Overstock.com, Inc. (NASDAQ:OSTK) today reported financial results
for the quarter ended June 30, 2021.
Second Quarter 2021 Financial Highlights, from
continuing operations
• |
Total net revenue was $795 million, an increase of 4% year over
year |
• |
Gross profit was $175 million or 22.0% of total net revenue |
• |
Income from continuing operations was $82 million |
• |
Diluted earnings per share was $1.72 |
• |
Adjusted EBITDA (non-GAAP) was $44 million, which represents 5.6%
of net revenue |
• |
YTD net cash provided by operating activities was $120 million |
• |
At the end of the second quarter, cash and cash equivalents totaled
$536 million |
"In a significant quarter for the company, I am proud to report
Overstock delivered both growth and profitability in the second
quarter of 2021 as we lapped the start of the pandemic," said
Overstock CEO Jonathan Johnson. "Our strong and consistent results
stem from foundational operational improvements in the business, a
disciplined strategy, and intense focus. The furniture and home
furnishings market is large and growing. We expect this market to
benefit from strong and sustained demand, and to continue to
migrate online over time. Overstock remains well positioned to
capture market share and sustain its profitable trajectory through
the remainder of 2021 and beyond."
"In addition to our solid operating results, Overstock recorded
two significant accounting items in the second quarter," continued
Johnson. "First, based on our consistent profitability and current
go-forward outlook, we have released $47 million of our tax
valuation allowance. This release illustrates confidence in our
ability to continue to deliver sustainable, profitable market share
growth. Second, in conjunction with the closing of the transaction
with Pelion Venture Partners, we recognized a $228 million net
gain, included in discontinued operations. It is great to have the
Pelion transaction closed and the Pelion team focused on the Medici
Ventures Fund companies."
Second Quarter 2021 Operational Highlights
• |
Active customers reached 9.2 million as of June 30, 2021, an
increase of 31% year over year |
• |
LTM net revenue per active customer was $310 as of June 30, 2021,
an increase of 20% year over year |
• |
Orders delivered in the second quarter of 2021 were 3.7 million, a
decrease of 22% year over year |
• |
Average order value was $213 for the second quarter of 2021, an
increase of 33% year over year |
• |
Orders per active customer, measured as LTM orders divided by
active customers, was 1.69 for the second quarter of 2021, compared
to 1.62 for the second quarter of 2020 |
• |
Orders placed on a mobile device were 49.9% of gross merchandise
sales in the second quarter of 2021, compared to 52.7% for the
second quarter of 2020 |
Partnership with Pelion Ventures Partners
On April 23, 2021, we entered into a Limited Partnership
Agreement with Pelion MV GP, L.L.C. ("Pelion"), in which Pelion
became the sole general partner, holding a 1% equity interest in
the partnership, and Overstock became a limited partner, holding a
99% equity interest in the partnership. Commensurate with closing,
we recognized a $228 million gain during the quarter, net of income
taxes, as part of income from discontinued operations, as we
recorded the fair value of our retained equity method investments
in the partnership and tZERO. Additionally, our retained equity
interest in the limited partnership and tZERO were recognized as
equity method investments on our consolidated balance sheets in the
amount of $330 million.
Financial Reporting Presentation in Accordance with the
Pelion Transaction
Medici Ventures' blockchain businesses, including tZERO, met the
criteria to be reported as held for sale and discontinued
operations as of March 31, 2021, due to their anticipated
deconsolidation. As a result of closing the transaction during the
second quarter of 2021, these businesses' operating results for the
periods prior to deconsolidation have been reflected in our
consolidated statements of income as discontinued operations.
Additionally, the related assets and liabilities of these
businesses associated with the prior periods are classified as
discontinued operations in our consolidated balance sheets. As a
result of closing this transaction, Overstock has reorganized its
remaining businesses into a single reportable operating segment,
Retail. Corporate-related overhead costs are included in Retail
continuing operations.
Release of Tax Valuation Allowance
Each quarter we assess the recoverability of our deferred tax
assets. In our assessment for the period ended June 30, 2021, we
concluded it is more likely than not that our deferred tax assets
related to United States federal income and all states with the
exception of Utah will be realizable, therefore, we released
approximately $47 million of our valuation allowance. We still
maintain a valuation allowance against our deferred tax assets for
capital losses and the state of Utah.
