Overstock.com 2005 Annual Report Download - page 74

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Overstock.com, Inc.
Consolidated Statements of Operations
Year ended December 31,
2003 2004 2005
(in thousands, except per share data)
Revenue
Direct revenue $ 138,134 $ 213,210 $ 324,875
Fulfillment partner revenue 100,811 281,425 478,947
Total revenue 238,945 494,635 803,822
Cost of goods sold
Direct 123,963 184,928 282,377
Fulfillment partner 89,190 243,468 400,889
Total cost of goods sold (includes amortization of stock-based
compensation of $90, $0, and $0, respectively) 213,153 428,396 683,266
Gross profit 25,792 66,239 120,556
Operating expenses:
Sales and marketing expenses (excludes amortization of stock-based
compensation of $22, $0, and $0, respectively) 20,173 40,533 79,651
Technology 2,424 8,449 28,132
General and administrative expenses (excludes amortization of stock-
based compensation of $734, $360, and $72, respectively) 14,487 21,786 36,495
Amortization of stock-based compensation 756 360 72
Total operating expenses 37,840 71,128 144,350
Operating loss (12,048 ) (4,889 ) (23,794 )
Interest income, net 461 1,173 (270 )
Interest expense (76 ) (775 ) (5,582 )
Other income (expense), net 115 (49 )4,728
Net loss (11,548 ) (4,540 ) (24,918 )
Deemed dividend related to redeemable common stock (262 ) (188 ) (185 )
Deemed dividend related to beneficial conversion feature of preferred stock — — —
Net loss attributable to common shares $ (11,810 )$ (4,728 )$ (25,103 )
Net loss per common share—basic and diluted $ (0.73 ) $ (0.26 ) $ (1.29 )
Weighted average common shares outstanding—basic and diluted 16,198 17,846 19,429
The accompanying notes are an integral part of these consolidated financial statements.
F-5