QVC Group Inc (QVCGA) 2025 Q3 法說會逐字稿

Greetings, and welcome to the QVC Group's third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 QVC 集團 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, Jessica Donati. Thank you. You may begin.

現在我將把會議交給主持人傑西卡·多納蒂。謝謝。你可以開始了。

Thank you, Rob, and good morning. Before we begin the call, I'd like to remind everyone that this call contains 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 forms 10-K and 10-Q filed by QVC Group and QVC with the SEC. These forward-looking statements speak only as of the date of this call, and QVC Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in QVC Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

謝謝你，羅布，早安。在電話會議開始之前，我想提醒大家，本次電話會議包含1995年《私人證券訴訟改革法案》所界定的某些前瞻性陳述。由於存在許多風險和不確定性，實際事件或結果可能與預期有重大差異，其中包括 QVC 集團和 QVC 向美國證券交易委員會提交的最新 10-K 和 10-Q 表格中提到的風險和不確定性。這些前瞻性陳述僅代表截至本次電話會議之日的觀點，QVC集團明確聲明不承擔任何義務或責任，對本文所載的任何前瞻性陳述進行更新或修訂，以反映QVC集團對此的預期變化，或任何此類陳述所依據的事件、條件或情況的任何變化。

Please note that we have published slides to accompany the earnings release. On today's call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA, adjusted OIBDA margin, free cash flow and constant currency.

請注意，我們已發布與盈利報告配套的幻燈片。在今天的電話會議上，我們將討論一些非GAAP財務指標，包括調整後的OIBDA、調整後的OIBDA利潤率、自由現金流和固定匯率。

Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary note and schedules 1 and 2, can be found in the earnings press release issued today, or our earnings presentation, which are available on our website.

有關可比較 GAAP 指標的信息，以及必要的定義和調節表（包括初步說明和附表 1 和 2），可以在今天發布的盈利新聞稿或我們的盈利演示文稿中找到，這些資料都可以在我們的網站上找到。

Today, speaking on the earnings call, we have QVC Group President and CEO, David Rawlinson; QVC Group CFO and CAO; Bill Wafford; and QVC Group's Executive Chairman, Greg Maffei.

今天，出席財報電話會議的有：QVC集團總裁兼首席執行官大衛·羅林森；QVC集團首席財務官兼首席行政官比爾·沃福德；以及QVC集團執行董事長格雷格·馬菲。

Now I'll hand the call over to David Rawlinson.

現在我將把電話交給大衛·羅林森。

Thank you. Good morning, everyone. We appreciate you joining us and from your continued interest in QVC Group. During the third quarter, we continued to make progress implementing our WIN growth strategy and other key initiatives to drive the future of live social shopping.

謝謝。各位早安。感謝您加入我們，也感謝您一直以來對QVC集團的關注。第三季度，我們持續推動 WIN 成長策略和其他關鍵措施的實施，以推動即時社交購物的未來發展。

We are encouraged by the results we're seeing in our social and streaming platforms against what continues to be a challenging tariff, viewership and macroeconomic backdrop.

儘管面臨持續的關稅、收視率和宏觀經濟挑戰，但我們在社群和串流平台上取得的成績令人鼓舞。

Though declining linear TV viewership has put pressure on our business, we are executing well on the second phase of our transformation as we continue to manage costs, address our capital structure and invest in social and screening.

儘管線性電視收視率的下降給我們的業務帶來了壓力，但隨著我們繼續控製成本、調整資本結構並投資於社交和放映，我們在轉型第二階段的執行情況良好。

As I mentioned last quarter, we are continuing to work to find cost reduction opportunities. In Q3, we are fully recognizing the favorable impact of our organizational change from our IT outsourced service model. We have largely completed our previously announced reduction of our global workforce by over 1,000.

