| Adjusted EBITDA To Operating Income (Loss) And Consolidated Net Income [Table Text Block] |
The following tables reconcile consolidated net income to operating income for HSNi's operating segments and Adjusted EBITDA (in thousands):
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Year Ended December 31, 2016 |
|
|
HSN |
|
Cornerstone |
|
Total |
Net income |
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|
|
|
|
$ |
118,708 |
|
Income tax provision |
|
|
|
|
|
71,020 |
|
Income before income taxes |
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|
|
|
|
189,728 |
|
Interest expense, net |
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|
|
|
|
16,079 |
|
Operating income (loss) |
|
$ |
216,301 |
|
|
$ |
(10,494 |
) |
|
$ |
205,807 |
|
Stock-based compensation expense |
|
15,073 |
|
|
4,160 |
|
|
19,233 |
|
Depreciation and amortization |
|
29,328 |
|
|
13,384 |
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|
42,712 |
|
Loss on sale of businesses and asset impairments (a) |
|
— |
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|
31,232 |
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|
31,232 |
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Loss on disposition of fixed assets |
|
134 |
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|
38 |
|
|
172 |
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Adjusted EBITDA |
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$ |
260,836 |
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|
$ |
38,320 |
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|
$ |
299,156 |
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(a) Non-GAAP results for the year ended December 31, 2016 exclude a loss on sale and asset impairment charges of $31.2 million for the divestitures of TravelSmith and Chasing Fireflies.
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Year Ended December 31, 2015 |
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HSN |
|
Cornerstone |
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Total |
Net income |
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$ |
169,239 |
|
Income tax provision |
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|
|
|
|
99,615 |
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Income before income taxes |
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|
|
|
|
268,854 |
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Interest expense, net |
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|
|
|
|
15,180 |
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Operating income |
|
$ |
253,622 |
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|
$ |
30,412 |
|
|
$ |
284,034 |
|
Stock-based compensation expense |
|
13,889 |
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|
4,519 |
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|
18,408 |
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Depreciation and amortization |
|
29,371 |
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|
14,047 |
|
|
43,418 |
|
Asset impairments (a) |
|
— |
|
|
5,568 |
|
|
5,568 |
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Exit and reorganization costs (b) |
|
5,208 |
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|
— |
|
|
5,208 |
|
Loss on disposition of fixed assets |
|
791 |
|
|
15 |
|
|
806 |
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Adjusted EBITDA |
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$ |
302,881 |
|
|
$ |
54,561 |
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|
$ |
357,442 |
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(a) Non-GAAP results for the year ended December 31, 2015 exclude $6.7 million of charges for the impairment of intangible assets and $1.1 million of other non-cash adjustments.
(b) Non-GAAP results for 2015 exclude $2.0 million of severance costs associated with a reorganization at HSN and $3.2 million for certain costs associated with the planned closure of one of HSN's distribution centers.
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Year Ended December 31, 2014 |
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HSN |
|
Cornerstone |
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Total |
Net income |
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|
|
|
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$ |
172,984 |
|
Income tax provision |
|
|
|
|
|
104,543 |
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Income before income taxes |
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|
|
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|
277,527 |
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Interest expense, net |
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|
|
|
|
7,082 |
|
Operating income |
|
$ |
252,098 |
|
|
$ |
32,511 |
|
|
$ |
284,609 |
|
Stock-based compensation expense |
|
12,224 |
|
|
3,382 |
|
|
15,606 |
|
Depreciation and amortization |
|
29,762 |
|
|
14,172 |
|
|
43,934 |
|
Breakage income (a) |
|
(4,962 |
) |
|
— |
|
|
(4,962 |
) |
CPSC settlement (b) |
|
— |
|
|
3,100 |
|
|
3,100 |
|
Loss on disposition of fixed assets |
|
19 |
|
|
34 |
|
|
53 |
|
Adjusted EBITDA |
|
$ |
289,141 |
|
|
$ |
53,199 |
|
|
$ |
342,340 |
|
|
|
|
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|
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|
(a) Non-GAAP results for the year ended December 31, 2014 exclude $5.0 million of breakage income related to the initial reversal of certain customer credits that had accumulated over many years.
(b) Non-GAAP results for the year ended December 31, 2014 exclude a $3.1 million settlement with the Consumer Product Safety Commission ("CPSC").
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| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
Financial information by segment is as follows (thousands):
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Year Ended December 31, |
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2016 |
|
2015 |
|
2014 |
Net sales: |
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|
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|
HSN |
|
$ |
2,474,554 |
|
|
$ |
2,542,107 |
|
|
$ |
2,476,088 |
|
Cornerstone |
|
1,092,931 |
|
|
1,148,468 |
|
|
1,111,907 |
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Total |
|
$ |
3,567,485 |
|
|
$ |
3,690,575 |
|
|
$ |
3,587,995 |
|
Identifiable assets: |
|
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|
|
|
HSN |
|
$ |
1,020,531 |
|
|
$ |
1,029,475 |
|
|
$ |
1,107,932 |
|
Cornerstone |
|
284,002 |
|
|
305,096 |
|
|
289,154 |
|
Total |
|
1,304,533 |
|
|
1,334,571 |
|
|
1,397,086 |
|
Capital expenditures: |
|
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|
|
|
|
HSN |
|
$ |
25,089 |
|
|
$ |
44,844 |
|
|
$ |
32,307 |
|
Cornerstone |
|
16,653 |
|
|
15,848 |
|
|
15,009 |
|
Total |
|
$ |
41,742 |
|
|
$ |
60,692 |
|
|
$ |
47,316 |
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|