Quarterly report pursuant to Section 13 or 15(d)

Disposals

v3.19.2
Disposals
6 Months Ended
Jun. 30, 2019
Disposals  
Disposals

(2)   Disposals

On March 9, 2018, Qurate Retail completed the GCI Liberty Split-Off. At the time of the GCI Liberty Split-Off, GCI Liberty was comprised of, among other things, GCI Liberty’s legacy business, Qurate Retail’s former interest in Liberty Broadband, Charter and LendingTree, and Qurate Retail’s former wholly-owned subsidiary Evite. Qurate Retail viewed Liberty Broadband, LendingTree and Evite as separate components and evaluated them separately for discontinued operations presentation. As Qurate Retail’s former interest in Charter was accounted for as a cost method investment it did not meet the definition of a component for discontinued operation presentation. The disposition of Liberty Broadband was considered significant to the overall financials.  Accordingly, the accompanying condensed consolidated financial statements of Qurate Retail have been prepared to reflect Qurate Retail’s interest in Liberty Broadband as a discontinued operation. The disposition of LendingTree and Evite as part of the GCI Liberty Split-Off does not have a major effect on Qurate Retail’s historical or future results. Accordingly, LendingTree and Evite are not presented as discontinued operations in the accompanying condensed consolidated financial statements of Qurate Retail. LendingTree and Evite are included in the Corporate and other segment through March 8, 2018.  

Included in revenue in the accompanying condensed consolidated statements of operations is $3 million for the six months ended June 30, 2018, related to Evite. Included in net earnings (loss) in the accompanying condensed consolidated statements of operations are losses of $2 million for the six months ended June 30, 2018, related to Evite.  Included in net earnings (loss) in the accompanying condensed consolidated statements of operations are earnings of less than a million dollars for the six months ended June 30, 2018, related to LendingTree.

Certain financial information for the Company’s investment in Liberty Broadband, which is included in earnings (loss) from discontinued operations is as follows:

Three months ended

Six months ended

June 30,

June 30,

2019

2018

2019

    

2018

amounts in millions

Earnings (loss) before income taxes

$

NA

NA

NA

187

Income tax (expense) benefit

$

NA

NA

NA

(46)

The impact from discontinued operations on basic and diluted earnings (loss) per share is as follows:

Three months ended

Six months ended

June 30,

June 30,

2019

2018

2019

    

2018

Basic earnings (loss) from discontinued operations attributable to Qurate Retail shareholders per common share:

Series A and Series B Qurate Retail common stock

$

NA

NA

NA

NA

Series A and Series B Liberty Ventures common stock

$

NA

NA

NA

1.64

Diluted earnings (loss) from discontinued operations attributable to Qurate Retail shareholders per common share:

Series A and Series B Qurate Retail common stock

$

NA

NA

NA

NA

Series A and Series B Liberty Ventures common stock

$

NA

NA

NA

1.62