QVC Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2012

Adjusted EBITDA to Operating Income (Loss) and Consolidated Net Income

The following tables reconcile Adjusted EBITDA to operating income for HSNi’s operating segments and to HSNi’s consolidated net income (in thousands):


	Three Months Ended September 30, 2012									Three Months Ended September 30, 2011
	HSN			Cornerstone			Total			HSN			Cornerstone			Total
Adjusted EBITDA	$	56,790		$	14,969		$	71,759		$	51,803		$	13,040		$	64,843
Stock-based compensation expense		(2,771	)		(1,857	)		(4,628	)		(2,792	)		(3,317	)		(6,109	)
Depreciation and amortization		(6,665	)		(3,029	)		(9,694	)		(6,614	)		(1,829	)		(8,443	)
Sales tax settlement		—			(7,750	)		(7,750	)		—			—			—
Loss on disposition of fixed assets		(374	)		(1	)		(375	)		(1,043	)		—			(1,043	)

Operating income	$	46,980		$	2,332			49,312		$	41,354		$	7,894			49,248

Total other expense, net								(21,988	)								(7,848	)

Income from continuing operations before income taxes								27,324									41,400
Income tax provision								(9,766	)								(15,772	)

Income from continuing operations								17,558									25,628
Income (loss) from discontinued operations, net of tax								128									(1,324	)

Net income							$	17,686								$	24,304


	Nine Months Ended September 30, 2012									Nine Months Ended September 30, 2011
	HSN			Cornerstone			Total			HSN			Cornerstone			Total
Adjusted EBITDA	$	166,821		$	50,819		$	217,640		$	155,624		$	44,189		$	199,813
Stock-based compensation expense		(8,810	)		(6,468	)		(15,278	)		(10,750	)		(8,642	)		(19,392	)
Depreciation and amortization		(19,839	)		(8,411	)		(28,250	)		(20,788	)		(5,663	)		(26,451	)
Sales tax settlement		—			(7,750	)		(7,750	)		—			—			—
Loss on disposition of fixed assets		(418	)		(31	)		(449	)		(1,148	)		(8	)		(1,156	)

Operating income	$	137,754		$	28,159			165,913		$	122,938		$	29,876			152,814

Total other expense, net								(37,172	)								(23,468	)

Income from continuing operations before income taxes								128,741									129,346
Income tax provision								(48,284	)								(49,861	)

Income from continuing operations								80,457									79,485
Loss from discontinued operations, net of tax								(5,854	)								(2,934	)

Net income							$	74,603								$	76,551

Net Sales of Reportable Segments

The net sales for each of HSNi’s reportable segments are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Net sales:
HSN	$	537,393	$	513,013	$	1,581,268	$	1,521,181
Cornerstone		241,376		214,097		702,596		626,206

Total	$	778,769	$	727,110	$	2,283,864	$	2,147,387

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details