| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2012 |
|
|
HSN |
|
Cornerstone |
|
Total |
Adjusted EBITDA |
|
$ |
250,836 |
|
|
$ |
73,441 |
|
|
$ |
324,277 |
|
Stock-based compensation expense |
|
(11,167 |
) |
|
(7,889 |
) |
|
(19,056 |
) |
Depreciation and amortization |
|
(26,486 |
) |
|
(11,519 |
) |
|
(38,005 |
) |
Sales tax settlement |
|
— |
|
|
(7,750 |
) |
|
(7,750 |
) |
Loss on disposition of fixed assets |
|
(680 |
) |
|
(42 |
) |
|
(722 |
) |
Operating income |
|
$ |
212,503 |
|
|
$ |
46,241 |
|
|
258,744 |
|
Total other expense, net |
|
|
|
|
|
(38,874 |
) |
Income from continuing operations before income taxes |
|
|
|
|
|
219,870 |
|
Income tax provision |
|
|
|
|
|
(83,373 |
) |
Income from continuing operations |
|
|
|
|
|
136,497 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
(5,822 |
) |
Net income |
|
|
|
|
|
$ |
130,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2011 |
|
|
HSN |
|
Cornerstone |
|
Total |
Adjusted EBITDA |
|
$ |
235,163 |
|
|
$ |
67,595 |
|
|
$ |
302,758 |
|
Stock-based compensation expense |
|
(13,101 |
) |
|
(13,300 |
) |
|
(26,401 |
) |
Depreciation and amortization |
|
(27,652 |
) |
|
(8,170 |
) |
|
(35,822 |
) |
Loss on disposition of fixed assets |
|
(1,482 |
) |
|
(11 |
) |
|
(1,493 |
) |
Operating income |
|
$ |
192,928 |
|
|
$ |
46,114 |
|
|
239,042 |
|
Total other expense, net |
|
|
|
|
|
(31,284 |
) |
Income from continuing operations before income taxes |
|
|
|
|
|
207,758 |
|
Income tax provision |
|
|
|
|
|
(80,106 |
) |
Income from continuing operations |
|
|
|
|
|
127,652 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
(4,582 |
) |
Net income |
|
|
|
|
|
$ |
123,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2010 |
|
|
HSN |
|
Cornerstone |
|
Total |
Adjusted EBITDA |
|
$ |
213,613 |
|
|
$ |
45,240 |
|
|
$ |
258,853 |
|
Stock-based compensation expense |
|
(13,507 |
) |
|
(7,725 |
) |
|
(21,232 |
) |
Depreciation and amortization |
|
(30,184 |
) |
|
(7,362 |
) |
|
(37,546 |
) |
Loss on disposition of fixed assets |
|
(1,198 |
) |
|
(74 |
) |
|
(1,272 |
) |
Operating income |
|
$ |
168,724 |
|
|
$ |
30,079 |
|
|
198,803 |
|
Total other expense, net |
|
|
|
|
|
(32,185 |
) |
Income from continuing operations before income taxes |
|
|
|
|
|
166,618 |
|
Income tax provision |
|
|
|
|
|
(66,177 |
) |
Income from continuing operations |
|
|
|
|
|
100,441 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
(1,918 |
) |
Net income |
|
|
|
|
|
$ |
98,523 |
|
|
| Financial Information By Segment |
Financial information by segment is as follows (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2012 |
|
2011 |
|
2010 |
Net sales: |
|
|
|
|
|
|
HSN |
|
$ |
2,265,026 |
|
|
$ |
2,160,341 |
|
|
$ |
2,115,918 |
|
Cornerstone |
|
1,001,713 |
|
|
909,015 |
|
|
768,390 |
|
Total |
|
$ |
3,266,739 |
|
|
$ |
3,069,356 |
|
|
$ |
2,884,308 |
|
Identifiable assets: |
|
|
|
|
|
|
HSN |
|
$ |
1,083,714 |
|
|
$ |
1,178,565 |
|
|
$ |
1,138,024 |
|
Cornerstone |
|
248,238 |
|
|
216,408 |
|
|
207,719 |
|
Total |
|
1,331,952 |
|
|
1,394,973 |
|
|
1,345,743 |
|
Capital expenditures: |
|
|
|
|
|
|
HSN |
|
$ |
33,566 |
|
|
$ |
30,155 |
|
|
$ |
29,152 |
|
Cornerstone |
|
12,237 |
|
|
11,914 |
|
|
7,854 |
|
Total |
|
$ |
45,803 |
|
|
$ |
42,069 |
|
|
$ |
37,006 |
|
|