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Liberty Interactive Corporation Reports Third Quarter 2012 Financial Results

FOOTNOTES

(1)
 

Liberty’s President and CEO, Gregory B. Maffei, will discuss these highlights and other matters in Liberty’s earnings conference call which will begin at 11:00 a.m. (ET) on November 6, 2012. For information regarding how to access the call, please see “Important Notice” later in this document.

(2)

For a definition of adjusted OIBDA and applicable reconciliations and a definition of adjusted OIBDA margin, see the accompanying schedules.

LIBERTY INTERACTIVE GROUP FINANCIAL METRICS
                   

(amounts in millions)
3Q11       3Q12       % Change
Revenue
QVC
US $1,196 1,237 3 %
International 690         681         -1 %
Total QVC Revenue 1,886         1,918         2 %
eCommerce businesses 247         278         13 %
Total Liberty Interactive Group Revenue $2,133         2,196         3 %
 
Adjusted OIBDA
QVC
US $ 259 278 7 %
International 114         119         4 %
Total QVC Adjusted OIBDA 373         397         6 %
eCommerce businesses 9 4 -56 %
Corporate and other (4 )       (4 )       0 %
Total Liberty Interactive Group Adjusted OIBDA $378         397         5 %
 
Operating Income
QVC
US $159 173 9 %
International 75         87         16 %
Total QVC Operating Income 234         260         11 %
eCommerce businesses (2 ) (56 ) -2,700 %
Corporate and other (7 )       (11 )       -57 %
Total Liberty Interactive Group Operating Income $225         193         -14 %
 

QVC OPERATING METRICS
                   
(amounts in millions except average sale price amounts) 3Q11         3Q12       % Change  
QVC - US (1)
Revenue $1,196 1,237 3 %
Adjusted OIBDA $259 278 7 %
Adjusted OIBDA margin 21.66 % 22.47 % 81 bps
Average sale price (ASP) 54.49 55.21 1 %
Units sold 24.44 24.64 1 %
eCommerce % of US revenue 35.26 % 38.74 % 348 bps
Return rate 19.91 % 20.05 % (14) bps
 
QVC - Japan (1)
Revenue $281 301 7 %
Adjusted OIBDA $61 67 10 %
Adjusted OIBDA margin 21.71 % 22.26 % 55 bps
Average sale price (ASP) ¥6,267 6,215 -1 %
Units sold 3.81 4.18 10 %
 
QVC - Germany (1)
Revenue $252 211 -16 %
Adjusted OIBDA $40 36 -10 %
Adjusted OIBDA margin 15.87 % 17.06 % 119 bps
Average sale price (ASP) €36.56 35.23 -4 %
Units sold 6.45 6.16 -4 %
 
QVC - UK (1)
Revenue $147 149 1 %
Adjusted OIBDA $24 21 -13 %
Adjusted OIBDA margin 16.33 % 14.09 % (224) bps
Average sale price (ASP) £27.66 27.91 1 %
Units sold 3.60 3.61 0 %
 
QVC - Italy (1)
Revenue $10 20 100 %
Adjusted OIBDA ($11 ) (5 ) 55 %
Adjusted OIBDA margin -110.00 % -25.00 % NM
Average sale price (ASP) €31.98 33.01 3 %
Units sold 0.22 0.54 145 %
(1)   Revenue and adjusted OIBDA change calculated in US dollars, not local currency

NOTES

Unless otherwise noted, the foregoing discussion compares financial information for the three months ended September 30, 2012 to the same period in 2011.

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