QVCD FY 2020 Earnings Report — QVC, Inc. 6.375% Senior Secured Revenue & Financial Results | Market Cap Arena

QVC, Inc. 6.375% Senior SecuredQVCD

FY 2020 Earnings

Reported February 26, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$11.5B	—	$11.0B	—	4.4%
Op. Income	$1.6B	—	$1.5B	—	6.3%
Gross Margin	35.3%	—	34.9%	—	0.4pp
Net Margin	7.4%	—	7.0%	—	0.4pp
EPS (Diluted)	$0.00	—	$0.00	—	NaN%
Free Cash Flow	$2.0B	—	$1.0B	—	95.5%

Revenue Flow

Item	Amount
REVENUE	$11.5B
Cost of Revenue	$7.4B
GROSS PROFIT	$4.1B
R&D Expenses	$15M
Selling & Marketing	$208M
General & Administrative	$1.8B
SG&A Expenses	$2.0B
Other Expenses	$439M
Operating Expenses	$2.5B
Cost & Expenses	$9.9B
OPERATING INCOME	$1.6B
Interest Income	$0
Interest Expense	$254M
Other Income/Expenses	-$320M
INCOME BEFORE TAX	$1.2B
Income Tax Expense	$345M
Net Income from Continuing Ops	$902M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$844M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$844M
D&A	$368M
EBIT	$1.6B
EBITDA	$1.9B
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$11.5B
Cost of Revenue	$7.4B
GROSS PROFIT	$4.1B
R&D Expenses	$15M
Selling & Marketing	$208M
General & Administrative	$1.8B
SG&A Expenses	$2.0B
Other Expenses	$439M
Operating Expenses	$2.5B
Cost & Expenses	$9.9B
OPERATING INCOME	$1.6B
Interest Income	$0
Interest Expense	$254M
Other Income/Expenses	-$320M
INCOME BEFORE TAX	$1.2B
Income Tax Expense	$345M
Net Income from Continuing Ops	$902M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$844M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$844M
D&A	$368M
EBIT	$1.6B
EBITDA	$1.9B
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$844M
Depreciation & Amortization	$453M
Stock-Based Compensation	$37M
Deferred Income Tax	$0
Other Non-Cash Items	$351M
Change in Working Capital	$549M
OPERATING CASH FLOW	$2.2B
Capital Expenditure	-$218M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$61M
NET CASH FROM INVESTING	-$279M
Net Debt Issuance	-$549M
Common Stock Repurchased	$0
Common Dividends Paid	-$1.2B
Other Financing Activities	-$121M
NET CASH FROM FINANCING	-$1.9B
FREE CASH FLOW	$2.0B
Net Change in Cash	$121M

Balance Sheet

Item	Amount
Cash & Equivalents	$682M
Short-Term Investments	$0
Net Receivables	$1.5B
Inventory	$1.1B
Other Current Assets	$104M
TOTAL CURRENT ASSETS	$3.7B
PP&E (Net)	$1.4B
Goodwill	$6.0B
Intangible Assets	$3.5B
Long-Term Investments	$10M
Tax Assets	$711M
Other Non-Current Assets	$1.2B
TOTAL NON-CURRENT ASSETS	$12.9B
TOTAL ASSETS	$16.6B
Account Payables	$1.1B
Short-Term Debt	$392M
Deferred Revenue	$711M
Other Current Liabilities	$62M
TOTAL CURRENT LIABILITIES	$2.8B
Long-Term Debt	$4.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$837M
TOTAL NON-CURRENT LIABILITIES	$5.6B
TOTAL LIABILITIES	$8.4B
Common Stock	$0
Additional Paid-In Capital	$10.7B
Retained Earnings	-$2.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$17M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$8.0B
Minority Interest	$133M
TOTAL EQUITY	$8.1B
TOTAL LIABILITIES & EQUITY	$16.6B
Total Debt	$5.2B
Net Debt	$4.5B