QVCC FY 2021 Earnings Report — QVC, Inc. 6.250% Senior Secured Revenue & Financial Results | Market Cap Arena

QVC, Inc. 6.250% Senior SecuredQVCC

FY 2021 Earnings

Reported February 25, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$11.4B	—	$11.5B	—	-1.0%
Op. Income	$1.5B	—	$1.6B	—	-3.9%
Gross Margin	35.1%	—	35.3%	—	-0.2pp
Net Margin	6.9%	—	7.4%	—	-0.4pp
EPS (Diluted)	$0.00	—	$0.00	—	NaN%
Free Cash Flow	$959M	—	$2.0B	—	-52.4%

Revenue Flow

Item	Amount
REVENUE	$11.4B
Cost of Revenue	$7.4B
GROSS PROFIT	$4.0B
R&D Expenses	$15M
Selling & Marketing	$288M
General & Administrative	$1.7B
SG&A Expenses	$2.0B
Other Expenses	$442M
Operating Expenses	$2.5B
Cost & Expenses	$9.9B
OPERATING INCOME	$1.5B
Interest Income	$0
Interest Expense	$241M
Other Income/Expenses	-$248M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$408M
Net Income from Continuing Ops	$851M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$787M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$787M
D&A	$328M
EBIT	$1.5B
EBITDA	$1.9B
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$11.4B
Cost of Revenue	$7.4B
GROSS PROFIT	$4.0B
R&D Expenses	$15M
Selling & Marketing	$288M
General & Administrative	$1.7B
SG&A Expenses	$2.0B
Other Expenses	$442M
Operating Expenses	$2.5B
Cost & Expenses	$9.9B
OPERATING INCOME	$1.5B
Interest Income	$0
Interest Expense	$241M
Other Income/Expenses	-$248M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$408M
Net Income from Continuing Ops	$851M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$787M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$787M
D&A	$328M
EBIT	$1.5B
EBITDA	$1.9B
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$787M
Depreciation & Amortization	$429M
Stock-Based Compensation	$44M
Deferred Income Tax	-$82M
Other Non-Cash Items	$353M
Change in Working Capital	-$362M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	-$210M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$45M
NET CASH FROM INVESTING	-$255M
Net Debt Issuance	$303M
Common Stock Repurchased	-$17M
Common Dividends Paid	-$963M
Other Financing Activities	-$380M
NET CASH FROM FINANCING	-$1.1B
FREE CASH FLOW	$959M
Net Change in Cash	-$171M

Balance Sheet

Item	Amount
Cash & Equivalents	$510M
Short-Term Investments	$0
Net Receivables	$1.4B
Inventory	$1.4B
Other Current Assets	$232M
TOTAL CURRENT ASSETS	$3.7B
PP&E (Net)	$1.1B
Goodwill	$6.0B
Intangible Assets	$3.5B
Long-Term Investments	$10.6B
Tax Assets	$636.0K
Other Non-Current Assets	-$8.8B
TOTAL NON-CURRENT ASSETS	$12.4B
TOTAL ASSETS	$16.1B
Account Payables	$1.3B
Short-Term Debt	$1M
Deferred Revenue	-$20.0K
Other Current Liabilities	$1.0B
TOTAL CURRENT LIABILITIES	$2.5B
Long-Term Debt	$4.9B
Deferred Revenue NC	$636.0K
Deferred Tax Liabilities	$636.0K
Other Non-Current Liabilities	$750M
TOTAL NON-CURRENT LIABILITIES	$6.0B
TOTAL LIABILITIES	$8.4B
Common Stock	$0
Additional Paid-In Capital	$10.7B
Retained Earnings	-$2.9B
Treasury Stock	$0
Accum. Other Comp. Income	-$146M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.6B
Minority Interest	$122M
TOTAL EQUITY	$7.7B
TOTAL LIABILITIES & EQUITY	$16.1B
Total Debt	$5.2B
Net Debt	$4.7B