QVC Group Inc (QVCGA) 2022 Q4 法說會逐字稿

Welcome to the Qurate Retail, Inc. 2022 Year-end Earnings Call. (Operator Instructions) As a reminder, this conference will be recorded on March 1.

歡迎來到 Qurate Retail, Inc. 2022 年年終收益電話會議。 （操作員說明）提醒一下，本次會議將於 3 月 1 日錄製。

I will now turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

我現在將把電話轉給投資者關係副總裁 Shane Kleinstein。請繼續。

Good morning. Before we begin, we'd like to remind you that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Form 10-K filed by our company and QVC with the SEC. These forward-looking statements speak only as of the date of this call and Qurate Retail expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Qurate Regal's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please note that we have published slides to accompany this earnings release.

早上好。在我們開始之前，我們想提醒您，本次電話會議包含 1995 年《私人證券訴訟改革法案》含義內的某些前瞻性陳述。實際事件或結果可能因許多風險和不確定性而存在重大差異，包括我們公司和 QVC 向美國證券交易委員會提交的最新 10-K 表格中提到的那些。這些前瞻性陳述僅在本次電話會議召開之日有效，Qurate Retail 明確否認有任何義務或承諾傳播對此處包含的任何前瞻性陳述的任何更新或修訂，以反映 Qurate Regal 對此或任何預期的任何變化任何此類聲明所依據的事件、條件或情況發生變化。請注意，我們已發布幻燈片以配合此收益發布。

On today's call, we will address certain non-GAAP financial measures, including adjusted OIBDA, adjusted OIBDA margin, free cash flow and constant currency. Information regarding the comparable GAAP metrics along with required definitions and reconciliations, including preliminary notes and Schedules 1 through 4, can be found in the earnings press release issued today or our earnings presentation, which are available on our website.

在今天的電話會議上，我們將討論某些非 GAAP 財務指標，包括調整後的 OIBDA、調整後的 OIBDA 利潤率、自由現金流和不變貨幣。有關可比較的 GAAP 指標的信息以及所需的定義和調節，包括初步說明和附表 1 至 4，可以在今天發布的收益新聞稿或我們的收益演示中找到，這些可以在我們的網站上找到。

Today speaking on the earnings call we have Qurate Retail, President and CEO, David Rawlinson; Qurate Retail Group Interim CFO, Jim Hathaway; and Qurate Retail Executive Chairman, Greg Maffei. Now I'll hand the call over to David Rawlinson.

今天在財報電話會議上發言的有 Qurate Retail 總裁兼首席執行官 David Rawlinson； Qurate Retail Group 臨時首席財務官 Jim Hathaway；和 Qurate Retail 執行主席 Greg Maffei。現在我將把電話轉給 David Rawlinson。

Thank you, Shane, and good morning to everyone. Thank you for joining us today and for your interest in Qurate Retail. 2022 was a challenging year for our company. We announced and began our work on Project Athens, a multiyear strategic plan aimed at material financial improvement in the coming quarters. We are taking aggressive cost actions and have new processes in place infusing cost discipline in the company. Yesterday, we announced headcount reductions at QxH that I will outline shortly on top of the restructuring action at Zulily we took last year.

謝謝你，謝恩，大家早上好。感謝您今天加入我們並感謝您對 Qurate Retail 的關注。 2022 年對我們公司來說是充滿挑戰的一年。我們宣布並開始了雅典計劃的工作，這是一項多年戰略計劃，旨在在未來幾個季度實現重大財務改善。我們正在採取積極的成本行動，並製定了新流程，以在公司中註入成本紀律。昨天，我們宣佈在 QxH 裁員，我將在我們去年對 Zulily 採取重組行動的基礎上簡要概述。

Importantly, we worked through downstream impacts of the Rocky Mount buyer and took aggressive action to address excess inventory balances. We set up multiple new business units to capitalize on future growth opportunities and streaming and live shopping, and we bolstered our balance sheet and increased liquidity with attractive sources of financing and various sale and leaseback transactions. We also made critical additions to our leadership team, including today's announcement of our new Qurate Retail Group CFO, and we have the talent needed to execute our plan.

重要的是，我們解決了落基山買家對下游的影響，並採取積極行動解決庫存過剩問題。我們設立了多個新業務部門，以利用未來的增長機會以及流媒體和直播購物，我們通過有吸引力的融資來源和各種售後回租交易增強了資產負債表並增加了流動性。我們還對我們的領導團隊進行了重要的補充，包括今天宣布我們新的 Qurate Retail Group 首席財務官，我們擁有執行我們計劃所需的人才。

When I announced Project Athens, we based everything off of a 2022 base year. We are on track to deliver on these financial outcomes, which I'll speak more about. I would like to thank all of our teams for their hard work amidst what I know was a challenging retail backdrop.

當我宣布雅典計劃時，我們的一切都以 2022 年為基準年。我們有望實現這些財務成果，我將詳細討論這些成果。我要感謝我們所有的團隊在我所知道的充滿挑戰的零售背景下所做的辛勤工作。

Focusing on Q4 results. Today, company revenue declined -- I'm sorry, total company revenue declined 10% in constant currency, primarily due to lower unit volume and less shipping and handling revenue. Our top line was impacted by inventory reduction efforts and receipt management primarily at QxH as well as continued macroeconomic challenges weighing on consumer sentiment.

關注第四季度的結果。今天，公司收入下降了——對不起，公司總收入按固定匯率計算下降了 10%，這主要是由於單位數量減少以及運輸和處理收入減少。我們的收入受到主要在 QxH 的庫存減少努力和收據管理以及持續的宏觀經濟挑戰影響消費者情緒的影響。

In addition, I'll remind you that QxH experienced an increase in advanced orders in Q3 of 2021 that were shipped in Q4 of 2021. This shipment timing benefited Q3 2022 reported revenue and was a slight headwind in Q4 2022. Total company adjusted OIBDA declined 60% in constant currency in Q4, nearly half attributed to lower product margins from promotions and clearance as well as fulfillment center challenges as we work to reduce our inventory.

此外，我要提醒您，QxH 在 2021 年第 3 季度的預付款訂單有所增加，這些訂單在 2021 年第 4 季度發貨。這個發貨時間有利於 2022 年第 3 季度報告的收入，並在 2022 年第 4 季度略有不利。公司調整後的 OIBDA 總額下降第 4 季度 60%（按固定匯率計算），近一半歸因於促銷和清倉帶來的產品利潤率下降，以及我們努力減少庫存時運營中心面臨的挑戰。

Adjusted OIBDA in the quarter was also pressured by higher fixed expenses and continued supply chain inefficiencies, including inflationary pressures in fulfillment, detention and demurrage charges as well as sales deleverage throughout the P&L. Jim Hathaway, our Interim CFO, will provide more details for each of our 4 business units momentarily.

本季度調整後的 OIBDA 還受到更高的固定費用和持續的供應鏈效率低下的壓力，包括履行、滯留和滯期費以及整個損益表中的銷售去槓桿化的通脹壓力。我們的臨時首席財務官 Jim Hathaway 將立即為我們的 4 個業務部門提供更多詳細信息。

Project Athens is key to our strategy and represents a path to better customer relationships, operating discipline, cost control, margin expansion and streaming growth over the 2023 to 2024 period. We identified hundreds of initiatives that are anticipated to generate material net run rate OIBDA opportunities through cost savings, margin enhancements and revenue.

Project Athens 是我們戰略的關鍵，代表了在 2023 年至 2024 年期間改善客戶關係、運營紀律、成本控制、利潤擴張和流媒體增長的途徑。我們確定了數百項計劃，這些計劃有望通過節省成本、提高利潤率和收入來產生實質性的淨運行率 OIBDA 機會。

Our efforts in 2023, mainly focus on cost savings and gross margin initiatives, which will impact financial results more materially in the back half of the year and reach full impact in 2024. We expect revenue initiatives will be implemented and impact results more significantly in 2024 and beyond. This year, we are focused on building capabilities to drive customer loyalty and eventually customer file growth, enhanced near-term pricing and assortment selection, reducing freight cost improving vendor agreements to generate efficiency and improve margins across categories and advancing our analytics capabilities to optimize on their programming.

我們在 2023 年的努力主要集中在成本節約和毛利率舉措上，這將在下半年對財務業績產生更大的影響，並在 2024 年達到全面影響。我們預計收入舉措將在 2024 年實施並對業績產生更顯著的影響超越。今年，我們專注於建立能力以提高客戶忠誠度並最終提高客戶檔案數量，增強近期定價和分類選擇，降低運費，改善供應商協議以產生效率並提高跨類別的利潤率，並提升我們的分析能力以優化他們的編程。

Starting with additional detail on cost actions. We actively managed our inventory balances down in the fourth quarter, which was necessary to improve our operating position for 2023 but did impact financial results. From a top line perspective, leaning into clearance impacted our ability to put fresh product on air as we dedicated airtime to inventory reduction. We know product over-rotation impact demand as well as customer counts, particularly among best customers who are key drivers of our business and drawn to the thrill of discovery. Throughout 2022, we pulled back on receipts due to a lack of space and our fulfillment centers following the fire at Rocky Mount. This receipt management impacted our ability to offer customers fresh merchandise.

