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To: sixty2nds who wrote (7515)	9/7/2023 10:32:47 AM
From: Sean Collett	1 Recommendation Recommended By sixty2nds Read Replies (1) \| Respond to of 10712

A paper I read studied stock performance of 1,612 firms that executed a reverse stock split from 1962-2001 and found that the stocks under perform in the first month of said split extending into three years after the split. I do not believe Qurate is a company that needs to take that kind of hit given their FCF. If anything they should start seeing organic turnaround sooner than that as they're already a year into Project Athens and David Rawlinson II has been executing very quickly on it. The end result for either a buyback or reverse split is a reduction in shares (assuming they buyback & retire). My suggestion for a buyback only really comes into play once they receive the delisting. Otherwise I agree the debt should be their focus - either way share buybacks and debt payments increase shareholder yield. The buyback is just to defend their listing without further creating harm to shareholders. They already announced a buyback in 2019-2020 for $500M and have $492M left on that authorization. They could execute at any time. -Sean