Overstock.com 2003 Annual Report Download - page 51

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The accompanying notes are an integral part of these consolidated financial statements.
F-3
Overstock.com, Inc.
Consolidated Statements of Operations
Year ended December 31,
2001 2002 2003
(in thousands, except per share data)
Direct revenue $ 35,243 $ 77,943 $136,592
Fulfillment partner revenue 3,965 12,379 100,811
Warehouse revenue 795 1,462 1,542
Total revenue 40,003 91,784 238,945
Cost of goods sold (includes amortization of stock-based compensation of $78, $373, and $90, respectively) 34,640 73,441 213,492
Gross profit 5,363 18,343 25,453
Operating expenses:
Sales and marketing expenses (excludes amortization of stock-based compensation of $14, $83, and $22, respectively) 5,784 8,669 20,173
General and administrative expenses (excludes amortization of stock-based compensation of $635, $2,820, and $734,
respectively) 9,441 10,825 16,911
Amortization of goodwill 3,056 — —
Amortization of stock-based compensation 649 2,903 756
Total operating expenses 18,930 22,397 37,840
Operating loss (13,567) (4,054) (12,387)
Interest income 461 403 461
Interest expense (729) (465) (76)
Other income (expense), net 29 (444) 115
Net loss (13,806) (4,560) (11,887)
Deemed dividend related to redeemable common stock (404) (406) (262)
Deemed dividend related to beneficial conversion feature of preferred stock — (6,607) —
Net loss attributable to common shares $(14,210) $(11,573) $ (12,149)
Net loss per common share—basic and diluted $ (1.29) $ (0.88) $ (0.75)
Weighted average common shares outstanding—basic and diluted 10,998 13,108 16,198
The accompanying notes are an integral part of these consolidated financial statements.
F-4
Overstock.com, Inc.
Consolidated Statements of Stockholders' Equity
and Comprehensive Income
Common stock
Accumulated
Other
Comprehensive
Income
Additional
Paid-in capital
Accumulated
deficit
Unearned
stock-based
compensation
Treasury
stock
Shares Amount Total
(amounts in thousands)
Balance at December 31, 2000 9,096 $ 1 $ 42,231 $ (29,883) $ — $ — $ — $ 12,349
Issuance of common stock 1,210 — 6,915 — — — — 6,915
Exercise of stock options 14 — 73 — — — — 73
Purchase of treasury stock — — — — — (100) — (100)