Press Release
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Retail pre-tax loss of
Medici pre-tax loss of
Dear Owners,
We have had an exciting year. I will use the opportunity of this letter and today’s earnings call, along with tomorrow’s (webcast) shareholder meeting, to provide a fulsome update on our business. While I do not think it is my job to convince the investing public to think one way or another, I do believe I have an obligation to turn face-up as many of our cards as I possibly can, and leave their estimation to the public. In addition, I will not deny that ours has grown into an increasingly complex story, demanding of elaboration.
1) tZERO – The opportunity that must be seized by this business is mindboggling. It is going to be a game of “Who can innovate best and fastest?” We have sent Saum Noursalehi to be CEO, and I believe he will be a decisive factor. I will remain Executive Chairman.
2) Overstock.com Retail – We accelerated 16% this quarter (-13% to +3%), and our operating losses were slightly less than we previously indicated should be expected. I am looking for two more good quarters of acceleration and then plan on truing the craft for that rate of climb. As followers of our story know, where previously we demonstrated our prowess by showing profits where no one else did, we have switched to a more growth driven long term free cash flow strategy, where I believe our prowess will be demonstrated in other ways.
3)
4) Strategic Discussions: We continue active discussion with various parties including late entrants we are helping to catch up. This does not of course guarantee a strategic event. We will pursue the option we believe maximizes shareholder value.
I cannot talk much these days without someone accusing me of puffery: I worry about that, but I worry more about a Texas Gulf Sulphur. So I think my duty is simply to explain the opportunity I see and let the public make up its own mind. There will be much opportunity for discussion in today’s earnings call and tomorrow’s shareholder meeting. I look forward to it.
Your humble servant,
Key Q1 2018 metrics (comparison to Q1 2017):
- Revenue:
$445.3M vs.$432.4M (3% increase); - Gross profit:
$93.9M vs.$86.9M (8% increase); - Gross margin: 21.1% vs. 20.1% (98 basis point increase);
- Sales and marketing expense:
$77.2M vs.$37.6M (105% increase); - Contribution (non-GAAP financial measure):
$16.7M vs.$50.0M (67% decrease); - G&A/Technology expense:
$71.0M vs.$51.6M (38% increase); - Pre-tax loss: (
$54.7M ) vs. ($6.6M ) ($48.1M increase);
° Pre-tax loss - Overstock retail (non-GAAP financial measure): ($33.6M )
° Pre-tax loss - Medici (non-GAAP financial measure): ($21.2M ) - Net loss*: (
$50.9M ) vs. ($5.9M ) ($45.0M increase); - Diluted net loss per share:
($1.74) /share vs.($0.23) /share ($1.51 /share increase);
*Net loss refers to Net loss attributable to stockholders of
We will hold a conference call and webcast to discuss our Q1 2018 financial results
Webcast information
To access the live webcast and presentation slides, go to http://investors.overstock.com. To listen to the conference call via telephone, dial (877) 673-5346 and enter conference ID 6077988 when prompted. Participants outside the U.S. or
A replay of the conference call will be available at http://investors.overstock.com starting two hours after the live call has ended, or on Overstock's
Please email all questions in advance of the call to ir@overstock.com.
Key financial and operating metrics:
Investors should review our financial statements and publicly-filed reports in their entirety and not rely on any single financial measure.
Total net revenue - Total net revenue was
We continue to experience difficulties which we believe are due in part to changes that
Gross profit - Gross profit was
Sales and marketing expenses - Sales and marketing expenses totaled
Consolidated contribution (a non-GAAP financial measure) and contribution margin (a non-GAAP financial measure) - Contribution for Q1 2018 and 2017 was
Contribution and contribution margin (non-GAAP financial measures - which we reconcile to "Gross Profit" in our consolidated statement of operations) consist of gross profit less sales and marketing expense plus Club O Rewards and gift card breakage and reflects an additional way of viewing our results. Contribution margin is contribution as a percentage of total net revenue. We believe contribution and contribution margin provide management and users of the financial statements information about our ability to cover our operating costs, such as technology and general and administrative expenses, while reflecting the selling costs we incurred to generate our revenues and adding back Club O Rewards and gift card breakage. Contribution and contribution margin are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. The material limitation associated with the use of contribution is that it is an incomplete measure of profitability as it does not include all operating expenses or all non-operating income and expenses. Management compensates for these limitations when using this measure by looking at other GAAP measures, such as operating income and net income. You should review our financial statements and publicly-filed reports in their entirety and not rely on any single financial measure. For additional information about our non-GAAP financial measures, including “Retail pre-tax income” and “Medici pre-tax loss” please see the "Additional Non-GAAP Financial Measure Reconciliations" section below.
