There is, however, around $30 million of cash severance costs

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moncler outlet canada Sign in / Join NowLadies and gentlemen, thank you for standing by. Welcome to the Liberty Interactive Corporation 2017 Year End Earnings Call. During moncler outlet store the presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question and answer session. As a reminder, this conference is being recorded, March 1, 2018.I would now like to turn the conference over to Courtnee Chun, Senior Vice President of Investor Relations. Please go ahead.Courtnee Alice Chun Liberty Interactive Corp.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, including statements about business strategies, market potential, stock repurchases, future financial performance, market conditions, the uk moncler sale renaming of Liberty Interactive to Qurate, changes in senior management, the integration of HSN and expected benefits and synergies, future impacts of accounting changes and the impact of recent tax reforms, future expenses at QVC, sales demand, customer growth, the proposed transactions involving GCI Liberty and the timing and expected benefits and synergies of this proposed transaction, new service and product launches and other matters that are non historical facts.These forward looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including without limitation, possible changes in market acceptance moncler sale of new products or services, moncler outlet online market conditions conducive to repurchases, the moncler outlet sale satisfaction of conditions to the proposed transactions moncler sale online involving GCI Liberty, the availability of acquisition opportunities, competitive issues, regulatory issues and continued access to capital on moncler womens jackets terms acceptable to Liberty Interactive.These forward looking statements speak only as of the date of this call, and Liberty Interactive expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained herein to reflect any change in Liberty Interactive’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement is based. On today’s call, we will discuss certain non GAAP financial measures including adjusted OIBDA, adjusted net income and constant currency. The required definitions and reconciliations, including Preliminary Note and Schedules 1 through 4, can be found in the earnings press release issued today which is available on our website.This call also may include certain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Liberty Cheap moncler TripAdvisor Holdings. These forward looking cheap moncler sale statements involve any risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These forward looking statements speak only as of the date https://www.hotmoncleroutlet.com of this call, and Liberty TripAdvisor Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statement contained herein to reflect any change in Liberty TripAdvisor Holdings’ expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement is based.Now, I’d like to introduce Greg Maffei, Liberty Interactive’s President and CEO.Gregory B. Maffei Liberty Interactive Corp.Thank you, Courtnee, and good morning to all of you out there. Today speaking on the call, we will also have Liberty Interactive’s CFO, Mark Carleton; and QVC’s President and CEO, Mike George. During the Q we will also be available to answer questions related to Liberty TripAdvisor.So we’ve got a lot to cover this morning, so let’s get started with some of the structural highlights. This morning, we introduced our future name, best moncler jackets the Qurate Retail Group, the next generation of QVC Group. Mike George will go into more detail, but we’re excited to have a brand that encompasses its unique set of businesses. Mike, as is well deserved, will become the CEO of this company. He’s done a tremendous job driving QVC, managing the company through a challenging retail environment and transitioning into the digital mobile era. Congratulations to Mike on his new job as CEO of this public company.We closed the HSN acquisition on December 29 and we do anticipate cheap moncler jackets closing the GCI acquisition on March 9. Upon closing, we will complete the reattribution of certain assets and liabilities expected to be valued moncler outlet as of the market close on March 8, and we will provide all those values post close. I’d note that we expect to moncler outlet woodbury reattribute the FTD asset or investment we have to the QVC Group, which is a slight change. We will complete the split off also at that time and result in two asset backed stocks: Qurate, as we said the renamed QVC Group, and GCI Liberty along with the operating businesses themselves.At the QVC Group, we had good success. QVC grew revenue in all of its markets. revenue was up 4%. zulily also posted an impressive 11% revenue growth in the fourth quarter, and for the year, increased active customers by 16%.Looking at repurchases in that group, the QVC Group, from November 1 through January 31, 2018, we repurchased 209 million of QVC Group shares; and for the 12 months ended 12/31/2017, we repurchased 766 million in QVC Group shares. I’d note that