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Table of Contents
HSN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
43
Years Ended
December 31,
2010
2009
2008
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net income (loss)
$
98,523
$
72,488
$
(2,390,888
)
Less: Loss from discontinued operations, net of tax
(39
)
(90
)
(3,410
)
Income (loss) from continuing operations
98,562
72,578
(2,387,478
)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating
activities attributable to continuing operations:
Depreciation
38,471
37,975
37,438
Amortization of intangible assets
561
562
7,465
Asset impairments
—
—
3,186,650
Stock
-
based compensation expense
21,232
11,264
20,286
Amortization of cable and satellite distribution fees
3,358
3,360
4,028
Amortization of non
-
cash marketing
—
—
8,022
Amortization of debt issuance costs
2,571
2,556
1,124
Loss on disposition of fixed assets
1,272
682
1,354
Deferred income taxes
(2,808
)
(6,794
)
(742,053
)
Bad debt expense
19,827
18,460
19,775
Excess tax benefits from stock
-
based awards
(3,112
)
(301
)
(135
)
Changes in current assets and liabilities:
Accounts receivable
(32,699
)
(36,994
)
8,787
Inventories
(34,917
)
42,699
13,239
Prepaid expenses and other current assets
3,645
(5,684
)
12,816
Accounts payable, accrued expenses and other current liabilities
17,674
62,189
(54,230
)
Net cash provided by operating activities attributable to continuing operations
133,637
202,552
137,088
Cash flows from investing activities attributable to continuing operations:
Transfers from IAC
—
—
16,738
Capital expenditures
(37,508
)
(41,378
)
(39,662
)
Net cash used in investing activities attributable to continuing operations
(37,508
)
(41,378
)
(22,924
)
Cash flows from financing activities attributable to continuing operations:
Proceeds from issuance of long
-
term debt, net of issuance costs
—
—
373,833
Repayments of long
-
term debt
(30,159
)
(50,000
)
—
Borrowings under revolving credit facility
—
—
40,000
Repayments under revolving credit facility
—
(
20,000
)
(20,000
)
Distribution to IAC in connection with the spin
-
off
—
—
(
333,799
)
Excess tax benefits from stock
-
based awards
3,112
301
135
Issuance of common stock, net of withholding taxes
15,277
(26
)
—
Other, net
—
—
(
117
)
Net cash (used in) provided by financing activities attributable to
continuing operations
(11,770
)
(69,725
)
60,052
Total cash provided by continuing operations
84,359
91,449
174,216
Total cash (used in) provided by operating activities attributable to discontinued operations
(21
)
1,009
(501
)
Effect of exchange rate changes on cash and cash equivalents
—
—
(
2,472
)
Net increase in cash and cash equivalents
84,338
92,458
171,243
Cash and cash equivalents at beginning of period
269,921
177,463
6,220
Cash and cash equivalents at end of period
$
354,259
$
269,921
$
177,463