Qurate Retail, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Qurate Retail, Inc. has submitted its 2023 annual report (10-K), detailing its financial performance and corporate history.</b>

AI Summary

Qurate Retail, Inc. (QVCGB) filed a Annual Report (10-K) with the SEC on February 28, 2024. Qurate Retail, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company's principal business address is 12300 Liberty Boulevard, Englewood, CO 80112. Qurate Retail, Inc. was formerly known as Liberty Interactive Corp, with a name change effective September 23, 2011. The filing includes financial data for the fiscal years ending December 31, 2021, 2022, and 2023. The SIC code for Qurate Retail, Inc. is 5961 (Retail - Catalog & Mail-Order Houses).

Why It Matters

For investors and stakeholders tracking Qurate Retail, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Qurate Retail's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The 10-K filing is a mandatory disclosure for publicly traded companies, offering detailed insights into their business, risk factors, and financial statements, which are essential for informed investment decisions.

Risk Assessment

Risk Level: medium — Qurate Retail, Inc. shows moderate risk based on this filing. The company's business is subject to risks inherent in the retail industry, including changing consumer preferences and economic conditions, as indicated by its SIC code for catalog and mail-order houses.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Qurate Retail's current financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-28 — Filing Date (Date of submission)
• 0001355096 — Central Index Key (Company identifier)
• 5961 — SIC Code (Industry classification)

Key Players & Entities

• Qurate Retail, Inc. (company) — Filer name
• 12300 Liberty Boulevard (address) — Business address
• Englewood, CO 80112 (address) — Business address
• Liberty Interactive Corp (company) — Former company name
• 2011-09-23 (date) — Date of name change
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• 5961 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

Qurate Retail, Inc. operates within the retail sector, specifically catalog and mail-order houses, indicating a focus on direct-to-consumer sales channels.

Regulatory Implications

As a publicly traded company, Qurate Retail, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's historical financial performance and trends presented in the filing.
3. Assess the risk factors outlined by Qurate Retail, Inc. to understand potential business challenges.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date Qurate Retail, Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, superseding previous filings and providing updated financial and operational information.

Key Financial Figures

• $5.5 b — e global e-commerce operation comprised $5.5 billion, or 58.6%, of QVC's consolidated
• $13 million — n and recorded restructuring charges of $13 million and $24 million in restructuring, penal
• $24 million — estructuring charges of $13 million and $24 million in restructuring, penalties and fire re
• $7.0 b — ding its Digital Platforms, contributed $7.0 billion, or 74%, of consolidated net reve
• $746 million — or 74%, of consolidated net revenue and $746 million of Adjusted OIBDA (defined in note 15 t
• $2.5 b — luding its Digital Platforms, generated $2.5 billion, or 26%, of consolidated QVC net
• $325 million — 6%, of consolidated QVC net revenue and $325 million of Adjusted OIBDA. QVC International

Filing Documents

• qrtea-20231231x10k.htm (10-K) — 3624KB
• qrtea-20231231xex21.htm (EX-21) — 75KB
• qrtea-20231231xex23d1.htm (EX-23.1) — 4KB
• qrtea-20231231xex31d1.htm (EX-31.1) — 11KB
• qrtea-20231231xex31d2.htm (EX-31.2) — 11KB
• qrtea-20231231xex32.htm (EX-32) — 10KB
• qrtea-20231231xex97.htm (EX-97) — 50KB
• qrtea-20231231xex99d1.htm (EX-99.1) — 28KB
• 0001558370-24-002032.txt (&nbsp;) — 16485KB
• qrtea-20231231.xsd (EX-101.SCH) — 84KB
• qrtea-20231231_cal.xml (EX-101.CAL) — 106KB
• qrtea-20231231_def.xml (EX-101.DEF) — 406KB
• qrtea-20231231_lab.xml (EX-101.LAB) — 807KB
• qrtea-20231231_pre.xml (EX-101.PRE) — 644KB
• qrtea-20231231x10k_htm.xml (XML) — 3645KB

Business

Business I-3 Item 1A.

Risk Factors

Risk Factors I-16 Item 1B. Unresolved Staff Comments I-39 Item 1C. Cybersecurity I-39 Item 2.

Properties

Properties I-41 Item 3.

Legal Proceedings

Legal Proceedings I-41 Item 4. Mine Safety Disclosures I-41 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities II-1 Item 6. [Reserved] II-2 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations II-2 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk II-18 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data II-19 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure II-19 Item 9A.

Controls and Procedures

Controls and Procedures II-19 Item 9B. Other Information II-20 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections II-20 Part III Item 10. Directors, Executive Officers and Corporate Governance III1 Item 11.

Executive Compensation

Executive Compensation III1 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters III1 Item 13. Certain Relationships and Related Transactions, and Director Independence III1 Item 14. Principal Accountant Fees and Services III1 Part IV Item 15. Exhibits and Financial Statement Schedules IV1 Item 16. Form 10-K Summary IV7 I-2 Table of Contents PART I.

Business

Item 1. Business. General Development of Business Qurate Retail, Inc. ("Qurate Retail", the "Company", "we", "us" and "our"), owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through our subsidiaries and affiliates, we operate in North America, Europe and Asia. Our principal businesses and assets include our consolidated subsidiaries QVC, Inc. ("QVC"), Cornerstone Brands, Inc. ("CBI"), and other cost method investments. On September 23, 2011, Qurate Retail completed the split-off (the "LMC Split-Off") of a wholly owned subsidiary, Liberty Media Corporation ("LMC"). Following the LMC Split-Off, Qurate Retail and LMC operate as separately publicly traded companies and neither has any stock ownership, beneficial or otherwise, in the other. Qurate Retail and LMC entered into certain agreements in order to govern certain of the ongoing relationships between the two companies. These agreements include a reorganization agreement, a services agreement (the "Services Agreement") and a facilities sharing agreement (the "Facilities Sharing Agreement"). Pursuant to the Services Agreement, LMC provides Qurate Retail with general and administrative services including legal, tax, accounting, treasury, information technology ("IT"), cybersecurity, and investor relations support. See below for a description of an amendment to the Services Agreement entered into in December 2019. Qurate Retail reimburses LMC for direct, out-of-pocket expenses incurred by LMC in providing these services and for Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. Under the Facilities Sharing Agreement, Qurate Retail shares office space with LMC and related amenities at LMC's corporate headquarters. In December 2019, the Company entered into an amended services agreement. Under the amended services

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View this 10-K filing on SEC EDGAR