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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 September 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 October 31, 2019 was:

Series A common stock

386,528,718

Series B common stock

29,303,431

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)

    

September 30,

    

December 31,

 

2019

2018

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

605

 

653

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

 

1,260

 

1,835

Inventory, net

 

1,674

 

1,474

Other current assets

 

290

 

224

Total current assets

 

3,829

 

4,186

Investments in equity securities

 

101

 

96

Property and equipment, net

 

1,321

 

1,322

Intangible assets not subject to amortization (note 6):

Goodwill

 

6,559

 

7,017

Trademarks

 

3,315

 

3,895

 

9,874

 

10,912

Intangible assets subject to amortization, net (note 6)

 

1,009

 

1,058

Other assets, at cost, net of accumulated amortization

 

845

 

267

Total assets

$

16,979

 

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)

September 30,

December 31,

 

2019

2018

 

amounts in millions,

 

except share amounts

 

Liabilities and Equity

    

    

    

    

Current liabilities:

Accounts payable

$

1,013

 

1,204

Accrued liabilities

 

927

 

1,182

Current portion of debt, including $1,202 million and $990 million measured at fair value (note 7)

 

1,202

 

1,410

Other current liabilities

 

209

 

155

Total current liabilities

 

3,351

 

3,951

Long-term debt, including $425 million and $344 million measured at fair value (note 7)

 

6,338

 

5,963

Deferred income tax liabilities

 

1,757

 

1,925

Other liabilities

 

764

 

258

Total liabilities

 

12,210

 

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 386,487,999 shares at September 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 29,328,431 shares at September 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

 

(95)

 

(55)

Retained earnings

 

4,734

 

5,675

Total stockholders' equity

 

4,643

 

5,624

Noncontrolling interests in equity of subsidiaries

 

126

 

120

Total equity

 

4,769

 

5,744

Commitments and contingencies (note 9)

Total liabilities and equity

$

16,979

 

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

Nine months ended

 

September 30,

September 30,

 

    

2019

    

2018

    

2019

    

2018

 

amounts in millions

 

Total revenue, net

$

3,089

 

3,231

 

9,285

 

9,694

Operating costs and expenses:

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

 

2,026

 

2,109

 

6,045

 

6,252

Operating expense

 

200

 

241

 

593

 

707

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

 

424

 

477

 

1,273

 

1,357

Depreciation and amortization

 

146

 

167

 

457

 

489

Impairment of intangible assets (note 6)

1,020

1,020

 

3,816

 

2,994

 

9,388

 

8,805

Operating income (loss)

 

(727)

 

237

 

(103)

 

889

Other income (expense):

Interest expense

 

(93)

 

(94)

 

(282)

 

(288)

Share of earnings (losses) of affiliates, net

 

(36)

 

(29)

 

(104)

 

(89)

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

 

(45)

 

(27)

 

(239)

 

92

Other, net

 

(4)

 

(2)

 

(19)

 

17

 

(178)

 

(152)

 

(644)

 

(268)

Earnings (loss) from continuing operations before income taxes

 

(905)

 

85

 

(747)

 

621

Income tax (expense) benefit

 

150

 

(3)

 

188

 

(85)

Earnings (loss) from continuing operations

(755)

82

(559)

536

Earnings (loss) from discontinued operations, net of taxes

141

Net earnings (loss)

(755)

82

(559)

677

Less net earnings (loss) attributable to the noncontrolling interests

 

15

 

10

 

38

 

34

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

$

(770)

 

72

(597)

 

643

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

Qurate Retail common stock (note 1)

$

(770)

 

72

 

(597)

 

401

Liberty Ventures common stock (note 1)

 

 

 

 

242

$

(770)

 

72

 

(597)

 

643

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

Nine months ended

September 30,

September 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

$

(1.85)

 

0.16

 

(1.40)

 

0.86

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

$

(1.85)

 

0.16

 

(1.40)

 

0.85

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

$

(1.85)

 

0.16

 

(1.40)

 

0.86

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

$

(1.85)

 

0.16

 

(1.40)

 

0.85

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

Nine months ended

 

September 30,

September 30,

 

    

2019

    

2018

    

2019

    

2018

 

amounts in millions

 

