Overstock.com 2011 Annual Report Download - page 70
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Table of Contents
Results of Operations
The following table sets forth our results of operations expressed as a percentage of total revenue for 2010 and 2009:
Year ended
December 31
2010 2009
Revenue, net
Direct 19.2% 17.2%
Fulfillment partner 80.8 82.8
Total net revenue 100.0 100.0
Cost of goods sold
Direct 17.2 14.9
Fulfillment partner 65.4 66.3
Total cost of goods sold 82.6 81.2
Gross profit 17.4 18.8
Operating expenses:
Sales and marketing 5.6 6.3
Technology 5.3 6.0
General and administrative 5.1 5.6
Restructuring (0.1) —
Total operating expenses 16.0 17.9
Operating income (loss) 1.4 0.9
Interest income — —
Interest expense (0.3) (0.4)
Other income (expense), net 0.2 0.4
Net income (loss) before income taxes 1.3 0.9
Provision for income taxes — —
Net income (loss) 1.3% 0.9%
Revenue
The following table reflects our net revenue for the years ended December 31, 2010 and 2009 (in thousands):
Year ended December 31,
2010 2009 $ Change % Change
Revenue, net
Direct $ 209,646 $ 150,901 $ 58,745 38.9%
Fulfillment partner 880,227 725,868 154,359 21.3%
Total revenue, net $ 1,089,873 $ 876,769 $ 213,104 24.3%
Total net revenue increased 24% to $1,090 million for the year ended December 31, 2010, from $877 million for the year ended December 31, 2009.
Direct revenue increased 39% to $210 million in 2010 from $151 million in 2009, and fulfillment partner revenue increased 21% to $880 million from
$726 million.
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