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Overstock.com Reports Q1 2012 Results

SALT LAKE CITY April 19, 2012 March 31, 2012

Key Q1 2012 metrics (comparison to Q1 2011):

  • $262.4M $265.5M
  • Gross margin: 18.1% vs. 18.9% (80 basis point decrease);
  • $47.5M $50.1M
  • $14.5M $15.4M
  • $33.0M $34.7M
  • $30.5M $34.6M
  • $2.7M $(444,000) $3.2M
  • $0.12 $(0.02) $0.14

Thursday April 19, 2012 11:30 a.m. Eastern Time

Webcast information

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

http://investors.overstock.com 2:30 p.m. Eastern Time Thursday, April 19, 2012 11:59 p.m. Eastern Time Saturday, May 19 Canada

Kevin Moon [email protected]

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.

$262.4 million $265.5 million $40.9 million $48.2 million $221.5 million $217.3 million

$47.5 million $50.1 million $3.3 million $5.1 million $44.2 million $45.0 million

$33.0 million $34.7 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 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. 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 March 31,

2012

2011

Total net revenue

$

262,367

100%

$

265,470

100%

Cost of goods sold

214,859

81.9%

215,386

81.1%

Gross profit

47,508

18.1%

50,084

18.9%

Less: Sales and marketing expense

14,475

5.5%

15,425

5.8%

Contribution and contribution margin

$

33,033

12.6%

$

34,659

13.1%

$14.5 million $15.4 million

$15.6 million $16.7 million $1.1 million

$14.8 million $18.0 million $3.2 million

$98,000 $0 $98,000 Provo, Utah

$2.5 million $13,000 $2.5 million

$29,000 $52,000

$208,000 $676,000

$432,000 $189,000

$9,000 $22,000

$2.7 million $0.12 $(444,000) $(0.02)

March 31, 2012 $3.5 million $17.5 million $14.0 million $22.6 million $8.5 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 (used in) 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):

Three months ended  

March 31,

Twelve months ended

March 31,

2012

2011

2012

2011

Net cash provided by (used in) operating activities

$

(22,234)

$

(9,228)

$

12,657

$

35,260

Expenditures for fixed assets, including internal-use software and website development

(2,127)

(1,676)

(9,192)

(17,721)

Free cash flow

$

(24,361)

$

(10,904)

$

3,465

$

17,539

$72.1 million $97.0 million $(9.0) million $(14.1) million March 31, 2012 December 31, 2011

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

Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc.  O.info™, Club O™, and Club O Rewards Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc. All other trademarks are the property of their respective owners.

December 31, 2011 March 2, 2012

Overstock.com, Inc.

Consolidated Statements of Operations  and 

Comprehensive Income (Loss) (Unaudited)

(in thousands, except per share data)

Three months ended                  March 31,

2012

2011

Revenue, net

Direct 

$

40,897

$

48,161

Fulfillment partner 

221,470

217,309

Total net revenue

262,367

265,470

Cost of goods sold

Direct 

37,630

43,030

Fulfillment partner

177,229

172,356

Total cost of goods sold

214,859

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