正如我在上個季度提到的，我們正在繼續努力尋找降低成本的機會。第三季度，我們充分認識到，我們採用 IT 外包服務模式後，組織變革帶來的正面影響。我們已基本完成先前宣布的全球裁員計劃，裁員人數超過 1,000 人。

In last quarter, we completed the operational move of HSN to our headquarters in West Chester, Pennsylvania and have now entered into agreements to sell the St. Petersburg properties to independent third parties.

上個季度，我們完成了 HSN 的營運搬遷，將其遷至位於賓州西切斯特的總部，現在已與獨立第三方達成協議，將聖彼得堡的房產出售給他們。

We also remain focused on our long-term sourcing diversification strategy which we have discussed during the prior two quarters. We have made meaningful progress this year by reducing the penetration of goods from China by 8% to 10%, and we remain on track to achieve our goal that no country will represent more than one-third of our sourced goods in the US by the end of the year.

我們將繼續專注於過去兩個季度討論過的長期採購多元化策略。今年，我們取得了實質進展，將來自中國的商品滲透率降低了 8% 至 10%，我們將繼續朝著目標邁進，到今年年底，沒有任何一個國家在美國採購的商品佔超過三分之一。

We continue to monitor any changes to tariff rates and evaluate the impact as necessary. In Q3, total revenue declined by 6% in constant currency. QxH revenue declined 7%, QVC International revenue declined 5% in constant currency and Cornerstone revenue declined 8%. As I've previously discussed, returning our company to growth continues to be difficult as challenges persist, and we continue to ramp up our WIN growth strategy.

我們將持續關注關稅稅率的任何變化，並根據需要評估其影響。第三季總營收以固定匯率計算下降了6%。QxH 營收下降 7%，QVC International 營收以固定匯率計算下降 5%，Cornerstone 營收下降 8%。正如我之前討論過的，由於挑戰持續存在，讓公司重回成長軌道仍然很困難，我們將繼續加強推進我們的WIN成長策略。

We continue to see growth in revenue attributed to our social and streaming channels, helping to moderate the year-over-year revenue decline at QxH by 4 points in Q3 compared to the first half of 2025. We believe that the revenue attributed to our social and streaming platforms is now low double digits as a percentage of QxH total revenue. And according to some third-party attribution methodologies could be even higher.

我們的社群和串流媒體管道帶來的收入持續成長，有助於將 QxH 的年收入下降幅度在第三季比 2025 年上半年下降 4 個百分點。我們認為，目前社群和串流平台帶來的收入佔季度總收入的比例已降至兩位數以下。根據一些第三方歸因方法，實際數值可能更高。

With our current measurement, social and streaming revenue is growing 30% over last year. This is an improvement from Q2, which we estimated at high single digits. This strong momentum is why I believe in our strategy to drive the future of live social shopping.

根據我們目前的統計，社群媒體和串流媒體收入比去年增長了 30%。這比第二季有所改善，我們先前估計第二季的降幅將達到個位數以上。正是這種強勁的發展勢頭讓我相信，我們的策略能夠引領即時社交購物的未來。

We know that our channels on TikTok are reaching new customers. And in Q3, we added approximately 255,000 new customers through our TikTok Shop and an additional 300,000 through our traditional linear and digital channels.

我們知道我們在TikTok上的頻道正在觸達新客戶。第三季度，我們透過 TikTok 商店新增了約 255,000 名客戶，並透過傳統的線性及數位管道新增了 30 萬名客戶。

We are also encouraged by early repeat customer rates on TikTok Shop. We continue expanding our partnership with creators, and we now rank among the top sellers for total US TikTok Shop.

TikTok Shop早期的回頭客比例也讓我們倍感鼓舞。我們不斷擴大與創作者的合作，現在我們已躋身美國 TikTok 商店總銷量前列。

On streaming, we continue to expand content and distribution and are pleased to see another quarter of strong monthly active user and revenue growth. We are continuing to pursue additional FAST TV channel launches on Amazon Fire TV and Roku and launched a new live-like channel called the Deals Channel. This new channel is a compilation of our TSVs and TSs and is a good example of collaboration across our digital, linear and streaming channels.