從有關成本操作的更多詳細信息開始。我們在第四季度積極管理我們的庫存餘額，這對於改善我們 2023 年的經營狀況是必要的，但確實影響了財務業績。從頂線的角度來看，傾向於清關影響了我們將新鮮產品投放到空氣中的能力，因為我們將空氣時間用於減少庫存。我們知道產品過度輪換會影響需求和客戶數量，尤其是最優秀的客戶，他們是我們業務的主要驅動力，並被發現的快感所吸引。整個 2022 年，由於落基山火災後空間和運營中心空間不足，我們撤回了收據。這種收據管理影響了我們為客戶提供新鮮商品的能力。

In Q4, it affected several categories, but particularly on home, accessories and apparel at QVC and the payroll, accessories and jewelry at HSN and of our top customers who indexed to these categories. In addition, promotion and clearance pricing had a material impact on product margins on top of substantial detention and demurrage costs that we incurred.

在第 4 季度，它影響了幾個類別，但特別是 QVC 的家居、配飾和服裝以及 HSN 的工資單、配飾和珠寶以及我們索引到這些類別的頂級客戶。此外，除了我們產生的大量滯留費和滯期費外，促銷和清關定價對產品利潤率也產生了重大影響。

I'm happy with the team's work to rebalance our inventory position. At our June Investor Day last year, I said we had an effort underway to improve net working capital over the next 18 months and reduce QVC U.S. and HSN inventory by 20% to 30%. We delivered well ahead of plan on our inventory reduction commitments. QVC U.S. and HSN ended the year down 27% from June 30 hitting the goal a year ahead of our commitment. And year-over-year, we reduced its inventory balances 25% or $270 million. We are beginning 2023 in a significantly cleaner, healthier inventory position. This enables us to be more flexible with our product offering, reinfuse fresh merchandise and operate our fulfillment centers more efficiently. Cleaner inventory benefits both the top and bottom line. While early, we are starting to see this translate into better demand.

我對團隊重新平衡庫存狀況的工作感到滿意。在我們去年 6 月的投資者日，我說過我們正在努力改善未來 18 個月的淨營運資本，並將 QVC 美國和 HSN 庫存減少 20% 至 30%。我們提前完成了減少庫存的承諾。 QVC 美國和 HSN 今年年底較 6 月 30 日下跌了 27%，比我們的承諾提前一年實現了目標。與去年同期相比，我們將其庫存餘額減少了 25% 或 2.7 億美元。到 2023 年，我們的庫存狀況將明顯更清潔、更健康。這使我們能夠更靈活地提供產品，重新註入新鮮商品並更有效地運營我們的運營中心。更清潔的庫存對頂線和底線都有好處。雖然早期，我們開始看到這轉化為更好的需求。

We have been taking aggressive action to control costs and improve adjusted OIBDA. We are undertaking an organizational cost reduction and yesterday announced layoffs at QVC U.S. and HSN as well as in certain global functions. While we recognize headcount reductions are hard decisions, we know rebalancing our workforce is right for our business going forward. We're eliminating over 400 positions, primarily at QVC U.S. and HSN or about 12% of corporate headcount. We expect this plan will generate $60 million of fully loaded run rate savings, of which approximately $50 million will benefit in 2023.

我們一直在採取積極行動來控製成本並改善調整後的 OIBDA。我們正在進行組織成本削減，並於昨天宣布裁員 QVC 美國和 HSN 以及某些全球職能部門。雖然我們認識到裁員是艱難的決定，但我們知道重新平衡我們的員工隊伍對我們的業務發展是正確的。我們正在裁員 400 多個職位，主要是在 QVC 美國和 HSN，約占公司員工總數的 12%。我們預計該計劃將產生 6000 萬美元的滿載運行率節省，其中約 5000 萬美元將在 2023 年受益。

Since these actions do not take effect until March, we do not anticipate they will have a meaningful impact on quarterly results until the second quarter. We have committed resources to supporting impacted team members with fair severance and other transition services as well as resources for our remaining employees who will be impacted by this loss as well. We have implemented a disciplined process to manage nonmerchandise discretionary costs. While we are in the early innings, we anticipate the process will generate meaningful savings over time. More importantly, it has added a heightened discipline towards cost management into our company culture.

由於這些行動要到 3 月份才會生效，我們預計它們要到第二季度才會對季度業績產生有意義的影響。我們已投入資源為受影響的團隊成員提供公平的遣散費和其他過渡服務，並為我們將受到這一損失影響的其餘員工提供資源。我們實施了嚴格的流程來管理非商品可自由支配成本。雖然我們處於早期階段，但我們預計該過程會隨著時間的推移產生有意義的節省。更重要的是，它在我們的公司文化中增加了對成本管理的嚴格紀律。

Free cash flow is a key metric. As we laid out in the 2022 Investor Day, our free cash flow in 2022 was burdened by several discrete items, including approximately $150 million to $200 million in working capital headwinds from payables catching up to prior year inventory purchases. We expect this headwind to reverse in the first half of 2023 from our inventory reduction actions. On top of this, we anticipate that Project Athens initiatives will continue to benefit working capital and lead to run rate free cash flow growth, although some initiatives will take time to show up in the P&L. For example, our work with vendor partners to acquire fresh merchandise at better prices can take several quarters to flow through the P&L. We continue to believe we are positioned to generate $300 million to $500 million of run rate free cash flow due to Project Athens initiatives. We expect these will ramp in the second half of 2023 and reach full scale in 2024, as articulated in November.

自由現金流是一個關鍵指標。正如我們在 2022 年投資者日所規劃的那樣，我們在 2022 年的自由現金流受到幾個離散項目的負擔，包括約 1.5 億至 2 億美元的營運資金逆風來自應付賬款追趕上一年的庫存採購。我們預計這種逆風將在 2023 年上半年因我們的庫存減少行動而逆轉。最重要的是，我們預計雅典計劃的舉措將繼續有利於營運資金並導致運行率自由現金流增長，儘管一些舉措需要時間才能在損益表中體現出來。例如，我們與供應商合作夥伴以更優惠的價格採購新鮮商品可能需要幾個季度才能完成損益表。我們仍然相信，由於 Project Athens 計劃，我們有望產生 3 億至 5 億美元的運行率自由現金流。我們預計這些將在 2023 年下半年增加，並在 2024 年達到全面規模，如 11 月所述。

The other piece of Project Athens is revenue and margin enhancements, driven by better serving a very loyal customer base. QxH customer count declined 14% to $8.9 million for the last 12 months ended December 2022. The biggest drivers of our customer count decline, our continued impact of cord-cutting, on the numbers of linear homes we reach and customer experience relative to competition, especially shipping and product availability, which was impacted by Rocky Mount. And more recently, the impact of dampened consumer sentiment on discretionary spending. We have done extensive work on our customer file, understanding their pain points and where we have fallen short. The demographic and loyalty of our customer base remains a huge differentiator in retail. We are hyper focused on reenergizing our customer acquisition and retention.

Project Athens 的另一部分是收入和利潤率的提高，這是通過更好地服務於非常忠誠的客戶群來推動的。在截至 2022 年 12 月的過去 12 個月中，QxH 客戶數量下降了 14% 至 890 萬美元。導致我們客戶數量下降的最大驅動因素是我們剪線的持續影響，對我們覆蓋的線性家庭數量以及與競爭相關的客戶體驗，特別是運輸和產品可用性，這受到了落基山的影響。最近，消費者信心減弱對可自由支配支出的影響。我們對客戶檔案做了大量工作，了解他們的痛點以及我們的不足之處。我們客戶群的人口結構和忠誠度仍然是零售業的巨大差異化因素。我們非常專注於重振我們的客戶獲取和保留。

First, we are investing in our video commerce and streaming offerings and the addition of free over-the-air homes as an offensive and defensive play against cord-cutting. Efforts here focused both on expanded platform distribution as well as boosting engagement and retention on these new platforms. Our streaming services now have a larger distribution reach than our linear TV. We are generating revenue through our streaming platforms from both existing and new customers. And while early, are pleased with the results. The total minutes viewed for our app-based streaming services on Roku, Amazon Fire, Apple TV, Comcast, Android TV, Samsung TV, Cox, and our QVC Plus and HSN+ websites increased 10% sequentially in quarter 4.

首先，我們正在投資我們的視頻商務和流媒體產品，並增加免費的無線家庭，作為對剪線的攻防策略。這裡的努力既集中在擴大平台分佈上，也集中在提高這些新平台上的參與度和保留率上。我們的流媒體服務現在比我們的線性電視具有更大的分發範圍。我們通過我們的流媒體平台從現有和新客戶那裡獲得收入。雖然還早，但對結果感到滿意。在 Roku、Amazon Fire、Apple TV、Comcast、Android TV、Samsung TV、Cox 以及我們的 QVC Plus 和 HSN+ 網站上，我們基於應用程序的流媒體服務的總觀看分鐘數在第 4 季度環比增長了 10%。

As we continue to expand distribution in quarter 4, launching on 2 of the largest free ad-supported streaming TV, our fast channels, the Roku Channel and Pluto TV. Second, we have moved to dedicated merchandise leads at QVC and HSN focused on curating a fresh, relevant merchandise portfolio differentiated by brand. This is critical to keeping our loyal customer base engaged.

隨著我們在第 4 季度繼續擴大分銷，推出了兩個最大的免費廣告支持流媒體電視，我們的快速頻道 Roku 頻道和 Pluto TV。其次，我們已經轉移到 QVC 和 HSN 的專門商品主管，專注於策劃一個新鮮的、相關的、按品牌區分的商品組合。這對於保持我們忠實的客戶群的參與至關重要。

Stacy Bowe our new Chief Merchant at QVC joined in September, and we are very pleased with our progress and encouraged by early signs of demand improvement in 2023. Merchandising work will take time to fully impact our results due to product lead times and curating newer merchandise. In January, we worked tenaciously to bring fresh receipts to customers.

