Overstock.com 2012 Annual Report Download - page 52
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Table of Contents
The following table sets forth our results of operations expressed as a percentage of total net revenue for 2012, 2011 and 2010:
The following table reflects our net revenue for the years ended December 31, 2012 and 2011 (in thousands):
The primary reason for the increase in total revenue for the year ended December 31, 2012 was an increase of 10% in average order size, from
$123 to $135, primarily due to a sales mix shift into more home and garden products, partially offset by a decrease of 3% in customer orders due to
lower conversion rates compared to last year.
43
Revenue, net
Direct 14.1% 15.5% 19.2%
Fulfillment partner 85.9 84.5 80.8
Total net revenue 100.0 100.0 100.0
Cost of goods sold
Direct 12.8 14.2 17.2
Fulfillment partner 69.2 68.8 65.4
Total cost of goods sold 81.9 83.0 82.6
Gross profit 18.1 17.0 17.4
Operating expenses:
Sales and marketing 5.8 5.9 5.6
Technology 6.0 6.4 5.3
General and administrative 5.2 6.4 5.1
Restructuring — — (0.1)
Total operating expenses 17.0 18.7 16.0
Operating income (loss) 1.1 (1.7) 1.4
Interest income — — —
Interest expense (0.1) (0.2) (0.3)
Other income, net 0.3 — 0.2
Income (loss) before income taxes 1.3 (1.9) 1.3
Provision (benefit) for income taxes — — —
Net income (loss) 1.3% (1.9)% 1.3%
Revenue, net
Direct $ 155,516 $ 163,609 $ (8,093) (4.9)%
Fulfillment partner 943,773 890,668 53,105 6.0%
Total revenue, net $ 1,099,289 $ 1,054,277 $ 45,012 4.3%