this is relatively impressive given cheap moncler jackets womens that we were out of the market multiple times during 2017 due to pending deals. And for the new Qurate Group, we currently anticipate repurchasing approximately $1 billion of Qurate moncler usa stock in 2018.Turning now to Liberty Ventures, GCI reported results yesterday. Despite the ongoing recession in Alaska, the businesses continue to perform well. As I noted, we do expect to close on GCI and the subsequent split offs on March 9.Looking briefly at TripAdvisor, we were pleased to announce the investment by TCV, Technology Crossover Ventures and to add Jay Hoag to the board. I think this is the fourth board that Jay and I have served on including Expedia. Jay is a seasoned investor with experience in this sector and I’m sure he’ll provide valuable input. Importantly, TripAdvisor beat Q4 expectations with performance good in all segments and we continue to believe that we’re making the right investments at that business in 2018 and we will drive continued growth.And with that, let me turn it over to Mark Carleton to discuss some of the financials in more detail.Mark D. Carleton Liberty Interactive Corp.Thanks, Greg. Let’s take a quick look at the liquidity picture. At the end of the quarter, the QVC Group had attributed cash and liquid investments of $330 million and around $6.7 billion in principal amount of attributed debt, which includes the HSNi revolving credit facility. QVC’s total debt to adjusted OIBDA ratio, as defined in their debt agreement, was approximately 2.7 times, which include uk moncler outlet zulily’s adjusted OIBDA as compared to a maximum allowable ratio of 3.5 times. Take note that this does not include the debt at HSNi. The HSNi leverage ratio was moncler outlet prices 1.7 times as defined in their agreement.Pay attention that HSNi’s results are not consolidated in the QVC Group for the fourth quarter, as the last two days of the year between closing and yearend were deemed immaterial. There is, however, around $30 million of cash severance costs at HSN, plus $8 million of some non cash stock comp, and $5 million of severance costs at Cornerstone which do get recognized, but that is not the results of operations of HSN for those couple days. There will be ongoing expenses to realize the synergies with the deal with HSN, and I think on slide 43 from our Investors Day presentation, you get a sense for those synergies and what those ongoing costs are.We’ve got quite a few accounting updates on the Qurate side that will impact 2018. I’ll talk cheap moncler jackets mens briefly about some of them. Due to the new FASB guidance in quarter one, Q and zu will recognize revenue at the time of shipment rather than delivery. This will result in a small adjustment in quarter one which really accounts for the items shipped before the end of 2017 but not delivered until 2018. So this will be the only quarter that this happens, and the impact of this shift in future quarters is really minimal. We’ll have 90 days of sales in each quarter the way we did before. But moncler online store we’ll quantify any impacts that come out of this as it goes forward. This change doesn’t impact HSN at all as they were already recognizing revenue at the time of shipment.Also starting in Q1, QVC, HSN and zu will begin to recognize a branded credit card fee income as revenue rather than an offset to SG expenses. Previously, we just recorded those fees as a reduction of expense. It will now be presented broadly. We’ll talk about these amounts as we get throughout the year for comparison purposes to make sure everything is clear.Purchase accounting amortization in 2017 was about $390 million related to QVC and zulily. In 2018, the amortization cheap moncler coats mens from moncler uk outlet the Liberty purchase of QVC will be it’ll be fully amortized and rolled off and done. However, we have purchase amortization discount moncler jackets associated with zulily and we will have some new amortization associated with HSN. We expect the HSN and zu accounting amortization to be approximately $260 million in 2018, none of which is tax deductible. And those numbers will trend downward in subsequent years.At Q, we also are tweaking a little bit our methodology for recording incentive compensation moncler sale outlet accruals in 2018. We’ll now accrue it a little more evenly throughout the year. And earlier in the year, that will give us a headwind of, let’s call it, $8 million to $12 million in the first half of the year given that we had lower accruals of incentive compensation in the first half of 2017. So this may have a little bit of an impact in the quarters on OIBDA margin but really will balance out over the year.I want to comment briefly on tax reform and how it’ll benefit or impact these companies starting in 2018. For Qurate, overall tax reform is a net positive. It’s good to have lower tax rates. We generate a lot of taxable income and have historically been a full tax payer. This is somewhat offset by our inability to immediately recognize tax benefits on all of our interest payments on debt as a result of the 30% cap especially on the exchangeable bonds moncler outlet canada.