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Table of Contents
The following tables reconcile Adjusted EBITDA to operating income for HSNi’s operating segments and to HSNi’s consolidated net
income (in thousands):
45
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