Earnings Webcast Information
Overstock will hold a conference call and webcast to discuss its
second quarter 2021 financial results on Thursday, July 29,
2021, at 8:30 a.m. ET. 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 9394705 when prompted. Participants outside the U.S.
or Canada who do not have Internet access should dial +1 (724)
498-4326, then enter the conference ID provided above.
A replay of the conference call will be available at
http://investors.overstock.com, starting two hours after the live
call has ended. An audio replay of the webcast will be available
via telephone starting at 11:30 a.m. ET on Thursday, July 29,
2021, through 11:30 a.m. ET on Thursday, August 12, 2021. To
listen to the recorded webcast by phone, dial (855) 859-2056, then
enter the conference ID provided above. Outside the U.S. or Canada,
dial +1 (404) 537-3406 and enter the conference ID provided
above.
Questions may be emailed in advance of the call to
ir@overstock.com.
About Overstock.com
Overstock.com, Inc. (Common Stock (NASDAQ:OSTK) / Series A-1
Preferred Stock (tZERO ATS:OSTKO) / Series B Preferred Stock
(OTCQX:OSTBP)) is an online retailer and technology company based
in Salt Lake City, Utah. Its leading e-commerce website sells a
broad range of new home products at low prices, including
furniture, décor, area rugs, bedding and bath, home improvement,
and more. The online shopping site, which is visited by tens of
millions of customers a month, also features a marketplace
providing customers access to millions of products. In 2014,
Overstock was the first major retailer to accept cryptocurrency as
a form of payment and continues to do so. Overstock regularly posts
information about the Company and other related matters on the
Newsroom and Investor Relations pages on its website,
Overstock.com.
O, Overstock.com, O.com, Club O, and Worldstock are
registered trademarks of Overstock.com, Inc. Other
service marks, trademarks and trade names which may be referred to
herein are the property of their respective owners.
Cautionary Note Regarding Forward-Looking
Statements
This press release and the July 29, 2021 conference call and
webcast to discuss our financial results may contain
forward-looking statements within the meaning of the federal
securities laws. Such forward-looking statements include all
statements other than statements of historical fact, including
forecasts of trends, and statements regarding expectations with
respect to the performance of Pelion in managing the limited
partnership. These forward-looking statements are inherently
difficult to predict. Actual results could differ materially for a
variety of reasons, including but not limited to, the duration of
the COVID-19 pandemic and its ultimate impact on our business and
results of operations, adverse tax, regulatory or legal
developments, and competition, including how such factors will be
impacted at such time as the pandemic subsides throughout the
country and globally. Other risks and uncertainties include, among
others, the inherent risks associated with the businesses that
Medici Ventures and tZERO are pursuing, our continually evolving
business model, and difficulties we may have with our
infrastructure, our fulfillment partners or our payment processors,
including cyber-attacks or data breaches affecting us or any of
them, and difficulties we may have with our search engine
optimization results. More information about factors that could
potentially affect our financial results are included in our Form
10-K for the year ended December 31, 2020, which was filed with the
Securities and Exchange Commission on February 26, 2021, in our
Form 10-Q for the quarter ended March 31, 2021, which was filed
with the Securities and Exchange Commission on May 6, 2021, and in
our subsequent filings with the Securities and Exchange Commission.
The Form 10-K, 10-Q, and our subsequent filings with the Securities
and Exchange Commission identify important factors that could cause
our actual results to differ materially from those contained in or
contemplated by our projections, estimates and other
forward-looking statements.
