jvid视频. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Basis of Presentation

Basis of Presentation	12 Months Ended
Dec. 31, 2023
Basis of Presentation	听
Basis of Presentation	(1) Basis of Presentation The accompanying consolidated financial statements include the accounts of jvid视频. and its controlled subsidiaries (collectively, "jvid视频," the "Company," 鈥渨e,鈥� 鈥渦s,鈥� and 鈥渙ur鈥�) unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated in consolidation. jvid视频 is made up of wholly-owned subsidiaries QVC, Inc. (鈥淨VC鈥�), Cornerstone Brands, Inc. (鈥淐BI鈥�), and other cost method investments, and is primarily engaged in the video and online commerce industries in North America, Europe and Asia. jvid视频 and GCI Liberty, Inc. (鈥淕CI Liberty鈥�) entered into a tax sharing agreement in connection with a split-off transaction that occurred in the first quarter of 2018 (the 鈥淕CI Liberty Split-Off鈥�). Pursuant to that tax sharing agreement, GCI Liberty agreed to indemnify jvid视频 for taxes and tax-related losses resulting from the GCI Liberty Split-Off to the extent such taxes or tax-related losses (i) result primarily from, individually or in the aggregate, the breach of certain restrictive covenants made by GCI Liberty (applicable to actions or failures to act by GCI Liberty and its subsidiaries following the completion of the GCI Liberty Split-Off), or (ii) result from Section 355(e) of the Internal Revenue Code applying to the GCI Liberty Split-Off as a result of the GCI Liberty Split-Off being part of a plan (or series of related transactions) pursuant to which one or more persons acquire, directly or indirectly, a 50-percent or greater interest (measured by vote or value) in the stock of GCI Liberty (or any successor corporation). Following a merger between Liberty Broadband Corporation (鈥淟iberty Broadband鈥�) and GCI Liberty, Liberty Broadband has assumed the tax sharing agreement. jvid视频 had a tax sharing payable of approximately $16 million and $18 million as of December 31, 2023 and 2022, respectively, included in Other liabilities in the consolidated balance sheets. 听 jvid视频 and Liberty Media Corporation (鈥淟MC鈥�) entered into certain agreements in order to govern certain of the ongoing relationships between the two companies. These agreements include a reorganization agreement, a services agreement (the 鈥淪ervices Agreement鈥�) and a facilities sharing agreement (the 鈥淔acilities Sharing Agreement鈥�). 听Pursuant to the Services Agreement, LMC provides jvid视频 with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity, and investor relations support. See below for a description of an amendment to the Services Agreement entered into in December 2019. jvid视频 reimburses LMC for direct, out-of-pocket expenses incurred by LMC in providing these services and for jvid视频's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to jvid视频. Under the Facilities Sharing Agreement, jvid视频 shares office space with LMC and related amenities at LMC's corporate headquarters. 听Under these various agreements approximately $7 million, $7 million and $10 million of these allocated expenses were reimbursable from jvid视频 to LMC for the years ended December 31, 2023, 2022 and 2021, respectively. In December 2019, the Company entered into an amended services agreement. Under the amended services agreement components of LMC鈥檚 Chief Executive鈥檚 Officer鈥檚 (鈥淐EO鈥�) compensation is either paid directly to him or reimbursed to LMC, in each case, based on allocations set forth in the amended services agreement. For the years ended December 31, 2023, 2022 and 2021, the allocation percentage for the Company was 11%, 13% and 17%, respectively. 听See note 10 for additional information. On November 4, 2021, jvid视频 announced the Board of Directors declared a special cash dividend (the 鈥淣ovember Special Dividend鈥�) in the amount of $1.25听per common share for an aggregate cash dividend of approximately $488听million based on shares outstanding as of October 31, 2021. The November Special Dividend was payable on November 22, 2021 to stockholders of record of jvid视频鈥檚 Series A and Series B common stock as of the close of business on November 15, 2021. Zulily, LLC (鈥淶ulily鈥�) was a wholly owned subsidiary of jvid视频 until its divestiture on May 24, 2023. jvid视频 recognized a loss on the divestiture of $64听million in the second quarter of 2023. 听Zulily is included in Corporate and other through May 23, 2023 and is not presented as a discontinued operation as the disposition did not represent a strategic shift that had a major effect on jvid视频鈥檚 operations and financial results. 鈥� Included in revenue in the accompanying consolidated statements of operations is $301听million, $906 million and $1,453 million, for the years ended December 31, 2023, 2022 and 2021, respectively, related to Zulily. Included in net earnings (loss) in the accompanying consolidated statement of operations is a loss of $44听million, $470 million, and $412 million, for the years ended December 31, 2023, 2022, and 2021, respectively, related to Zulily. Included in total assets in the accompanying consolidated balance sheets as of December 31, 2022 is $257听million, related to Zulily. 鈥�

Basis of Presentation

12 Months Ended

Dec. 31, 2023

Basis of Presentation

听

Basis of Presentation

(1) Basis of Presentation

The accompanying consolidated financial statements include the accounts of jvid视频. and its controlled subsidiaries (collectively, "jvid视频," the "Company," 鈥渨e,鈥� 鈥渦s,鈥� and 鈥渙ur鈥�) unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated in consolidation. jvid视频 is made up of wholly-owned subsidiaries QVC, Inc. (鈥淨VC鈥�), Cornerstone Brands, Inc. (鈥淐BI鈥�), and other cost method investments, and is primarily engaged in the video and online commerce industries in North America, Europe and Asia.

jvid视频 and GCI Liberty, Inc. (鈥淕CI Liberty鈥�) entered into a tax sharing agreement in connection with a split-off transaction that occurred in the first quarter of 2018 (the 鈥淕CI Liberty Split-Off鈥�). Pursuant to that tax sharing agreement, GCI Liberty agreed to indemnify jvid视频 for taxes and tax-related losses resulting from the GCI Liberty Split-Off to the extent such taxes or tax-related losses (i) result primarily from, individually or in the aggregate, the breach of certain restrictive covenants made by GCI Liberty (applicable to actions or failures to act by GCI Liberty and its subsidiaries following the completion of the GCI Liberty Split-Off), or (ii) result from Section 355(e) of the Internal Revenue Code applying to the GCI Liberty Split-Off as a result of the GCI Liberty Split-Off being part of a plan (or series of related transactions) pursuant to which one or more persons acquire, directly or indirectly, a 50-percent or greater interest (measured by vote or value) in the stock of GCI Liberty (or any successor corporation). Following a merger between Liberty Broadband Corporation (鈥淟iberty Broadband鈥�) and GCI Liberty, Liberty Broadband has assumed the tax sharing agreement. jvid视频 had a tax sharing payable of approximately $16 million and $18 million as of December 31, 2023 and 2022, respectively, included in Other liabilities in the consolidated balance sheets. 听

jvid视频 and Liberty Media Corporation (鈥淟MC鈥�) entered into certain agreements in order to govern certain of the ongoing relationships between the two companies. These agreements include a reorganization agreement, a services agreement (the 鈥淪ervices Agreement鈥�) and a facilities sharing agreement (the 鈥淔acilities Sharing Agreement鈥�). 听Pursuant to the Services Agreement, LMC provides jvid视频 with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity, and investor relations support. See below for a description of an amendment to the Services Agreement entered into in December 2019. jvid视频 reimburses LMC for direct, out-of-pocket expenses incurred by LMC in providing these services and for jvid视频's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to jvid视频. Under the Facilities Sharing Agreement, jvid视频 shares office space with LMC and related amenities at LMC's corporate headquarters. 听Under these various agreements approximately $7 million, $7 million and $10 million of these allocated expenses were reimbursable from jvid视频 to LMC for the years ended December 31, 2023, 2022 and 2021, respectively.

In December 2019, the Company entered into an amended services agreement. Under the amended services agreement components of LMC鈥檚 Chief Executive鈥檚 Officer鈥檚 (鈥淐EO鈥�) compensation is either paid directly to him or reimbursed to LMC, in each case, based on allocations set forth in the amended services agreement. For the years ended December 31, 2023, 2022 and 2021, the allocation percentage for the Company was 11%, 13% and 17%, respectively. 听See note 10 for additional information.

On November 4, 2021, jvid视频 announced the Board of Directors declared a special cash dividend (the 鈥淣ovember Special Dividend鈥�) in the amount of $1.25听per common share for an aggregate cash dividend of approximately $488听million based on shares outstanding as of October 31, 2021. The November Special Dividend was payable on November 22, 2021 to stockholders of record of jvid视频鈥檚 Series A and Series B common stock as of the close of business on November 15, 2021.

Zulily, LLC (鈥淶ulily鈥�) was a wholly owned subsidiary of jvid视频 until its divestiture on May 24, 2023. jvid视频 recognized a loss on the divestiture of $64听million in the second quarter of 2023. 听Zulily is included in Corporate and other through May 23, 2023 and is not presented as a discontinued operation as the disposition did not represent a strategic shift that had a major effect on jvid视频鈥檚 operations and financial results.

鈥�

Included in revenue in the accompanying consolidated statements of operations is $301听million, $906 million and $1,453 million, for the years ended December 31, 2023, 2022 and 2021, respectively, related to Zulily. Included in net earnings (loss) in the accompanying consolidated statement of operations is a loss of $44听million, $470 million, and $412 million, for the years ended December 31, 2023, 2022, and 2021, respectively, related to Zulily. Included in total assets in the accompanying consolidated balance sheets as of December 31, 2022 is $257听million, related to Zulily.

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