QVCC FY 2019 Earnings Report — QVC, Inc. 6.250% Senior Secured Revenue & Financial Results | Market Cap Arena

QVC, Inc. 6.250% Senior SecuredQVCC

FY 2019 Earnings

Reported February 26, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$11.0B	—	$11.3B	—	-2.6%
Op. Income	$1.5B	—	$1.6B	—	-7.9%
Gross Margin	34.9%	—	35.8%	—	-0.8pp
Net Margin	7.0%	—	7.8%	—	-0.8pp
EPS (Diluted)	$0.00	—	$0.00	—	NaN%
Free Cash Flow	$1.0B	—	$928M	—	11.1%

Revenue Flow

Item	Amount
REVENUE	$11.0B
Cost of Revenue	$7.1B
GROSS PROFIT	$3.8B
R&D Expenses	$15M
Selling & Marketing	$153M
General & Administrative	$1.1B
SG&A Expenses	$1.9B
Other Expenses	$604M
Operating Expenses	$2.5B
Cost & Expenses	$9.7B
OPERATING INCOME	$1.5B
Interest Income	$245M
Interest Expense	$240M
Other Income/Expenses	-$248M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$262M
Net Income from Continuing Ops	$817M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$767M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$767M
D&A	$383M
EBIT	$1.5B
EBITDA	$1.9B
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$11.0B
Cost of Revenue	$7.1B
GROSS PROFIT	$3.8B
R&D Expenses	$15M
Selling & Marketing	$153M
General & Administrative	$1.1B
SG&A Expenses	$1.9B
Other Expenses	$604M
Operating Expenses	$2.5B
Cost & Expenses	$9.7B
OPERATING INCOME	$1.5B
Interest Income	$245M
Interest Expense	$240M
Other Income/Expenses	-$248M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$262M
Net Income from Continuing Ops	$817M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$767M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$767M
D&A	$383M
EBIT	$1.5B
EBITDA	$1.9B
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$767M
Depreciation & Amortization	$383M
Stock-Based Compensation	$39M
Deferred Income Tax	-$97M
Other Non-Cash Items	$344M
Change in Working Capital	-$114M
OPERATING CASH FLOW	$1.3B
Capital Expenditure	-$291M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$116M
NET CASH FROM INVESTING	-$407M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	-$879M
Other Financing Activities	-$15M
NET CASH FROM FINANCING	-$894M
FREE CASH FLOW	$1.0B
Net Change in Cash	$19M

Balance Sheet

Item	Amount
Cash & Equivalents	$561M
Short-Term Investments	$0
Net Receivables	$1.7B
Inventory	$1.2B
Other Current Assets	$111M
TOTAL CURRENT ASSETS	$3.8B
PP&E (Net)	$1.4B
Goodwill	$6.0B
Intangible Assets	$3.6B
Long-Term Investments	$40M
Tax Assets	-$27M
Other Non-Current Assets	$104M
TOTAL NON-CURRENT ASSETS	$11.1B
TOTAL ASSETS	$14.9B
Account Payables	$913M
Short-Term Debt	-$98M
Deferred Revenue	$98M
Other Current Liabilities	$607M
TOTAL CURRENT LIABILITIES	$2.0B
Long-Term Debt	$4.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$856M
TOTAL NON-CURRENT LIABILITIES	$6.1B
TOTAL LIABILITIES	$8.1B
Common Stock	$0
Additional Paid-In Capital	$9.2B
Retained Earnings	-$2.4B
Treasury Stock	$0
Accum. Other Comp. Income	-$144M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.7B
Minority Interest	$130M
TOTAL EQUITY	$6.8B
TOTAL LIABILITIES & EQUITY	$14.9B
Total Debt	$5.3B
Net Debt	$4.7B