| Financial Information for Tracking Stock Groups |
BALANCE SHEET INFORMATION
JuneÌý30, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ìý |
Attributed (noteÌý1) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Interactive
Group
|
Ìý |
Ventures Group |
Ìý |
Inter-group
eliminations
|
Ìý |
Consolidated
Liberty
|
Ìý |
amounts in millions |
Assets |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Current assets: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Cash and cash equivalents |
$ |
692 |
|
Ìý |
1,141 |
|
Ìý |
— |
|
Ìý |
1,833 |
|
Trade and other receivables, net |
785 |
|
Ìý |
188 |
|
Ìý |
— |
|
Ìý |
973 |
|
Inventory, net |
1,181 |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
1,181 |
|
Short term marketable securities |
11 |
|
Ìý |
646 |
|
Ìý |
— |
|
Ìý |
657 |
|
Other current assets |
252 |
|
Ìý |
20 |
|
Ìý |
(159 |
) |
Ìý |
113 |
|
Total current assets |
2,921 |
|
Ìý |
1,995 |
|
Ìý |
(159 |
) |
Ìý |
4,757 |
|
Investments in available-for-sale securities and other cost investments (noteÌý2) |
4 |
|
Ìý |
1,271 |
|
Ìý |
— |
|
Ìý |
1,275 |
|
Investments in affiliates, accounted for using the equity method (noteÌý3) |
363 |
|
Ìý |
873 |
|
Ìý |
— |
|
Ìý |
1,236 |
|
Property and equipment, net |
1,183 |
|
Ìý |
93 |
|
Ìý |
— |
|
Ìý |
1,276 |
|
Intangible assets not subject to amortization, net |
8,389 |
|
Ìý |
5,399 |
|
Ìý |
— |
|
Ìý |
13,788 |
|
Intangible assets subject to amortization, net |
1,396 |
|
Ìý |
871 |
|
Ìý |
— |
|
Ìý |
2,267 |
|
Other assets, at cost, net of accumulated amortization |
90 |
|
Ìý |
33 |
|
Ìý |
— |
|
Ìý |
123 |
|
Total assets |
$ |
14,346 |
|
Ìý |
10,535 |
|
Ìý |
(159 |
) |
Ìý |
24,722 |
|
Liabilities and Equity |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Current liabilities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Intergroup payable (receivable) (note 7) |
$ |
53 |
|
Ìý |
(53 |
) |
Ìý |
— |
|
Ìý |
— |
|
Accounts payable |
571 |
|
Ìý |
135 |
|
Ìý |
— |
|
Ìý |
706 |
|
Accrued liabilities |
681 |
|
Ìý |
123 |
|
Ìý |
— |
|
Ìý |
804 |
|
Current portion of debt (noteÌý4) |
39 |
|
Ìý |
1,009 |
|
Ìý |
— |
|
Ìý |
1,048 |
|
Deferred tax liabilities |
— |
|
Ìý |
1,137 |
|
Ìý |
(159 |
) |
Ìý |
978 |
|
Other current liabilities |
199 |
|
Ìý |
63 |
|
Ìý |
— |
|
Ìý |
262 |
|
Total current liabilities |
1,543 |
|
Ìý |
2,414 |
|
Ìý |
(159 |
) |
Ìý |
3,798 |
|
Long-term debt (noteÌý4) |
5,195 |
|
Ìý |
1,425 |
|
Ìý |
— |
|
Ìý |
6,620 |
|
Deferred income tax liabilities |
1,100 |
|
Ìý |
1,615 |
|
Ìý |
— |
|
Ìý |
2,715 |
|
Other liabilities |
222 |
|
Ìý |
111 |
|
Ìý |
— |
|
Ìý |
333 |
|
Total liabilities |
8,060 |
|
Ìý |
5,565 |
|
Ìý |
(159 |
) |
Ìý |
13,466 |
|
Equity/Attributed net assets (liabilities) |
6,164 |
|
Ìý |
504 |
|
Ìý |
— |
|
Ìý |
6,668 |
|
Noncontrolling interests in equity of subsidiaries |
122 |
|
Ìý |
4,466 |
|
Ìý |
— |
|
Ìý |
4,588 |
|
Total liabilities and equity |
$ |
14,346 |
|
Ìý |
10,535 |
|
Ìý |
(159 |
) |
Ìý |
24,722 |
|
|
|
|
|
|
|
|
|
|
|
|
Ìý |
Attributed (noteÌý1) |
Ìý |
Ìý |
Ìý |
Interactive Group |
Ìý |
Ventures Group |
Ìý |
Consolidated Liberty |
Ìý |
amounts in millions |
Revenue: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net retail sales |
$ |
4,942 |
|
Ìý |
— |
|
Ìý |
4,942 |
|
Other revenue |
— |
|
Ìý |
604 |
|
Ìý |
604 |
|
Total revenue |
4,942 |
|
Ìý |
604 |
|
Ìý |
5,546 |
|
