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Liberty Interactive Corporation Reports Fourth Quarter And Year End 2013 Financial Results

Liberty Interactive Corporation (“Liberty”) (Nasdaq: LINTA, LINTB, LVNTA, LVNTB) today reported fourth quarter and year end 2013 results. Highlights include (1):

Attributed to Liberty Interactive Group
  • Grew QVC US revenue by 6% and adjusted OIBDA (2) by 2% in the fourth quarter
    • QVC US operating income increased by 4%
    • revenue as a percent of total US revenue increased to 45%, a 246 bps increase
    • QVC US mobile penetration was 32% of orders
  • Grew QVC US revenue by 5% and adjusted OIBDA by 5% in 2013
    • QVC US operating income increased by 4%
  • Achieved revenue growth of 12% for the eCommerce group in 2013
  • Repurchased $309 million LINTA shares from November 1, 2013 to January 31, 2014 and $1.1 billion in 2013
    • On February 27, 2014, the Board of Directors voted to increase the stock repurchase authorization by $1 billion

Attributed to Liberty Ventures Group
  • Reported strong fourth quarter results at both TripAdvisor and Expedia
  • Announced a two for one stock split of the Liberty Ventures stock

“QVC posted strong results in the US and UK for the fourth quarter driven by a return on strategic investments in TV and digital efforts and solid operational execution. Additionally, QVC experienced rapid growth in their China joint venture. Japan and Germany proved more challenging and were further negatively impacted by currency fluctuations in Japan,” stated Greg Maffei, Liberty President and CEO. “We repurchased $309 million of Liberty Interactive stock from November 1, 2013 to January 31, 2014 and $1.1 billion in 2013.”

Greg Maffei continued, “Today we are also announcing the two for one stock split of the Liberty Ventures stock. This is in order to bring Liberty into compliance with a Nasdaq listing requirement for a minimum number of publicly held shares of the Series B Liberty Ventures stock. Due to the requirements of our charter we are also required to split the Series A Liberty Ventures shares. We expect this split to be effected early in the second quarter.”

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