QRTEP - Qurate Retail Inc. (QRTEA) Q1 2024 Earnings Call Transcript

2024-05-08 12:38:05 ET

Qurate Retail, Inc. (QRTEA)

Q1 2024 Earnings Conference Call

May 08, 2024, 08:30 AM ET

Company Participants

Claire Adams - Senior Manager, Investor Relations

David Rawlinson - President and Chief Executive Officer

Bill Wafford - Chief Administrative Officer and CFO

Greg Maffei - Executive Chairman

Ben Oren - Executive Vice President and Treasurer

Conference Call Participants

Carla Casella - JPMorgan

William Reuter - Bank of America

Hale Holden - Barclays

Karru Martinson - Jefferies

Presentation

Operator

Welcome to the Qurate Retail Inc. 2024 First Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder this conference will be recorded May 08, 2024.

I would now like to turn the call over to Claire Adams, Senior Manager, Investor Relations. Please go ahead.

Claire Adams

Good morning. Before we begin, we'd like to remind everyone 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 forms 10-K and 10-Q 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 statement contained herein to reflect any change in Qurate Retail'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 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. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary note and schedules one through three, can be found in the earnings press release issued today or our earnings presentation, which are available on our website.

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

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

David Rawlinson

Thank you, Clair, and good morning to everyone. Thank you for joining us today and for your interest in Qurate Retail. In Q1 we continued to generate positive results as we executed our transformation strategies. In the past 18 to 24 months we took actions to improve margins. We elevated our merchandise assortment, reduced supply chain and fulfillment costs by negotiating better rates, created operational efficiencies and lowered administrative costs. These actions have resulted in continued margin expansion, profitability growth and free cash flow improvement....

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