Summary - Funding Rounds

Founding Date

1977
HSN is a subsidiary of Qurate Retail Group

HSN Revenue Breakdown

Embed Graph

HSN revenue breakdown by business segment: 7.0% from Apparel, 8.0% from Jewelry, 9.0% from Accessories, 13.0% from Beauty, 22.0% from Electronics and 41.0% from Home

HSN Income Statement

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

3.2b3.3b3.4b3.6b3.7b3.6b2.3b

Revenue growth, %

5%3%(3%)(34%)

Cost of goods sold

2.0b2.1b2.2b2.3b2.4b2.4b1.5b

Gross profit

1.2b1.2b1.2b1.3b1.3b1.2b810.0m

Gross profit Margin, %

36%36%36%35%36%34%35%

Sales and marketing expense

577.2m662.3m695.8m745.9m743.5m

General and administrative expense

242.0m224.7m210.8m241.3m193.4m590.0m

Operating expense total

918.1m925.0m947.2m1.0b1.0b590.0m

Depreciation and amortization

38.0m40.6m43.4m42.7m31.0m

EBITDA

220.0m

EBITDA margin, %

9%

EBIT

232.0m258.7m282.7m284.6m284.0m205.8m103.0m

EBIT margin, %

7%8%8%8%8%6%4%

Interest expense

32.0m20.8m6.7m7.3m15.3m16.2m

Interest income

429.0k564.0k205.0k184.0k136.0k95.0k

Pre tax profit

200.4m219.9m276.1m277.5m268.9m189.7m

Income tax expense

77.3m83.4m97.7m104.5m99.6m71.0m

Net Income

123.1m130.7m178.4m173.0m169.2m118.7m

Quarterly

USDQ1, 2011Q2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

724.0m746.9m751.2m747.3m767.2m778.8m772.7m812.6m798.9m777.4m855.2m837.5m841.9m885.6m864.9m816.8m854.3m823.0m785.4m821.4m782.6m509.0m473.0m

Cost of goods sold

470.0m460.4m478.4m476.6m473.7m493.3m492.5m503.8m510.3m501.6m542.1m535.1m541.7m549.1m558.6m527.3m542.5m542.9m512.3m525.0m513.4m336.0m303.0m

Gross profit

254.0m286.6m272.8m270.7m293.4m285.5m280.1m308.8m288.6m275.8m313.1m302.4m300.2m336.5m306.3m289.5m311.8m280.1m273.1m296.4m269.2m173.0m170.0m

Gross profit Margin, %

35%38%36%36%38%37%36%38%36%35%37%36%36%38%35%35%37%34%35%36%34%34%36%

Sales and marketing expense

129.8m143.8m140.2m155.4m166.5m163.2m164.5m174.9m165.4m167.2m182.7m171.9m191.9m176.9m179.2m188.1m178.8m167.3m176.8m174.0m

General and administrative expense

58.2m58.8m61.1m56.5m52.1m63.3m53.1m52.7m51.7m55.9m52.2m53.4m56.6m62.8m60.9m50.0m46.5m42.7m56.4m47.7m49.8m130.0m124.0m

Operating expense total

212.7m226.7m225.6m221.0m228.1m236.2m227.6m237.5m227.5m233.9m245.8m236.4m243.2m265.8m248.4m239.6m265.6m243.2m234.6m240.8m236.2m130.0m124.0m

Depreciation and amortization

9.0m9.6m9.7m10.0m10.0m10.4m10.8m10.8m11.2m11.1m10.6m10.5m10.7m10.5m10.9m11.0m11.1m24.0m23.0m

EBITDA

43.0m46.0m

EBITDA margin, %

8%10%

EBIT

41.3m59.8m47.2m49.7m65.3m49.3m52.5m71.3m61.1m41.9m67.4m66.0m57.0m70.7m57.8m49.8m46.2m36.9m38.6m55.6m32.9m13.0m20.0m

EBIT margin, %

6%8%6%7%9%6%7%9%8%5%8%8%7%8%7%6%5%4%5%7%4%3%4%

Interest expense

8.1m7.9m8.0m7.5m8.1m3.7m1.7m1.7m1.7m1.8m1.9m1.9m3.3m4.0m4.1m4.2m4.1m4.1m4.1m4.1m4.2m

