Company Quick10K Filing
Quick10K
Qurate Retail
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-20 Officers
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-12 Regulation FD, Exhibits
8-K 2019-06-29 Officers
8-K 2019-05-30 Shareholder Vote
8-K 2019-05-07 Earnings, Regulation FD, Exhibits
8-K 2019-04-25 Regulation FD, Exhibits
8-K 2019-04-09 Regulation FD, Exhibits
8-K 2019-02-28 Regulation FD, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2019-01-28 Regulation FD, Exhibits
8-K 2018-12-31 Off-BS Arrangement, Exhibits
8-K 2018-11-09 Earnings, Exhibits
8-K 2018-10-17 Regulation FD, Exhibits
8-K 2018-10-12 Regulation FD, Exhibits
8-K 2018-10-08 Regulation FD, Exhibits
8-K 2018-09-06 Regulation FD
8-K 2018-08-29 Regulation FD, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-07-06 Regulation FD, Exhibits
8-K 2018-05-23 Shareholder Rights, Shareholder Vote, Exhibits
8-K 2018-05-10 Earnings, Exhibits
8-K 2018-05-03 Regulation FD, Exhibits
8-K 2018-04-23 Regulation FD, Exhibits
8-K 2018-04-10 Regulation FD, Exhibits
8-K 2018-04-09 Amend Bylaw, Exhibits
8-K 2018-03-09 Enter Agreement, M&A, Regulation FD, Exhibits
8-K 2018-03-08 Regulation FD, Exhibits
8-K 2018-03-07 Other Events, Exhibits
8-K 2018-02-28 Earnings, Officers, Regulation FD, Exhibits
8-K 2018-02-26 Regulation FD, Exhibits
8-K 2018-02-21 Regulation FD, Exhibits
8-K 2018-02-01 Shareholder Vote, Regulation FD, Other Events, Exhibits
GBNK Guaranty Bancorp 879
CCEL Cryo Cell 70
OMCM Omnicomm Systems 46
GLXZ Galaxy Gaming 27
RTE Red Trail Energy 0
GAC Great West Life & Annuity Insurance 0
EVOA EVO Transportation 0
NVL Novelis 0
CRTN Cartesian 0
MWF MWF Global 0
QRTE 2019-06-30
Item 2. Management'S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii-Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 qrte-20190630ex311c53345.htm
EX-31.2 qrte-20190630ex31282649a.htm
EX-32 qrte-20190630xex32.htm
EX-99.1 qrte-20190630ex991fd171d.htm

Qurate Retail Earnings 2019-06-30

QRTE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

UNITED STATES
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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                             to                             

Commission File Number 001-33982

QURATE RETAIL, INC.

(Exact name of Registrant as specified in its charter)


incorporation or organization)


Identification No.)

State of Delaware

(State or other jurisdiction of
incorporation or organization)

84-1288730

(I.R.S. Employer
Identification No.)

12300 Liberty Boulevard
Englewood, Colorado

(Address of principal executive offices)

80112

(Zip Code)

Registrant's telephone number, including area code: (720875-5300

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Series A common stock

QRTEA

The Nasdaq Stock Market LLC

Series B common stock

QRTEB

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes    No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes     No 

The number of outstanding shares of Qurate Retail, Inc.'s common stock as of July 31, 2019 was:

Series A common stock

388,568,534

Series B common stock

29,332,431

Table of Contents

Table of Contents

PART I – FINANCIAL INFORMATION

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-7

QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Statements Of Cash Flows (unaudited)

I-8

QURATE RETAIL, INC. AND SUBSIDIARIES Condensed Consolidated Statements Of Equity (unaudited)

I-9

QURATE RETAIL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

I-11

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

I-28

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

I-40

Item 4. Controls and Procedures.

