Overstock.com 2003 Annual Report Download - page 50

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misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
As discussed in Note 2 to the consolidated financial statements, effective January 1, 2002, the Company changed its method of accounting for goodwill
in accordance with Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets.
/s/ PricewaterhouseCoopers LLP
Salt Lake City, Utah
February 20, 2004
F-2
Overstock.com, Inc.
Consolidated Balance Sheets
December 31,
2002 2003
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 11,059 $ 28,846
Marketable securities 21,603 11,500
Accounts receivable, net 6,994 10,183
Inventories, net 13,954 29,926
Prepaid expenses and other assets 2,333 4,583
Total current assets 55,943 85,038
Property and equipment, net 4,945 9,483
Goodwill 2,784 2,784
Other long-term assets, net 284 427
Total assets $ 63,956 $ 97,732
Liabilities, Redeemable Securities and Stockholders' Equity
Current liabilities:
Accounts payable $ 13,731 $ 30,363
Accrued liabilities 6,409 9,316
Capital lease obligations, current 124 75
Total current liabilities 20,264 39,754
Capital lease obligations, non-current 58 86
Total liabilities 20,322 39,840
Commitments and contingencies (notes 10, 11 and 12)
Redeemable common stock, $0.0001 par value, 683 and 460 shares issued and outstanding as of December 31, 2002 and 2003,
respectively 4,363 2,978
Stockholders' equity:
Common stock, $0.0001 par value, 100,000 shares authorized, 13,866 and 16,060 shares issued as of
December 31, 2002 and 2003, respectively 1 2
Additional paid-in capital 97,282 123,934
Accumulated deficit (55,666) (67,815)
Unearned stock-based compensation (2,327) (1,094)
Treasury stock, 35 shares at cost (100) (100)
Accumulated other comprehensive income (loss) 81 (13)
Total stockholders' equity 39,271 54,914
Total liabilities, redeemable securities and stockholders' equity $ 63,956 $ 97,732