| 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 March 31, 2013 |
|
|
HSN |
|
Cornerstone |
|
Total |
Adjusted EBITDA |
|
$ |
58,934 |
|
|
$ |
7,906 |
|
|
$ |
66,840 |
|
Stock-based compensation expense |
|
(2,823 |
) |
|
(886 |
) |
|
(3,709 |
) |
Depreciation and amortization |
|
(6,821 |
) |
|
(3,131 |
) |
|
(9,952 |
) |
Loss on disposition of fixed assets |
|
(661 |
) |
|
— |
|
|
(661 |
) |
Operating income |
|
$ |
48,629 |
|
|
$ |
3,889 |
|
|
52,518 |
|
Total other expense, net |
|
|
|
|
|
(1,640 |
) |
Income from continuing operations before income taxes |
|
|
|
|
|
50,878 |
|
Income tax provision |
|
|
|
|
|
(19,325 |
) |
Income from continuing operations |
|
|
|
|
|
31,553 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
(9 |
) |
Net income |
|
|
|
|
|
$ |
31,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2012 |
|
|
HSN |
|
Cornerstone |
|
Total |
Adjusted EBITDA |
|
$ |
57,322 |
|
|
$ |
8,947 |
|
|
$ |
66,269 |
|
Stock-based compensation expense |
|
(3,287 |
) |
|
(2,713 |
) |
|
(6,000 |
) |
Depreciation and amortization |
|
(6,565 |
) |
|
(2,401 |
) |
|
(8,966 |
) |
Loss on disposition of fixed assets |
|
(13 |
) |
|
(31 |
) |
|
(44 |
) |
Operating income |
|
$ |
47,457 |
|
|
$ |
3,802 |
|
|
51,259 |
|
Total other expense, net |
|
|
|
|
|
(7,334 |
) |
Income from continuing operations before income taxes |
|
|
|
|
|
43,925 |
|
Income tax provision |
|
|
|
|
|
(16,637 |
) |
Income from continuing operations |
|
|
|
|
|
27,288 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
(1,118 |
) |
Net income |
|
|
|
|
|
$ |
26,170 |
|
|
| Financial Information By Segment |
The net sales for each of HSNi's reportable segments are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2013 |
|
2012 |
Net sales: |
|
|
|
|
HSN |
|
$ |
550,129 |
|
|
$ |
541,932 |
|
Cornerstone |
|
222,522 |
|
|
195,976 |
|
Total |
|
$ |
772,651 |
|
|
$ |
737,908 |
|
|