I-41

PART II—OTHER INFORMATION

II-1

Item 1. Legal Proceedings

II-1

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

II-1

Item 6. Exhibits

II-2

SIGNATURES

II-3

I-2

Table of Contents

QURATE RETAIL, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

    

June 30,

    

December 31,

 

2019

2018

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

519

 

653

Trade and other receivables, net of allowance for doubtful accounts of $120 million and $117 million, respectively

 

1,295

 

1,835

Inventory, net

 

1,516

 

1,474

Other current assets

 

203

 

224

Total current assets

 

3,533

 

4,186

Investments in equity securities

 

99

 

96

Property and equipment, net

 

1,339

 

1,322

Intangible assets not subject to amortization (note 6):

Goodwill

 

7,021

 

7,017

Trademarks

 

3,895

 

3,895

 

10,916

 

10,912

Intangible assets subject to amortization, net (note 6)

 

1,069

 

1,058

Other assets, at cost, net of accumulated amortization

 

765

 

267

Total assets

$

17,721

 

17,841

(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)

June 30,

December 31,

 

2019

2018

 

amounts in millions,

 

except share amounts

 

Liabilities and Equity

    

    

    

    

Current liabilities:

Accounts payable

$

861

 

1,204

Accrued liabilities

 

949

 

1,182

Current portion of debt, including $1,175 million and $990 million measured at fair value (note 7)

 

1,175

 

1,410

Other current liabilities

 

187

 

155

Total current liabilities

 

3,172

 

3,951

Long-term debt, including $415 million and $344 million measured at fair value (note 7)

 

6,283

 

5,963

Deferred income tax liabilities

 

1,900

 

1,925

Other liabilities

 

725

 

258

Total liabilities

 

12,080

 

12,097

Equity

Stockholders' equity:

Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued

 

 

Series A Qurate Retail common stock, $.01 par value. Authorized 4,000,000,000 shares; issued and outstanding 394,049,417 shares at June 30, 2019 and 409,901,058 shares at December 31, 2018

 

4

 

4

Series B Qurate Retail common stock, $.01 par value. Authorized 150,000,000 shares; issued and outstanding 29,338,790 shares at June 30, 2019 and 29,248,343 shares at December 31, 2018

 

 

Series C Qurate Retail common stock, $.01 par value. Authorized 400,000,000 shares; no shares issued

Additional paid-in capital

 

 

Accumulated other comprehensive earnings (loss), net of taxes

 

(64)

 

(55)

Retained earnings

 

5,583

 

5,675

Total stockholders' equity

 

5,523

 

5,624

Noncontrolling interests in equity of subsidiaries

 

118

 

120

Total equity

 

5,641

 

5,744

Commitments and contingencies (note 9)

Total liabilities and equity

$

17,721

 

17,841

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

QURATE RETAIL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements Of Operations

(unaudited)

Three months ended

Six months ended

 

June 30,

June 30,

 

    

2019

    

2018

    

2019

    

2018

 

amounts in millions

 

Total revenue, net

$

3,111

 

3,233

 

6,196

 

6,463

Operating costs and expenses:

Cost of retail sales (exclusive of depreciation shown separately below)

 

1,996

 

2,050

 

4,019

 

4,143

Operating expense

 

197

 

238

 

393

 

466

Selling, general and administrative, including stock-based compensation and transaction related costs (note 3)

 

424

 

428

 

849

 

880

Depreciation and amortization

 

158

 

159

 

311

 

322

 

2,775

 

2,875

 

5,572

 

5,811

Operating income (loss)

 

336

 

358

 

624

 

652

Other income (expense):

Interest expense

 

(93)

 

(96)

 

(189)

 

(194)

Share of earnings (losses) of affiliates, net

 

(23)

 

(46)

 

(68)

 

(60)

Realized and unrealized gains (losses) on financial instruments, net (note 5)

 

(113)

 

20

 

(194)

 

119

Other, net

 

(7)

 

8

 

(15)

 

19

 

(236)

 

(114)

 

(466)

 

(116)

Earnings (loss) from continuing operations before income taxes

 

100

 

244

 

158

 

536

Income tax (expense) benefit

 

30

 

(46)

 

38

 

(82)

Earnings (loss) from continuing operations

130

198

196

454

Earnings (loss) from discontinued operations, net of taxes

141

Net earnings (loss)

130

198

196

595

Less net earnings (loss) attributable to the noncontrolling interests

 

12

 

11

 

23

 

24

Net earnings (loss) attributable to Qurate Retail, Inc. shareholders

$

118

 

187

173

 

571

Net earnings (loss) attributable to Qurate Retail, Inc. shareholders:

Qurate Retail common stock (note 1)

$

118

 

187

 

173

 

329

Liberty Ventures common stock (note 1)

 

 

 

 

242

$

118

 

187

 

173

 

571

See accompanying notes to condensed consolidated financial statements.

