Qurate Retail, Inc. Quarterly report pursuant to Section 13 or 15(d)

Information about QVC's Operating Segments (Tables)

9 Months Ended

Sep. 30, 2017



	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017		2016
(in millions)	Net revenue		Adjusted OIBDA	Net revenue	Adjusted OIBDA	Net revenue	Adjusted OIBDA	Net revenue	Adjusted OIBDA
QVC-U.S.	$	1,374	313	1,338	308	4,111	1,010	4,173	997
QVC-International	636		99	610	85	1,843	304	1,851	274
Consolidated QVC	$	2,010	412	1,948	393	5,954	1,314	6,024	1,271



	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017		2016
(in millions)	Depreciation		Amortization	Depreciation	Amortization	Depreciation	Amortization	Depreciation	Amortization
QVC-U.S.	$	24	83	22	103	70	293	55	308
QVC-International	14		8	16	13	46	31	48	37
Consolidated QVC	$	38	91	38	116	116	324	103	345

Long-lived assets, net of accumulated depreciation, by segment were as follows:

The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:



	Three months ended September 30,					Nine months ended September 30,
(in millions)	2017			2016		2017		2016
Adjusted OIBDA	$	412		393		1,314		1,271
Stock-based compensation	(9		)	(8	)	(23	)	(24	)
Depreciation and amortization	(129		)	(154	)	(440	)	(448	)
Equity in losses of investee	—			(2	)	(3	)	(4	)
Interest expense, net	(54		)	(52	)	(165	)	(159	)
Foreign currency gain (loss)	4			5		(6	)	27
Income before income taxes	$	224		182		677		663