Our calculation of our consolidated contribution and contribution margin is set forth below (in thousands):
| Three months ended March 31, |
||||||||||||||
| 2018 | 2017 | |||||||||||||
| Total net revenue | $ | 445,331 | 100% | $ | 432,435 | 100% | ||||||||
| Cost of goods sold | 351,462 | 78.9% | 345,528 | 79.9% | ||||||||||
| Gross profit | 93,869 | 21.1% | 86,907 | 20.1% | ||||||||||
| Less: Sales and marketing expense | 77,214 | 17.3% | 37,618 | 8.7% | ||||||||||
| Plus: Club O Rewards and gift card breakage (1) | — | —% | 671 | 0.2% | ||||||||||
| Contribution and contribution margin | $ | 16,655 | 3.7% | $ | 49,960 | 11.6% | ||||||||
___________________________________________
(1) — Effective
Technology expenses - Technology expenses totaled
General and administrative ("G&A") expenses - G&A expenses totaled
We continue to seek opportunities for growth, in our retail business and through our Medici blockchain and financial technology initiatives and through other means. As a result of these initiatives, we will continue to incur additional expenses and expect to purchase interests in, or make acquisitions of, other technologies and businesses. We anticipate that our initiatives will cause us to incur losses in the foreseeable future. These losses, additional expenses, acquisitions or purchases may be material, and, coupled with existing marketing expense trends, increased marketing and branding expenditures, and strategic changes in our retail business, may lead to increased consolidated losses in some periods, and to reduced liquidity. Additionally, we may recognize additional impairment charges from our ownership interest in other entities.
Other expense, net - Other expense, net totaled
Net cash (used in) provided by operating activities - Net cash (used in) provided by operating activities was
Free cash flow (a non-GAAP financial measure) - Free cash flow totaled
Free cash flow reflects an additional way of viewing our cash flows and liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows and liquidity. Free cash flow, which we reconcile to “net cash provided by operating activities,” is cash flow from operations, reduced by “expenditures for fixed assets, including internal-use software and website development.” We believe that cash flows from operating activities is an important measure since it includes both the cash impact of the continuing operations of the business and changes in the balance sheet that impact cash. Also, we believe free cash flow is a useful measure to evaluate our business since purchases of fixed assets, including internal-use software and website development, are a necessary component of ongoing operations and free cash flow measures the amount of cash we have available for mandatory debt service and financing obligations, changes in our capital structure, and future investments, after we have paid our operating expenses. Therefore, we believe it is important to view free cash flow as a complement to our entire consolidated statements of cash flows.