Interest income

114.0k131.0k80.0k154.0k291.0k59.0k70.0k30.0k48.0k69.0k44.0k50.0k40.0k94.0k35.0k25.0k245.0k125.0k213.0k213.0k164.0k

Pre tax profit

33.3m52.0m39.3m42.3m57.5m27.3m50.9m69.6m59.5m40.2m65.6m64.1m53.7m66.8m53.8m45.7m42.4m32.9m34.7m51.7m28.9m

Income tax expense

13.1m20.1m15.0m16.0m21.9m9.8m19.3m26.4m17.4m16.0m24.6m24.6m20.0m25.2m19.6m17.1m15.9m12.7m13.5m19.0m12.7m

Net Income

20.3m32.0m24.3m26.2m30.7m17.7m31.5m43.3m42.1m24.2m40.9m39.5m33.7m41.6m34.2m28.6m26.4m20.2m21.2m32.8m16.2m

HSN Balance Sheet

Annual

usdY, 2009FY, 2011Y, 2011FY, 2012Y, 2012FY, 2013Y, 2013Y, 2014FY, 2014FY, 2015Y, 2015FY, 2016

Cash

354.3m381.8m381.8m222.1m222.1m196.4m196.4m160.0m160.0m63.9m63.9m42.7m

Accounts Receivable

222.6m249.9m265.1m317.8m306.6m

Prepaid Expenses

45.0m46.2m48.6m44.7m45.4m

Inventories

296.5m330.9m327.3m327.3m398.7m398.7m428.0m428.0m391.1m

Current Assets

970.1m876.7m867.3m867.3m953.9m953.9m843.9m843.9m813.0m

PP&E

158.4m171.3m178.7m178.7m193.9m193.9m211.8m211.8m211.1m

Goodwill

9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m

Total Assets

1.4b1.3b1.3b1.3b1.4b1.4b1.3b1.3b1.3b

Accounts Payable

270.2m267.1m255.6m255.3m254.7m3.0b

Short-term debt

9.4m12.5m17.2m25.0m

Current Liabilities

464.2m491.8m476.1m476.1m513.5m513.5m514.7m514.7m544.1m

Long-term debt

239.1m240.6m468.8m210.9m615.0m

Total Debt

239.1m250.0m12.5m228.1m25.0m

Total Liabilities

805.3m827.4m808.8m829.9m1.2b1.1b

Common Stock

584.0k549.0k530.0k524.0k524.0k

Preferred Stock

Additional Paid-in Capital

2.2b2.0b1.8b1.8b1.7b1.7b1.1b1.1b1.0b

Retained Earnings

(1.6b)(1.5b)(1.3b)(1.3b)(1.1b)(1.1b)(939.7m)(939.7m)(820.9m)

Total Equity

589.7m504.5m529.1m602.3m146.6m146.6m195.5m

Debt to Equity Ratio

0 x0.2 x

Debt to Assets Ratio

0 x0 x

Financial Leverage

2.4 x2.6 x2.5 x2.4 x9.2 x9.2 x6.7 x

Quarterly

USDQ1, 2011Q2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

344.2m337.4m340.1m309.2m181.3m129.9m150.9m92.0m108.3m160.9m122.3m93.1m77.5m74.2m63.2m46.8m54.8m67.4m48.2m32.3m20.6m

Accounts Receivable

160.7m140.3m153.2m173.4m153.1m178.1m185.6m183.9m192.9m206.9m199.9m215.6m218.7m195.5m208.5m217.9m208.4m226.6m236.8m222.0m216.6m

Prepaid Expenses

51.4m60.6m53.4m50.4m63.7m54.0m52.1m62.7m59.2m56.5m63.4m56.5m57.5m61.2m60.9m55.5m74.1m56.3m49.1m46.1m48.1m

Inventories

307.8m322.4m347.8m305.2m340.8m391.3m341.6m355.9m383.1m365.8m382.7m477.6m435.9m448.8m506.6m442.0m416.0m450.7m409.7m415.4m439.0m

Current Assets

891.6m887.4m917.3m861.8m762.0m776.1m758.5m724.0m773.1m818.3m795.1m863.2m820.7m809.5m863.2m762.1m753.3m801.0m743.9m715.8m724.3m

PP&E

150.6m155.9m154.7m158.4m158.6m159.0m168.6m171.0m170.9m175.8m173.9m180.0m194.0m199.9m204.7m206.3m205.5m207.2m210.4m210.6m212.1m