Operating costs and expenses: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Cost of sales |
3,134 |
|
Ìý |
— |
|
Ìý |
3,134 |
|
Operating, including stock-based compensation (noteÌý5) |
436 |
|
Ìý |
99 |
|
Ìý |
535 |
|
Selling, general and administrative, including stock-based compensation (noteÌý5) |
537 |
|
Ìý |
299 |
|
Ìý |
836 |
|
Impairment of intangible assets |
7 |
|
Ìý |
— |
|
Ìý |
7 |
|
Depreciation and amortization |
329 |
|
Ìý |
140 |
|
Ìý |
469 |
|
Ìý |
4,443 |
|
Ìý |
538 |
|
Ìý |
4,981 |
|
Operating income (loss) |
499 |
|
Ìý |
66 |
|
Ìý |
565 |
|
Other income (expense): |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Interest expense |
(156 |
) |
Ìý |
(43 |
) |
Ìý |
(199 |
) |
Share of earnings (losses) of affiliates, net (noteÌý3) |
28 |
|
Ìý |
(26 |
) |
Ìý |
2 |
|
Realized and unrealized gains (losses) on financial instruments, net |
7 |
|
Ìý |
(73 |
) |
Ìý |
(66 |
) |
Other, net |
— |
|
Ìý |
11 |
|
Ìý |
11 |
|
Ìý |
(121 |
) |
Ìý |
(131 |
) |
Ìý |
(252 |
) |
Earnings (loss) before income taxes |
378 |
|
Ìý |
(65 |
) |
Ìý |
313 |
|
Income tax benefit (expense) |
(144 |
) |
Ìý |
47 |
|
Ìý |
(97 |
) |
Net earnings (loss) |
234 |
|
Ìý |
(18 |
) |
Ìý |
216 |
|
Less net earnings (loss) attributable to noncontrolling interests |
19 |
|
Ìý |
38 |
|
Ìý |
57 |
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders |
$ |
215 |
|
Ìý |
(56 |
) |
Ìý |
159 |
|
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2013
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Ìý |
Attributed (noteÌý1) |
Ìý |
Ìý |
Ìý |
Interactive Group |
Ìý |
Ventures Group |
Ìý |
Consolidated Liberty |
Ìý |
amounts in millions |
Revenue: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net retail sales |
$ |
4,834 |
|
Ìý |
— |
|
Ìý |
4,834 |
|
Other revenue |
— |
|
Ìý |
477 |
|
Ìý |
477 |
|
Total revenue |
4,834 |
|
Ìý |
477 |
|
Ìý |
5,311 |
|
Operating costs and expenses: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Cost of sales |
3,074 |
|
Ìý |
— |
|
Ìý |
3,074 |
|
Operating |
415 |
|
Ìý |
72 |
|
Ìý |
487 |
|
Selling, general and administrative, including stock-based compensation (noteÌý5) |
506 |
|
Ìý |
222 |
|
Ìý |
728 |
|
Depreciation and amortization |
311 |
|
Ìý |
156 |
|
Ìý |
467 |
|
Ìý |
4,306 |
|
Ìý |
450 |
|
Ìý |
4,756 |
|
Operating income (loss) |
528 |
|
Ìý |
27 |
|
Ìý |
555 |
|
Other income (expense): |
Ìý |
|
Ìý |
Ìý |
|
Ìý |
Ìý |
Interest expense |
(154 |
) |
Ìý |
(47 |
) |
Ìý |
(201 |
) |
Share of earnings (losses) of affiliates, net (noteÌý3) |
20 |
|
Ìý |
(24 |
) |
Ìý |
(4 |
) |
Realized and unrealized gains (losses) on financial instruments, net |
17 |
|
Ìý |
(81 |
) |
Ìý |
(64 |
) |
Other, net |
(55 |
) |
Ìý |
— |
|
Ìý |
(55 |
) |
Ìý |
(172 |
) |
Ìý |
(152 |
) |
Ìý |
(324 |
) |
Earnings (loss) before income taxes |
356 |
|
Ìý |
(125 |
) |
Ìý |
231 |
|
Income tax benefit (expense) |
(127 |
) |
Ìý |
99 |
|
Ìý |
(28 |
) |
Net earnings (loss) |
229 |
|
Ìý |
(26 |
) |
Ìý |
203 |
|
Less net earnings (loss) attributable to noncontrolling interests |
25 |
|
Ìý |
31 |
|
Ìý |
56 |
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders |
$ |
204 |
|
Ìý |
(57 |
) |
Ìý |
147 |
|
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Ìý |
Attributed (noteÌý1) |
Ìý |
Ìý |
Ìý |
Interactive
Group
|
Ìý |
Ventures Group |
Ìý |
Consolidated
Liberty
|
Ìý |
amounts in millions |
Cash flows from operating activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net earnings (loss) |