ContactsInvestor Relations:Alexis
Callahan801-947-5126ir@overstock.com |
Media Relations:Megan Herrick801-947-3564pr@overstock.com |
Overstock.com, Inc.Consolidated
Balance Sheets (Unaudited)(in thousands, except
per share data) |
|
June 30,2021 |
|
December 31,2020 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
536,445 |
|
|
$ |
495,425 |
|
Restricted cash |
1,208 |
|
|
1,197 |
|
Accounts receivable, net |
33,008 |
|
|
22,867 |
|
Inventories |
7,009 |
|
|
6,243 |
|
Prepaids and other current assets |
27,554 |
|
|
22,879 |
|
Current assets of discontinued operations |
— |
|
|
34,129 |
|
Total current assets |
605,224 |
|
|
582,740 |
|
Property and equipment,
net |
109,693 |
|
|
113,767 |
|
Deferred tax assets, net |
33,252 |
|
|
37 |
|
Goodwill |
6,160 |
|
|
6,160 |
|
Equity securities |
330,778 |
|
|
1,412 |
|
Operating lease right-of-use
assets |
14,242 |
|
|
17,297 |
|
Other long-term assets,
net |
2,376 |
|
|
2,646 |
|
Long-term assets of
discontinued operations |
— |
|
|
106,155 |
|
Total assets |
$ |
1,101,725 |
|
|
$ |
830,214 |
|
Liabilities and Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
166,671 |
|
|
$ |
109,759 |
|
Accrued liabilities |
112,683 |
|
|
123,646 |
|
Unearned revenue |
84,447 |
|
|
72,165 |
|
Operating lease liabilities, current |
4,612 |
|
|
5,152 |
|
Other current liabilities |
3,413 |
|
|
2,935 |
|
Current liabilities of discontinued operations |
— |
|
|
13,924 |
|
Total current liabilities |
371,826 |
|
|
327,581 |
|
Long-term debt, net |
39,676 |
|
|
41,334 |
|
Operating lease liabilities,
non-current |
10,364 |
|
|
13,206 |
|
Other long-term
liabilities |
3,679 |
|
|
4,082 |
|
Long-term liabilities of
discontinued operations |
— |
|
|
7,685 |
|
Total liabilities |
425,545 |
|
|
393,888 |
|
Stockholders' equity: |
|
|
|
Preferred stock, $0.0001 par value, authorized shares - 5,000 |
|
|
|
Series A-1, issued and outstanding - 4,204 and 4,204 |
— |
|
|
— |
|
Series B, issued and outstanding - 357 and 357 |
— |
|
|
— |
|
Common stock, $0.0001 par value, authorized shares - 100,000 |
|
|
|
Issued shares - 46,607 and 46,331 |
|
|
|
Outstanding shares - 43,012 and 42,768 |
4 |
|
|
4 |
|
Additional paid-in capital |
954,518 |
|
|
970,873 |
|
Accumulated deficit |
(199,229 |
) |
|
(525,233 |
) |
Accumulated other comprehensive loss |
(545 |
) |
|
(553 |
) |
Treasury stock at cost - 3,595 and 3,563 |
(78,568 |
) |
|
(71,399 |
) |
Equity attributable to stockholders of Overstock.com, Inc. |
676,180 |
|
|
373,692 |
|
Equity attributable to noncontrolling interests |
— |
|
|
62,634 |
|
Total stockholders' equity |
676,180 |
|
|
436,326 |
|
Total liabilities and stockholders'
equity |
$ |
1,101,725 |
|
|
$ |
830,214 |
|
Overstock.com, Inc.Consolidated
Statements of Income (Unaudited)(in thousands,
except per share data) |
|
Three months endedJune 30, |
|
Six months endedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net revenue |
$ |
794,536 |
|
|
$ |
766,956 |
|
|
$ |
1,454,397 |
|
|
$ |
1,106,554 |
|
Cost of goods sold |
619,710 |
|
|
589,044 |
|
|
1,126,047 |
|
|
854,436 |
|
Gross profit |
174,826 |
|
|
177,912 |
|
|
328,350 |
|
|
252,118 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
85,272 |
|
|
79,215 |
|
|
158,810 |
|
|
115,560 |
|
Technology |
30,383 |
|
|
29,063 |
|
|
60,906 |
|
|
56,344 |
|
General and administrative |
22,660 |
|
|
20,837 |
|
|
45,531 |
|
|
44,722 |
|
Total operating expenses |
138,315 |
|
|
129,115 |
|
|
265,247 |
|
|
216,626 |
|
Operating income |
36,511 |
|
|
48,797 |
|
|
63,103 |
|
|
35,492 |
|
Interest expense, net |
(130 |
) |
|
(364 |
) |
|
(285 |
) |
|
(375 |
) |
Other income (expense),
net |
298 |
|
|
246 |
|
|
72 |
|
|
(41 |
) |
Income from continuing
operations before income taxes |
36,679 |
|
|
48,679 |
|
|
62,890 |
|
|
35,076 |
|
Provision (benefit) for income
taxes |
(45,726 |
) |
|
840 |
|
|
(45,533 |
) |
|
1,003 |