Our calculation of free cash flow is set forth below (in thousands):
| Three months ended March 31, |
Twelve months ended March 31, |
|||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Net cash (used in) provided by operating activities | $ | (10,182 | ) | $ | (23,097 | ) | $ | (22,306 | ) | $ | 50,970 | |||||
| Expenditures for fixed assets, including internal-use software and website development | (4,029 | ) | (11,344 | ) | (16,271 | ) | (64,033 | ) | ||||||||
| Free cash flow | $ | (14,211 | ) | $ | (34,441 | ) | $ | (38,577 | ) | $ | (13,063 | ) | ||||
Cash - We had cash and cash equivalents of
About
O,
This press release and the
| Overstock.com, Inc. | |||||||
| Consolidated Balance Sheets (Unaudited) | |||||||
| (in thousands) | |||||||
| March 31, 2018 |
December 31, 2017 |
||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 259,569 | $ | 203,215 | |||
| Restricted cash | 447 | 455 | |||||
| Accounts receivable, net | 21,798 | 30,080 | |||||
| Inventories, net | 12,471 | 13,703 | |||||
| Prepaid inventories, net | 858 | 1,625 | |||||
| Prepaids and other current assets | 22,091 | 16,119 | |||||
| Total current assets | 317,234 | 265,197 | |||||
| Fixed assets, net | 126,765 | 129,343 | |||||
| Intangible assets, net | 24,653 | 7,337 | |||||
| Goodwill | 22,058 | 14,698 | |||||
| Other long-term assets, net | 35,564 | 17,240 | |||||
| Total assets | $ | 526,274 | $ | 433,815 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 89,666 | $ | 85,406 | |||
| Accrued liabilities | 92,105 | 82,611 | |||||
| Deferred revenue | 41,712 | 46,468 | |||||
| Other current liabilities, net | 182 | 178 | |||||
| Total current liabilities | 223,665 | 214,663 | |||||
| Long-term debt, net - related party | 39,977 | 39,909 | |||||
| Other long-term liabilities | 6,539 | 7,120 | |||||
| Total liabilities | 270,181 | 261,692 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, $0.0001 par value, authorized shares - 5,000 | |||||||
| Series A, issued and outstanding - 127 and 127 | — | — | |||||
| Series B, issued and outstanding - 555 and 555 | — | — | |||||
| Common stock, $0.0001 par value | |||||||
| Authorized shares - 100,000 | |||||||
| Issued shares - 32,048 and 30,632 | |||||||
| Outstanding shares - 28,866 and 27,497 | 3 | 3 | |||||
| Additional paid-in capital | 547,184 | 494,732 | |||||
| Accumulated deficit | (300,561 | ) | (254,692 | ) | |||
| Accumulated other comprehensive loss | (595 | ) | (599 | ) | |||
| Treasury stock: | |||||||
| Shares at cost - 3,182 and 3,135 | (66,170 | ) | (63,816 | ) | |||
| Equity attributable to stockholders of Overstock.com, Inc. | 179,861 | 175,628 | |||||
| Equity attributable to noncontrolling interests | 76,232 | (3,505 | ) | ||||
| Total equity | 256,093 | 172,123 | |||||
| Total liabilities and stockholders’ equity | $ | 526,274 | $ | 433,815 | |||
| Overstock.com, Inc. | |||||||
| Consolidated Statements of Operations (Unaudited) | |||||||
| (in thousands, except per share data) | |||||||
| Three months ended March 31, |
|||||||
| 2018 | 2017 | ||||||
| Revenue, net | |||||||
| Direct | $ | 16,270 | $ | 22,828 | |||
| Partner and other | 429,061 | 409,607 | |||||
| Total net revenue | 445,331 | 432,435 | |||||
| Cost of goods sold | |||||||
| Direct | 14,772 | 20,963 | |||||
| Partner and other | 336,690 | 324,565 | |||||
| Total cost of goods sold | 351,462 | 345,528 | |||||
| Gross profit | 93,869 | 86,907 | |||||
| Operating expenses: | |||||||
| Sales and marketing | 77,214 | 37,618 | |||||
| Technology | 31,294 | 28,992 | |||||
| General and administrative | 39,755 | 22,610 | |||||
| Total operating expenses | 148,263 | 89,220 | |||||
| Operating loss | (54,394 | ) | (2,313 | ) | |||
| Interest income | 544 | 125 | |||||
| Interest expense | (874 | ) | (710 | ) | |||
| Other expense, net | (9 | ) | (3,724 | ) | |||
| Loss before income taxes | (54,733 | ) | (6,622 | ) | |||
| Benefit from income taxes | (277 | ) | (340 | ) | |||
| Net loss | $ | (54,456 | ) | $ | (6,282 | ) | |
| Less: Net loss attributable to noncontrolling interests | (3,547 | ) | (379 | ) | |||