I-5

Table of Contents

QURATE RETAIL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements Of Operations (Continued)

(unaudited)

Three months ended

Six months ended

June 30,

June 30,

2019

    

2018

    

2019

    

2018

Basic net earnings (losses) from continuing operations attributable to Qurate Retail, Inc. shareholders per common share (note 4):

Series A and Series B Qurate Retail common stock

$

0.28

 

0.40

 

0.40

 

0.70

Series A and Series B Liberty Ventures common stock

$

NA

 

NA

 

NA

 

1.17

Diluted net earnings (losses) from continuing operations attributable to Qurate Retail, Inc. shareholders per common share (note 4):

Series A and Series B Qurate Retail common stock

$

0.28

 

0.40

 

0.40

 

0.69

Series A and Series B Liberty Ventures common stock

$

NA

 

NA

 

NA

 

1.16

Basic net earnings (losses) attributable to Qurate Retail, Inc. shareholders per common share (note 4):

Series A and Series B Qurate Retail common stock

$

0.28

 

0.40

 

0.40

 

0.70

Series A and Series B Liberty Ventures common stock

$

NA

 

NA

 

NA

 

2.81

Diluted net earnings (losses) attributable to Qurate Retail, Inc. shareholders per common share (note 4):

Series A and Series B Qurate Retail common stock

$

0.28

 

0.40

 

0.40

 

0.69

Series A and Series B Liberty Ventures common stock

$

NA

 

NA

 

NA

 

2.78

See accompanying notes to condensed consolidated financial statements.

I-6

Table of Contents

QURATE RETAIL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements Of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

Six months ended

 

June 30,

June 30,

 

    

2019

    

2018

    

2019

    

2018

 

amounts in millions

 

Net earnings (loss)

$

130

 

198

 

196

 

595

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

15

 

(96)

 

8

 

(25)

Recognition of previously unrealized losses (gains) on debt, net

 

 

16

 

 

16

Share of other comprehensive earnings (losses) of equity affiliates

(2)

(1)

Comprehensive earnings (loss) attributable to debt credit risk adjustments

8

(27)

(14)

(32)

Other comprehensive earnings (loss)

 

23

 

(109)

 

(6)

 

(42)

Comprehensive earnings (loss)

 

153

 

89

 

190

 

553

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

15

 

7

 

26

 

27

Comprehensive earnings (loss) attributable to Qurate Retail, Inc. shareholders

$

138

 

82

 

164

 

526

See accompanying notes to condensed consolidated financial statements.

I-7

Table of Contents

QURATE RETAIL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements Of Cash Flows

(unaudited)

Six months ended

 

June 30,

 

    

2019

    

2018

 

amounts in millions

 

Cash flows from operating activities:

Net earnings (loss)

$

196

 

595

Adjustments to reconcile net earnings to net cash provided by operating activities:

(Earnings) loss from discontinued operations

(141)

Depreciation and amortization

 

311

 

322

Stock-based compensation

 

37

 

46

Share of (earnings) losses of affiliates, net

 

68

 

60

Realized and unrealized (gains) losses on financial instruments, net

 

194

 

(119)

Deferred income tax expense (benefit)

 

(21)

 

(1)

Other, net

 

9

 

24

Changes in operating assets and liabilities

Current and other assets

 

568

 

469

Payables and other liabilities

 

(769)

 

(544)

Net cash provided (used) by operating activities

 

593

 

711

Cash flows from investing activities:

Investments in and loans to cost and equity investees

 

(76)

 

(50)

Capital expenditures

 

(167)

 

(98)

Other investing activities, net

 

(124)

 

(58)

Net cash provided (used) by investing activities

 

(367)

 

(206)

Cash flows from financing activities:

Borrowings of debt

 

1,909

 

2,502

Repayments of debt

 

(1,912)

 

(2,381)

GCI Liberty Split-Off

(475)

Repurchases of Qurate Retail common stock

 

(296)

 

(493)

Withholding taxes on net settlements of stock-based compensation

 

(8)

 

(21)

Indemnification payment from GCI Liberty, Inc.