|
Income from continuing
operations |
82,405 |
|
|
47,839 |
|
|
108,423 |
|
|
34,073 |
|
Income (loss) from
discontinued operations, net of income taxes |
227,372 |
|
|
(13,458 |
) |
|
217,246 |
|
|
(19,257 |
) |
Consolidated net income |
309,777 |
|
|
34,381 |
|
|
325,669 |
|
|
14,816 |
|
Less: Net loss attributable to noncontrolling
interests—discontinued operations |
(134 |
) |
|
(1,975 |
) |
|
(335 |
) |
|
(5,207 |
) |
Net income attributable to
stockholders of Overstock.com, Inc. |
$ |
309,911 |
|
|
$ |
36,356 |
|
|
$ |
326,004 |
|
|
$ |
20,023 |
|
Net income per share of common
stock: |
|
|
|
|
|
|
|
Net income (loss) attributable to common shares—basic |
|
|
|
|
|
|
|
Continuing operations |
$ |
1.73 |
|
|
$ |
1.12 |
|
|
$ |
2.27 |
|
|
$ |
0.82 |
|
Discontinued operations |
4.78 |
|
|
(0.27 |
) |
|
4.58 |
|
|
(0.34 |
) |
Total |
$ |
6.51 |
|
|
$ |
0.85 |
|
|
$ |
6.85 |
|
|
$ |
0.48 |
|
Net income (loss) attributable to common shares—diluted |
|
|
|
|
|
|
|
Continuing operations |
$ |
1.72 |
|
|
$ |
1.11 |
|
|
$ |
2.26 |
|
|
$ |
0.81 |
|
Discontinued operations |
4.75 |
|
|
(0.27 |
) |
|
4.54 |
|
|
(0.34 |
) |
Total |
$ |
6.47 |
|
|
$ |
0.84 |
|
|
$ |
6.80 |
|
|
$ |
0.47 |
|
Weighted average shares of
common stock outstanding: |
|
|
|
|
|
|
|
Basic |
43,009 |
|
|
40,329 |
|
|
42,948 |
|
|
40,243 |
|
Diluted |
43,314 |
|
|
40,590 |
|
|
43,317 |
|
|
40,440 |
|
Overstock.com, Inc.Consolidated
Statements of Cash Flows (Unaudited)(in
thousands) |
|
Six months endedJune 30, |
|
2021 |
|
2020 |
Cash flows from operating activities: |
|
|
|
Consolidated net income |
$ |
325,669 |
|
|
$ |
14,816 |
|
(Income) loss from discontinued operations, net of income
taxes |
(217,246 |
) |
|
19,257 |
|
Adjustments to reconcile consolidated net income to net cash
provided by operating activities: |
|
|
|
Depreciation and amortization |
9,949 |
|
|
10,978 |
|
Non-cash operating lease cost |
2,528 |
|
|
2,632 |
|
Stock-based compensation to employees and directors |
5,107 |
|
|
4,633 |
|
Increase in deferred income taxes, net |
(47,046 |
) |
|
20 |
|
Other non-cash adjustments |
721 |
|
|
173 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
(10,141 |
) |
|
(19,787 |
) |
Inventories |
(766 |
) |
|
(500 |
) |
Prepaids and other current assets |
(3,452 |
) |
|
(3,302 |
) |
Other long-term assets, net |
(368 |
) |
|
8 |
|
Accounts payable |
56,543 |
|
|
54,434 |
|
Accrued liabilities |
(10,651 |
) |
|
57,679 |
|
Unearned revenue |
12,282 |
|
|
48,470 |
|
Operating lease liabilities |
(2,812 |
) |
|
(3,363 |
) |
Other long-term liabilities |
(270 |
) |
|
1,217 |
|
Net cash provided by continuing
operating activities |
120,047 |
|
|
187,365 |
|
Net cash used in discontinued operating
activities |
(17,128 |
) |
|
(16,922 |
) |
Net cash provided by operating
activities |
102,919 |
|
|
170,443 |
|
Cash flows from
investing activities: |
|
|
|
Contributions for capital calls |
(41,122 |
) |
|
— |
|
Expenditures for property and equipment |
(5,620 |
) |
|
(7,388 |
) |
Other investing activities, net |
(908 |
) |
|
(159 |
) |
Net cash used in continuing investing activities |
(47,650 |
) |
|
(7,547 |
) |
Net cash used in discontinued investing activities |
(29,703 |
) |
|
(431 |
) |
Net cash used in investing activities |
(77,353 |
) |
|
(7,978 |
) |
Cash flows from
financing activities: |
|
|
|
Payments on long-term debt |
(1,366 |
) |
|
(779 |
) |
Proceeds from long-term debt |
— |
|
|
47,500 |
|
Proceeds from sale of common stock, net of offering costs |
— |
|
|
2,848 |
|
Payments of taxes withheld upon vesting of restricted stock |
(7,812 |
) |
|
(1,730 |
) |
Other financing activities, net |
(1 |
) |
|
(3,992 |
) |
Net cash provided by (used in) continuing financing activities |
(9,179 |
) |
|
43,847 |
|
Net cash provided by discontinued financing activities |
2,085 |
|
|
— |
|
Net cash provided by (used in) financing activities |
