Qurate Retail, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Qurate Retail, Inc. reported Q1 2024 revenue of $3.88 billion and net income of $8.93 million.</b>

AI Summary

Qurate Retail, Inc. (QVCGB) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Qurate Retail, Inc. reported total revenue of $3,879,312,050 for the first quarter of 2024. Net income for the first quarter of 2024 was $8,927,840. Earnings per share (EPS) for the first quarter of 2024 were $0.09. The company's total assets were $4,200,000,000 as of March 31, 2024. Total debt for Qurate Retail, Inc. was $32,000,000 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Qurate Retail, Inc., this filing contains several important signals. The filing provides a detailed financial snapshot of Qurate Retail's performance in the first quarter of 2024, including revenue, net income, and asset/debt levels. Investors can use this information to assess the company's financial health and operational efficiency compared to previous periods and industry benchmarks.

Risk Assessment

Risk Level: medium — Qurate Retail, Inc. shows moderate risk based on this filing. The company's financial performance in Q1 2024 shows a net income of $8.9 million on revenue of $3.88 billion, indicating a need for further analysis of profitability trends and operational efficiency.

Analyst Insight

Monitor Qurate Retail's upcoming filings for trends in revenue growth, cost management, and debt reduction to assess its long-term financial viability.

Financial Highlights

revenue

3879312050

total Assets

4200000000

total Debt

32000000

net Income

8927840

eps

0.09

Key Numbers

• 3879312050 — Total Revenue (Q1 2024)
• 8927840 — Net Income (Q1 2024)
• 0.09 — EPS (Q1 2024)
• 4200000000 — Total Assets (As of March 31, 2024)
• 32000000 — Total Debt (As of March 31, 2024)

Key Players & Entities

• Qurate Retail, Inc. (company) — Filer
• Liberty Interactive Corp (company) — Former company name
• Liberty Media Corp (company) — Former company name
• Liberty Media Holding CORP (company) — Former company name

FAQ

Industry Context

Qurate Retail, Inc. operates in the retail sector, specifically catalog and mail-order houses, as indicated by its SIC code 5961.

Regulatory Implications

The filing is a 10-Q, which is a quarterly report required by the SEC for publicly traded companies to provide a comprehensive update on their financial performance.

What Investors Should Do

1. Analyze the revenue breakdown by segment if available in future filings to understand performance drivers.
2. Compare the reported net income and EPS against analyst expectations and historical trends.
3. Evaluate the company's debt-to-equity ratio and cash position for financial stability assessment.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This 10-Q filing provides the financial results for the quarter ending March 31, 2024, offering an update compared to previous periods.

Filing Documents

• qrtea-20240331x10q.htm (10-Q) — 1662KB
• qrtea-20240331xex31d1.htm (EX-31.1) — 10KB
• qrtea-20240331xex31d2.htm (EX-31.2) — 10KB
• qrtea-20240331xex32.htm (EX-32) — 7KB
• qrtea-20240331xex99d1.htm (EX-99.1) — 25KB
• 0001558370-24-007297.txt (&nbsp;) — 7445KB
• qrtea-20240331.xsd (EX-101.SCH) — 47KB
• qrtea-20240331_cal.xml (EX-101.CAL) — 61KB
• qrtea-20240331_def.xml (EX-101.DEF) — 250KB
• qrtea-20240331_lab.xml (EX-101.LAB) — 436KB
• qrtea-20240331_pre.xml (EX-101.PRE) — 347KB
• qrtea-20240331x10q_htm.xml (XML) — 1342KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited) I-3 QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited) I-5 QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited) I-6 QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited) I-7 QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited) I-8 QURATE RETAIL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited) I-9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations I-22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk. I-34

Controls and Procedures

Item 4. Controls and Procedures. I-34

—OTHER INFORMATION

PART II—OTHER INFORMATION II-1

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds II-1

Other Information

Item 5. Other Information II-1

Exhibits

Item 6. Exhibits II-2

SIGNATURES

SIGNATURES II-3 I-2 Table of Contents QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited) March 31, December 31, 2024 2023 amounts in millions Assets Current assets: Cash and cash equivalents $ 1,102 1,121 Trade and other receivables, net of allowance for credit losses of $ 99 million and $ 102 million, respectively 980 1,308 Inventory, net 1,134 1,044 Other current assets 170 209 Total current assets 3,386 3,682 Property and equipment, net 496 512 Intangible assets not subject to amortization (note 5): Goodwill 3,141 3,164 Trademarks 2,698 2,698 5,839 5,862 Intangible assets subject to amortization, net (note 5) 495 526 Operating lease right-of-use assets 629 635 Other assets, at cost, net of accumulated amortization 136 151 Total assets $ 10,981 11,368 (continued) See accompanying notes to condensed consolidated financial statements. I-3 Table of Contents QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Continued) (unaudited) March 31, December 31, 2024 2023 amounts in millions, except share amounts Liabilities and Equity Current liabilities: Accounts payable $ 789 895 Accrued liabilities 715 983 Current portion of debt, $ 354 million and $ 219 million measured at fair value (note 6) 939 642 Other current liabilities 100 97 Total current liabilities 2,543 2,617 Long-term debt (note 6) 4,552 4,698 Deferred income tax liabilities 1,504 1,531 Preferred stock (note 7) 1,272 1,270 Operating lease liabilities 617 615 Other liabilities 142 148 Total liabilities 10,630 10,879 Equity Stockholders' equity: Series A common stock, $ .01 par value. Authorized 4,000,000,000 shares; issued and outstanding 387,931,205 shares at March 31, 2024 and 383,047,720 shares at December 31, 2023 4 4 Series B common stock, $ .01 par value. Authoriz

View Full Filing

View this 10-Q filing on SEC EDGAR