我們在 QVC 的新首席商人 Stacy Bowe 於 9 月加入，我們對我們的進展感到非常高興，並為 2023 年需求改善的早期跡象感到鼓舞。由於產品交貨時間和策劃更新的商品，銷售工作需要時間才能完全影響我們的結果.一月，我們頑強拼搏，為客戶帶來了新鮮的收據。

During our Premiere week, we launched the campaign around new shows, brands and items. We brought back excitement to our studios with a 24-hour master beauty class that included a 360-degree marketing campaign across streaming, digital, linear and social platforms. We hosted the first Live Audience Show in 2 years with the In the Kitchen with David show, which exceeded sales expectations. We are also seeing strength in newer subcategories, including color blazers, French Terry and private label sweaters in apparel, heeled sandals, pumps and wedges in footwear, leather handbags in accessories, gourmet food and diamonds, gemstones and earrings in jewelry.

在首映週期間，我們圍繞新節目、品牌和商品開展了宣傳活動。我們通過 24 小時美容大師課程讓我們的工作室重新煥發活力，其中包括跨流媒體、數字、線性和社交平台的 360 度營銷活動。我們在 2 年內舉辦了首場現場觀眾秀，與 David 一起在廚房裡表演，超出了銷售預期。我們還看到了較新的子類別的優勢，包括服裝中的彩色西裝外套、法式毛圈布和自有品牌毛衣、鞋類中的高跟涼鞋、高跟鞋和坡跟鞋、配飾中的皮革手袋、美食和珠寶中的鑽石、寶石和耳環。

Finally, but importantly, now that we have meaningfully advanced our inventory reduction and cost management actions, we can focus more directly on the customer experience and operational execution. We are using advanced analytics to better align product, price and airtime to bolster real-time pricing and promotion adjustments occurring at the product level. We are also reducing order to delivery times by increasing fulfillment center efficiency with enhanced systems and more optimized inventory and leaning more heavily into personalization. We are tracking the success of these efforts across cohorts and through multiple time periods.

最後但重要的是，既然我們已經有意義地推進了庫存減少和成本管理行動，我們可以更直接地關注客戶體驗和運營執行。我們正在使用高級分析來更好地調整產品、價格和通話時間，以支持在產品級別進行的實時定價和促銷調整。我們還通過增強的系統和更優化的庫存以及更多地傾向於個性化來提高履行中心的效率，從而縮短訂單到交貨時間。我們正在跨隊列和多個時間段跟踪這些努力的成功。

In closing, 2022 was a challenging year in which we made hard but necessary decisions that leave us better positioned to execute. As we look forward, we are intensely focused on executing Project Athens and are on track to deliver the 2023 and 2024 outcomes. Before I turn it to Jim to discuss each of our businesses, we are excited to welcome Bill Wafford, who has been named Chief Financial Officer of Qurate Retail Group starting March 20. Bill brings more than 25 years of experience in corporate finance, management consulting and executive leadership across retail, consumer goods and digital commerce businesses.

最後，2022 年是充滿挑戰的一年，我們做出了艱難但必要的決定，使我們能夠更好地執行。展望未來，我們將專注於執行雅典項目，並有望實現 2023 年和 2024 年的成果。在我請 Jim 討論我們的每項業務之前，我們很高興地歡迎 Bill Wafford，他從 3 月 20 日起被任命為 Qurate Retail Group 的首席財務官。Bill 帶來了超過 25 年的企業財務、管理諮詢經驗以及零售、消費品和數字商務業務的執行領導。

He joins Qurate from Everlane, a digitally native apparel, footwear and accessories brand, where he was CFO. Prior to that, Bill was CFO of JCPenney and the Vitamin Shoppe and previously served in various executive management, consulting and finance roles. We will leverage his strategic insights deep experience with transformations, financial discipline and executive leadership. We are excited to add Bill's experience and talent to lead our finance team.

他在 Everlane 加入 Qurate，Everlane 是一家數字原生服裝、鞋類和配飾品牌，他是該公司的首席財務官。在此之前，Bill 是 JCPenney 和 Vitamin Shoppe 的首席財務官，之前曾擔任過各種執行管理、諮詢和財務職務。我們將利用他在轉型、財務紀律和行政領導方面的豐富經驗的戰略洞察力。我們很高興能加入 Bill 的經驗和才能來領導我們的財務團隊。

I want to thank Jim Hathaway for his service as interim CFO and maintaining a high level of focus and attention to the business as we have pursued Project Athens. Once Bill joins Qurate, Jim will become CFO of QVC U.S., our largest operating division.

我要感謝吉姆海瑟薇作為臨時首席財務官的服務，並在我們追求雅典項目時保持對業務的高度關注和關注。 Bill 加入 Qurate 後，Jim 將成為我們最大的運營部門 QVC U.S. 的首席財務官。

Now I'll turn the call over to Jim to discuss the details of each business unit. Thank you, Jim.

現在我將電話轉給吉姆討論每個業務部門的細節。謝謝你，吉姆。

Thank you, David, and good morning, everyone. Unless otherwise noted, my comments compare financial performance for the 3 months ended December 31, 2022, to the same period in 2021.

謝謝你，大衛，大家早上好。除非另有說明，否則我的評論將截至 2022 年 12 月 31 日的三個月的財務業績與 2021 年同期進行了比較。

Starting with QxH. Revenue declined 11%, primarily on lower unit volume and reduced shipping and handling revenue. E-commerce revenue declined 12%, essentially in line with overall revenue performance. We took action to reduce our inventory in Q4 through promotions and clearance actions as well as reduced receipts. We pulled back on receipts which affected our ability to offer customers fresh merchandise. This affected demand in several categories but primarily impacted the home, accessories and apparel categories at QVC and apparel, accessories and jewelry categories at HSN.

從 QxH 開始。收入下降 11%，主要是由於單位數量減少以及運輸和處理收入減少。電子商務收入下降 12%，與整體收入表現基本一致。我們採取行動通過促銷和清倉行動以及減少收據來減少第四季度的庫存。我們收回了收據，這影響了我們為客戶提供新鮮商品的能力。這影響了多個類別的需求，但主要影響了 QVC 的家居、配飾和服裝類別以及 HSN 的服裝、配飾和珠寶類別。

Home revenue declined 13%. In Q4, we experienced lower demand primarily for seasonal home improvement, decor and vitamins and supplements, partially offset by growth in floor care. Apparel declined 15% against 19% growth in Q4 of 2021 last year. The Q4 softness was primarily in classic and contemporary apparel. Beauty declined 6% against a 4% gain in Q4 of last year. I'd also like to note that Q4 2022 performance was an improvement from the second and third quarters. The decline was primarily due to weakness in hair care and Bath & Body, partially offset by gains in colors and nails. Accessories declined 10%, primarily due to lower demand for loungewear and casual footwear.

家庭收入下降了 13%。在第四季度，我們主要對季節性家居裝修、裝飾、維生素和補充劑的需求下降，部分被地板護理的增長所抵消。去年 2021 年第 4 季度服裝銷售額增長 19%，而下降了 15%。 Q4 的柔軟度主要體現在經典和現代服裝上。美容業務下降了 6%，而去年第四季度增長了 4%。我還想指出，2022 年第四季度的業績比第二季度和第三季度有所改善。下降的主要原因是頭髮護理和沐浴及身體產品的疲軟，部分被顏色和指甲的增長所抵消。配飾下降 10%，主要是由於家居服和休閒鞋的需求下降。

Electronics revenue declined 14%, primarily due to softness for computers, home office, smart home and tablets, partially offset by growth in audio. Adjusted OIBDA experienced material pressure declining 60% with adjusted OIBDA margin decreasing 810 basis points.

電子產品收入下降 14%，主要是由於計算機、家庭辦公、智能家居和平板電腦的疲軟，部分被音頻的增長所抵消。調整後的 OIBDA 經歷了物質壓力下降 60%，調整後的 OIBDA 利潤率下降 810 個基點。

Looking at the main components of the margin compression, gross margin declined 430 basis points, primarily reflecting unfavorable product margins. Product margins decreased largely due to promotional activity to clear through the excess inventory and remain price competitive in a promotional landscape. Lower shipping and handling revenue also contributed to the decline as they ran increased shipping and handling promotions at both QVC and HSN. These pressures were partially offset by favorable returns.

從利潤率壓縮的主要組成部分來看，毛利率下降了 430 個基點，主要反映了不利的產品利潤率。產品利潤率的下降主要是由於促銷活動清除了過剩庫存並在促銷環境中保持價格競爭力。較低的運輸和處理收入也導致了下降，因為他們在 QVC 和 HSN 增加了運輸和處理促銷活動。這些壓力被有利的回報部分抵消了。

Fulfillment expenses reflect higher freight rates, fuel and surcharges largely due to inflation, $16 million of incremental rent from the sale and leaseback transactions in Q4, detention and demurrage costs and sales deleverage. These headwinds were partially offset by savings from decommissioning our Lancaster, Pennsylvania and Roanoke, Virginia fulfillment centers as well as lower wages as we didn't have the same incentive pay in our fulfillment centers in 2022.