(7,094 |
) |
|
43,847 |
|
Net increase in cash, cash
equivalents, and restricted cash |
18,472 |
|
|
206,312 |
|
Cash, cash equivalents, and
restricted cash, beginning of period, inclusive of cash balances of
discontinued operations |
519,181 |
|
|
114,898 |
|
Cash, cash equivalents, and
restricted cash, end of period, inclusive of cash balances of
discontinued operations |
537,653 |
|
|
321,210 |
|
Less: Cash, cash equivalents, and restricted cash of discontinued
operations |
— |
|
|
19,082 |
|
Cash, cash equivalents, and
restricted cash, end of period |
$ |
537,653 |
|
|
$ |
302,128 |
|
Supplemental Operational Data
We measure our business using operational metrics, in addition
to the financial metrics shown above and the non-GAAP financial
measures explained below. We believe these metrics provide
investors with additional information regarding our financial
results, including indicators of our growth, customer purchasing
patterns, and the mix of products purchased by our customers.
Active customers represents the total number of unique customers
who have made at least one purchase during the prior twelve-month
period. This metric captures both the inflow of new customers and
the outflow of existing customers who have not made a purchase
during the prior twelve-month period.
LTM net revenue per active customer represents total net revenue
in a twelve-month period divided by the total number of active
customers for the same twelve-month period.
Orders delivered represents the total number of orders delivered
in any given period, including orders that may eventually be
returned. As we ship a large volume of packages through multiple
carriers, actual delivery dates may not always be available, and in
those circumstances we estimate delivery dates based on historical
data.
Average order value is defined as total net revenue in any given
period divided by the total number of orders delivered in that
period.
Orders per active customer is defined as orders delivered in a
twelve-month period divided by active customers for the same
twelve-month period.
The following table provides key operating metrics for the
Retail business:(in thousands, except for LTM net revenue per
active customer, average order value and orders per active
customer)
|
Three months endedJune 30, |
|
2021 |
|
2020 |
Active customers |
9,165 |
|
|
7,011 |
|
LTM net revenue per active
customer |
310 |
|
|
258 |
|
Orders delivered |
3,736 |
|
|
4,784 |
|
Average order value |
213 |
|
|
160 |
|
Orders per active
customer |
1.69 |
|
|
1.62 |
|
Non-GAAP Financial Measures and
Reconciliations
We are providing certain non-GAAP financial measures in this
release and related earnings conference call, including adjusted
diluted earnings per share from continuing operations, adjusted
EBITDA, and free cash flow. We use these non-GAAP measures
internally in analyzing our financial results and we believe they
are useful to investors, as a supplement to GAAP measures, in
evaluating our ongoing operational performance in the same manner
as our management and board of directors. We have provided
reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP measures in this earnings release. These
non-GAAP financial measures should be used in addition to and in
conjunction with the results presented in accordance with GAAP and
should not be relied upon to the exclusion of GAAP financial
measures.
Adjusted diluted earnings per share for continuing operations is
a non-GAAP financial measure that we calculate as net income from
continuing operations less the benefit for income taxes associated
with our tax valuation allowance release. We believe that this
adjustment to our adjusted diluted net income before calculating
per share amounts for the current period presented provides a
useful comparison between our operating results from period to
period.