在串流媒體方面，我們繼續擴大內容和分發管道，很高興看到另一個季度月活躍用戶和收入實現了強勁增長。我們正在繼續在亞馬遜 Fire TV 和 Roku 上推出更多 FAST TV 頻道，並推出了一個名為 Deals Channel 的全新直播頻道。這個新頻道匯集了我們的 TSV 和 TS，是我們數位、線性及串流頻道之間合作的一個很好的例子。

We continue to build our library and streaming original content with new shows like Your Splendid Space with Kathy Hilton and new episodes of our top show series hosted by Busy Philipps. Both of these highlight our new way of working to create content in multiple forms to engage with our customers in various ways.

我們不斷擴充節目庫，推出原創串流內容，包括由凱西·希爾頓主持的《你的精彩空間》等新節目，以及由比茜·菲利普斯主持的熱門節目系列的新劇集。這兩點都突顯了我們新的工作方式，即以多種形式創建內容，以各種方式與客戶互動。

In the third quarter, we were pleased to see QxH average customer spend increased for the first time since Q2 2024. Spend per customer grew 4%, while total customer count decreased 12%, not including customers buying through our TikTok Shop. Existing customers declined 10%, new customers declined 26% and reactivated customers declined 11%.

第三季度，我們很高興看到 QxH 平均客戶支出自 2024 年第二季以來首次成長。每位顧客的消費額增加了 4%，而顧客總數下降了 12%（不包括透過我們的 TikTok 商店購買商品的顧客）。現有客戶下降了 10%，新客戶下降了 26%，重新啟動的客戶下降了 11%。

It's important to note that our traditional customer reporting excludes customers buying through our TikTok Shop. And when we include those new customers in our results, new customers grew 38% versus last year.

值得注意的是，我們傳統的客戶報告不包括透過我們的 TikTok 商店購買商品的客戶。如果我們把這些新客戶也算進我們的業績中，新客戶數量比去年增加了 38%。

As you can see on slide 8 in our presentation, on a trailing 12-month basis, customer count declined on a sequential basis, approximately 2% versus June 2025. But our existing customers continue to purchase at healthy levels, spending on average $1,620 and purchasing 31 times in the 12 months ended September 30.

正如您在我們簡報的第 8 張幻燈片中看到的那樣，在過去 12 個月中，客戶數量環比下降，與 2025 年 6 月相比下降了約 2%。但我們現有的客戶繼續保持健康的購買水平，在截至 9 月 30 日的 12 個月中，平均每位客戶消費 1,620 美元，購買 31 次。

At QVC, our best customers who buy 20 or more items annually, also continue to purchase at very attractive levels. In the 12 months ended September 30, they bought 78 items and spent $4,048 on average, both increasing approximately 2% year-over-year.

在 QVC，每年購買 20 件或以上商品的最佳客戶，其購買量也一直非常可觀。截至 9 月 30 日的 12 個月內，他們購買了 78 件商品，平均花費 4,048 美元，兩項數據均年增約 2%。

As we look at category performance, while we experienced declines in all categories, we saw the year-over-year rate of decline improved compared to the second quarter in every category except for electronics. In apparel, while sales were down year-over-year, we saw a meaningful improvement versus the trend we experienced in the first half of the year. This was driven by successful fall fashion events and strong performances from several of our core brands, including Kim Gravel, Denim & Company, LOGO and Diane Gilman.

從品類表現來看，雖然所有品類都出現了下滑，但除電子產品外，所有品類的年減率均較第二季有所改善。服裝方面，雖然銷售額同比下降，但與上半年的趨勢相比，我們看到了顯著的改善。這主要得益於秋季時裝活動的成功舉辦以及我們幾個核心品牌（包括 Kim Gravel、Denim & Company、LOGO 和 Diane Gilman）的強勁表現。

The jewellery category showed a notable improvement in trend over the last three quarters. This was fueled by standout performances from J. King and our lab-grown diamond assortment. Our home category revenue was down 7%. However, we saw encouraging results from our seasonal programming with customers responding to both our fall and holiday products.

