Overstock.com 2008 Annual Report Download - page 39

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Table of Contents
As of December 31,
2004 2005 2006 (3) 2007 (3) 2008
(in thousands)
Balance Sheet Data:
Cash and cash equivalents $ 198,678 $ 55,875 $ 126,965 $ 101,394 $ 100,577
Marketable securities 88,802 55,799 — 46,000 8,989
Working capital 267,640 79,561 59,475 62,621 39,679
Total assets 381,600 335,953 264,453 231,143 172,445
Total indebtedness 117,589 84,676 84,336 82,453 69,130
Redeemable common stock 3,166 3,205 — — —
Stockholders' equity (deficit) 169,504 89,148 56,367 18,212 (2,985)
(1) Effective January 1, 2006, we adopted SFAS 123(R) and recognized stock-based compensation of $4.1 million, $4.5
million, and $3.3 million during the years ended December 31, 2006, 2007 and 2008, respectively.
(2) During the fourth quarter of 2006, we commenced implementation of a facilities consolidation and restructuring program
designed to reduce the overall expense structure in an effort to improve future operating performance (see Item 15 of
Part IV, "Financial Statements"—Note 3—"Restructuring Expense").
(3) As part of the program to reduce our expense structure and sell non-core businesses, we decided during the fourth quarter of
2006 to sell our travel subsidiary ("OTravel"). As a result, OTravel's operations have been classified as a discontinued
operation and therefore are not included in the results of continuing operations. The loss from discontinued operations for
OTravel was $6.9 million for the year ended December 31, 2006 (including a goodwill impairment charge of $4.5 million)
and $3.9 million for the year ended December 31, 2007 (including a goodwill impairment charge of $3.8 million—see
Item 15 of Part IV, "Financial Statements"—Note 4—"Acquisition and Subsequent Discontinued Operations").
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