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OFFON

QURATE RETAIL, INC.

(QRTE.A)
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Qurate Retail : Deutsche Bank 2021 Leveraged Finance Conference

10/01/2021 | 11:52am EST

Deutsche Bank

2021 Leveraged Finance

Conference

Safe Harbor and Non-GAAP Measures

This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies; expectations regarding consumer trends; future financial performance (including free cash flow conversion); leverage targets; environmental, social and governance goals and initiatives and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the impact of the COVID-19 pandemic on our businesses, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to Qurate Retail, Inc. ("QRI") and QVC, Inc. ("QVC"), availability of investment opportunities and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this presentation, and each of QRI and QVC expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward- looking statement contained herein to reflect any change in QRI's or QVC's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of QRI and QVC, including their most recent Forms 10-Q and 10-K, for additional information about QRI and QVC and about the risks and uncertainties related to their respective businesses which may affect the statements made in this presentation.

This presentation includes reference to Adjusted OIBDA, which is a non-GAAP financial measure for QRI and QVC. QRI and QVC define Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and other related costs and impairments. Further, this presentation includes Adjusted OIBDA margin, which is also a non-GAAP financial measure. QRI and QVC define Adjusted OIBDA margin as Adjusted OIBDA divided by revenue. QRI and QVC believe Adjusted OIBDA is an important indicator of the operational strength and performance of

its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, QRI and QVC view operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that QRI and QVC's management considers in assessing the results of operations and performance of its assets. Please see the reconciliation of Adjusted OIBDA to operating income calculated in accordance with GAAP for QVC and QRI on slides 28 and 30, respectively of this presentation.

This presentation includes reference to free cash flow, which is a non-GAAP financial measure for QRI and QVC. QRI and QVC define free cash flow as cash flows from operating activities less capital expenditures, expenditures for television distribution rights, investments in green energy and dividends paid to non-controlling interests. QRI and QVC believe free cash flow is an important indicator of the financial stability of its respective businesses. QRI and QVC believe cash flows from operating activities is the most directly comparable GAAP measures. Free cash flow is not meant to replace or supersede this GAAP measure, but rather to supplement such GAAP measures in order to present investors with a supplemental metric of financial performance. Please see the reconciliation of free cash flow to cash flows from operating activities calculated in accordance with GAAP for QVC on slide 29 of this presentation.

Q V C , I N C .

2

On Today's Call

Jeff Davis

Chief Financial Officer

Mark Pave

Global Treasury Leader

Ben Oren

Senior Vice President & Treasurer

Jessica Moore

AVP & Assistant Treasurer

Q V C , I N C .

3

Qurate Retail Group

World's Largest

Video Commerce Platform

QxH + QVC INTERNATIONAL

$11.8B 16.4M

REVENUE CUSTOMERS

All data LTM, June 2021 unless otherwise noted

  1. Cornerstone Brands customers as of LTM, September 2020

Her Daily Discovery Destination

Aspirational Lifestyle Brands

ZULILYCORNERSTONE BRANDS

$1.7B

5.6M

$1.2B

2.3M

REVENUE

CUSTOMERS

REVENUE

CUSTOMERS1

Q V C , I N C .

4

Key Takeaways

  • Pandemic accelerated shifts toward digital lifestyle and virtual experiences
  • Qurate Retail is well-positioned to win in the new normal
    • Distinctive scale, differentiated experience, and loyal customer base
    • Successfully evolving to digitally driven, personalized, and durable video streaming model
    • Continue to acquire, develop, and retain high value customers
  • Confident in sustaining significant long-term Revenue, Adjusted OIBDA, and Free Cash Flow

Q V C , I N C .

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Qurate Retail Inc. published this content on 01 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2021 15:51:06 UTC.


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Financials (USD)
Sales 2021 14 326 M - -
Net income 2021 746 M - -
Net Debt 2021 - - -
P/E ratio 2021 4,67x
Yield 2021 7,18%
Capitalization 3 326 M 3 326 M -
Capi. / Sales 2021 0,23x
Capi. / Sales 2022 0,23x
Nbr of Employees 26 508
Free-Float 89,2%
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Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 8,38 $
Average target price 11,42 $
Spread / Average Target 36,2%
EPS Revisions
Managers and Directors
David L. Rawlinson President & Chief Executive Officer
Brian J. Wendling Chief Financial Officer, Senior VP & Controller
Gregory Ben Maffei Executive Chairman
Renee L. Wilm Chief Legal & Administrative Officer
Malcolm Ian Grant Gilchrist Independent Director
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