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Qurate Retail, Inc. (QRTEA) announced its unaudited fi nancial results for the second quarter of 2023, reporting net earnings of $119 million and total revenue of $2.65 billion. The company's performance reflects a dynamic economic landscape marked by various challenges.
Current Assets and Liabilities
Qurate Retail's condensed consolidated balance sheets for June 30, 2023, showed a total of $3.76 billion in current assets. Cash and cash equivalents stood at $1.48 billion, while trade and other receivables were reported at $931 million. However, the company experienced a decrease in total current assets compared to $4.28 billion at the end of December 31, 2022.
The company reported current liabilities of $2.4 billion, showcasing a decrease from $3.1 billion in December 2022. Notable current liabilities include accounts payable at $697 million and accrued liabilities at $843 million.
Property and Equipment
Qurate Retail's property and equipment, net, amounted to $513 million, reflecting a decrease from $570 million as of December 31, 2022.
Intangible Assets
Intangible assets not subject to amortization, including goodwill and trademarks, showed a decrease from $6.22 billion to $6.18 billion. Intangible assets subject to amortization were reported at $610 million.
Operating Performance
In terms of operating performance, the company reported total revenue of $2.65 billion for the second quarter of 2023, reflecting a decline from $2.95 billion during the same period in 2022. Operating costs and expenses amounted to $2.28 billion, compared to $2.54 billion in the second quarter of 2022.
Operating income for Q2 2023 was reported at $366 million, showing a slight decrease from $418 million in the same period last year.
Earnings and Comprehensive Income
Net earnings for Qurate Retail, Inc. in Q2 2023 amounted to $119 million, showcasing a decrease from $221 million in the second quarter of 2022. Basic net earnings per common share were $0.28, while diluted net earnings per common share were also $0.28.
In terms of comprehensive earnings (loss), the company reported a total of $34 million, compared to $223 million in Q2 2022.
Cash Flows
The company reported net cash provided by operating activities of $468 million for the first six months of 2023, an improvement from the net cash used of $58 million during the same period in 2022. Cash flows from investing activities reflected a net cash provided amounting to $72 million, compared to $237 million in the first half of 2022. Cash flows from financing activities showed a net cash used of $326 million, down from $166 million in the same period last year.
Outlook
Despite the challenges posed by the evolving economic landscape, Qurate Retail, Inc. remains focused on its commitment to providing quality products and services to its customers. The company continues to navigate market uncertainties and leverage its resources to drive sustainable growth in the coming quarters.