On this page of StockholderLetter.com we present the 4/21/2023 shareholder letter from Qurate Retail, Inc. — ticker symbol QRTEA. Reading current and past QRTEA letters to shareholders can bring important insights into the investment thesis.

 •  4/21/2023 Letter Continued (Full PDF)
 •  4/25/2024 QRTEA Stockholder Letter
 •  3/28/2025 QRTEA Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters

QRTEA 4/21/2023 Shareholder/Stockholder Letter Transcript:

2 02 2 ANNU AL R E POR T
2 02 3 P R OX Y ST AT E ME NT


TABLE OF CONTENTS
LETTER TO SHAREHOLDERS
STOCK PERFORMANCE
INVESTMENT SUMMARY
PROXY STATEMENT
FINANCIAL INFORMATION
CORPORATE DATA
ENVIRONMENTAL STATEMENT

FORWARD-LOOKING STATEMENTS
Certain statements in this Annual Report constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements regarding business, product and marketing strategies; future financial
performance; direct and indirect impacts of the COVID-19 pandemic; the expected benefits of our turnaround plan designed to
stabilize and differentiate our core HSN and QVC U.S. brands and expand our leadership in video streaming commerce
(   Project Athens   ); the impact of the fire at the Rocky Mount fulfillment center; insurance recoveries; the sale leaseback
transactions; the remediation of a material weakness; new service offerings; revenue growth at QVC; synergies; the recoverability
of goodwill and other intangible assets; projected sources and uses of cash; repayment of debt; fluctuations in interest rates
and foreign currency exchange rates; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings
and other matters arising in the ordinary course of business. In particular, statements in our    Letter to Shareholders    and
under    Management   s Discussion and Analysis of Financial Condition and Results of Operations    and    Quantitative and
Qualitative Disclosures About Market Risk    contain forward-looking statements. Where, in any forward-looking statement, we
express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed
to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or
accomplished. The following include some but not all of the factors that could cause actual results or events to differ materially
from those anticipated:
    the continuing global and regional economic impacts of the COVID-19 pandemic and other public health-related risks
and events on our customers, our vendors and our businesses generally;
    customer demand for our products and services and our ability to attract new customers and retain existing customers
by anticipating customer demand and adapting to changes in demand;
    competitor responses to our products and services;
    increased digital TV penetration and the impact on channel positioning of our programs;
    the levels of online traffic to our businesses    websites and our ability to convert visitors into customers or contributors;
    uncertainties inherent in the development and integration of new business lines and business strategies;
    our future financial performance, including availability, terms, deployment of capital and our level of indebtedness;
    our ability to effectively manage our installment sales plans and revolving credit card programs;
    the cost and ability of shipping companies, manufacturers, suppliers, digital marketing channels, and vendors to deliver
products, equipment, software and services;
    the outcome of any pending or threatened litigation;
    availability of qualified personnel;
    the impact of the seasonality of our businesses;
    changes in, or failure or inability to comply with, government regulations, including, without limitation, regulations of the
Federal Communications Commission, and adverse outcomes from regulatory proceedings;
    changes in the nature of key strategic relationships with partners, distributors, suppliers and vendors;
    domestic and international economic and business conditions and industry trends, including the impact of the    Brexit   
withdrawal of the United Kingdom from the European Union and the impact of inflation and increased labor costs;
    increases in market interest rates;
    changes in the trade policy and trade relations with China;
    consumer spending levels, including the availability and amount of individual consumer debt and customer credit
losses;
    system interruption and the lack of integration and redundancy in the systems and infrastructures of our businesses;
    advertising spending levels;
    changes in distribution and viewing of television programming, including the expanded deployment of video on demand
technologies and Internet protocol television and their impact on home shopping programming;
    rapid technological changes;
    failure to protect the security of personal information, subjecting us to potentially costly government enforcement
actions and/or private litigation and reputational damage;
    the regulatory and competitive environment of the industries in which we operate;
    natural disasters, public health crises (including COVID-19), political crises, and other catastrophic events or other
events outside of our control;
    threatened terrorist attacks, political and economic unrest in international markets and ongoing military action around
the world;
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ANNUAL REPORT 2022

FORWARD-LOOKING STATEMENTS (CONTINUED)
    failure to successfully implement Project Athens; and
    fluctuations in foreign currency exchange rates.
These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Annual
Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forwardlooking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events,
conditions or circumstances on which any such statement is based. When considering such forward-looking statements, you
should keep in mind any risk factors identified and other cautionary statements contained in this Annual Report and in our publicly
filed documents, including our most recent Forms 10-K and 10-Q. Such risk factors and statements describe circumstances
which could cause actual results to differ materially from those contained in any forward-looking statement.
ANNUAL REPORT 2022
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 4/21/2023 Letter Continued (Full PDF)