Revenue Performance - Qurate Retail reported a revenue decrease of 4% year-over-year, totaling $2,342 million for Q1 2024, compared to $2,644 million in Q1 2023[4] - QxH revenue declined by 4% to $1,539 million, while QVC International revenue decreased by 3% to $572 million[4] - Total revenue for Q1 2024 was $2.342 billion, down 11.4% from $2.644 billion in Q1 2023[54] Earnings and Profitability - Adjusted OIBDA increased by 25% in constant currency, reaching $259 million, up from $210 million in the same quarter last year[4] - The company achieved a diluted EPS of $0.00, with an adjusted diluted EPS of $0.04, compared to an adjusted EPS of $(0.05) in Q1 2023[10] - Operating income for Qurate Retail (excluding Zulily) fell by 34% to $145 million, down from $219 million in Q1 2023[4] - Qurate Retail's Adjusted OIBDA for Q1 2024 was $259 million, compared to $340 million in Q4 2023[41] - QVC's Adjusted OIBDA for Q1 2024 was $260 million, down from $320 million in Q4 2023[48] - Qurate Retail reported a net loss attributable to shareholders of $1 million for Q1 2024, compared to a net income of $20 million in Q1 2023, representing a decline of 105%[54] - Adjusted net income for Q1 2024 was $17 million, a decrease from $40 million in Q3 2023[54] - Operating income for Q1 2024 was $145 million, down from $176 million in Q1 2023, reflecting a decline of 17.6%[54] Debt and Liquidity - The company successfully repaid $423 million of QVC's 4.85% senior secured notes due April 2024[3] - Cash and cash equivalents decreased by $19 million to $1,102 million as of March 31, 2024[26] - Total debt increased by $14 million to $5,953 million, primarily due to additional borrowings under QVC's bank credit facility[26] - As of March 31, 2024, QVC's bank credit facility has $1.3 billion drawn with incremental availability of $1.9 billion, net of letters of credit[27] - QVC's leverage ratio was 2.5x at quarter-end, slightly increasing from December 31, 2023, due to certain add backs no longer impacting the calculation[27] - Qurate Retail's consolidated leverage ratio was greater than 3.5x, restricting its ability to make unlimited dividends or other restricted payments[28] - Qurate Retail is in compliance with all debt covenants as of March 31, 2024[29] Assets and Inventory - Cash and cash equivalents at the end of Q1 2024 were $1.102 billion, slightly down from $1.121 billion at the end of Q4 2023[53] - Total current assets decreased to $3.386 billion in Q1 2024 from $3.682 billion in Q4 2023, a decline of 8%[53] - Current liabilities decreased to $2.543 billion in Q1 2024 from $2.617 billion in Q4 2023, a reduction of 2.8%[53] - Long-term debt decreased to $4.552 billion in Q1 2024 from $4.698 billion in Q4 2023, a decline of 3.1%[53] - The company experienced a decrease in inventory, which was $1.134 billion in Q1 2024 compared to $1.044 billion in Q4 2023, indicating a 8.6% increase[53] Campaigns and Initiatives - The company launched the "Age of Possibility" campaign in April 2024, featuring ambassadors to celebrate women over 50[3] Interest Expense - Interest expense increased to $117 million in Q1 2024 from $94 million in Q1 2023, reflecting a rise of 24.5%[54]
Qurate Retail(QRTEB) - 2024 Q1 - Quarterly Results