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Carriggxcy · Posted: Tue 4:09, 15 Oct 2013 Post subject: the retail environment

Liberty Media Company Q4 2008 Earnings Call Transcript
Good working day and welcome to the Liberty Media Corporation quarterly earnings conference contact. Today's call is becoming recorded.
This presentation includes particular forwardlooking statements inside the which means of the Private Securities Litigation Reform Act of 1995, including statements about monetary advice, company strategies, market possible, future monetary overall performance, new services and product launches, and other issues that are not historic details. These forwardlooking statements involve many dangers and uncertainties that could cause real results to differ materially from these expressed or implied by this kind of statements.
These forwardlooking statements communicate only as of the day of this presentation and Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forwardlooking assertion contained herein to reflect any alter in Liberty's expectations with regard thereto or any alter in occasions, conditions or situations under which any such statement is primarily based. Make sure you refer to the publicly submitted documents of Liberty, including the most recent Form 10K for extra information about Liberty and about the risks and uncertainties related to Liberty's company which might impact the statements made in this presentation.
On today's contact we will talk about certain nonGAAP financial actions. The required definitions and reconciliations can be discovered at the finish of this presentation, which is posted on our website.
At this time for opening remarks and introductions I would like to flip the call over to the President and Main Government Officer, Greg Maffei. Make sure you go ahead, sir.
Thank you and thank you all for becoming a member of us this early morning and your curiosity in Liberty Media.
Today we are going to talk about the yr general and evaluation the quarter by tracker. We are also heading to discuss the operating overall performance at the subsidiaries we manage. We'll include some of the transactions we went through in Q4 and subsequent to the quarters' finish and some other improvement that we have experienced ongoing.
With me are our Controller, Chris Shean, who will talk about our attributed business's monetary results and liquidity image for every of the 3 trackers QVC's CEO, Mike George, who will discuss the developments at QVC Starz CEO Bob Clasen, who'll evaluation recent events at Starz. Also on the contact and available are QVC's CFO Dan O'Connell, Starz' President and COO, Bill Meyers, and Starz CFO Glenn Curtis, and several other senior Liberty executives. As I said, all will be accessible at the finish to solution concerns after the prepared remarks.
No shock that 2008 was a volatile yr for Liberty as it was for actually all the companies in the United States and maybe the globe. All of our equities had been significantly affected, although some less than others. We are operating on the elements that are under our manage in phrases of reducing risk, decreasing costs, maintaining liquidity and maintaining flexibility, and I believe we made great progress on several fronts, particularly in light of the financial environment, the retail atmosphere, and we're happy with that progress.
At Liberty Interactive we worked to improve liquidity. We drew down on our bank facility. We changed the attribution of the Viacom exchangeable debt, which added its fair value to that financial debt, $380million in cash to Liberty Interactive. And we continued the procedure of promoting some of our high basis nonhigh vote, our lowvote shares of IAC. We reduced debt at Liberty Interactive by repurchasing our senior notes by about $one.4 billion. On average we paid about $.86 for those and that is going to decrease our curiosity expense going forward because we spend less on our borrowings there below the financial institution facility than we do on that straight financial debt.
Our ecommerce businesses continued to do nicely in a difficult atmosphere. They are focused on the interplay in between content, community and commerce,[url=http://www.sportspace.co.uk/CareerFile/nikeairmax1.aspx]cheap air max[/url], and that has labored well for them. We completed several foldin acquisitions, including businesses like Red Envelope and Rejoice Specific. And we experienced achievement as we rolled out new ODATs 1 offer at a time in that business including Way Inexpensive, Chain Adore, and other new ODATs that we have.
QVC, obviously the largest element in that Liberty Interactive company, ongoing to produce substantial levels of modified OIBDA and totally free money flow in a tough atmosphere. QVC Japan, in specific, ongoing its restoration from the health and elegance regulation enforcement of 2007. It posted powerful working outcomes.
Turning now to Liberty Entertainment, at the greatest degree we obviously launched the tracker back in March and announced the break up off of the majority of property and liabilities. We reconstituted the split off in December. Final month we filed the needed paperwork with the SEC, IRS and FCC to proceed with the break up off. Some have requested and be aware the serious expense that we have made and are proposing to make further will not affect the timing of that break up off.
