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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