履行費用反映了較高的運費、燃料和附加費，這主要是由於通貨膨脹、第四季度售後回租交易產生的 1600 萬美元增量租金、滯留費和滯期費以及銷售去槓桿化。這些不利因素部分被我們賓夕法尼亞州蘭開斯特和弗吉尼亞州羅阿諾克運營中心退役所節省的資金以及較低的工資所抵消，因為我們在 2022 年的運營中心沒有相同的激勵薪酬。

Inventory obsolescence pressure has improved sequentially, but still increased year-over-year primarily due to reserves on remaining inventory balances not yet liquidated, partially offset by reduced inventory levels. Operating expenses were unfavorable 70 basis points, primarily due to commissions, which reflected expanded over-the-air distribution Ion, TEGNA, Scripps and Nexstar.

庫存過時壓力環比有所改善，但仍同比增加，這主要是由於尚未清算的剩餘庫存餘額的準備金，部分被庫存水平下降所抵消。營業費用為不利的 70 個基點，主要是由於佣金，這反映了 Ion、TEGNA、Scripps 和 Nexstar 擴大的無線分銷。

SG&A was unfavorable approximately 300 basis points. Fixed cost pressure was primarily due to sales deleverage, investments in video commerce ventures and $7 million of corporate rent post the sale [Newspack]. Marketing expense increased year-over-year primarily due to retention marketing and investments to expand our commerce platforms, which were partially offset by reduced advertising spend.

SG&A 不利約 300 個基點。固定成本壓力主要是由於銷售去槓桿化、對視頻商務企業的投資以及出售後 700 萬美元的公司租金 [Newspack]。營銷費用同比增長主要是由於保留營銷和擴大我們的商業平台的投資，這部分被減少的廣告支出所抵消。

Moving on to QVC International. My comments will focus on constant currency results. Revenue declined 4%, primarily on lower unit volume and reduced shipping and handling revenue. our largest European businesses, Germany and the U.K., declined in the low double digits and experienced weakened consumer sentiment from historic inflation, particularly energy. QVC Japan was less impacted by these factors and grew mid- to high single digits. Like QxH, inventory reduction actions impacted sales, particularly in the home categories. QVC International experienced declines across all categories except for apparel.

轉到 QVC 國際。我的評論將集中在不變的貨幣結果上。收入下降 4%，主要是由於單位數量減少以及運輸和處理收入減少。我們最大的歐洲企業，德國和英國，下降了兩位數，消費者信心因歷史性通脹而減弱，尤其是能源。 QVC Japan 受這些因素的影響較小，並實現了中高個位數的增長。與 QxH 一樣，庫存減少行動影響了銷售，尤其是在家居類別中。 QVC International 除服裝外的所有類別均出現下滑。

Adjusted OIBDA decreased 26% and adjusted OIBDA margin declined 510 basis points. The primary factors for the margin compression were lower gross margin and higher fixed costs. Gross margin declined 290 basis points. Product margins declined, reflecting inventory reduction actions and lower shipping, handling revenue due to reduced unit volume and free shipping and handling promotions. Fulfillment costs reflects sales deleverage and higher labor costs caused by an increased minimum labor rates and COVID-related staffing challenges as well as higher freight rates in European markets. Inventory obsolescence reflected higher provisions for aged inventories in our European markets. Operating expenses were unfavorable, reflecting deleverage of commissions. SG&A was unfavorable primarily due to sales deleverage and higher fixed costs, which rose due to higher wages and benefits as well as software and IT project costs.

調整後的 OIBDA 下降了 26%，調整後的 OIBDA 利潤率下降了 510 個基點。利潤率壓縮的主要因素是較低的毛利率和較高的固定成本。毛利率下降了 290 個基點。產品利潤率下降，反映了庫存減少行動和運費下降，由於單位數量減少以及免費送貨和裝卸促銷導致的處理收入。履行成本反映了銷售去槓桿化和由最低勞動力率上升和 COVID 相關人員配置挑戰以及歐洲市場更高的運費率導致的更高勞動力成本。庫存過時反映出我們歐洲市場對陳舊庫存的準備金增加。運營費用不利，反映了佣金的去槓桿化。 SG&A 不利的主要原因是銷售去槓桿化和更高的固定成本，固定成本因更高的工資和福利以及軟件和 IT 項目成本而上升。

Moving to Cornerstone. Revenue declined 3%, reflecting softness in certain categories such as outdoor furniture, seasonal Halloween products and women's apparel. These pressures were partially offset by record fourth quarter revenue at Ballard Designs. It's noteworthy to mention that for the full year, Cornerstone generated record revenue at each of its brands. Adjusted OIBDA decreased $41 million due to higher inbound transportation costs and detention and demurrage fees for storage and handling, which are largely driven by delays in the construction of our new Phoenix fulfillment center at Cornerstone. We expect this fulfillment center to be operational by the end of the second quarter.

搬到基石。收入下降 3%，反映出某些類別的疲軟，例如戶外家具、季節性萬聖節產品和女裝。 Ballard Designs 創紀錄的第四季度收入部分抵消了這些壓力。值得一提的是，Cornerstone 全年的每個品牌都創造了創紀錄的收入。調整後的 OIBDA 減少了 4100 萬美元，原因是入境運輸成本以及倉儲和裝卸的滯留費和滯期費增加，這主要是由於我們在 Cornerstone 的新鳳凰城運營中心的建設延誤所致。我們預計該運營中心將在第二季度末投入運營。

Looking at Zulily. Revenue declined 28% primarily due to lower unit volume and shipping and handling revenue, reflecting decreased traffic to the site. These pressures were partially offset by improved availability of national brand product in the fourth quarter. Adjusted OIBDA declined $26 million, primarily due to lower product margins, higher marketing expenses and deleverage of fixed cost. These pressures were partially offset by lower fulfillment costs.

看著祖莉莉。收入下降 28%，主要是由於單位數量以及運輸和處理收入減少，反映出網站流量減少。這些壓力部分被第四季度民族品牌產品可用性的提高所抵消。調整後的 OIBDA 下降了 2600 萬美元，這主要是由於產品利潤率下降、營銷費用增加以及固定成本去槓桿化。這些壓力被較低的履行成本部分抵消了。

Turning to the balance sheet and cash flow. Total capital expenditures were $268 million for 2022, and we spent $45 million on renewals of our TV distribution contracts. Total free cash flow for the year ended December 31, 2022, was a use of $9 million versus a source of cash of $611 million last year. The year-over-year decline was attributed to lower cash from operations, driven by our weaker operating results as well as unfavorable working capital headwinds, partially offset by lower payments for TV distribution rights.

轉向資產負債表和現金流量。 2022 年的總資本支出為 2.68 億美元，我們在電視發行合同的續籤上花費了 4500 萬美元。截至 2022 年 12 月 31 日止年度的自由現金流總額為 900 萬美元，而去年的現金來源為 6.11 億美元。同比下降是由於我們較弱的經營業績以及不利的營運資金逆風導致運營現金減少，部分被電視發行權付款減少所抵消。

As David said, 2022 free cash flow included approximately $150 million to $200 million of working capital headwinds related to payables aligning with prior year inventory purchases. With the inventory actions we have taken, we anticipate a working capital benefit from the normalization of our accounts payable in the first half of 2023.

正如 David 所說，2022 年的自由現金流包括大約 1.5 億至 2 億美元的營運資金逆風，這些逆風與與上一年的庫存採購保持一致的應付賬款有關。通過我們採取的庫存行動，我們預計 2023 年上半年應付賬款正常化將帶來營運資金收益。

Our 2022 free cash flow includes $693 million of sale and leaseback proceeds and $280 million of insurance proceeds related to Rocky Mount. While 2022 cash flow was pressured, we are in a better starting position going into 2023. I want to reiterate that we are confident in our ability to generate $300 million to $500 million of run rate free cash flow opportunities driven by Project Athens work streams. We expect they will ramp in the second half of 2023 and reach scale in 2024. We anticipate capital expenditures of approximately $260 million in 2023, representing a reduction from 2022 even after necessary investments in Project Athens related IT initiatives. Our TV distribution payments can fluctuate year-over-year depending on renewal cycles, but we expect the 2-year average to be approximately $100 million.

我們 2022 年的自由現金流包括 6.93 億美元的售後回租收益以及 2.8 億美元的與落基山相關的保險收益。雖然 2022 年的現金流面臨壓力，但我們在進入 2023 年時處於更好的起點。我想重申，我們有信心在雅典項目工作流的推動下產生 3 億至 5 億美元的運行率自由現金流機會。我們預計它們將在 2023 年下半年增加，並在 2024 年達到規模。我們預計 2023 年的資本支出約為 2.6 億美元，即使在對雅典項目相關的 IT 計劃進行必要的投資之後，也比 2022 年有所減少。根據續訂週期，我們的電視發行費用可能會逐年波動，但我們預計 2 年的平均值約為 1 億美元。

Looking at our debt profile. On December 31, 2022, we had $1.1 billion drawn on the QVC revolver with $215 billion (sic) [$2.15 billion] of incremental availability. Our leverage ratio, as defined by the QVC revolving credit facility was 2.8x. We took significant action throughout 2022 to create liquidity and position ourselves to execute on our strategic priorities. We believe our debt level is manageable and have sufficient cushion relative to the 4.5x maximum net coverage -- net leverage covenant threshold in our credit facility. This net leverage covenant includes the adjusted OIBDA of QVC, Cornerstone and Zulily and also includes the gains on sale and leaseback transactions for the 4 quarters following such transactions. As of December 31, 2022, Qurate Retail has total cash of $1.3 billion.