過去三個季度，珠寶品類的發展趨勢明顯改善。這主要得益於 J. King 的出色表現以及我們實驗室培育鑽石系列的優異產品。我們的家居用品類收入下降了7%。不過，我們的季節性促銷活動取得了令人鼓舞的成果，顧客對我們的秋季和假日產品都給予了正面回饋。

Speaking of holidays. Our team is bringing the holidays to life with festive programming, limited-time deals and tent-pole omnichannel events that span TV, streaming, social and digital. At QVC, we've completed our biggest ever non-stop holiday party last weekend. Kathy Hilton is appearing in many special moments as our official Mrs. Claus this year.

說到假期。我們的團隊透過節慶節目、限時優惠和涵蓋電視、串流媒體、社交和數位領域的重磅全通路活動，讓節日充滿活力。上週末，QVC 圓滿結束了有史以來最大的不間斷假日派對。今年，凱西·希爾頓將作為我們的官方聖誕夫人出現在許多特別時刻。

We're presenting Mrs. Claus' Holiday House, a pop-up event in New York City that will also be the site of our second TikTok Super Brand Day. QVC, Shawn Killinger is taking customers on a holiday tour of Britain's capital in all-access London calling, a weeklong event featuring Elton John, British bands and more.

我們將推出“聖誕老奶奶的假日小屋”，這是一個在紐約市舉辦的快閃活動，同時也是我們第二屆 TikTok 超級品牌日的舉辦地。QVC 的 Shawn Killinger 將帶領顧客進行英國首都的假期之旅，推出「倫敦來電」全方位體驗活動，這是一場為期一週的活動，屆時將有 Elton John、英國樂團等嘉賓出席。

Meanwhile, HSN is heading south for All-Star Nashville holiday, a two-day event featuring country music stars, Martina McBride, Trisha Yearwood, Brad Paisley and Lady A.

同時，HSN 將前往南方，舉辦為期兩天的「全明星納許維爾假期」活動，屆時鄉村音樂明星 Martina McBride、Trisha Yearwood、Brad Paisley 和 Lady A 將出席。

Moving to QVC International. Performance in the quarter was stable with the exception of Japan. Our European market revenue was down slightly, but the UK grew 2% in the quarter. We continue to see challenges in the Japan market and have kicked off a multiyear plan to combat lost market share driven by technology and marketing investments.

移至QVC國際頻道。除日本以外，本季業績維持穩定。我們的歐洲市場收入略有下降，但英國市場本季成長了 2%。我們持續看到日本市場面臨的挑戰，並已啟動一項多年計劃，以應對因技術和行銷投資而導致的市場份額損失。

For our Cornerstone brands, revenue declined 8% in the third quarter. As I've mentioned in prior calls, this business has been impacted by tariffs and is largely tied to the housing market, which remains depressed.

第三季度，我們的 Cornerstone 品牌營收下降了 8%。正如我在之前的電話會議中提到的，這項業務受到了關稅的影響，並且很大程度上與低迷的房地產市場息息相關。

To wrap up, our WIN growth strategy continues to guide the company through its transformation. And although there is much work to be done, we are pleased with our progress to date, and the consistent success we've witnessed through our social and streaming efforts.

總而言之，我們的 WIN 成長策略將繼續引導公司完成轉型。儘管還有很多工作要做，但我們對迄今為止的進展感到滿意，並且對我們在社交媒體和串流媒體方面取得的持續成功感到欣慰。

We have demonstrated our ability to evolve to meet the needs of the modern consumer, and we remain confident in the future of live social shopping and QVC's ability to continue to be an innovative class leader in the space. To execute on our ambitious transformation efforts, we will continue to focus on what we do best, creating an opportunity for shoppers to explore, dream and connect.

