Information about QVC's Operating Segments (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Segment Reporting [Abstract] |
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| Schedule of Revenue and Adjusted OIBDA by Segment |
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Year ended December 31, 2024 |
| (in millions) |
QxH |
QVC-International |
Consolidated QVC |
| Net revenue |
$ |
6,598 |
|
2,399 |
|
8,997 |
|
| Cost of goods sold (exclusive of depreciation and amortization) |
4,373 |
|
1,532 |
|
5,905 |
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| Segment gross profit |
2,225 |
|
867 |
|
3,092 |
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| Operating |
512 |
|
181 |
|
693 |
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| Advertising |
277 |
|
35 |
|
312 |
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| Selling, general and administrative, excluding stock-based compensation and advertising |
671 |
|
318 |
|
989 |
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| Adjusted OIBDA |
$ |
765 |
|
333 |
|
1,098 |
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Year ended December 31, 2023 |
| (in millions) |
QxH |
QVC-International |
Total |
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| Net revenue |
$ |
6,995 |
|
2,454 |
|
9,449 |
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| Cost of goods sold (exclusive of depreciation and amortization) |
4,711 |
|
1,562 |
|
6,273 |
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| Segment gross profit |
2,284 |
|
892 |
|
3,176 |
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| Operating |
549 |
|
190 |
|
739 |
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| Advertising |
251 |
|
38 |
|
289 |
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| Selling, general and administrative, excluding stock-based compensation and advertising |
738 |
|
339 |
|
1,077 |
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| Adjusted OIBDA |
$ |
746 |
|
325 |
|
1,071 |
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Year ended December 31, 2022 |
| (in millions) |
QxH |
QVC-International |
Total |
| Net revenue |
$ |
7,359 |
|
2,528 |
|
9,887 |
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| Cost of goods sold (exclusive of depreciation, amortization and Rocky Mount inventory losses) |
5,131 |
|
1,620 |
|
6,751 |
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| Segment gross profit |
2,228 |
|
908 |
|
3,136 |
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| Operating |
562 |
|
198 |
|
760 |
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| Advertising |
259 |
|
39 |
|
298 |
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| Selling, general and administrative, excluding stock-based compensation and advertising |
657 |
|
313 |
|
970 |
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| Adjusted OIBDA |
$ |
750 |
|
358 |
|
1,108 |
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| Schedule of Depreciation and Amortization by Segment |
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Years ended December 31, |
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2024 |
2023 |
2022 |
| (in millions) |
Depreciation |
Amortization |
Depreciation |
Amortization |
Depreciation |
Amortization |
| QxH |
$ |
51 |
|
252 |
|
59 |
|
265 |
|
77 |
|
277 |
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| QVC-International |
26 |
|
22 |
|
31 |
|
17 |
|
34 |
|
13 |
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| Consolidated QVC |
$ |
77 |
|
274 |
|
90 |
|
282 |
|
111 |
|
290 |
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| Schedule of Capital Expenditures and Total Assets by Segment |
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Years ended December 31, |
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2024 |
2023 |
| (in millions) |
Total
assets |
Capital
expenditures |
Total
assets |
Capital
expenditures |
| QxH |
$ |
8,128 |
|
122 |
|
9,828 |
|
128 |
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| QVC-International |
1,761 |
|
51 |
|
1,892 |
|
54 |
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| Consolidated QVC |
$ |
9,889 |
|
173 |
|
11,720 |
|
182 |
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| Property and equipment, net by Segment |
Property and equipment, net of accumulated depreciation, by segment was as follows:
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December 31, |
| (in millions) |
2024 |
2023 |
| QxH |
$ |
259 |
|
263 |
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| QVC-International |
151 |
|
164 |
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| Consolidated QVC |
$ |
410 |
|
427 |
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| Reconciliation of Adjusted OIBDA to Income before Income Taxes |
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
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Years ended December 31, |
| (in millions) |
2024 |
2023 |
2022 |
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| Adjusted OIBDA |
$ |
1,098 |
|
1,071 |
|
1,108 |
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| Gains on sales of assets and sale leaseback transactions |
1 |
|
113 |
|
520 |
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Restructuring, penalties and fire related (costs), net of recoveries (including Rocky Mount inventory losses) |
(18) |
|
196 |
|
10 |
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| Impairment losses |
(1,480) |
|
(326) |
|
(2,600) |
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| Stock-based compensation |
(20) |
|
(37) |
|
(36) |
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| Depreciation and amortization |
(351) |
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(372) |
|
(401) |
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| Operating (loss) income |
(770) |
|
645 |
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(1,399) |
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| Losses on financial instruments |
— |
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(1) |
|
(9) |
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| Interest expense, net |
(251) |
|
(228) |
|
(228) |
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| Foreign currency gain (loss) |
9 |
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(10) |
|
32 |
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| Gain (loss) on extinguishment of debt |
— |
|
10 |
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(6) |
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| Other (loss) income |
(7) |
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— |
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20 |
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| (Loss) income before income taxes |
$ |
(1,019) |
|
416 |
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(1,590) |
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| Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area |
The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
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Years ended December 31, |
| (in millions) |
2024 |
2023 |
2022 |
| United States |
$ |
6,598 |
|
6,995 |
|
7,359 |
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| Japan |
870 |
|
945 |
|
1,017 |
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| Germany |
785 |
|
788 |
|
813 |
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| United Kingdom |
629 |
|
594 |
|
565 |
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| Other countries |
115 |
|
127 |
|
133 |
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| Consolidated QVC |
$ |
8,997 |
|
9,449 |
|
9,887 |
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| Long-lived Assets by Geographic Areas |
The following table summarizes property and equipment, net of accumulated depreciation, based on physical location:
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December 31, |
| (in millions) |
2024 |
2023 |
| United States |
$ |
259 |
|
263 |
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| Japan |
81 |
|
91 |
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| Other countries |
70 |
|
73 |
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| Consolidated QVC |
$ |
410 |
|
427 |
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