看看我們的債務狀況。 2022 年 12 月 31 日，我們從 QVC 左輪手槍中提取了 11 億美元，增量可用性為 2150 億美元（原文如此）[21.5 億美元]。根據 QVC 循環信貸額度的定義，我們的槓桿率為 2.8 倍。我們在整個 2022 年採取了重大行動來創造流動性，並為執行我們的戰略重點做好準備。我們相信我們的債務水平是可控的，並且相對於我們信貸額度中的 4.5 倍最大淨覆蓋率——淨槓桿契約閾值有足夠的緩衝。該淨槓桿契約包括 QVC、Cornerstone 和 Zulily 的調整後 OIBDA，還包括此類交易後 4 個季度的售後回租交易收益。截至 2022 年 12 月 31 日，Qurate Retail 的現金總額為 13 億美元。

With that, I'll turn the call over to Greg.

有了這個，我會把電話轉給格雷格。

Thank you, Jim. So there's no doubt that in 2022 this business navigated a lot. Some are outside of its control, like the Rocky Mount fire and the continued downstream impacts, supply shortages, which quickly turned into excess inventory, record inflation in freight and an enduring negative consumer sentiment around retail and the changing macro environment. Some were definitely under our control, including underserving our core invest customers, over-rotating product and overbuying with constrained inventory capacity. We acknowledge this as a turnaround story. 2022 was a horrible year.

謝謝你，吉姆。因此，毫無疑問，在 2022 年，這項業務取得了很大進展。有些是其無法控制的，例如落基山大火和持續的下游影響、供應短缺（很快變成庫存過剩）、創紀錄的貨運通脹以及圍繞零售和不斷變化的宏觀環境的持久負面消費者情緒。有些絕對在我們的控制之下，包括為我們的核心投資客戶提供的服務不足、過度輪換產品以及在庫存能力受限的情況下過度購買。我們承認這是一個轉機故事。 2022 年是可怕的一年。

First, we've taken action as Jim noted out on the balance sheet to clean up and provide us more room. We had $693 million of total sale-leaseback proceeds in 2022 and an additional $182 million in 2023 from our European properties. We also took a series of actions in the fourth quarter resulting in a redistribution of our cash, $875 million at the corporate level, excluding a modest incremental cash at Zulily and CBI, of which $500 million is a QRI to satisfy multiple years of corporate level obligation and $375 million is at LI LLC for debt service. We also have $357 million at QVC, Inc.

首先，我們已經採取了吉姆在資產負債表上指出的行動來清理並為我們提供更多空間。 2022 年，我們的售後回租收益總額為 6.93 億美元，2023 年我們的歐洲物業收益為 1.82 億美元。我們還在第四季度採取了一系列行動，導致我們的現金重新分配，在公司層面為 8.75 億美元，不包括 Zulily 和 CBI 的適度增量現金，其中 5 億美元是 QRI 以滿足多年的公司層面義務和 3.75 億美元在 LI LLC 用於償債。我們在 QVC, Inc. 也有 3.57 億美元。

We are, as I said, in a turnaround story. We believe this team has taken hundreds of actions, some of which have been mentioned here. To address cost controls, including the headcount actions that were taken, which are waiting for this year, and other revenue opportunities, which will be for 2024 and the years ahead. We think we bought ourselves time to implement this turnaround story.

正如我所說，我們正處在一個轉機故事中。我們相信這個團隊已經採取了數百項行動，其中一些已在此處提及。為了解決成本控制問題，包括今年正在等待的已採取的員工人數行動，以及 2024 年和未來幾年的其他收入機會。我們認為我們為自己爭取了時間來實施這個轉機故事。

And with that, we'll open it up for questions.

有了這個，我們將打開它來提問。

(Operator Instructions) The first question today is coming from Jason Haas of Bank of America.

（操作員說明）今天的第一個問題來自美國銀行的傑森哈斯。

So maybe starting with the long-term guidance for -- I believe it's relatively stable revenue growth and double-digit OIBDA growth for this year and next year. Is that a good framework to use for this year? Or is the cadence going to be -- I don't know if it will be softer than that in this year and then get better in 2024? And then any help by segment would also be great. I know you're entering this year with a lower customer count, at least in the meantime with QxH. So just curious about sort of like the cadence through this year as well.

因此，也許從長期指導開始——我相信今年和明年的收入增長相對穩定，OIBDA 增長兩位數。這是一個適合今年使用的框架嗎？或者節奏會是——我不知道它是否會比今年更柔和，然後在 2024 年變得更好？然後細分市場的任何幫助也會很棒。我知道您進入今年時客戶數量較少，至少與 QxH 同時如此。所以只是對今年的節奏感到好奇。

Yes. Thank you, Jason. I appreciate both questions. So the cadence we set out for the Project Athens initiative, I think you can apply stable revenue, double-digit OIBDA for this year and next year. So I think you had it right in your interpretation. On the customer count, I want to talk through that just a little bit. I imagine that it's a question a number of people have. So as we've discussed before, we report customer counts on a trailing 12-month basis. What you actually see in the last 12 months is we have the last really big crop of pandemic customers. And so the biggest driver of our decline and the 12-month trailing was actually Q1 2022 over Q1 2021.

是的。謝謝你，傑森。我很欣賞這兩個問題。所以我們為雅典項目計劃設定的節奏，我認為你可以在今年和明年申請穩定的收入，兩位數的 OIBDA。所以我認為你的解釋是正確的。關於客戶數量，我想談一談。我想這是很多人都有的一個問題。因此，正如我們之前所討論的，我們以過去 12 個月為基礎報告客戶數量。你在過去 12 個月中實際看到的是，我們擁有最後一批真正大量的大流行病客戶。因此，我們下降和 12 個月落後的最大驅動因素實際上是 2022 年第一季度超過 2021 年第一季度。

Q1 2021 was one of the strongest Q1s in recent years. Total customers in Q1 2021 grew 10%. New customers grew 32%. And in fact, it was the largest year-over-year decline in customer count for Q1 in 2022 than any other quarter. And so the biggest driver was this abnormally big increase in Q1 2021 versus Q1 2022. Obviously, that will fall off the next time we report 12 months trailing. So that's hiding a lot of the moderation we've had in the customer count decline since then. And I think now we're seeing customer counts decline around or a little bit ahead of the improvement that we see in revenue declines.

2021 年第一季度是近年來最強勁的第一季度之一。 2021 年第一季度的總客戶增長了 10%。新客戶增長了 32%。事實上，這是 2022 年第一季度客戶數量同比降幅最大的一個季度。因此，最大的驅動因素是 2021 年第一季度與 2022 年第一季度相比異常大的增長。顯然，下一次我們報告 12 個月的尾隨時，這種增長將會下降。因此，這隱藏了自那時以來我們在客戶數量下降方面的很多緩和。而且我認為現在我們看到客戶數量在我們看到的收入下降改善之前或略微下降。

The second thing I'd say about customer count is that our existing customer count has been more stable than our new customer count. What we are seeing and the existing customer count is continued nice stabilization, especially at QVC. The new customer count is partially explainable by what we did with our advertising and marketing budget.

關於客戶數量，我要說的第二件事是我們現有的客戶數量比我們的新客戶數量更穩定。我們所看到的和現有的客戶數量是持續良好的穩定，尤其是在 QVC。新客戶數量部分可以通過我們對廣告和營銷預算所做的工作來解釋。

We took down brand advertising in the fourth quarter by 27% which we know disproportionately brings in new customers, and we instead reprogrammed some of that the marketing and advertising dollars into targeting existing and returning customers. And so the drop in new customers, the new customer year-over-year decline was partially a result of a conscious decision we made in the fourth quarter to concentrate on existing customers, especially because we were doing so much clearance actions. And so we weren't going to have a lot of the ideal merchandise that new customers who we attracted would want to see.

我們在第四季度將品牌廣告減少了 27%，我們知道這不成比例地帶來了新客戶，我們反而將部分營銷和廣告資金重新規劃為針對現有客戶和回頭客。因此，新客戶的減少，新客戶同比下降的部分原因是我們在第四季度做出了有意識的決定，將注意力集中在現有客戶身上，特別是因為我們做了很多清理行動。因此，我們不會有很多我們吸引的新客戶希望看到的理想商品。

Final note, I'll make is that over the course of the year, we saw sequential improvement in existing customers, new customers and reactivating customers, and we're continuing to see that moderation continue into the beginning of 2023. So I think the customer story is a little bit better than you can read looking at the trailing 12-month.

最後一點，我要說明的是，在這一年中，我們看到現有客戶、新客戶和重新激活客戶的連續改善，而且我們將繼續看到這種放緩持續到 2023 年初。所以我認為客戶故事比過去 12 個月的閱讀要好一些。

That's helpful. Just to follow-up on the first one of my question, just to make sure I understood correctly. Is flat revenue in double-digit OIBDA the right framework to use for 2023? And then if so, what's the cadence of that through the year, revenue down in the beginning and then up in the second half?

這很有幫助。只是為了跟進我的第一個問題，只是為了確保我理解正確。兩位數 OIBDA 的固定收入是否是 2023 年使用的正確框架？如果是這樣，那麼全年的節奏是什麼，收入在開始時下降然後在下半年上升？

Yes. So I think we said flat. I think we said stable. And so I think stable revenue in 2023 is the right way to think about it. And I think you'll see some relative improvement on the year-over-year compares as we go through the year.