我們已經證明了我們有能力不斷發展以滿足現代消費者的需求，我們對即時社交購物的未來以及 QVC 繼續成為該領域創新領導者的能力仍然充滿信心。為了實現我們雄心勃勃的轉型計劃，我們將繼續專注於我們最擅長的領域，為購物者創造探索、夢想和聯繫的機會。

Now I'll turn the call to Bill to review the Q3 financial results for each business.

現在我將把電話交給比爾，讓他回顧各業務部門的第三季財務表現。

Thank you, David, and good morning, everyone. Unless otherwise noted, my comments compare financial performance for the three months ended September 30, 2025, to the same period in 2024. Starting with QxH, revenue declined by 7% due to a 7% decrease in unit volume and a 13% decrease in shipping and handling revenue, partially offset by favorable returns rate and slightly higher average selling price.

謝謝你，大衛，大家早安。除非另有說明，我的評論將截至 2025 年 9 月 30 日的三個月的財務業績與 2024 年同期進行比較。從 QxH 開始，由於銷量下降 7% 和運輸及處理收入下降 13%，收入下降了 7%，但有利的退貨率和略高的平均售價部分抵消了這一影響。

From a category perspective, home revenue decreased by 7%, primarily due to reduced demand in culinary and ongoing pressure in our today's special value events, many of which were impacted by tariffs. Apparel revenue decreased by 4%, an improvement from Q2. Beauty revenue declined by 9% in Q3. However, we saw wins from standout brands such as No Makeup Makeup, Philosophy, Naked Re and Beekman 1802.

從品類角度來看，家庭收入下降了 7%，主要是由於餐飲需求減少以及我們今天推出的特價活動持續面臨壓力，其中許多活動都受到了關稅的影響。服裝收入下降了 4%，比第二季度有所改善。第三季美容產品收入下降了9%。不過，我們看到了一些傑出品牌的勝利，例如 No Makeup Makeup、Philosophy、Naked Re 和 Beekman 1802。

Accessories improved from Q2, with revenue down 6% for the quarter. Handbag and lounge categories drove some positive momentum, along with brands like Skechers and Patricia Nash. Electronics declined 14%, driven by reduced demand in portable power.

配件業務較第二季有所改善，但本季營收下降了 6%。手袋和休閒包品類以及 Skechers 和 Patricia Nash 等品牌都帶來了積極的成長動能。受便攜式電源需求下降的影響，電子產品銷售額下降了 14%。

Adjusted OIBDA decreased 26% and adjusted OIBDA margin contracted 245 basis largely driven by 145 basis points of marketing investment, 130 basis points of total sales deleverage and 85 basis points of pressure from a change in the management incentive compensation plan, partially offset by favorable commissions.

經過調整的 OIBDA 下降了 26%，調整後的 OIBDA 利潤率下降了 245 個基點，主要原因是行銷投資減少了 145 個基點，總銷售額去槓桿化減少了 130 個基點，以及管理層激勵薪酬計劃變更帶來的 85 個基點的壓力，部分被有利的佣金所抵消。

Gross margin declined approximately 110 basis points driven by fulfillment pressure, sales deleverage and lower product margins. Product margins decreased by approximately 25 basis points, driven by higher promotions and increased tariffs. Fulfillment expenses were unfavorable 80 basis points due to increased freight rates and sales deleverage.

受履約壓力、銷售槓桿效應減弱和產品利潤率下降的影響，毛利率下降了約 110 個基點。受促銷力道加大和關稅上漲的影響，產品利潤率下降了約 25 個基點。由於運費上漲和銷售槓桿下降，履約費用不利了 80 個基點。

On an aggregate dollar basis, operating expenses decreased 12% and SG&A expenses increased 4%. Operating expenses decreased $15 million, largely driven by lower commissions. SG&A expenses increased $10 million and were unfavorable by approximately 180 basis points due to sales deleverage, higher marketing costs and higher management incentive costs, partially offset by lower personnel costs.

