Overstock.com 2015 Annual Report Download - page 119
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The following table summarizes information about reportable segments for the years ended December 31, 2015, 2014 and 2013 (in thousands):
Revenue, net $ 137,783
$ 1,518,125
$ 1,930
$ 1,657,838
Cost of goods sold 128,077
1,225,107
—
1,353,184
Gross profit $ 9,706
$ 293,018
$ 1,930
$ 304,654
Operating expenses
(305,188)
Other income, net
3,649
Provision for income taxes
1,895
Consolidated net income
$ 1,220
Revenue, net $ 147,460
$ 1,349,643
$ —
$ 1,497,103
Cost of goods sold 129,253
1,088,791
—
1,218,044
Gross profit $ 18,207
$ 260,852
$ —
$ 279,059
Operating expenses
(267,136)
Other income, net
1,282
Provision for income taxes
4,404
Consolidated net income
$ 8,801
Revenue, net $ 156,032
$ 1,148,185
$ —
$ 1,304,217
Cost of goods sold 136,282
920,275
—
1,056,557
Gross profit $ 19,750
$ 227,910
$ —
$ 247,660
Operating expenses
(231,095)
Other loss, net
(221)
Benefits for income taxes
(68,034)
Consolidated net income
$ 84,378
The direct segment includes revenues, direct costs, and cost allocations associated with sales of inventory we own. Costs for this segment include
product costs, freight, warehousing and fulfillment costs, credit card fees and customer service costs.
The partner segment includes revenues, direct costs and cost allocations associated with sales of inventory owned by our partners. Costs for this
segment include product costs, outbound freight and fulfillment costs, credit card fees and customer service costs.
Assets have not been allocated between the segments for our internal management purposes and, as such, they are not presented here.
For the years ended December 31, 2015, 2014 and 2013, substantially all of our sales revenues were attributable to customers in the United States. At
December 31, 2015 and December 31, 2014, substantially all of our fixed assets were located in the United States.
In January 2016, we entered into a settlement agreement with the Merrill Lynch Defendants in our prime broker litigation. The Merrill Lynch
Defendants agreed to pay us and our co-plaintiffs $20 million, which concluded the litigation in its entirety. We will recognize the settlement in 2016.
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