是的。所以我想我們說的是持平。我想我們說的是穩定。所以我認為 2023 年穩定的收入是正確的思考方式。而且我認為，隨著我們經歷這一年，您會看到與去年同期相比有一些相對改善。

Got it. That's helpful. And then I wanted to follow up. I think you gave the sequential quarter-over-quarter number for streaming minutes viewed. But I know in the past, you've given sort of like an overall minutes view number. So I was curious how that trended? And ultimately, a question I get a lot is just on how much of the revenue decline has been? Is it a cord-cutting issue versus is it something else is the merchandising or supply chain issues that you face? So if you could just kind of help parse it out, it would helpful for a lot of people.

知道了。這很有幫助。然後我想跟進。我想你給出了流媒體觀看時間的連續季度環比數字。但我知道過去，你給出了一個整體的會議記錄觀看次數。所以我很好奇這是怎麼發展的？最後，我經常收到的一個問題是收入下降了多少？這是一個剪線問題還是您面臨的商品銷售或供應鏈問題？因此，如果您能提供一些幫助來解析它，那將對很多人有所幫助。

Yes, that's great. So we have, in the past, talked in streaming about monthly active users. I think we'll selectively talk about that. One of the things we've seen is that the monthly active users numbers we get from a lot of our main streaming app, things like Roku and Amazon Fire. Increasingly, what we're seeing growing is our FAST channels. and we don't get monthly active users from the FAST channels. The most common metric across all the streaming platforms is minutes viewed. And so that's why I talked about a minutes viewed number here. We've continued to see encouraging signs on monthly active users as well as we've gone through the year as that's also been on the growth path.

是的，那太好了。因此，我們過去曾在流媒體中談論過每月活躍用戶。我想我們會選擇性地討論這個問題。我們看到的一件事是，我們從許多主要流媒體應用程序（如 Roku 和 Amazon Fire）中獲得的每月活躍用戶數。我們越來越多地看到增長的是我們的 FAST 渠道。而且我們沒有從 FAST 渠道獲得每月活躍用戶。所有流媒體平台最常見的指標是瀏覽分鐘數。這就是為什麼我在這裡談論分鐘觀看次數的原因。我們繼續看到每月活躍用戶令人鼓舞的跡象，而且我們已經度過了這一年，因為它也一直在增長。

In terms of the drivers of the decline, I would say cord-cutting has definitely been there. And obviously, we have to eventually get the customer count up. I would also say, in terms of revenue, we didn't get a lot of price this year, and that was partially impacted by clearance actions and so on the revenue line. That was also a headwind. I would say in the last 12 to 18 months, given the supply chain challenges, our business is so sensitive to driving a purchase occasion. At the moment, you're looking at the television screen or at the moment, you're looking at a computer or a mobile screen of something you want.

就下降的驅動因素而言，我想說斷線肯定存在。顯然，我們最終必須統計客戶數量。我還要說，就收入而言，今年我們沒有得到太多價格，這在一定程度上受到了清關行動等收入線的影響。這也是一個逆風。我想說的是，在過去的 12 到 18 個月裡，鑑於供應鏈的挑戰，我們的業務對推動購買時機非常敏感。此刻，你正在看電視屏幕，或者此刻，你正在看你想要的東西的電腦或手機屏幕。

And so we are disproportionately -- have been disproportionately impacted in 2022 by some of the supply chain -- by some of the supply chain challenges. And as I think I've admitted to before, I think we -- over the past periods did get not as crisp in executing some of the core pieces of our value proposition, which we're working on improving now. So I wouldn't put percentages to it, but I think all of those are drivers -- have been drivers.

因此，我們在 2022 年受到了一些供應鏈挑戰的不成比例的影響。正如我之前承認的那樣，我認為我們——在過去的時期裡，我們在執行我們價值主張的一些核心部分時確實沒有那麼清晰，我們現在正在努力改進這些核心部分。所以我不會用百分比來表示，但我認為所有這些都是驅動因素——一直是驅動因素。

The next question is coming from Carla Casella of JPMorgan.

下一個問題來自摩根大通的 Carla Casella。

A couple of housekeeping items. You typically disclose the deferred tax liability at year-end. Can you just give us where that or approximately where that sits today?

一些家政用品。您通常會在年底披露遞延所得稅負債。你能告訴我們今天的位置或大致位置嗎？

I believe what we disclosed at year-end was approximately $850 million.

我相信我們在年底披露的金額約為 8.5 億美元。

Okay. Great. And then...

好的。偉大的。進而...

For you to -- the Investor Day slides.

為你 - 投資者日幻燈片。

Okay. And then I think I heard you correctly, you said that you have $1.3 billion of cash, but I missed the time frame of that. And I'm wondering how much of it is at QVC and versus Qurate and or the parent company? And how you think about -- do you hold more cash at the parent level, given you have the potential for this charter debenture payment in October or anything else or will that cash go down to pay down the heavy drawing on the revolver at QVC?

好的。然後我想我沒聽錯，你說你有 13 億美元的現金，但我錯過了那個時間框架。我想知道 QVC 與 Qurate 和/或母公司相比有多少？你怎麼想——你是否在母公司持有更多現金，考慮到你有可能在 10 月份支付這種特許債券或其他任何東西，或者這些現金是否會減少以支付 QVC 左輪手槍的大量提款？

Sure, Carla. It's Ben Oren. So just to clarify, we've got after some actions we took in Q4, $875 million of cash at the corporate level. That's split into $500 million at the QRI level, $375 million at Liberty Interactive and some small amounts at Cornerstone and Zulily as of 12/31. The benefit of having that cash in the various tiers is to address our various debt obligations and contractual obligations at each tier. We expect to continue to use cash and borrowings at the QVC level or the QRG level to fund debt service at Liberty Interactive.

當然，卡拉。是本·奧倫。所以澄清一下，我們在第四季度採取了一些行動後，在公司層面獲得了 8.75 億美元的現金。截至 12 月 31 日，這分為 QRI 級別的 5 億美元、Liberty Interactive 的 3.75 億美元以及 Cornerstone 和 Zulily 的少量金額。在各個層級擁有現金的好處是可以解決我們在每一層級的各種債務義務和合同義務。我們預計將繼續使用 QVC 級別或 QRG 級別的現金和借款來為 Liberty Interactive 的償債提供資金。

And we actually did have some exchanges of the 1.75% charter exchangeable in Q1. We have, as of today, exchanged or satisfied conversions of $157 million in face value for $182 million of market value. That $157 million was funded by cash and additional borrowings at the QVC Inc. level after 12/31. And the premium above the face value was funded by the indemnification from Liberty Broadband.

事實上，我們確實在第一季度進行了一些可交換的 1.75% 租船合同。截至今天，我們已將 1.57 億美元的面值兌換或滿足 1.82 億美元的市值轉換。這 1.57 億美元的資金來自 12/31 之後 QVC Inc. 級別的現金和額外借款。高於面值的溢價由 Liberty Broadband 的賠償提供資金。

Okay. And then did you say where the cash to those numbers that you gave, that wouldn't include the proceeds from the sale leaseback that was completed in U.K. and Germany. Have you -- did you give the pro forma cash?

好的。然後你有沒有說你給的那些數字的現金在哪裡，這不包括在英國和德國完成的售後回租的收益。你有沒有 - 你給了備考現金嗎？

We did not give the pro forma cash. The cash that was received for the sale leaseback was used to repay revolver debt.

我們沒有給備考現金。售後回租收到的現金用於償還左輪手槍債務。

Okay. That's great. And then just -- I was surprised to hear comments about demurrage costs in 4Q. I felt like that was something that we'd be lapping. Can you just talk about what the demurrage was in 4Q versus 3Q versus last year? And when will that sunset? Or could we see more of that in the first half of '23?

好的。那太棒了。然後——我很驚訝地聽到有關第四季度滯期費的評論。我覺得那是我們要拍的東西。你能談談第四季度與第三季度與去年相比滯期費是多少嗎？什麼時候日落？或者我們能在 23 年上半年看到更多這樣的東西嗎？

Great. This is Jim Hathaway, Carla. This is a great question, is we saw a significant amount of detention and demurrage in the first half of the year, driven by 3 things: One is the marketplace increases on trailer storage; second was post to tragedy Rocky Mount, we needed additional storage. That was the thousands of trailers that we spoke to; and then the third thing was we did have some detention and demurrage in CBI, that I was referring to, as we were standing up the Phoenix location. Right now, we can say with the inventory actions that David spoke to, is we're back down to a normal trailer level and a fairly normal level in our FCs. And so the detention and demurrage, I was speaking about that we may see to some degree in 2023 is just as we stand up the Phoenix location in CBI, which we anticipate to be done by the second quarter.

偉大的。這是吉姆·海瑟薇，卡拉。這是一個很好的問題，我們在今年上半年看到了大量的滯留費和滯期費，這是由三件事驅動的：一是拖車存儲市場的增加；第二個是悲劇落基山之後，我們需要額外的存儲空間。那是我們採訪過的成千上萬的預告片；然後第三件事是我們在 CBI 確實有一些滯留和滯期費，我指的是，當我們站在鳳凰城的位置時。現在，我們可以說 David 談到的庫存行動，我們是否回到了正常的拖車水平和我們 FC 的相當正常的水平。因此，滯留費和滯期費，我說的是我們可能會在 2023 年在某種程度上看到，就像我們在 CBI 的鳳凰城站起來一樣，我們預計將在第二季度完成。

Okay. great. And then can you talk about -- you mentioned your inventory is much cleaner. This will be my last question. The impact on '23, does that give you ability to lean in on any specific categories or there's others where you're kind of holding back on leaning in on either because of the environment or just what's going on in the channel?

