Overstock.com 2011 Annual Report Download - page 47

Table of Contents
ITEM 6. SELECTED FINANCIAL DATA
The selected consolidated financial data presented below should be read in conjunction with the consolidated financial statements of Overstock.com, Inc.
and subsidiaries and related footnotes included elsewhere in this annual report on Form 10-K and the discussion under Item 7—"Management's Discussion
and Analysis of Financial Condition and Results of Operations." The selected consolidated financial data has been derived from our audited consolidated
financial statements included elsewhere in this Form 10-K. The historical financial and operating information may not be indicative of our future
performance.
Year ended December 31,
2011 2010 2009 2008 2007
(in thousands, except per share data)
Consolidated Statement of Operations Data:
Revenue, net
Direct $ 163,609 $ 209,646 $150,901 $173,687 $197,088
Fulfillment partner 890,668 880,227 725,868 656,163 568,814
Total net revenue 1,054,277 1,089,873 876,769 829,850 765,902
Cost of goods sold
Direct 149,660 187,124 130,890 153,967 168,008
Fulfillment partner 725,529 713,109 581,127 531,647 473,344
Total cost of goods sold 875,189 900,233 712,017 685,614 641,352
Gross profit 179,088 189,640 164,752 144,236 124,550
Operating expenses:
Sales and marketing 61,813 61,334 55,549 57,668 55,458
Technology 67,043 58,260 52,336 56,677 59,453
General and administrative 67,766 55,650 48,906 39,348 41,976
Restructuring(1) — (569) (66) (299) 12,283
Total operating expenses 196,622 174,675 156,725 153,394 169,170
Operating income (loss) (17,534) 14,965 8,027 (9,158) (44,620)
Interest income 161 157 170 3,163 4,788
Interest expense (2,485) (2,962) (3,470) (3,565) (4,188)
Other income (expense), net 278 2,088 3,277 (1,446) (92)
Income (loss) from continuing operations before income taxes (19,580) 14,248 8,004 (11,006) (44,112)
Provision (benefit) for income taxes (142) 359 257 — —
Income (loss) from continuing operations (19,438) 13,889 7,747 (11,006) (44,112)
Loss from discontinued operations(2) — — — — (3,924)
Net income (loss) (19,438) 13,889 7,747 (11,006) (48,036)
Deemed dividend related to redeemable common stock (12) (112) (48) (77) —
Net income (loss) attributable to common shares $ (19,450)$ 13,777 $ 7,699 $ (11,083)$(48,036)
Net income (loss) per common share—basic:
Income (loss) from continuing operations after dividend related to
redeemable common stock $ (0.84)$ 0.60 $ 0.34 $ (0.48)$ (1.86)
Loss from discontinued operations $ — $ — $ — $ — $ (0.17)
Net income (loss) attributable to common share—basic $ (0.84)$ 0.60 $ 0.34 $ (0.48)$ (2.03)
Weighted average common shares outstanding—basic 23,259 23,019 22,821 22,901 23,704
Net income (loss) per common share—diluted:
Income (loss) from continuing operations after dividend related to
redeemable common stock $ (0.84)$ 0.59 $ 0.33 $ (0.48)$ (1.86)
Loss from discontinued operations $ — $ — $ — $ — $ (0.17)
Net income (loss) attributable to common shares—diluted $ (0.84)$ 0.59 $ 0.33 $ (0.48)$ (2.03)
Weighted average common shares outstanding—diluted 23,259 23,366 23,067 22,901 23,704
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").
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