Goodwill

9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m9.9m

Total Assets

1.3b1.3b1.3b1.3b1.2b1.2b1.2b1.2b1.2b1.3b1.3b1.3b1.3b1.3b1.4b1.2b1.2b1.3b1.2b1.2b1.2b

Accounts Payable

204.9m190.1m205.9m202.1m209.3m233.9m212.8m212.5m228.3m211.2m219.7m254.2m211.6m222.9m269.4m209.9m226.8m241.6m217.1m221.1m228.3m

Short-term debt

11.6m17.5m69.8m6.3m12.5m12.5m12.5m12.5m14.1m15.6m6.3m12.5m18.8m25.0m25.0m25.0m28.1m31.3m34.4m

Current Liabilities

412.4m382.0m441.3m367.9m379.3m411.1m404.4m381.2m411.9m420.4m421.0m473.6m439.4m419.0m476.2m439.8m435.2m458.4m453.4m455.2m473.8m

Long-term debt

297.2m291.4m239.1m239.2m239.2m243.8m237.5m234.4m475.0m462.5m454.7m446.9m668.8m662.5m681.3m592.3m578.5m600.7m495.9m452.0m438.0m

Total Debt

308.8m308.9m308.9m239.2m239.2m250.0m250.0m246.9m12.5m12.5m14.1m15.6m675.0m12.5m18.8m25.0m25.0m25.0m28.1m31.3m34.4m

Total Liabilities

808.3m769.3m776.3m708.8m709.6m746.6m734.6m712.4m744.7m745.0m737.4m780.5m1.2b1.2b1.2b1.1b1.1b1.1b1.0b991.7m999.2m

Common Stock

585.0k588.0k589.0k582.0k556.0k548.0k541.0k532.0k531.0k532.0k524.0k523.0k526.0k528.0k524.0k523.0k523.0k522.0k523.0k524.0k524.0k

Preferred Stock

Additional Paid-in Capital

2.5b2.5b2.5b2.1b2.0b2.0b1.9b1.9b1.8b1.8b1.7b1.7b1.2b1.1b1.1b1.1b1.0b1.0b998.0m979.4m965.0m

Retained Earnings

(2.0b)(1.9b)(1.9b)(1.6b)(1.5b)(1.5b)(1.4b)(1.4b)(1.3b)(1.3b)(1.2b)(1.2b)(1.1b)(1.0b)(999.4m)(911.1m)(884.6m)(864.5m)(799.7m)(766.9m)(750.7m)

Total Equity

505.1m544.3m565.3m577.0m500.0m472.5m475.4m466.9m481.6m540.8m522.0m548.1m92.7m114.5m103.9m151.2m161.9m162.1m201.4m215.1m217.0m

Debt to Equity Ratio

0 x0 x0 x0 x0.1 x0.2 x0.2 x0.2 x0.2 x0.1 x0.1 x0.2 x

Debt to Assets Ratio

0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x

Financial Leverage

2.6 x2.4 x2.4 x2.2 x2.4 x2.6 x2.5 x2.5 x2.5 x2.4 x2.4 x2.4 x14.1 x11.4 x13 x8.2 x7.6 x7.9 x6.1 x5.6 x5.6 x

HSN Cash Flow

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Net Income

123.1m130.7m178.4m173.0m169.2m118.7m

Depreciation and Amortization

37.0m38.0m40.6m43.9m43.4m42.7m

Accounts Receivable

(46.7m)(52.0m)(38.2m)(76.7m)(22.8m)(51.7m)

Inventories

(70.0k)(36.1m)3.6m(71.4m)(29.3m)7.6m

Cash From Operating Activities

166.3m147.4m231.9m138.7m203.5m236.5m

Purchases of PP&E

(42.3m)(45.8m)(52.0m)(47.3m)(60.7m)(41.7m)

Capital Expenditures

(9.1m)

Cash From Investing Activities

(42.3m)(62.1m)(61.1m)(47.6m)(62.1m)(42.4m)

Short-term Borrowings

(140.0m)(262.0m)

Long-term Borrowings

(69.8m)(253.5m)(9.4m)(12.5m)(228.1m)(25.0m)

Dividends Paid

(7.4m)(31.0m)(42.3m)(57.8m)(597.9m)(73.2m)

