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Overstock.com Reports FY and Q4 2010 Results

SALT LAKE CITY Feb. 28, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20110120/LA32935LOGO

Key FY 2010 metrics (comparison to FY 2009):

  • $877M
  • Gross margin: 17.4% vs. 18.8% (140 basis point decrease);
  • $164.8M
  • $61.3M $55.5M
  • $128.3M $109.2M
  • $113.9M $101.2M
  • $4.5M $7.1M
  • $13.8M $7.7M
  • $0.59 $0.33

Key Q4 2010 metrics (comparison to Q4 2009):

  • $322.4M
  • Gross margin: 17.0% vs. 17.1% (10 basis point decrease);
  • $55.0M
  • $17.3M $18.6M
  • $42.2M $36.4M
  • $27.4M $23.0M
  • $4.5M $5.2M
  • $14.8M $12.7M
  • $0.63 $0.55

Monday, February 28, 2011 2:00 p.m. Eastern Time

Webcast information

http://investors.overstock.com the United States Canada

Replay

http://investors.overstock.com 5:00 p.m. Eastern Time Monday, February 28, 2011 11:59 p.m. Eastern Time Monday, March 7, 2011 Canada

Kevin Moon [email protected]

Key financial and operating metrics

$1,090 million $877 million $348.9 million $322.4 million

$189.6 million $164.8 million $59.4 million $55.0 million

$128.3 million $109.2 million $42.2 million $36.4 million

Contribution (a non-GAAP financial measure) (which we reconcile to "gross profit" in our statement of operations) consists of gross profit less sales and marketing expense and reflects an additional way of viewing our results. Contribution margin is contribution as a percentage of total net revenue. When viewed with our GAAP gross profit less sales and marketing expenses, we believe contribution and contribution margin provides management and users of the financial statements information about our ability to cover our fixed operating costs, such as technology and general and administrative expenses. 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. You should review our financial statements and publicly-filed reports in their entirety and not rely on any single financial measure. 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 non-operating income and expenses. Management compensates for these limitations when using this measure by looking at other GAAP measures, such as operating income (loss) and net income (loss).

For further details on contribution and contribution margin, see the calculation of these non-GAAP financial measures and the reconciliation of contribution to gross profit below (in thousands):

Three months ended

Year ended

December 31,

December 31,

2010

2009

2010

2009

Total net revenue

$

348,870

$

322,359

$

1,089,873

$

876,769

Cost of goods sold

289,458

267,337

900,233

712,017

Gross profit

59,412

55,022

189,640

164,752

Less: Sales and marketing expense

17,250

18,578

61,334

55,549

Contribution

$

42,162

$

36,444

$

128,306

$

109,203

Contribution margin

12.1%

11.3%

11.8%

12.5%

$61.3 million $55.5 million $17.3 million $18.6 million

$58.3 million $52.3 million $5.9 million $6.5 million $1.5 million $1.4 million $15 $13

$55.7 million $48.9 million $6.7 million $5.1 million $2.3 million $2.0 million $3.2 million $2.6 million $4.5 million $7.1 million $4.5 million December 16, 2010 $11.5 million $9

$569,000 $66,000

$15.0 million $8.0 million $6.9 million $15.1 million $13.4 million $1.7 million

$157,000 $170,000 $46,000 $9,000

$3.0 million $3.5 million $732,000 $763,000

$2.1 million $3.3 million $678,000 $290,000

$359,000 $257,000

$13.8 million $0.59 $7.7 million $0.33 $14.8 million $0.63 $12.7 million $0.55

($4.2) million $38.8 million $43.0 million $13.2 million $29.8 million

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. However, we believe free cash flow is a useful measure to evaluate our business since purchases of fixed assets are a necessary component of ongoing operations and free cash flow measures the amount of cash we have available for future investment, debt retirement or other changes to our capital structure after we have paid all of our 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):

Year ended December 31,

2010

2009

Net cash provided by operating activities

$

16,322

$

46,117

Expenditures for fixed assets, including internal-use software and

website development

(20,511)

(7,275)

Free cash flow

$

(4,189)

$

38,842

December 31, 2010 $124.0 million $14.7 million $51.2 million December 31, 2010 December 31, 2009 December 31, 2010 $34.5 million December 1, 2011

February 1, 2011 $10 million $15 million February 7, 2011 $10.1 million $24.5 million

About Overstock.com

Salt Lake City http://www.overstock.com http://www.o.co

Overstock.com® is a registered trademark and O.co™ and Savings Engine™ are trademarks of Overstock.com, Inc.

December 31, 2009

Overstock.com, Inc.

Consolidated Statements of Operations

(in thousands, except per share data)

Three months ended

Year ended

December 31,

December 31,

2010

2009

2010

2009

Revenue, net

Direct

$   69,188

$   55,053

$    209,646

$ 150,901

Fulfillment partner

279,682

267,306

880,227

725,868

Total net revenue

348,870

322,359

1,089,873

876,769

Cost of goods sold

Direct

62,932

48,490

187,124

130,890

Fulfillment partner

226,526

218,847

713,109

581,127

Total cost of goods sold

289,458

267,337

900,233

712,017

Gross profit

59,412

55,022

189,640

164,752

Operating expenses:

Sales and marketing

17,250

18,578

61,334

55,549

Technology

15,948

13,538

58,260

52,336

General and administrative

11,499

9,458

55,650

48,906

Restructuring

(433)

(569)

(66)

Total operating expenses

44,264

41,574

174,675

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