HSN -8.59%: a strong 1H for the billings software business but guidance weighed and shares were weaker as a result. Operating revenue grew to $168m, around a 5% beat while EBITDA of $52m was marginally ahead of consensus. Hansen’s latest acquisition, powercloud, helped support the top line, however, it looks to be weighing on the groups margin outlook near term. Hansen also left distribution guidance unchanged where the market was looking for an upgrade despite its strong balance sheet.
MM is neutral HSN for now
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