Cash From Financing Activities

(96.4m)(239.5m)(196.4m)(127.5m)(237.5m)(215.3m)

Net Change in Cash

27.5m(159.7m)(25.7m)(36.4m)(96.1m)(21.2m)

Interest Paid

29.2m30.0m

Income Taxes Paid

73.8m52.7m

Free Cash Flow

222.8m138.7m203.5m

Quarterly

USDQ1, 2011Q2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Net Income

20.3m52.2m76.6m26.2m56.9m74.6m31.5m74.8m116.9m24.2m65.1m104.7m33.7m75.3m109.5m28.6m55.0m75.2m21.2m54.0m70.2m

Depreciation and Amortization

9.4m18.6m27.3m9.0m18.6m28.3m10.0m19.9m30.3m10.8m21.6m32.7m11.2m22.3m32.9m10.5m21.2m31.7m10.9m21.9m33.1m

Accounts Receivable

30.0m45.7m27.8m43.8m58.8m27.2m58.9m55.7m41.7m53.7m56.0m34.6m93.7m109.0m88.3m84.1m88.4m65.8m92.1m100.6m100.0m

Inventories

(11.4m)(26.0m)(51.4m)(8.7m)(46.0m)(96.5m)(10.7m)(24.9m)(52.2m)(38.5m)(55.4m)(150.3m)(37.2m)(50.1m)(107.9m)(14.0m)(11.6m)(51.9m)(18.6m)(24.3m)(47.9m)

Cash From Operating Activities

(8.3m)(3.3m)7.2m(23.4m)(3.0m)5.1m17.3m31.4m95.1m(8.7m)28.2m28.2m36.3m72.3m104.9m32.4m88.1m114.0m22.3m78.4m109.6m

Purchases of PP&E

(5.2m)(19.7m)(27.7m)(8.8m)(19.0m)(28.2m)(10.7m)(22.7m)(34.1m)(7.3m)(15.9m)(25.0m)(13.1m)(26.2m)(45.3m)(5.1m)(17.7m)(28.5m)(9.9m)(22.6m)(36.3m)

Cash From Investing Activities

(5.2m)(19.7m)(27.7m)(8.8m)(36.9m)(44.5m)(10.7m)(22.7m)(34.1m)(7.8m)(16.4m)(25.4m)(13.1m)(26.2m)(46.7m)(5.1m)(19.3m)(29.1m)(10.7m)(23.4m)(37.1m)

Short-term Borrowings

(25.0m)(50.0m)(65.0m)(55.0m)(135.0m)(142.0m)(90.0m)(140.0m)(165.0m)

Long-term Borrowings

(3.1m)(6.2m)(3.1m)(6.2m)(9.4m)(228.1m)(228.1m)(228.1m)(6.2m)(12.5m)(18.7m)(6.2m)(12.5m)(18.7m)

Dividends Paid

(7.4m)(7.3m)(14.3m)(21.3m)(9.9m)(19.5m)(29.0m)(13.3m)(26.4m)(39.5m)(542.7m)(561.2m)(579.5m)(18.3m)(36.6m)(54.9m)(18.3m)(36.7m)(55.0m)

Cash From Financing Activities

3.5m6.1m6.3m(40.6m)(156.0m)(207.0m)(77.8m)(138.6m)(174.7m)(19.1m)(85.9m)(106.1m)(105.6m)(131.9m)(155.1m)(44.4m)(77.9m)(81.4m)(6.2m)(65.4m)(94.7m)

Net Change in Cash

(10.1m)(16.9m)(14.2m)(72.6m)(200.5m)(251.9m)(71.2m)(130.1m)(113.8m)(35.6m)(74.1m)(103.4m)(82.4m)(85.8m)(96.8m)(17.1m)(9.2m)3.5m5.5m(10.5m)(22.2m)

HSN Operating Metrics

FY, 2014Q1, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Brands

8 8 6

Catalogs Circulated

325 m82.80 m331 m83.70 m85.90 m73.20 m300 m66.10 m70.10 m

Homes Reached (HSN)

95 m93.70 m91.40 m

Homes Reached (HSN2)

34.20 m49.80 m47.50 m

Stores

11 12 14 14 11 17 16 17 16

Units Shipped

63.60 m15.20 m15.10 m64.30 m15 m14.20 m14.90 m63.10 m13.80 m14.20 m