Overstock.com 2010 Annual Report Download - page 93
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Table of Contents
Overstock.com, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Year ended December 31
2010 2009 2008
Revenue, net
Direct $ 209,646 $ 150,901 $ 173,687
Fulfillment partner 880,227 725,868 656,163
Total net revenue 1,089,873 876,769 829,850
Cost of goods sold
Direct(1) 187,124 130,890 153,967
Fulfillment partner 713,109 581,127 531,647
Total cost of goods sold 900,233 712,017 685,614
Gross profit 189,640 164,752 144,236
Operating expenses:
Sales and marketing(1) 61,334 55,549 57,668
Technology(1) 58,260 52,336 56,677
General and administrative(1) 55,650 48,906 39,348
Restructuring (569) (66) (299)
Total operating expenses 174,675 156,725 153,394
Operating income (loss) 14,965 8,027 (9,158)
Interest income 157 170 3,163
Interest expense (2,962) (3,470) (3,565)
Other income (expense), net 2,088 3,277 (1,446)
Income (loss) before income taxes 14,248 8,004 (11,006)
Provision for income taxes (359) (257) —
Net income (loss) 13,889 7,747 (11,006)
Deemed dividend related to redeemable common stock (112) (48) (77)
Net income (loss) attributable to common shares $ 13,777 $ 7,699 $ (11,083)
Net income (loss) per common share—basic:
Net income (loss) attributable to common shares—basic $ 0.60 $ 0.34 $ (0.48)
Weighted average common shares outstanding—basic 23,019 22,821 22,901
Net income (loss) per common share—diluted:
Net income (loss) attributable to common shares—diluted $ 0.59 $ 0.33 $ (0.48)
Weighted average common shares outstanding—diluted 23,366 23,067 22,901
Includes stock-based compensation as follows (Note 18):(1)
Cost of goods sold—direct $ 212 $ 167 $ 198
Sales and marketing 608 634 347
Technology 1,071 961 870
General and administrative 3,165 3,023 2,216
Total $ 5,056 $ 4,785 $ 3,631
See accompanying notes to consolidated financial statements.
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