QVC INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
QVCG$8.03-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| (in millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating activities: | |||
| Net income (loss) | $211 | (1,810) | 851 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Equity in losses of investee | — | — | 2 |
| Deferred income taxes | 55 | (61) | (82) |
| Foreign currency loss (gain) | 10 | (32) | 9 |
| Depreciation | 90 | 111 | 159 |
| Amortization | 282 | 290 | 270 |
| Impairment losses | 326 | 2,600 | — |
| Change in fair value of financial instruments and noncash interest | 9 | 9 | (8) |
| Other charges, net | 61 | 57 | 23 |
| (Gain) loss on extinguishment of debt | (10) | 6 | 7 |
| Stock-based compensation | 37 | 36 | 44 |
| Gains on sale of asset and sale leaseback transactions | (113) | (520) | — |
| Gain on insurance proceeds, net of fire related costs | (225) | (132) | — |
| Insurance proceeds received for operating expenses and business interruption losses | 226 | 96 | 100 |
| Changes in operating assets and liabilities | |||
| Decrease in accounts receivable | 38 | 144 | 71 |
| Decrease (increase) in inventories | 184 | 296 | (388) |
| (Increase) Decrease in prepaid expenses and other current assets | (14) | 32 | 22 |
| (Decrease) increase in accounts payable-trade | (1) | (390) | 156 |
| Decrease in accrued liabilities and other | (72) | (323) | (67) |
| Net cash provided by operating activities | 1,094 | 409 | 1,169 |
| Investing activities: | |||
| Capital expenditures | (182) | (216) | (210) |
| Expenditures for television distribution rights | (113) | (45) | (187) |
| Insurance proceeds received for fixed asset loss | 54 | 184 | — |
| Proceeds from related party note receivable | — | — | 85 |
| Proceeds from derivative instruments | 167 | — | — |
| Payments for derivative instruments | (179) | — | — |
| Changes in other noncurrent assets | (4) | (6) | (5) |
| Proceeds from sale of fixed assets | 208 | 701 | 54 |
| Other investing activities | 2 | 20 | 8 |
| Net cash (used in) provided by investing activities | (47) | 638 | (255) |
| Financing activities: | |||
| Principal payments of debt and finance lease obligations | (1,354) | (2,030) | (402) |
| Principal borrowings of debt from senior secured credit facility | 1,152 | 2,750 | 705 |
| Principal repayment of senior secured notes | (396) | (536) | — |
| Payment of premium on redemption of senior secured notes | — | (6) | — |
| Payment of debt origination fees | — | — | (6) |
| Dividends paid to Qurate Retail, Inc. | (437) | (1,270) | (963) |
| Dividends paid to noncontrolling interest | (53) | (68) | (60) |
| Payments for issuances of financial instruments | — | — | (625) |
| Proceeds from settlements of financial instruments | — | — | 311 |
| Withholding taxes on net share settlements of stock-based compensation | — | (5) | (17) |
| Net cash used in financing activities | (1,088) | (1,165) | (1,057) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (4) | (34) | (28) |
| Net (decrease) in cash, cash equivalents and restricted cash | (45) | (152) | (171) |
| Cash, cash equivalents and restricted cash, beginning of year | 367 | 519 | 690 |
| Cash, cash equivalents and restricted cash, end of year | $322 | 367 | 519 |
| Supplemental cash flow information: | |||
| Cash paid for taxes-to Qurate Retail Inc. | $11 | 280 | 249 |
| Cash paid for taxes-other | 89 | 126 | 132 |
| Cash paid for interest | 271 | 233 | 249 |
II-28
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.