$ |
234 |
|
Ìý |
(18 |
) |
Ìý |
216 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Depreciation and amortization |
329 |
|
Ìý |
140 |
|
Ìý |
469 |
|
Stock-based compensation |
48 |
|
Ìý |
37 |
|
Ìý |
85 |
|
Cash payments for stock based compensation |
(5 |
) |
Ìý |
(1 |
) |
Ìý |
(6 |
) |
Excess tax benefit from stock-based compensation |
(9 |
) |
Ìý |
(15 |
) |
Ìý |
(24 |
) |
Share of losses (earnings) of affiliates, net |
(28 |
) |
Ìý |
26 |
|
Ìý |
(2 |
) |
Cash receipts from return on equity investments |
10 |
|
Ìý |
10 |
|
Ìý |
20 |
|
Realized and unrealized gains (losses) on financial instruments, net |
(7 |
) |
Ìý |
73 |
|
Ìý |
66 |
|
ÌýÌýÌýÌýÌýÌýÌýImpairment of intangible assets |
7 |
|
Ìý |
— |
|
Ìý |
7 |
|
Deferred income tax (benefit) expense |
(101 |
) |
Ìý |
(1 |
) |
Ìý |
(102 |
) |
Other, net |
5 |
|
Ìý |
2 |
|
Ìý |
7 |
|
Intergroup tax allocation |
105 |
|
Ìý |
(105 |
) |
Ìý |
— |
|
Intergroup tax payment |
(276 |
) |
Ìý |
276 |
|
Ìý |
— |
|
Changes in operating assets and liabilities |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Current and other assets |
308 |
|
Ìý |
(65 |
) |
Ìý |
243 |
|
Payables and other current liabilities |
(50 |
) |
Ìý |
158 |
|
Ìý |
108 |
|
Net cash provided (used) by operating activities |
570 |
|
Ìý |
517 |
|
Ìý |
1,087 |
|
Cash flows from investing activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Cash proceeds from dispositions |
— |
|
Ìý |
25 |
|
Ìý |
25 |
|
Investments in and loans to cost and equity investees |
(2 |
) |
Ìý |
(29 |
) |
Ìý |
(31 |
) |
Capital expended for property and equipment |
(87 |
) |
Ìý |
(42 |
) |
Ìý |
(129 |
) |
Purchases of short-term and other marketable securities |
(38 |
) |
Ìý |
(438 |
) |
Ìý |
(476 |
) |
Sales of short term and other marketable securities |
27 |
|
Ìý |
614 |
|
Ìý |
641 |
|
Acquisitions, net of cash acquired |
— |
|
Ìý |
(152 |
) |
Ìý |
(152 |
) |
Other investing activities, net |
(10 |
) |
Ìý |
15 |
|
Ìý |
5 |
|
Net cash provided (used) by investing activities |
(110 |
) |
Ìý |
(7 |
) |
Ìý |
(117 |
) |
Cash flows from financing activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Borrowings of debt |
1,895 |
|
Ìý |
5 |
|
Ìý |
1,900 |
|
Repayments of debt |
(1,739 |
) |
Ìý |
(25 |
) |
Ìý |
(1,764 |
) |
Intergroup receipts (payments), net |
2 |
|
Ìý |
(2 |
) |
Ìý |
— |
|
Repurchases of Liberty common stock |
(478 |
) |
Ìý |
— |
|
Ìý |
(478 |
) |
Minimum withholding taxes on net settlements of stock-based compensation |
(14 |
) |
Ìý |
(23 |
) |
Ìý |
(37 |
) |
Excess tax benefit from stock-based compensation |
9 |
|
Ìý |
15 |
|
Ìý |
24 |
|
Other financing activities, net |
(36 |
) |
Ìý |
— |
|
Ìý |
(36 |
) |
Net cash provided (used) by financing activities |
(361 |
) |
Ìý |
(30 |
) |
Ìý |
(391 |
) |
Effect of foreign currency rates on cash |
(5 |
) |
Ìý |
3 |
|
Ìý |
(2 |
) |
Net increase (decrease) in cash and cash equivalents |
94 |
|
Ìý |
483 |
|
Ìý |
577 |
|
Cash and cash equivalents at beginning of period |
598 |
|
Ìý |
658 |
|
Ìý |
1,256 |
|
Cash and cash equivalents at end period |
$ |
692 |
|
Ìý |
1,141 |
|
Ìý |
1,833 |
|
|
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2013
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Ìý |
Attributed (noteÌý1) |
Ìý |
Ìý |
Ìý |
Interactive
Group
|
Ìý |
Ventures Group |
Ìý |
Consolidated
Liberty
|
Ìý |