During the program of 2008 via our own actions and share repurchase by DIRECTV,[url=http://www.sportspace.co.uk/CareerFile/nikeairmax1.aspx]cheap nike air max 1 uk[/url], we increased our stake from 41% of the economics at DIRECTV to roughly 54%. In addition, as you may remember, we are at forty eight% of the votes below a standstill agreement with the company. As I mentioned, our stake went up each via the repurchase by DIRECTV.
They carry on to remain a significant free cash flow generator and a relatively underleveraged some thing like .six net leverage on a proforma foundation business and they have announced the extension of their buyback, so we will expect our share will carry on to increase there, our economic stake. But in addition we did via our personal transaction purchase about seventy eight million shares in a lowcost collar with attractive funding that looks particularly reduced cost and appealing these days. So these combination have pushed us to fifty four% and with their introduced repurchase extension, we anticipate to go greater.
We carry on to remain very happy with that business and with the swap we did with News Corp. on a mark foundation. Offered each their strength and the relative weakness of Information Corp., we are ahead by something like $eight billion as well as increased foundation, strategic versatility and other valuable elements.
As I mentioned, DIRECTV carries on to perform fairly nicely. Starz Enjoyment also performs well in a difficult environment, seemingly affirming the thesis that subscription companies are much more recession resistant than some of our other businesses.
At Liberty Money we purchased in 33.two million shares. That's about 26% on a cumulative basis of all the shares that had been excellent at the time that tracker began buying and selling. Just this thirty day period we announced also that we would be extending $530 million in loans to SIRIUS XM,[url=http://www.sportspace.co.uk/CareerFile/nikeairmax1.aspx]cheap air max 1[/url]. We believe that is a good offer for Liberty Money as nicely as for SIRIUS XM.
We like the fundamentals of the satellite radio business. We like the administration team. We like the fact that they've been in a position to develop subscribers even in a very difficult monetary and auto environment, and we're optimistic about the place we have, which is a secured senior debt position, and the upside we have with roughly 40% of the company in the type of warrants. So we believe there is relative security on our capital and upside for our shareholders. We are working diligently to complete Phase 2 of that transaction, in which we will really obtain that forty% of the fairness and hope to have information on that in the coming weeks.
With that high degree see of the yr and the quarter, allow me turn it more than to Chris to talk about the monetary outcomes at Liberty Interactive.
Liberty Interactive Group's revenue decreased 4% to $2.38 billion in the fourth quarter and elevated 4% to $8.08 billion for the year, while modified OIBDA declined 21% to $432million for the quarter and eight% to $1.fifty six billion for the year.
QVC is the main driver of results among the Liberty Interactive attributed property. It continues to operate in a challenging retail atmosphere, and its total income reduced eight% in the fourth quarter to $two.14 billion and one% to $seven.three billion for the year, while modified OIBDA reduced 22% to $416 million in the fourth quarter and nine% to $one.5 billion for the year. In complete our ecommerce businesses experienced income growth of 65% in the fourth quarter and ninety two% for the year. Adjusted OIBDA grew 19% in the fourth quarter and seventy eight% for the yr.
Now turning to QVC, their 2008 results, its consolidated income declined 1% for the year to $7.3billion whilst modified OIBDA declined nine% to $1.5 billion. Domestic income reduced 6% throughout 2008 to $four.91 billion as the combine of goods offered shifted to beauty from the jewellery region. The typical selling price elevated four%, while total units shipped declined 8%. 2008 domestic adjusted OIBDA reduced 14% to $1.07 billion, whilst the modified OIBDA margin reduced 210basis points to 22% mainly due to reduce gross margin percentages as a outcome of reduce preliminary product margins across all item classes, greater inventory obsolescence, and bad financial debt provisions, as nicely as not achieving leverage on our set price base. These decreases in adjusted OIBDA margin had been partially offset by an increase in QCard income and a reduce in marketplace expenses.
Worldwide revenue increased nine% to $two.39 billion throughout the yr, whilst modified OIBDA grew six% to $432 million. Income development was due to sales development in all international markets in addition to favorable foreign forex trade prices in Germany and Japan. and Japan.
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