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Liberty Interactive Corporation Reports Fourth Quarter And Year End 2012 Financial Results

Stocks in this article: LINTA LINTB LVNTA LVNTB

Liberty Interactive Corporation (“Liberty”) (Nasdaq: LINTA, LINTB, LVNTA, LVNTB) today reported fourth quarter and year end 2012 results. Highlights include (1):

Attributed to Liberty Interactive Group

  • Grew consolidated QVC revenue by 2% and adjusted OIBDA (2) by 4% in Q4
    • Grew QVC US revenue by 2% and adjusted OIBDA by 7%
    • revenue as a percent of total US revenue increased to 43%, a 3 point increase
      • Mobile penetration was 23% of orders
      • QVC is the second largest mobile commerce multi-category retailer in 2012, behind only Amazon, according to Internet Retailer
      • QVC tied for 2 nd (with Apple) in ForeSee Mobile Retail Satisfaction Index: Holiday Retail Edition
    • Operating income increased 13%
  • Repurchased $177 million of Liberty Interactive stock from November 1, 2012 to January 31, 2013

Attributed to Liberty Ventures Group

  • Purchased additional 4.8 million shares of TripAdvisor, Liberty now has voting control of the company with 57% of the total votes
  • Announced full redemption of 3.25% exchangeable debentures due 2031

“QVC continues to produce solid results, with significant growth in eCommerce and mobile revenue. We are proud that a new customer satisfaction survey from ForeSee ranked QVC as one of the top performing mobile eCommerce companies,” stated Greg Maffei, Liberty President and CEO. “We accelerated our repurchases of Liberty Interactive stock and bought $177 million worth of shares. Attributable to Liberty Ventures, we purchased additional shares of TripAdvisor acquiring voting control of the company.”

LIBERTY INTERACTIVE GROUP - Liberty Interactive Group’s revenue increased 2% to $3.1 billion in the fourth quarter and 4% to $10 billion for the year. Adjusted OIBDA increased 1% to $626 million for the quarter and 4% to $1.9 billion for the year. Operating income decreased 7% to $382 million for the quarter and 1% to $1.1 billion for the year. The increase in revenue was the result of increased revenue for QVC and the eCommerce companies. The increase in adjusted OIBDA was due to favorable results at QVC, which was offset by unfavorable results at the eCommerce companies. The decrease in operating income was primarily due to the increase in stock compensation expense and the impairment of goodwill and intangible assets at certain eCommerce subsidiaries. Operating income has been reduced by $325 million and $323 million of non-tax-deductible amortization related to Liberty’s acquisition of QVC for the years ended December 31, 2011 and 2012, respectively.


QVC's consolidated net revenue increased 2% in the fourth quarter to $2.7 billion and 3% to $8.5 billion for the year. Adjusted OIBDA increased 4% to $603 million in the fourth quarter and 5% to $1.8 billion for the year.

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