以美元總額計算，營運費用下降了 12%，銷售、一般及行政費用增加了 4%。營運支出減少了 1500 萬美元，主要原因是佣金減少。銷售、一般及行政費用增加了 1000 萬美元，不利影響約為 180 個基點，原因是銷售槓桿降低、營銷成本上升以及管理激勵成本上升，但部分被較低的人員成本所抵消。

Excluding the increased marketing investment and timing change related to incentive compensation, SG&A expense was down approximately $18 million year-over-year.

不計入增加的行銷投資和與激勵性薪酬相關的時限變化，銷售、一般及行政費用較去年同期下降約 1,800 萬美元。

Moving to QVC International. My comments will focus on constant currency results. Revenue declined approximately 5%, driven by a 4% decrease in average selling price and lower shipping and handling revenue. From a category perspective, sales declined in all categories with the exception of apparel, which increased 3%.

移至QVC國際頻道。我的評論將主要針對以固定匯率計算的結果。受平均售價下降 4% 以及運輸和處理收入減少的影響，收入下降了約 5%。從品類角度來看，除服飾品類成長 3% 外，所有類別的銷售額均有所下降。

UK net revenue increased 2%, while Japan net revenue declined 11% and Germany declined 3%. Adjusted OIBDA decreased 21% and adjusted OIBDA margin declined 210 basis points. Gross margin decreased 130 basis points due to sales deleverage and fulfillment pressure, partially offset by product margin gains. Operating expenses were flat, and margin was unfavorable due to sales deleverage.

英國淨收入成長 2%，而日本淨收入下降 11%，德國淨收入下降 3%。調整後 OIBDA 下降 21%，調整後 OIBDA 利潤率下降 210 個基點。由於銷售槓桿作用減弱和訂單履行壓力，毛利率下降了 130 個基點，但產品利潤率的提高部分抵消了這一影響。營運費用持平，但由於銷售槓桿作用減弱，利潤率不利。

SG&A expenses decreased 2% due to lower personnel expenses. SG&A margin was unfavorable by approximately 40 basis points due to sales deleverage and the timing related to management incentive costs. Excluding the timing change related to incentive compensation, SG&A expenses were down approximately 6% year-over-year.

由於人員費用降低，銷售、一般及行政費用下降了 2%。由於銷售槓桿化以及與管理層激勵成本相關的時效性問題，銷售、一般及行政費用利潤率不利約 40 個基點。剔除與激勵性薪酬相關的時效性變化，銷售、一般及行政費用較去年同期下降約 6%。

Moving to Cornerstone. Revenue declined 8% in the quarter as we continue to experience soft demand for outdoor furniture and seasonal decor in our home brands in apparel at Garnet Hill, largely driven by continued challenges in the housing market.

搬到 Cornerstone。由於 Garnet Hill 家居品牌服裝系列中的戶外家具和季節性裝飾品需求持續疲軟，本季收入下降了 8%，這主要是由於房地產市場持續面臨挑戰。

Adjusted OIBDA margin decreased approximately 315 basis points driven by sales deleverage and product margins. Product margins decreased 220 basis points due to pressure from tariffs.

受銷售槓桿率下降和產品利潤率下降的影響，調整後的 OIBDA 利潤率下降了約 315 個基點。受關稅壓力影響，產品利潤率下降了 220 個基點。

I would also like to comment on the recent change to our management incentive compensation program. We believe the recent change allows us to appropriately recognize our team for their efforts and continued progress of the WIN strategy in a more timely manner.

我也想就我們管理階層激勵薪酬計畫的近期變化發表一些看法。我們相信，最近的這項變革使我們能夠更及時地對團隊的努力和WIN策略的持續進展給予適當的認可。

The cost of the program had a material impact on our adjusted OIBDA results in 2025. And going forward, the long-term incentive portion is no longer treated as stock-based compensation and is now recognized as an expense impacting OIBDA.