| Net loss attributable to stockholders of Overstock.com, Inc. | $ | (50,909 | ) | $ | (5,903 | ) | |
| Net loss per common share—basic: | |||||||
| Net loss attributable to common shares—basic | $ | (1.74 | ) | $ | (0.23 | ) | |
| Weighted average common shares outstanding—basic | 28,566 | 25,290 | |||||
| Net loss per common share—diluted: | |||||||
| Net loss attributable to common shares—diluted | $ | (1.74 | ) | $ | (0.23 | ) | |
| Weighted average common shares outstanding—diluted | 28,566 | 25,290 | |||||
| Overstock.com, Inc. | |||||||||||||||
| Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
| (in thousands) | |||||||||||||||
| Three months ended March 31, |
Twelve months ended March 31, |
||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Consolidated net loss | $ | (54,456 | ) | $ | (6,282 | ) | $ | (160,096 | ) | $ | (8,128 | ) | |||
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||||||
| Depreciation of fixed assets | 6,581 | 7,698 | 27,731 | 28,792 | |||||||||||
| Amortization of intangible assets | 918 | 945 | 3,972 | 3,815 | |||||||||||
| Stock-based compensation to employees and directors | 6,435 | 940 | 9,572 | 4,863 | |||||||||||
| Deferred income taxes, net | (267 | ) | (806 | ) | 65,738 | (771 | ) | ||||||||
| Gain on investment in precious metals | — | — | (1,971 | ) | (201 | ) | |||||||||
| Impairment of cryptocurrencies | 8,793 | — | 8,793 | — | |||||||||||
| Gain on sale of cryptocurrencies | (1,529 | ) | — | (3,524 | ) | — | |||||||||
| Impairment of equity investment | — | 4,500 | 987 | 7,350 | |||||||||||
| Early extinguishment costs of long term debts | — | — | 2,464 | — | |||||||||||
| Other | 185 | 38 | 1,023 | 381 | |||||||||||
| Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||||
| Accounts receivable, net | 8,282 | 6,527 | (183 | ) | (2,528 | ) | |||||||||
| Inventories, net | 1,232 | 1,211 | 5,255 | 1,713 | |||||||||||
| Prepaid inventories, net | 767 | (626 | ) | 1,880 | (1,536 | ) | |||||||||
| Prepaids and other current assets | 1,471 | (1,173 | ) | (642 | ) | (1,891 | ) | ||||||||
| Other long-term assets, net | (2,261 | ) | (404 | ) | (4,164 | ) | (1,202 | ) | |||||||
| Accounts payable | 4,325 | (20,456 | ) | 3,786 | 6,236 | ||||||||||
| Accrued liabilities | 9,274 | (13,689 | ) | 10,652 | 16,583 | ||||||||||
| Deferred revenue | 284 | (1,593 | ) | 6,565 | (2,625 | ) | |||||||||
| Other long-term liabilities | (216 | ) | 73 | (144 | ) | 119 | |||||||||
| Net cash (used in) provided by operating activities | (10,182 | ) | (23,097 | ) | (22,306 | ) | 50,970 | ||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchase of intangible assets | (9,181 | ) | — | (9,604 | ) | — | |||||||||
| Proceeds from sale of precious metals | — | — | 11,917 | 1,610 | |||||||||||
| Investment in precious metals | — | — | — | (1,633 | ) | ||||||||||
| Disbursement of note receivable | — | (250 | ) | (500 | ) | (1,068 | ) | ||||||||
| Investments in equity securities | (16,970 | ) | (777 | ) | (21,381 | ) | (5,527 | ) | |||||||
| Acquisitions of businesses, net of cash acquired | (11,769 | ) | — | (11,769 | ) | 43 | |||||||||
| Expenditures for fixed assets, including internal-use software and website development | (4,029 | ) | (11,344 | ) | (16,271 | ) | (64,033 | ) | |||||||
| Other | (1 | ) | (118 | ) | 187 | (92 | ) | ||||||||
| Net cash used in investing activities | (41,950 | ) | (12,489 | ) | (47,421 | ) | (70,700 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Payments on capital lease obligations | (123 | ) | — | (206 | ) | — | |||||||||
| Payments on finance obligations | — | (817 | ) | (14,499 | ) | (2,348 | ) | ||||||||
| Payments on interest swap | — | — | (1,535 | ) | (422 | ) | |||||||||
| Proceeds from finance obligations | — | — | — | 7,978 | |||||||||||
| Proceeds from long-term debt | — | — | 40,000 | 25,150 | |||||||||||
| Payments on long-term debt | — | (187 | ) | (45,579 | ) | (187 | ) | ||||||||
| Payments of preferred dividends | — | — | (109 | ) | — | ||||||||||
| Proceeds from exercise of stock options | — | 654 | 10 | 1,473 | |||||||||||
| Proceeds from rights offering, net of offering costs | — | — | — | 7,591 | |||||||||||