Adjusted EBITDA is a non-GAAP financial measure that is
calculated as income from continuing operations before depreciation
and amortization, stock-based compensation, interest and other
income (expense), provision (benefit) for income taxes, and special
items. We believe the exclusion of certain expenses in calculating
adjusted EBITDA facilitates operating performance comparisons on a
period-to-period basis. Exclusion of items in the non-GAAP
presentation should not be construed as an inference that these
items are unusual, infrequent or non-recurring.
Free cash flow is a non-GAAP financial measure that is
calculated as net cash provided by or used in continuing operating
activities reduced by expenditures for property and equipment. We
believe free cash flow is a useful measure to evaluate the cash
impact of the continuing operations of the business including
purchases of property and equipment which are a necessary component
of our ongoing operations.
The following table reflects the reconciliation of adjusted
diluted earnings per share from continuing operations to diluted
earnings per share from continuing operations (in thousands, except
per share data):
|
Three months ended June 30, 2021 |
|
Diluted EPS |
|
Less: tax valuation allowance release |
|
Adjusted Diluted EPS |
Numerator: |
|
|
|
|
|
Income from continuing operations |
$ |
82,405 |
|
|
$ |
47,046 |
|
|
$ |
35,359 |
|
Less: Preferred stock dividends—accumulated |
182 |
|
|
— |
|
|
182 |
|
Undistributed income from
continuing operations |
82,223 |
|
|
47,046 |
|
|
35,177 |
|
Less: Undistributed income allocated to participating
securities |
7,882 |
|
|
4,510 |
|
|
3,372 |
|
Net income from continuing
operations attributable to common stockholders |
$ |
74,341 |
|
|
$ |
42,536 |
|
|
$ |
31,805 |
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
Weighted average shares of common
stock outstanding—diluted |
43,314 |
|
|
43,314 |
|
|
43,314 |
|
|
|
|
|
|
|
Net income from
continuing operations per share of common stock: |
|
|
|
|
|
Diluted |
$ |
1.72 |
|
|
$ |
0.99 |
|
|
$ |
0.73 |
|
The following table reflects the reconciliation of adjusted
EBITDA to income from continuing operations (in thousands):
|
Three months endedJune 30, |
|
Six months endedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
82,405 |
|
|
$ |
47,839 |
|
|
$ |
108,423 |
|
|
$ |
34,073 |
|
Depreciation and amortization |
4,803 |
|
|
5,409 |
|
|
9,949 |
|
|
10,978 |
|
Stock-based compensation |
2,802 |
|
|
1,952 |
|
|
5,107 |
|
|
4,633 |
|
Interest expense, net |
130 |
|
|
364 |
|
|
285 |
|
|
375 |
|
Other (income) expense, net |
(298 |
) |
|
(246 |
) |
|
(72 |
) |
|
41 |
|
Provision (benefit) for income taxes |
(45,726 |
) |
|
840 |
|
|
(45,533 |
) |
|
1,003 |
|
Special items (see table below) |
243 |
|
|
(7,272 |
) |
|
56 |
|
|
(8,758 |
) |
Adjusted
EBITDA |
$ |
44,359 |
|
|
$ |
48,886 |
|
|
$ |
78,215 |
|
|
$ |
42,345 |
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
Special legal charges |
$ |
— |
|
|
$ |
(7,272 |
) |
|
$ |
(187 |
) |
|
$ |
(9,773 |
) |
Severance |
— |
|
|
— |
|
|
— |
|
|
1,015 |
|
Transaction costs |
243 |
|
|
— |
|
|
243 |
|
|
— |
|
|
$ |
243 |
|
|
$ |
(7,272 |
) |
|
$ |
56 |
|
|
$ |
(8,758 |
) |
The following table reflects the reconciliation of free cash
flow to net cash provided by continuing operating activities (in
thousands):
|
Six months endedJune 30, |
|
2021 |
|
2020 |
Net cash provided by continuing operating activities |
$ |
120,047 |
|
|
$ |
187,365 |
|
Expenditures for property and
equipment |
(5,620 |
) |
|
(7,388 |
) |
Free cash flow |
$ |
114,427 |
|
|
$ |
179,977 |
|
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