Overstock.com 2011 Annual Report Download - page 136
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Table of Contents
Overstock.com, Inc.
Notes to Consolidated Financial Statements (Continued)
22. BUSINESS SEGMENTS
Segment information has been prepared in accordance with ASC Topic 280 Segment Reporting. Segments were determined based on how we manage
the business. There were no inter-segment sales or transfers during the years ended December 31, 2011, 2010 and 2009. We evaluate the performance of our
segments and allocate resources to them based primarily on gross profit. The table below summarizes information about reportable segments for the years
ended December 31, 2011, 2010 and 2009 (in thousands):
Year ended December 31,
Direct Fulfillment
partner Total
2011
Revenue, net $ 163,609 $ 890,668 $ 1,054,277
Cost of goods sold 149,660 725,529 875,189
Gross profit $ 13,949 $ 165,139 $ 179,088
Operating expenses (196,622)
Other income (expense), net (2,046)
Provision (benefit) for income taxes (142)
Net loss $ (19,438)
2010
Revenue, net $ 209,646 $ 880,227 $ 1,089,873
Cost of goods sold 187,124 713,109 900,233
Gross profit $ 22,522 $ 167,118 $ 189,640
Operating expenses (174,675)
Other income (expense), net (717)
Provision (benefit) for income taxes 359
Net income $ 13,889
2009
Revenue, net $ 150,901 $ 725,868 $ 876,769
Cost of goods sold 130,890 581,127 712,017
Gross profit $ 20,011 $ 144,741 $ 164,752
Operating expenses (156,725)
Other income (expense), net (23)
Provision (benefit) for income taxes 257
Net income $ 7,747
The direct segment includes revenues, direct costs, and cost allocations associated with sales fulfilled from our leased warehouses. Costs for this segment
include product costs and outbound freight, warehousing and fulfillment costs, credit card fees and customer service costs.
The fulfillment partner segment includes revenues, direct costs and cost allocations associated with sales of merchandise of third parties over our
Website, fulfilled from warehouses maintained by our fulfillment partners. Costs for this segment include product costs, outbound freight and fulfillment
costs, credit card fees and customer service costs.
F-40