Overstock.com 2012 Annual Report Download - page 59
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Table of Contents
The balance of our Management's Discussion and Analysis of Financial Condition and Results of Operations provides further information about
the matters discussed above and other important matters affecting our business.
The following table sets forth our results of operations expressed as a percentage of total revenue for 2011 and 2010:
The following table reflects our net revenue for the years ended December 31, 2011 and 2010 (in thousands):
50
Revenue, net
Direct 15.5% 19.2%
Fulfillment partner 84.5 80.8
Total net revenue 100.0 100.0
Cost of goods sold
Direct 14.2 17.2
Fulfillment partner 68.8 65.4
Total cost of goods sold 83.0 82.6
Gross profit 17.0 17.4
Operating expenses:
Sales and marketing 5.9 5.6
Technology 6.4 5.3
General and administrative 6.4 5.1
Restructuring — (0.1)
Total operating expenses 18.7 16.0
Operating income (loss) (1.7) 1.4
Interest income — —
Interest expense (0.2) (0.3)
Other income (expense), net — 0.2
Net income (loss) before income taxes (1.9) 1.3
Provision for income taxes — —
Net income (loss) (1.9)% 1.3%
Revenue, net
Direct $ 163,609 $ 209,646 $ (46,037) (22.0)%
Fulfillment partner 890,668 880,227 10,441 1.2%
Total revenue, net $ 1,054,277 $ 1,089,873 $ (35,596) (3.3)%