Net earnings (loss)

$

(755)

 

82

 

(559)

 

677

Other comprehensive earnings (loss), net of taxes:

Foreign currency translation adjustments

 

(37)

 

(21)

 

(29)

 

(46)

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

 

 

 

 

16

Share of other comprehensive earnings (losses) of equity affiliates

(1)

Comprehensive earnings (loss) attributable to debt credit risk adjustments

5

4

(9)

(28)

Other comprehensive earnings (loss)

 

(32)

 

(17)

 

(38)

 

(59)

Comprehensive earnings (loss)

 

(787)

 

65

 

(597)

 

618

Less comprehensive earnings (loss) attributable to the noncontrolling interests

 

14

 

7

 

40

 

34

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

$

(801)

 

58

 

(637)

 

584

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)

Nine months ended

 

September 30,

 

    

2019

    

2018

 

amounts in millions

 

Cash flows from operating activities:

Net earnings (loss)

$

(559)

 

677

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

(Earnings) loss from discontinued operations

(141)

Depreciation and amortization

 

457

 

489

Impairment of intangible assets (note 6)

1,020

Stock-based compensation

 

54

 

67

Share of (earnings) losses of affiliates, net

 

104

 

89

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

 

239

 

(92)

Deferred income tax expense (benefit)

 

(165)

 

(84)

Other, net

 

11

 

29

Changes in operating assets and liabilities

Current and other assets

 

419

 

163

Payables and other liabilities

 

(670)

 

(201)

Net cash provided (used) by operating activities

 

910

 

996

Cash flows from investing activities:

Cash proceeds from dispositions of investments

 

 

281

Investments in and loans to cost and equity investees

 

(109)

 

(73)

Capital expenditures

 

(249)

 

(172)

Payments for television distribution rights

(128)

(120)

Net cash provided (used) by investing activities

 

(486)

 

(84)

Cash flows from financing activities:

Borrowings of debt

 

2,215

 

3,142

Repayments of debt

 

(2,179)

 

(3,415)

GCI Liberty Split-Off

(475)

Repurchases of Qurate Retail common stock

 

(392)

 

(623)

Indemnification payment from GCI Liberty, Inc.

133

Other financing activities, net

 

(112)

 

(45)

Net cash provided (used) by financing activities

 

(468)

 

(1,283)

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

 

(3)

 

(2)

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

 

(47)

 

(373)

Cash, cash equivalents and restricted cash at beginning of period

 

660

 

912

Cash, cash equivalents and restricted cash at end of period

$

613

 

539

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:

September 30,

December 31,

2019

2018

in millions

Cash and cash equivalents

$

605

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

$

613

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)

 

(597)

38

(559)

Other comprehensive income (loss)

 

(40)

2

(38)

Stock compensation

54

54

Series A Qurate Retail stock repurchases

 

(392)

(392)

Distribution to noncontrolling interest

(34)

(34)

Other

(6)

(6)

Reclassification

344

(344)

Balance at September 30, 2019

$

4

(95)

4,734

126

4,769

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 June 30, 2019

$

4

(64)

5,583

118

5,641

Net earnings (loss)

 

(770)

15

(755)

Other comprehensive income (loss)

 

(31)

(1)

(32)

Stock compensation

17

17

Series A Qurate Retail stock repurchases

 

(96)

(96)

Distribution to noncontrolling interest

(6)

(6)

Reclassification

79

(79)

Balance at September 30, 2019

$

4

(95)

4,734

126

4,769

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)

 

643

34

677

Other comprehensive income (loss)

 

(59)

(59)

Stock compensation

67

67

Series A Qurate Retail stock repurchases

 

(623)

(623)

Distribution to noncontrolling interest

(23)

(23)

Cumulative effect of accounting change

76

(70)

6

GCI Liberty Split-Off

(4,360)

11

(4,349)

Other

(1)

(21)

(22)

Reclassification

3,894

(3,894)

Balance at September 30, 2018

$

 

5

 

 

 

 

 

(116)

 

5,747

 

121

 

5,757

 

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 June 30, 2018

$

5

(102)

5,784

114

5,801

Net earnings (loss)

 

72

10

82

Other comprehensive income (loss)

 

(14)