133

Other financing activities, net

 

(53)

 

(21)

Net cash provided (used) by financing activities

 

(360)

 

(756)

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

 

1

 

4

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(133)

 

(247)

Cash, cash equivalents and restricted cash at beginning of period

 

660

 

912

Cash, cash equivalents and restricted cash at end of period

$

527

 

665

The following table reconciles cash, cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:

June 30,

December 31,

2019

2018

in millions

Cash and cash equivalents

$

519

653

Restricted cash included in other current assets

8

7

Total cash, cash equivalents and restricted cash in the condensed consolidated statement of cash flows

$

527

660

See accompanying notes to condensed consolidated financial statements.

I-8

Table of Contents

QURATE RETAIL, INC. AND SUBSIDIARIES

Condensed Consolidated Statement Of Equity

(unaudited)

Stockholders' Equity

Common stock

Accumulated

Qurate

Additional

other

Noncontrolling

 

Preferred

Retail

paid-in

comprehensive

Retained

interest in equity

Total

 

  

stock

  

Series A

  

Series B

  

capital

  

earnings (loss)

  

earnings

  

of subsidiaries

  

equity

 

amounts in millions

 

Balance at January 1, 2019

$

4

(55)

5,675

120

5,744

Net earnings (loss)

 

173

23

196

Other comprehensive income (loss)

 

(9)

3

(6)

Stock compensation

37

37

Series A Qurate Retail stock repurchases

 

(296)

(296)

Distribution to noncontrolling interest

(28)

(28)

Other

(6)

(6)

Reclassification

265

(265)

Balance at June 30, 2019

$

4

(64)

5,583

118

5,641

Stockholders' Equity

Common stock

Accumulated

Qurate

Additional

other

Noncontrolling

Preferred

Retail

paid-in

comprehensive

Retained

interest in equity

Total

  

stock

  

Series A

  

Series B

  

capital

  

earnings (loss)

  

earnings

  

of subsidiaries

  

equity

amounts in millions

Balance at March 31, 2019

$

4

(84)

5,533

109

5,562

Net earnings (loss)

 

118

12

130

Other comprehensive income (loss)

 

20

3

23

Stock compensation

18

18

Series A Qurate Retail stock repurchases

 

(86)

(86)

Distribution to noncontrolling interest

(6)

(6)

Reclassification

68

(68)

Balance at June 30, 2019

$

4

(64)

5,583

118

5,641

See accompanying notes to condensed consolidated financial statements.

I-9

Table of Contents

QURATE RETAIL, INC. AND SUBSIDIARIES

Condensed Consolidated Statement Of Equity

(unaudited)

Stockholders' Equity

Common stock

Accumulated

Qurate

Liberty

Additional

other

Noncontrolling

Preferred

Retail

Ventures

paid-in

comprehensive

Retained

interest in equity

Total

  

stock

  

Series A

  

Series B

  

Series A

  

Series B

  

capital

  

earnings (loss)

  

earnings

  

of subsidiaries

  

equity

amounts in millions

Balance at January 1, 2018

$

5

1

1,043

(133)

9,068

99

10,083

Net earnings (loss)

 

571

24

595

Other comprehensive income (loss)

 

(45)

3

(42)

Stock compensation

46

46

Series A Qurate Retail stock repurchases

 

(493)

(493)

Distribution to noncontrolling interest

(23)

(23)

Cumulative effect of accounting change

76

(70)

6

GCI Liberty Split-Off

(4,362)

11

(4,351)

Other

(1)

(19)

(20)

Reclassification

3,785

(3,785)

Balance at June 30, 2018

$

 

5

 

 

 

 

 

(102)

 

5,784

 

114

 

5,801