好的。偉大的。然後你能談談——你提到你的庫存要乾淨得多。這將是我的最後一個問題。對 23 年的影響，這是否使您能夠依賴任何特定類別，或者由於環境或頻道中正在發生的事情，您在其他方面有點阻礙依賴？

Yes. I would say what it allows us to do is to be more varied in our mix as much as anything is -- and to be more properly allocated in our mix. We are part of the Project Athens work is a set of programming work to better optimize our programming. We couldn't get to that optimization in the fourth quarter because we had to devote so much of our resources to getting through the inventory. It also allows us to do some pushes on things like. We have Selma Blair. We think there's a big opportunity and adaptive. And so we're going to be working with her to bring some new items in and until some new stories to our customers. And there are a number of other initiatives like that, that we weren't able -- that we think are going to be very attractive to our customers, but we were not able to get to given the inventory backlog.

是的。我想說的是，它允許我們做的是在我們的組合中盡可能多地多樣化——並且在我們的組合中更適當地分配。我們參與雅典計劃的工作是一組編程工作，以更好地優化我們的編程。我們無法在第四季度進行優化，因為我們不得不投入大量資源來清理庫存。它還允許我們對諸如此類的事情進行一些推動。我們有塞爾瑪·布萊爾。我們認為有很大的機會和適應性。因此，我們將與她合作，為我們的客戶帶來一些新產品和新故事。還有許多其他類似的舉措，我們無法做到——我們認為這些舉措對我們的客戶非常有吸引力，但鑑於庫存積壓，我們無法做到。

So we do think we will be able to bring back some demand because of being able to more squarely meet the moment for our customers. I think the other places you'll see us lean into now that we have a cleaner inventory position. We're going to be leaning into jewelry. We think there's a pretty big opportunity there. We're going to be leaning into wellness we're going to be looking to continue to grow fashion, especially private label brand penetration. The last thing I will say is, I think you'll also see us be able to work on average sale price as we go through the year without the margin pressure of having to do as much clearance and promotion.

所以我們確實認為我們能夠帶回一些需求，因為能夠更直接地滿足我們客戶的需求。我認為，既然我們的庫存狀況更清潔，您會看到我們進入的其他地方。我們將傾向於珠寶。我們認為那裡有很大的機會。我們將傾向於健康，我們將尋求繼續發展時尚，尤其是自有品牌的滲透率。我要說的最後一件事是，我想你也會看到我們能夠在全年的平均銷售價格上工作，而無需進行盡可能多的清倉和促銷活動的利潤壓力。

The next question is coming from Robert Routh of FBN Securities.

下一個問題來自 FBN Securities 的 Robert Routh。

Just 2 quick ones. The campus that you have in Pennsylvania is obviously quite large. And do you own all that land? And if so, is there any estimates to the value of that land, I would think it's worth a small fortune and not reflected in your stock price?

只有 2 個快速的。你在賓夕法尼亞州的校園顯然很大。你擁有所有的土地嗎？如果是這樣，那塊土地的價值是否有任何估計，我認為它值一筆不小的財富並且沒有反映在你的股價中？

Thanks, Rob. It's Ben Oren again. The campus in West Chester, Pennsylvania was part of sale and leaseback transactions in 2022.

謝謝，羅布。又是本奧倫。賓夕法尼亞州西切斯特的校園是 2022 年售後回租交易的一部分。

Okay. Great. And the second question would be for Greg if he's still there, a few years ago, I think you filed an 8-K, you tried to buy Dr. Malone's controlling B shares at '14 and the company exercised their right of first refusal on that. And now taking a look at where both the A and B shares are, I'm just curious if you still would have interest in getting that block of stock if it was ever possible or getting control of the entity and kind of how you view that transaction years ago in hindsight, how you're viewing the company.

好的。偉大的。第二個問題是格雷格，如果他還在那裡，幾年前，我想你提交了一份 8-K，你試圖在 14 年購買馬龍博士的控股 B 股，公司行使了他們的優先購買權那。現在看看 A 股和 B 股的位置，我很好奇你是否仍然有興趣在可能的情況下獲得那批股票或控制實體以及你如何看待它幾年前的交易事後看來，你是如何看待這家公司的。

I'm still here. The -- those transactions were a while ago, and the net effect of that was to retire those shares. So they're really not available to be purchased at this point. Obviously, that price is substantially above the current market price, which we probably in hindsight was better I didn't get to buy them in '14.

我還在這兒。 - 這些交易是不久前發生的，其淨影響是退役這些股票。所以他們現在真的無法購買。顯然，該價格大大高於當前市場價格，我們事後看來可能更好，因為我沒有在 14 年購買它們。

Okay. Great. I guess -- and one last one, if I may, is given the personalities you have, the distribution and your reputation in terms of secure buying things online from QVC and HSN, more than some other platforms. Is there any opportunity to partner with any larger entity, a Macy's or a bigger entity that doesn't do quite as well online as you folks do, given what you have and the infrastructure you have built? Because it would seem that there'd be a lot of opportunities to do that to enhance your operating results moving forward? Or is that something you're not interested in exploring?

好的。偉大的。我想——最後一個，如果可以的話，考慮到你的個性、分佈和你在從 QVC 和 HSN 安全在線購買東西方面的聲譽，比其他一些平台更多。有沒有機會與任何更大的實體合作，梅西百貨或更大的實體在網上做得不如你們，考慮到你所擁有的和你建立的基礎設施？因為似乎有很多機會可以這樣做來提高您的經營業績？還是您對探索不感興趣？

Yes. This is David. I would say we are interested in exploring a lot of all opportunities at this point. I think you're right, there are -- there is substantial interest from other retailers who are looking how to figure out, especially video commerce, where they don't have any real expertise, but I think everybody thinks video mediated selling in the future will become a bigger part of commerce than it is today.

是的。這是大衛。我想說我們有興趣在這一點上探索很多機會。我認為你是對的，有 - 其他零售商非常感興趣，他們正在尋找如何弄清楚，特別是視頻商務，他們沒有任何真正的專業知識，但我認為每個人都認為視頻中介銷售未來將成為比今天更大的商業部分。

And so we have explored various ways of partnership, various modes of partnership with some other players with some other players in the space. I think the first place you'll see that show up is probably in our streaming apps where we have some more flexibility to bring some different type of value propositions and retailer brands and relationship to life for our customers, but it's something we're actively thinking about and actively having conversations about.

因此，我們探索了各種合作方式，與該領域其他一些參與者的各種合作模式。我認為您首先會看到它出現的地方可能是在我們的流媒體應用程序中，我們可以更靈活地為我們的客戶帶來一些不同類型的價值主張和零售商品牌以及與生活的關係，但這是我們積極的事情思考並積極地進行對話。

The next question is coming from Hale Holden of Barclays.

下一個問題來自巴克萊銀行的 Hale Holden。

The $500 million that's at the QRI level for debt service, is that predominantly to satisfy the preferred coupon or because it doesn't look like you have a ton of maturities coming up in the next couple of years there?

QRI 水平的 5 億美元用於償債，主要是為了滿足首選優惠券，還是因為看起來未來幾年你不會有大量到期的債券？

That's right, Hale. It will serve as the dividend payments for the preferred and any overhead at the QRI level.

沒錯，黑爾。它將作為優先股的股息支付和 QRI 級別的任何間接費用。

Got it. And then for kind of how your core customers thinking about the world, QVC is a lot of self-gifting and you've been sort of unable to refill the customer funnel, I guess, with new customers over the last 12 months as you kind of rolled down the pandemic bulge. I was just wondering if you could kind of give us a state of play of how you think your customers feeling about the world and how their spending was looking to get a sense of how we get to that flattish revenue number for the year?

知道了。然後關於你的核心客戶如何看待世界，QVC 是很多自我饋贈，你一直無法重新填充客戶漏斗，我猜，在過去的 12 個月裡，隨著你的新客戶減少了大流行病的膨脹。我只是想知道您是否可以給我們一個遊戲狀態，說明您認為您的客戶對世界的感受以及他們的支出如何希望了解我們如何實現這一年的平穩收入數字？

Yes. I make a number of comments. I think we have seen some depression in consumer sentiment. I think you can see that in a lot of the sentiment studies, whether it's the Deloitte University of Michigan of others, although it seems to have largely leveled out, I would say -- to appear to me to be getting dramatically worse. I do think -- you do see some discretionary spending drawing back. I think that's partly inflation. I think that's partly interest rate expense. We also have a reasonably sized home business that is a little bit downstream of fewer home sales and new homes opening. And so that's a place that might be a touch softer.

是的。我提出了一些意見。我認為我們已經看到消費者情緒有些低迷。我想你可以在很多情緒研究中看到這一點，無論是德勤密歇根大學還是其他人，儘管它似乎已經基本趨於平穩，但我想說——在我看來，情況正在急劇惡化。我確實認為——你確實看到一些可自由支配的支出在縮減。我認為這在一定程度上是通貨膨脹。我認為這部分是利率費用。我們還有一家規模適中的家庭企業，它處於房屋銷售減少和新房開業減少的下游。所以這是一個可能會更柔和的地方。

But I would say, overall, we're seeing relative stability now in the behaviors of our customers. Our retention rates still seem to be holding up pretty well with our best customers. And we are starting to see some ability to get some price and take some price with our customers. So I think our customers are -- I wouldn't say that they're on and upward slope, but I'd say they're hanging in there at a pretty stable level. And for our best customers, we're seeing relatively similar levels of frequency of purchase data from the brand -- our main brands as well. So it looks reasonably stable right now.