| Proceeds from issuance of stock warrants | — | — | 6,462 | — | |||||||||||
| Proceeds from exercise of stock warrants | 50,562 | — | 150,562 | — | |||||||||||
| Proceeds from security token offering, net of offering costs | 62,073 | — | 62,978 | — | |||||||||||
| Purchase of treasury stock | — | (10,000 | ) | — | (10,000 | ) | |||||||||
| Payments of taxes withheld upon vesting of restricted stock | (4,034 | ) | (822 | ) | (4,441 | ) | (1,354 | ) | |||||||
| Payment of debt issuance costs | — | — | (670 | ) | — | ||||||||||
| Net cash provided by (used in) financing activities | 108,478 | (11,172 | ) | 192,973 | 27,881 | ||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 56,346 | (46,758 | ) | 123,246 | 8,151 | ||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 203,670 | 183,528 | 136,770 | 128,619 | |||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 260,016 | $ | 136,770 | $ | 260,016 | $ | 136,770 | |||||||
| Overstock.com, Inc. | |||||||||||||||
| Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
| (Continued) | |||||||||||||||
| (in thousands) | |||||||||||||||
| Three months ended March 31, |
Twelve months ended March 31, |
||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Supplemental disclosures of cash flow information: | |||||||||||||||
| Cash paid during the period: | |||||||||||||||
| Interest paid, net of amounts capitalized | $ | 789 | $ | 646 | $ | 3,083 | $ | 1,636 | |||||||
| Income taxes paid, net of refunds | 7 | — | 494 | 859 | |||||||||||
| Non-cash investing and financing activities: | |||||||||||||||
| Fixed assets, including internal-use software and website development, costs financed through accounts payable and accrued liabilities | $ | 965 | $ | 1,317 | $ | 965 | $ | 1,317 | |||||||
| Equipment acquired under capital lease obligations | — | — | 1,421 | — | |||||||||||
| Capitalized interest cost | — | — | — | 66 | |||||||||||
| Change in value of cash flow hedge | — | (240 | ) | (1,498 | ) | (2,493 | ) | ||||||||
| Note receivable converted to equity investment | 200 | — | 1,568 | 2,850 | |||||||||||
| Cryptocurrency received in security token offering | 13,878 | — | 13,878 | — | |||||||||||
Additional Non-GAAP Financial Measure Reconciliations
As described above, contribution and contribution margin (non-GAAP financial measures - which we reconcile to "Gross Profit" in our consolidated statement of operations) consist of gross profit less sales and marketing expense plus Club O Rewards and gift card breakage and reflects an additional way of viewing our results. Contribution margin is contribution as a percentage of total net revenue.
Retail and Medici pre-tax income or loss (non-GAAP financial measures - which we reconcile to Consolidated pre-tax income or loss) consist of income or loss before taxes of our Retail and Medici businesses, excluding intercompany transactions eliminated in consolidation. We believe these measures provide management and users of the financial statements useful information, because they provide financial results for our separate businesses which are distinct in nature. The material limitation associated with these measures is that they are an incomplete measure of our consolidated operations.
We determined our segments based on how we manage our business, which, in our view, consists primarily of our Retail and Medici businesses. Our Retail business consists of our Direct and Partner reportable segments. We use gross profit as the measure to determine our reportable segments because there is not discrete financial information available below gross profit for our Direct and Partner segments. As a result, our Medici business is not significant as compared to our Direct and Partner segments. Our Other segment consists of Medici. We do not allocate assets between our segments for our internal management purposes.
Contribution, contribution margin, Retail pre-tax income or loss and Medici pre-tax income or loss are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. You should review our financial statements and publicly-filed reports in their entirety and not rely on any single financial measure.
