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Liberty Interactive Corporation Reports First Quarter 2014 Financial Results

Liberty Interactive Corporation (“Liberty”) (Nasdaq: LINTA, LINTB, LVNTA, LVNTB) today reported first quarter 2014 results. Highlights include (1):

Attributed to Liberty Interactive Group

  • Grew QVC US revenue by 1% and adjusted OIBDA (2) by 3% in the first quarter
    • QVC US operating income increased by 3%
    • QVC.com revenue as a percent of total US revenue increased to 45%, a 327 bps increase
    • QVC US mobile penetration was 37% of QVC.com orders
  • Repurchased $224 million LINTA shares from February 1 to April 30, 2014

Attributed to Liberty Ventures Group

  • Reported strong first quarter results at TripAdvisor
    • Increased 2014 revenue guidance to high 20%/low 30% range
    • EBITDA expected to grow at same percentage as total revenue
  • Completed two-for-one stock split of the Liberty Ventures stock on April 11, 2014
  • Filed S-1 related to proposed spin-off of Liberty TripAdvisor Holdings with the SEC on May 6, 2014

“QVC expanded adjusted OIBDA margins in the US. On the international front, QVC posted very strong results in the UK, experienced rapid growth in its China joint venture, adding over 10 million homes in the quarter, and announced QVC France, with an expected launch in the summer of 2015. We continue to progress with the creation of the Liberty Digital Commerce Group tracking stock and expect to file the S-4 with the SEC shortly," stated Greg Maffei, Liberty President and CEO. “And at Liberty Ventures, we filed the S-1 related to the Liberty TripAdvisor Holdings spin-off with the SEC on May 6 th.”

LIBERTY INTERACTIVE GROUP - Liberty Interactive Group's revenue increased 1% to $2.4 billion in the first quarter, adjusted OIBDA declined 1% to $431 million and operating income decreased 6% to $244 million. The increase in revenue was due to favorable results at QVC. The decline in adjusted OIBDA was primarily due to unfavorable results at the eCommerce companies.

QVC

QVC's consolidated revenue increased 1% in the first quarter to $2.0 billion. During the same period, adjusted OIBDA increased 2% to $412 million and operating income remained flat at $260 million.

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