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TheStreet Open House

Liberty Interactive Reports Second Quarter 2012 Financial Results

Please see below for the definition of adjusted OIBDA and a discussion of why management believes the presentation of adjusted OIBDA for QVC provides useful information for investors. Schedule 2 to this press release provides a reconciliation of adjusted OIBDA for each identified reportable segment to that segment’s operating income for the same period, as determined under GAAP.

QUARTERLY SUMMARY

                     
(amounts in millions)   2Q11   3Q11   4Q11   1Q12   2Q12
Liberty Interactive        
QVC
Revenue – US $ 1,232 1,196 1,792 1,240 1,280
Revenue – International   666     690     857     692     694  
Revenue – Total $ 1,898     1,886     2,649     1,932     1,974  
Adjusted OIBDA – US 305 259 401 270 315
Adjusted OIBDA – International   113     114     178     120     123  
Adjusted OIBDA – Total $ 418     373     579     390     438  
Operating income – US 204 159 254 171 214
Operating income – International   77     75     143     87     87  
Operating income – Total $ 281     234     397     258     301  
Gross margin – US 37.5 % 35.7 % 34.6 % 35.6 % 37.2 %
Gross margin – International   38.0 %   36.7 %   37.4 %   37.7 %   38.1 %
                     
 

NON-GAAP FINANCIAL MEASURES

This press release includes a presentation of adjusted OIBDA, which is a non-GAAP financial measure, for Liberty Interactive, QVC (and certain of its subsidiaries), and the eCommerce businesses together with a reconciliation to that entity’s operating income, as determined under GAAP. Liberty Interactive defines adjusted OIBDA as revenue less cost of sales, operating expenses, and selling, general and administrative expenses (excluding stock and other equity-based compensation) and excludes from that definition depreciation and amortization and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Further, this press release includes adjusted OIBDA margin which is also a non-GAAP financial measure. Liberty Interactive defines adjusted OIBDA margin as adjusted OIBDA divided by revenue.

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