Our calculations of our contribution and contribution margin by Retail Total (which consists of Direct and Partner) and Other (which consists of Medici) are set forth below (in thousands):
| Three months ended March 31, |
|||||||||||||||||
| Direct | Partner | Retail Total | Other | Total | |||||||||||||
| 2018 | |||||||||||||||||
| Total net revenue | $ | 16,270 | $ | 423,726 | $ | 439,996 | $ | 5,335 | $ | 445,331 | |||||||
| Cost of goods sold | 14,772 | 332,808 | 347,580 | 3,882 | 351,462 | ||||||||||||
| Gross profit | $ | 1,498 | $ | 90,918 | $ | 92,416 | $ | 1,453 | $ | 93,869 | |||||||
| Less: Sales and marketing expense | 73,917 | 3,297 | 77,214 | ||||||||||||||
| Contribution | $ | 18,499 | $ | (1,844 | ) | $ | 16,655 | ||||||||||
| Contribution margin | 4.2 | % | (34.6 | )% | 3.7 | % | |||||||||||
| 2017 | |||||||||||||||||
| Total net revenue | $ | 22,828 | $ | 405,261 | $ | 428,089 | $ | 4,346 | $ | 432,435 | |||||||
| Cost of goods sold | 20,963 | 321,297 | 342,260 | 3,268 | 345,528 | ||||||||||||
| Gross profit | $ | 1,865 | $ | 83,964 | $ | 85,829 | $ | 1,078 | $ | 86,907 | |||||||
| Less: Sales and marketing expense | 37,325 | 293 | 37,618 | ||||||||||||||
| Plus: Club O Rewards and gift card breakage (included in Other expense, net) | 671 | — | 671 | ||||||||||||||
| Contribution | $ | 49,175 | $ | 785 | $ | 49,960 | |||||||||||
| Contribution margin | 11.5 | % | 18.1 | % | 11.6 | % | |||||||||||
Our calculations of Retail Total (which consists of Direct and Partner) and Other (which consists of Medici) pre-tax income or loss are set forth below excluding intercompany transactions eliminated in consolidation (in thousands):
| Three months ended March 31, |
|||||||||||||||||
| Direct | Partner | Retail Total | Other | Total | |||||||||||||
| 2018 | |||||||||||||||||
| Revenue, net | $ | 16,270 | $ | 423,726 | $ | 439,996 | $ | 5,335 | $ | 445,331 | |||||||
| Cost of goods sold | 14,772 | 332,808 | 347,580 | 3,882 | 351,462 | ||||||||||||
| Gross profit | $ | 1,498 | $ | 90,918 | $ | 92,416 | $ | 1,453 | $ | 93,869 | |||||||
| Operating expenses | 125,532 | 22,731 | 148,263 | ||||||||||||||
| Interest and other expense, net | (455 | ) | 116 | (339 | ) | ||||||||||||
| Pre-tax loss | (33,571 | ) | (21,162 | ) | (54,733 | ) | |||||||||||
| Benefit from income taxes | (88 | ) | (189 | ) | (277 | ) | |||||||||||
| Net loss | $ | (33,483 | ) | $ | (20,973 | ) | $ | (54,456 | ) | ||||||||
| 2017 | |||||||||||||||||
| Revenue, net | $ | 22,828 | $ | 405,261 | $ | 428,089 | $ | 4,346 | $ | 432,435 | |||||||
| Cost of goods sold | 20,963 | 321,297 | 342,260 | 3,268 | 345,528 | ||||||||||||
| Gross profit | $ | 1,865 | $ | 83,964 | $ | 85,829 | $ | 1,078 | $ | 86,907 | |||||||
| Operating expenses | 84,538 | 4,682 | 89,220 | ||||||||||||||
| Interest and other income (expense), net | 102 | (4,411 | ) | (4,309 | ) | ||||||||||||
| Pre-tax income (loss) | 1,393 | (8,015 | ) | (6,622 | ) | ||||||||||||
| Provision for (benefit from) income taxes | 889 | (1,229 | ) | (340 | ) | ||||||||||||
| Net income (loss) | $ | 504 | $ | (6,786 | ) | $ | (6,282 | ) | |||||||||
Media Contact:
+1 (801) 947-3564
pr@overstock.com
Investor Contact:
+1 (801) 947-5374
ir@overstock.com