但我要說的是，總的來說，我們現在看到客戶行為相對穩定。我們最好的客戶的保留率似乎仍然保持得很好。我們開始看到一些能夠獲得一些價格並與我們的客戶一起接受一些價格的能力。所以我認為我們的客戶是——我不會說他們在上升，但我會說他們在一個相當穩定的水平上掛在那裡。對於我們最好的客戶，我們看到品牌的購買數據頻率水平相對相似——我們的主要品牌也是如此。所以它現在看起來相當穩定。

Got it. And then my last question is, given the price of where some of your bonds are trading and the high liquidity the company has, over the next 6 to 9 months, are you guys' sort of focused on just head down operations or is there a potential to accelerate deleveraging to take advantage of market prices?

知道了。然後我的最後一個問題是，考慮到你們的一些債券的交易價格和公司的高流動性，在接下來的 6 到 9 個月裡，你們是專注於低頭操作還是有是否有可能加速去槓桿以利用市場價格？

It's Ben Oren again. I think for now, what we've done is put in place a cash in every tier such that we don't have any risk of amendments or violations of covenants and give the company the time to realize the Project Athens saves. And once we do that, should be back to a much healthier balance sheet. It doesn't mean we won't look at opportunities between now and then. But for now, that's our -- that's why we've taken the actions we did in '22.

又是本奧倫。我認為目前，我們所做的是在每一層都提供現金，這樣我們就沒有任何修改或違反契約的風險，並讓公司有時間實現雅典項目的節省。一旦我們這樣做了，資產負債表應該會恢復得更健康。這並不意味著我們不會時不時地尋找機會。但就目前而言，這是我們的 - 這就是我們採取我們在 22 年所做的行動的原因。

If I could just add, I think Ben's comments were right on. We took the actions we took on the balance sheet, both the sale leasebacks and the movements of cash to create maximum flexibility. That first is going to be dedicated towards the turnaround, which we believe is underway, but it also does provide flexibility to manage our balance sheet as we see fit when we have more certainty about some of the elements of that term.

如果我可以補充一點，我認為 Ben 的評論是正確的。我們採取了我們在資產負債表上採取的行動，包括售後回租和現金流動，以創造最大的靈活性。首先將致力於扭轉局面，我們認為扭轉局面正在進行中，但當我們對該條款的某些要素有更多確定性時，它也確實提供了我們認為合適的方式來管理我們的資產負債表的靈活性。

The next question is coming from Jason Bazinet of Citi.

下一個問題來自花旗銀行的 Jason Bazinet。

I just had a question on free cash and liquidity. Is there anything that you'd call out as unusual for 2023 in terms of free cash generation. I'm just thinking things like CapEx or TV distribution rights or green energy. In other words, once we get our EBITDA forecast. Is there anything noteworthy that you'd call out there?

我只是有一個關於自由現金和流動性的問題。就自由現金產生而言，您認為 2023 年有什麼不尋常的地方嗎？我只是在考慮諸如資本支出或電視發行權或綠色能源之類的事情。換句話說，一旦我們得到我們的 EBITDA 預測。有什麼值得注意的事情嗎？

I would just give a quick comment, then I'll have Ben follow-up as well. Two quick things. One is on CapEx. We actually are projecting a slightly lower CapEx for 2023 versus 2022. We made decisions and offsets to ensure that we could fully fund Project Athens related initiatives with CapEx. We will have also slightly elevated distribution and commissions related to CapEx, but that's imagined in the number that I just gave you. It averages to about $100 million, but this will be an up year compared to last year.

我只想快速發表評論，然後我也會讓 Ben 跟進。兩件快事。一個是資本支出。實際上，我們預計 2023 年的資本支出會比 2022 年略低。我們做出了決定和抵消，以確保我們能夠用資本支出為雅典項目相關的舉措提供充分的資金。我們還將略微提高與資本支出相關的分配和佣金，但這是我剛才給你的數字中的想像。平均約為 1 億美元，但與去年相比，今年將有所增長。

Yes. And I'd just say this was a little bit embedded in your question. I covered this a little bit earlier. This is David. A number of things are going on as we go into this year in terms of cash flow. The first thing is what we pointed out in terms of the working capital reversal from last year, that's material to the free cash flow outlook.

是的。我只是說這有點嵌入您的問題中。我之前介紹過這個。這是大衛。在我們進入今年的現金流方面，有許多事情正在發生。第一件事是我們指出的去年營運資金逆轉，這對自由現金流前景很重要。

The second, as Jim talked earlier a little bit about some of the storage detention and demurrage costs, but there are also some other Rocky Mount costs. I talked about that at the Liberty Investor Day last year. That we expect to start falling out of the P&L this year. And relative to last year, should give us some tailwinds in terms of cash flow. And then as we've talked about in this call in the second half, we start to get the benefit from some of the actions we're taking in Project Athens on cash flow going through 2023.

第二，正如 Jim 之前談到的一些存儲滯留和滯期費，但也有一些其他的落基山成本。我在去年的自由投資者日談到了這一點。我們預計今年將開始退出損益表。與去年相比，應該在現金流方面給我們一些順風。然後正如我們在下半年的這次電話會議中談到的那樣，我們開始從我們在雅典項目中採取的一些行動中受益，這些行動將持續到 2023 年。

Okay. And then just one follow-up on liquidity. Should we anticipate anything on top of all of the actions you've taken related to the sale leasebacks? Or do you think that's -- we're sort of done with tapping pools of liquidity for sort of hidden assets now?

好的。然後只是關於流動性的後續行動。除了您採取的與售後回租相關的所有行動之外，我們是否應該期待任何事情？或者你認為那是 - 我們現在已經完成了為某種隱藏資產挖掘流動資金池？

I think we look at our asset mix regularly. Currently have no expectations for additional real estate transactions, although we do have additional real estate but we'll look at it opportunistically over time.

我認為我們會定期查看我們的資產組合。目前對額外的房地產交易沒有期望，雖然我們確實有額外的房地產，但我們會隨著時間的推移機會主義地看待它。

The next question is coming from William Reuter of Bank of America.

下一個問題來自美國銀行的 William Reuter。

My first question is, I think you mentioned in your prepared remarks that you expect to continue to fund obligations at Qurate or at Liberty with the QVC revolver. I thought that the commentary at the bottom of the press release referred to you being above the 3.5x covenant. Is it that you expect to be in compliance with that covenant as OIBDA improves throughout the year?

我的第一個問題是，我認為您在準備好的發言中提到您希望繼續使用 QVC 左輪手槍為 Qurate 或 Liberty 的義務提供資金。我認為新聞稿底部的評論提到您高於 3.5 倍契約。隨著 OIBDA 全年的改進，您是否期望遵守該契約？

So debt service and tax-related payments are carved out of the restricted payments test.

因此，償債和與稅收相關的支付被排除在限制性支付測試之外。

Got it. Okay. And with regard to sale leasebacks, are we done with the major ones? Or should we expect that potentially there will be more this year?

知道了。好的。關於售後回租，我們是否已經完成了主要的售後回租？還是我們應該期望今年可能會有更多？

I think I just answered that question. We have additional real estate. We look at it from time to time when we have no current expectations.

我想我剛剛回答了那個問題。我們有額外的房地產。當我們沒有當前期望時，我們會不時地查看它。

All right. And then in terms of the shifting of your today's special values. Is that something that still continues to happen based upon supply chain disruption? Or are you now able to put whatever products you want when you want to show them?

好的。然後就您今天的特殊價值觀的轉變而言。基於供應鏈中斷，這種情況是否仍在繼續發生？或者你現在可以在你想展示的時候放任何你想要的產品嗎？

Yes. It's less than very substantially from the height of the supply chain difficulties. It still happens from time to time, but we're getting pretty close now back to a much normal expectation of being able to execute our plans for TSVs as planned.

是的。從供應鏈困難的高度來看，這還遠遠不夠。它仍然不時發生，但我們現在已經非常接近能夠按計劃執行我們的 TSV 計劃的正常期望。

Okay. And then just my last question. You mentioned you had a goal of 20% to 30% inventory reduction were down 27%. Should we continue to expect that working capital will be a source of cash? Or at this point, should it be kind of flattish throughout 2023?

好的。然後是我的最後一個問題。你提到你的目標是減少 20% 到 30% 的庫存，結果下降了 27%。我們是否應該繼續期望營運資金將成為現金來源？或者在這一點上，它應該在整個 2023 年都持平嗎？

Yes. We're going to -- we built -- we've not only reduced inventory. We built a system of checks and controls and buying procedures that will help us in the future, keep a tighter rein on the inventory. We think we're around back to a reasonable inventory level now. We're going to continue to manage it aggressively. So you might see some movement, but we think we're in a reasonable place now in terms of overall inventory level.

是的。我們將——我們建立了——我們不僅減少了庫存。我們建立了一個檢查和控制系統以及採購程序，這將有助於我們在未來更嚴格地控制庫存。我們認為我們現在已經回到合理的庫存水平。我們將繼續積極管理它。所以你可能會看到一些變動，但我們認為就整體庫存水平而言，我們現在處於合理的位置。

Thank you, operator. I think that is -- we're done for today. Thank you all to the investors for your continued interest in Qurate, and we hope to speak with you next quarter, if not sooner.

謝謝你，運營商。我認為那是——我們今天已經完成了。感謝所有投資者對 Qurate 的持續關注，我們希望下個季度與您交談，如果不是更早的話。

Thank you.

謝謝。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們，先生們，感謝你們的參與。今天的活動到此結束。此時您可以斷開線路或退出網絡廣播，然後享受接下來的一天。