Overstock.com 2010 Annual Report Download - page 105
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Table of Contents
Overstock.com, Inc.
Notes to Consolidated Financial Statements (Continued)
2. ACCOUNTING POLICIES (Continued)
on a net basis. The revenue for the returned merchandise that we sell at auction is recorded on a gross basis. Revenue from the auctions business is included in
the fulfillment partner segment.
We operate an online site for listing cars for sale as a part of our Website. The cars listing service allows dealers to list vehicles for sale and allows
buyers to review vehicle descriptions, post offers to purchase, and provides the means for purchasers to contact sellers for further information and negotiations
on the purchase of an advertised vehicle. Revenue from the cars listing business is included in the fulfillment partner segment on a net basis.
We operate an online site for listing real estate for sale as a part of our Website. The real estate listing service allows customers to search active listings
across the country. Listing categories include foreclosures, live and on-line auctions, for sale by owner listings, broker/agent listings and numerous aggregated
classified ad listings. Revenue from the real estate business is included in the fulfillment partner segment on a net basis.
Total revenues from our Auctions, Cars and Real Estate businesses were $2.9 million $2.1 million and $1.0 million for the years ended December 31,
2010, 2009 and 2008, respectively.
In September 2009, we began offering a consignment service to suppliers where the suppliers' merchandise is stored in and shipped from our leased
warehouses. We pay the consignment supplier upon sale of the consigned merchandise to the consumer.
In October 2009, we introduced O.biz, a website where customers and businesses can shop for bulk and business related items, while offering
manufacturers, distributors and other retailers an alternative sales channel for liquidating their inventory.
In August 2010, we introduced Eziba.com, a private sale website where members can shop exclusive deals on the latest home décor products, jewelry,
apparel and accessories from many leading brands.
International business
We began selling products through our website to customers outside the United States in August 2008. As of December 31, 2010, we sell to customers in
over 90 countries. We do not have sales operations outside the United States, and are using a U.S.-based third party to provide logistics and fulfillment for all
international orders. Revenue generated from the international business is included in either direct or fulfillment partner revenue, depending on whether the
product is shipped from our leased warehouses or from a fulfillment partner.
Total revenues from International sales were $9.4 million $5.1 million and $1.3 million for the years ended December 31, 2010, 2009 and 2008
respectively.
F-16