QVCD FY 2023 Earnings Report — QVC, Inc. 6.375% Senior Secured Revenue & Financial Results | Market Cap Arena

QVC, Inc. 6.375% Senior SecuredQVCD

FY 2023 Earnings

Reported February 28, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$9.4B	—	—	—	—
Op. Income	$645M	—	—	—	—
Gross Margin	33.6%	—	—	—	—
Net Margin	1.7%	—	—	—	—
EPS (Diluted)	$0.00	—	—	—	—
Free Cash Flow	$912M	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$9.4B
Cost of Revenue	$6.3B
GROSS PROFIT	$3.2B
R&D Expenses	$15M
Selling & Marketing	$289M
General & Administrative	$1.9B
SG&A Expenses	$2.1B
Other Expenses	$374M
Operating Expenses	$2.5B
Cost & Expenses	$8.8B
OPERATING INCOME	$645M
Interest Income	$0
Interest Expense	$229M
Other Income/Expenses	-$229M
INCOME BEFORE TAX	$416M
Income Tax Expense	$205M
Net Income from Continuing Ops	$211M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$159M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$159M
D&A	$243M
EBIT	$662M
EBITDA	$905M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$9.4B
Cost of Revenue	$6.3B
GROSS PROFIT	$3.2B
R&D Expenses	$15M
Selling & Marketing	$289M
General & Administrative	$1.9B
SG&A Expenses	$2.1B
Other Expenses	$374M
Operating Expenses	$2.5B
Cost & Expenses	$8.8B
OPERATING INCOME	$645M
Interest Income	$0
Interest Expense	$229M
Other Income/Expenses	-$229M
INCOME BEFORE TAX	$416M
Income Tax Expense	$205M
Net Income from Continuing Ops	$211M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$159M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$159M
D&A	$243M
EBIT	$662M
EBITDA	$905M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$159M
Depreciation & Amortization	$372M
Stock-Based Compensation	$37M
Deferred Income Tax	$0
Other Non-Cash Items	$390M
Change in Working Capital	$136M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	-$182M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$135M
NET CASH FROM INVESTING	-$47M
Net Debt Issuance	-$598M
Common Stock Repurchased	$0
Common Dividends Paid	-$437M
Other Financing Activities	-$53M
NET CASH FROM FINANCING	-$1.1B
FREE CASH FLOW	$912M
Net Change in Cash	-$45M

Balance Sheet

Item	Amount
Cash & Equivalents	$307M
Short-Term Investments	$0
Net Receivables	$1.2B
Inventory	$860M
Other Current Assets	$117M
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$937M
Goodwill	$3.2B
Intangible Assets	$3.2B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$1.8B
TOTAL NON-CURRENT ASSETS	$9.1B
TOTAL ASSETS	$11.7B
Account Payables	$838M
Short-Term Debt	$423M
Deferred Revenue	$0
Other Current Liabilities	$51M
TOTAL CURRENT LIABILITIES	$2.3B
Long-Term Debt	$3.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$733M
TOTAL NON-CURRENT LIABILITIES	$5.1B
TOTAL LIABILITIES	$7.4B
Common Stock	$0
Additional Paid-In Capital	$10.9B
Retained Earnings	-$6.4B
Treasury Stock	$0
Accum. Other Comp. Income	-$290M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.3B
Minority Interest	$87M
TOTAL EQUITY	$4.3B
TOTAL LIABILITIES & EQUITY	$11.7B
Total Debt	$4.8B
Net Debt	$4.5B