amounts in millions |
Cash flows from operating activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net earnings (loss) |
$ |
229 |
|
Ìý |
(26 |
) |
Ìý |
203 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Depreciation and amortization |
311 |
|
Ìý |
156 |
|
Ìý |
467 |
|
Stock-based compensation |
53 |
|
Ìý |
33 |
|
Ìý |
86 |
|
Cash payments for stock based compensation |
(4 |
) |
Ìý |
(1 |
) |
Ìý |
(5 |
) |
Excess tax benefits on stock-based compensation |
(7 |
) |
Ìý |
(5 |
) |
Ìý |
(12 |
) |
Share of losses (earnings) of affiliates, net |
(20 |
) |
Ìý |
24 |
|
Ìý |
4 |
|
Cash receipts from return on equity investments |
7 |
|
Ìý |
8 |
|
Ìý |
15 |
|
Realized and unrealized gains (losses) on financial instruments, net |
(17 |
) |
Ìý |
81 |
|
Ìý |
64 |
|
(Gains) losses on transactions, net |
1 |
|
Ìý |
1 |
|
Ìý |
2 |
|
Deferred income tax (benefit) expense |
(86 |
) |
Ìý |
(181 |
) |
Ìý |
(267 |
) |
Other, net |
6 |
|
Ìý |
8 |
|
Ìý |
14 |
|
Intergroup tax allocation |
(33 |
) |
Ìý |
33 |
|
Ìý |
— |
|
Intergroup tax receipts (payments) |
94 |
|
Ìý |
(94 |
) |
Ìý |
— |
|
Changes in operating assets and liabilities |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Current and other assets |
324 |
|
Ìý |
(74 |
) |
Ìý |
250 |
|
Payables and other current liabilities |
(476 |
) |
Ìý |
102 |
|
Ìý |
(374 |
) |
Net cash provided (used) by operating activities |
382 |
|
Ìý |
65 |
|
Ìý |
447 |
|
Cash flows from investing activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Cash proceeds from dispositions |
— |
|
Ìý |
1,136 |
|
Ìý |
1,136 |
|
Investments in and loans to cost and equity investees |
— |
|
Ìý |
(51 |
) |
Ìý |
(51 |
) |
Capital expended for property and equipment |
(111 |
) |
Ìý |
(25 |
) |
Ìý |
(136 |
) |
Purchases of short-term and other marketable securities |
— |
|
Ìý |
(1,116 |
) |
Ìý |
(1,116 |
) |
Sales of short term and other marketable securities |
2 |
|
Ìý |
442 |
|
Ìý |
444 |
|
Acquisitions, net of cash acquired |
— |
|
Ìý |
(32 |
) |
Ìý |
(32 |
) |
Other investing activities, net |
(7 |
) |
Ìý |
(3 |
) |
Ìý |
(10 |
) |
Net cash provided (used) by investing activities |
(116 |
) |
Ìý |
351 |
|
Ìý |
235 |
|
Cash flows from financing activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Borrowings of debt |
2,246 |
|
Ìý |
848 |
|
Ìý |
3,094 |
|
Repayments of debt |
(2,055 |
) |
Ìý |
(2,342 |
) |
Ìý |
(4,397 |
) |
Shares repurchased by subsidiary |
— |
|
Ìý |
(42 |
) |
Ìý |
(42 |
) |
Shares issued by subsidiary |
— |
|
Ìý |
19 |
|
Ìý |
19 |
|
Intergroup receipts (payments), net |
2 |
|
Ìý |
(2 |
) |
Ìý |
— |
|
Repurchases of Liberty common stock |
(499 |
) |
Ìý |
— |
|
Ìý |
(499 |
) |
Excess tax benefit from stock-based compensation |
7 |
|
Ìý |
5 |
|
Ìý |
12 |
|
Minimum withholding taxes on net settlements of share-based compensation |
(7 |
) |
Ìý |
(6 |
) |
Ìý |
(13 |
) |
Other financing activities, net |
(39 |
) |
Ìý |
— |
|
Ìý |
(39 |
) |
Net cash provided (used) by financing activities |
(345 |
) |
Ìý |
(1,520 |
) |
Ìý |
(1,865 |
) |
Effect of foreign currency rates on cash |
(29 |
) |
Ìý |
— |
|
Ìý |
(29 |
) |
Net increase (decrease) in cash and cash equivalents |
(108 |
) |
Ìý |
(1,104 |
) |
Ìý |
(1,212 |
) |
Cash and cash equivalents at beginning of period |
699 |
|
Ìý |
1,961 |
|
Ìý |
2,660 |
|
Cash and cash equivalents at end period |
$ |
591 |
|
Ìý |
857 |
|
Ìý |
1,448 |
|
|