該計劃的成本對我們 2025 年的調整後 OIBDA 結果產生了重大影響。今後，長期激勵部分不再被視為股票選擇權費用，而是確認為影響 OIBDA 的費用。

Turning to cash flow and the balance sheet for the quarter. In the first nine months of 2025, free cash flow was a use of $184 million compared to a source of $102 million last year. The decrease in cash flow was primarily due to a reduction in cash provided by operations and higher payments for TV distribution rights, partially offset by lower capital expenditures and timing of dividend payments to our Japanese joint venture partner. As a reminder, our TV distribution payments fluctuate year-over-year depending on renewal cycles.

接下來看一下本季的現金流量和資產負債表。2025 年前九個月，自由現金流為 1.84 億美元，去年同期為 1.02 億美元。現金流減少主要是由於經營活動產生的現金減少以及電視發行權付款增加，部分被資本支出減少以及向日本合資夥伴支付股息的時間安排所抵消。提醒各位，我們的電視發放收入會根據續約週期逐年波動。

Looking at QVC Group, Inc., debt profile. As of September 30, 2025, net debt was $4.8 billion and the QVC Group revolver had $2.9 billion drawn. QVC Group had total cash of $1.8 billion, of which $1.3 billion was at QVC Inc., $160 million was at Liberty Interactive LLC and $250 million was at QVC Group.

查看QVC集團的債務狀況。截至 2025 年 9 月 30 日，淨債務為 48 億美元，QVC 集團循環信貸額度已提取 29 億美元。QVC集團擁有18億美元的現金，其中13億美元在QVC公司，1.6億美元在Liberty Interactive LLC，2.5億美元在QVC集團。

Our leverage ratio as of September 30, 2025, as defined by the QVC revolving credit facility was 4.2 times, excluding Cornerstone, compared to our maximum covenant threshold of 4.5 times.

根據 QVC 循環信貸安排的定義，截至 2025 年 9 月 30 日，我們的槓桿率為 4.2 倍（不包括 Cornerstone），而我們的最高契約門檻為 4.5 倍。

As a reminder, covenant OIBDA includes the adjusted OIBDA of QVC, Inc., as Cornerstone was removed as a borrower from -- under QVC's credit agreement as of April 1. As David touched on in his remarks, we remain laser-focused on managing costs and addressing our capital structure to better position the business for long-term success. This is a key pillar of our WIN growth strategy. And as part of these efforts, we are continuing to evaluate a range of proactive financial and strategic alternatives.

提醒一下，契約 OIBDA 包括 QVC, Inc. 的調整後 OIBDA，因為 Cornerstone 已於 4 月 1 日根據 QVC 的信貸協議從借款人名單中移除。正如大衛在演講中提到的那樣，我們將繼續專注於控製成本和調整資本結構，以便更好地為企業的長期成功做好準備。這是我們WIN成長策略的關鍵支柱。作為這些努力的一部分，我們正在繼續評估一系列積極主動的財務和策略方案。

This review is ongoing and no decisions have been made at this stage. We will provide updates if and when there are material developments that warrant further communications.

這項審查仍在進行中，目前尚未做出任何決定。如有重大進展需要進一步溝通，我們將及時發布最新消息。

Now I'll turn the call over to Greg.

現在我把電話交給格雷格。

Good morning. As both David and Bill noted, it was a challenging quarter as we continue to experience pressure from the linear TV decline, but are making good progress on our WIN strategy, specifically around social. We continue to invest here. We expect to continue to invest here and we will balance cost and return. We are working on our capital structure and balance sheet and proactively evaluating financial and strategic alternatives.

早安.正如大衛和比爾都指出的那樣，這是一個充滿挑戰的季度，因為我們繼續面臨線性電視收視率下降的壓力，但我們的 WIN 策略，特別是社交媒體方面，取得了良好的進展。我們將繼續在這裡投資。我們計劃繼續在這裡投資，並將在成本和回報之間取得平衡。我們正在調整資本結構和資產負債表，並積極評估各種財務和策略方案。

And with that, we'd like to note that we appreciate your continued interest in the QVC Group and thank you for listening to the call. We're done.

最後，我們想感謝您一直以來對 QVC 集團的關注，也感謝您收聽本次電話會議。我們完成了。

Thank you.

謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。