Overstock.com 2014 Annual Report Download - page 50
Download and view the complete annual report
Please find page 50 of the 2014 Overstock.com annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40 -
41 -
42 -
43 -
44 -
45 -
46 -
47 -
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
 |
 |
Table of Contents
The following table sets forth our results of operations expressed as a percentage of total net revenue for the years ended 2013 and 2012:
Revenue, net
Direct
12.0%
14.1%
Partner
88.0
85.9
Total net revenue
100.0
100.0
Cost of goods sold
Direct
10.4
12.8
Partner
70.6
69.2
Total cost of goods sold
81.0
81.9
Gross profit
19.0
18.1
Operating expenses:
Sales and marketing
7.0
5.8
Technology
5.5
6.0
General and administrative
5.2
5.2
Restructuring
—
—
Total operating expenses
17.7
17.0
Operating income (loss)
1.3
1.1
Interest income
—
—
Interest expense
—
(0.1)
Other income (expense), net
—
0.3
Income (loss) before income taxes
1.3
1.3
Provision (benefit) for income taxes
(5.2)
—
Net income (loss)
6.5%
1.3%
The following table reflects our net revenue for the years ended December 31, 2013 and 2012 (in thousands):
Revenue, net
Direct
$ 156,032
$ 155,516
$ 516
0.3%
Partner
1,148,185
943,773
204,412
21.7%
Total revenue, net
$ 1,304,217
$ 1,099,289
$ 204,928
18.6%
The primary reason for increased total net revenue for the year ended December 31, 2013 was an increase of 17% in average order size, from $135 to
$158, coupled with a 2% increase in orders. The increase in average order size is largely due to a sales mix shift into home and garden products.
The primary reason for increased direct revenue for the year ended December 31, 2013 was a continued shift in sales mix into our home and garden
products, partially offset by a decrease in sales of clothing and shoes due to our shift from a direct inventory-based model to a partner-based model to reduce
exposure from seasonal inventory and mark downs.
The primary reason for the increase in partner revenue for the year ended December 31, 2013 was an increase in sales of home and garden products.
50