Overstock.com 2004 Annual Report Download - page 67

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Overstock.com, Inc.
Consolidated Statements of Operations
Year ended December 31,
2002 2003 2004
(in thousands, except per share data)
Revenue
Direct revenue $ 79,405 $138,134 $213,210
Fulfillment partner revenue 12,379 100,811 281,425
Total revenue 91,784 238,945 494,635
Cost of goods sold
Direct 70,686 124,302 185,390
Fulfillment partner 2,755 89,190 243,468
Total cost of goods sold (includes amortization of stock-based compensation of $373, $90, and $0,
respectively) 73,441 213,492 428,858
Gross profit 18,343 25,453 65,777
Operating expenses:
Sales and marketing expenses (excludes amortization of stock-based compensation of $83, $22, and $0, respectively) 8,669 20,173 40,533
General and administrative expenses (excludes amortization of stock-based compensation of $2,820, $734, and $360,
respectively) 10,825 16,911 30,235
Amortization of stock-based compensation 2,903 756 360
Total operating expenses 22,397 37,840 71,128
Operating loss (4,054) (12,387) (5,351)
Interest income 403 461 1,173
Interest expense (465) (76) (775)
Other income (expense), net (444) 115 (49)
Net loss (4,560) (11,887) (5,002)
Deemed dividend related to redeemable common stock (406) (262) (188)
Deemed dividend related to beneficial conversion feature of preferred stock (6,607) — —
Net loss attributable to common shares $(11,573) $ (12,149) $ (5,190)
Net loss per common share—basic and diluted $ (0.88) $ (0.75) $ (0.29)
Weighted average common shares outstanding—basic and diluted 13,108 16,198 17,846
The accompanying notes are an integral part of these consolidated financial statements.
F-5