Overstock.com 2011 Annual Report Download - page 97
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Table of Contents
Overstock.com, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Year ended December 31
2011 2010 2009
Revenue, net
Direct $ 163,609 $ 209,646 $ 150,901
Fulfillment partner 890,668 880,227 725,868
Total net revenue 1,054,277 1,089,873 876,769
Cost of goods sold
Direct(1) 149,660 187,124 130,890
Fulfillment partner 725,529 713,109 581,127
Total cost of goods sold 875,189 900,233 712,017
Gross profit 179,088 189,640 164,752
Operating expenses:
Sales and marketing(1) 61,813 61,334 55,549
Technology(1) 67,043 58,260 52,336
General and administrative(1) 67,766 55,650 48,906
Restructuring — (569) (66)
Total operating expenses 196,622 174,675 156,725
Operating income (loss) (17,534) 14,965 8,027
Interest income 161 157 170
Interest expense (2,485) (2,962) (3,470)
Other income, net 278 2,088 3,277
Income (loss) before income taxes (19,580) 14,248 8,004
Provision (benefit) for income taxes (142) 359 257
Net income (loss) (19,438) 13,889 7,747
Deemed dividend related to redeemable common stock (12) (112) (48)
Net income (loss) attributable to common shares $ (19,450) $ 13,777 $ 7,699
Net income (loss) per common share—basic:
Net income (loss) attributable to common shares—basic $ (0.84) $ 0.60 $ 0.34
Weighted average common shares outstanding—basic 23,259 23,019 22,821
Net income (loss) per common share—diluted:
Net income (loss) attributable to common shares—diluted $ (0.84) $ 0.59 $ 0.33
Weighted average common shares outstanding—diluted 23,259 23,366 23,067
Includes stock-based compensation as follows (Note 17):(1)
Cost of goods sold—direct $ 193 $ 212 $ 167
Sales and marketing 377 608 634
Technology 628 1,071 961
General and administrative 1,853 3,165 3,023
Total $ 3,051 $ 5,056 $ 4,785
See accompanying notes to consolidated financial statements.
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