Overstock.com 2006 Annual Report Download - page 83

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Overstock.com, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Year ended December 31,
2004 2005 2006
Revenue
Direct revenue $213,210 $324,875 $ 303,202
Fulfillment partner revenue 281,425 474,441 484,948
Total revenue 494,635 799,316 788,150
Cost of goods sold
Direct(1) 184,964 282,383 284,943
Fulfillment partner 243,468 400,057 408,407
Total cost of goods sold 428,432 682,440 693,350
Gross profit 66,203 116,876 94,800
Operating expenses:
Sales and marketing(1) 40,559 77,155 70,897
Technology(1) 8,509 27,901 65,158
General and administrative(1) 22,024 33,043 46,837
Restructuring — — 5,674
Total operating expenses 71,092 138,099 188,566
Operating loss (4,889) (21,223) (93,766)
Interest income, net 1,173 (270) 3,566
Interest expense (775) (5,582) (4,765)
Other (expense) income, net (49)4,728 81
Loss from continuing operations (4,540) (22,347) (94,884)
Discontinued operations (Note 5):
Loss from discontinued operations — (2,571)(6,882)
Net loss (4,540) (24,918) (101,766)
Deemed dividend related to redeemable common stock (188)(185)(99)
Net loss attributable to common shares $ (4,728) $ (25,103) $ (101,865)
Net loss per common share—basic and diluted:
Loss from continuing operations $ (0.26) $ (1.16) $ (4.67)
Loss from discontinued operations $ — $ (0.13) $ (0.34)
Net loss per common share—basic and diluted $ (0.26) $ (1.29) $ (5.01)
Weighted average common shares outstanding—basic and diluted 17,846 19,429 20,332
(1) Includes stock-based compensation from employee options as follows:
Cost of goods sold—direct $ 36 $ 6 $ 412
Sales and marketing 26 4 301
Technology 60 11 684
General and administrative 238 51 2,723
The accompanying notes are an integral part of these consolidated financial statements.
F-5