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Table of Contents
HSN, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables reconcile Adjusted EBITDA to operating income (loss) for HSNi’s operating segments and to HSNi’s consolidated
net income (in thousands):
53
Year Ended December 31, 2010
HSN
Cornerstone
Total
Adjusted EBITDA
$
213,612
$
44,011
$
257,623
Stock
-
based compensation expense
(13,507
)
(7,725
)
(21,232
)
Amortization of intangible assets
(561
)
—
(
561
)
Depreciation
(29,622
)
(8,849
)
(38,471
)
Loss on disposition of fixed assets
(1,198
)
(74
)
(1,272
)
Operating income
$
168,724
$
27,363
196,087
Other expense, net
(32,484
)
Income from continuing operations before income taxes
163,603
Income tax provision
(65,041
)
Income from continuing operations
98,562
Loss from discontinued operations, net of tax
(39
)
Net income
$
98,523
Year Ended December 31, 2009
HSN
Cornerstone
Total
Adjusted EBITDA
$
196,139
$
9,998
$
206,137
Stock
-
based compensation expense
(9,041
)
(2,223
)
(11,264
)
Amortization of intangible assets
(562
)
—
(
562
)
Depreciation
(28,666
)
(9,309
)
(37,975
)
Loss on disposition of fixed assets
(637
)
(45
)
(682
)
Operating income (loss)
$
157,233
$
(1,579
)
155,654
Other expense, net
(34,940
)
Income from continuing operations before income taxes
120,714
Income tax provision
(48,136
)
Income from continuing operations
72,578
Loss from discontinued operations, net of tax
(90
)
Net income
$
72,488