
OPERATING ACTIVITIES: amounts in millions Net earnings (loss) $
559 67 626 Adjustments to reconcile net earnings to net cash
provided by operating activities: (Earnings) loss from discontinued
operations 15 (63 ) (48 ) Depreciation and amortization 643 19 662
Stock-based compensation 83 25 108 Cash payments for stock based
compensation (13 ) (2 ) (15 ) Excess tax benefit from stock based
compensation (20 ) (1 ) (21 ) Noncash interest expense 6 — 6 Share
of losses (earnings) of affiliates, net (51 ) 12 (39 ) Cash
receipts from return on equity investments 22 23 45 Realized and
unrealized gains (losses) on financial instruments, net 22 35 57
(Gains) losses on transactions, net — (74 ) (74 ) (Gains) losses on
dilution of investments in affiliates 2 — 2 (Gains) losses on
extinguishment of debt 48 — 48 Impairment of intangible assets 7 —
7 Deferred income tax (benefit) expense (160 ) 119 (41 ) Intergroup
tax allocation 169 (169 ) — Intergroup tax payments (388 ) 388 —
Other noncash charges (credits), net (5 ) 1 (4 ) Changes in
operating assets and liabilities Current and other assets (80 ) (4
) (84 ) Payables and other current liabilities 345 60
405 Net cash provided (used) by operating activities
1,204 436 1,640
CASH FLOWS
FROM INVESTING ACTIVITIES: Cash proceeds from dispositions —
163 163 Investments in and loans to cost and equity investees (4 )
(87 ) (91 ) Capital expended for property and equipment (226 ) (15
) (241 ) Purchases of short term and other marketable securities
(73 ) (791 ) (864 ) Sales of short term investments and other
marketable securities 52 539 591 Other investing activities, net
(30 ) 14 (16 ) Net cash provided (used) by investing
activities (281 ) (177 ) (458 )
CASH FLOWS FROM
FINANCING ACTIVITIES: Borrowings of debt 4,360 146 4,506
Repayments of debt (3,563 ) (186 ) (3,749 ) Intergroup receipts
(payments), net (1,035 ) 1,035 — Repurchases of Liberty common
stock (785 ) — (785 ) Minimum withholding taxes on net settlements
of stock-based compensation (25 ) (1 ) (26 ) Excess tax benefit
from stock based compensation 20 1 21 Other financing activities,
net (8 ) (25 ) (33 ) Net cash provided (used) by financing
activities (1,036 ) 970 (66 ) Effect of foreign
currency rates on cash (46 ) — (46 ) Net cash
provided (used) by discontinued operations: Cash provided (used) by
operating activities (20 ) 293 273 Cash provided (used) by
investing activities — (194 ) (194 ) Cash provided (used) by
financing activities 3 368 371 Change in available cash held by
discontinued operations 3 (119 ) (116 ) Net cash
provided (used) by discontinued operations (14 ) 348
334 Net increase (decrease) in cash and cash equivalents
(173 ) 1,577 1,404 Cash and cash equivalents at beginning of period
595 307 902 Cash and cash equivalents
at end of period
$ 422 1,884
2,306
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