Overstock.com 2008 Annual Report Download - page 83

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Table of Contents
Overstock.com, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Year ended December 31,
2006 2007 2008
Revenue
Direct revenue $ 301,509 $ 197,088 $ 174,203
Fulfillment partner revenue 478,628 568,814 660,164
Total revenue 780,137 765,902 834,367
Cost of goods sold
Direct(1) 284,774 168,008 154,501
Fulfillment partner 405,559 473,344 536,957
Total cost of goods sold 690,333 641,352 691,458
Gross profit 89,804 124,550 142,909
Operating expenses:
Sales and marketing(1) 70,897 55,458 57,634
Technology(1) 65,158 59,453 57,815
General and administrative(1) 46,837 41,976 38,373
Restructuring 5,674 12,283 —
Total operating expenses 188,566 169,170 153,822
Operating loss (98,762) (44,620) (10,913)
Interest income, net 3,566 4,788 3,163
Interest expense (4,765) (4,188) (3,462)
Other income (expense), net 81 (92)(1,446)
Loss from continuing operations (99,880) (44,112) (12,658)
Loss from discontinued operations (Note 4) (6,882)(3,924)—
Net loss (106,762) (48,036) (12,658)
Deemed dividend related to redeemable common stock (99)— —
Net loss attributable to common shares $ (106,861)$ (48,036)$ (12,658)
Net loss per common share—basic and diluted:
Loss from continuing operations $ (4.91)$ (1.86)$ (0.55)
Loss from discontinued operations $ (0.34)$ (0.17)$ —
Net loss per common share—basic and diluted $ (5.25)$ (2.03)$ (0.55)
Weighted average common shares outstanding—basic and diluted 20,332 23,704 22,901
(1) Includes stock-based compensation from stock based awards as follows (Note 18):
Cost of goods sold—direct $ 412 $ 460 $ 181
Sales and marketing 301 336 313
Technology 684 764 792
General and administrative 2,746 2,601 1,995
The accompanying notes are an integral part of these consolidated financial statements.
F-4