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Overstock Announces Fourth Quarter and Full Year 2020 Financial Results

Nachrichtenquelle: globenewswire
24.02.2021, 14:00  |  407   |   |   

Fourth quarter net revenue growth of 84% year over year to $684 million

Full year 2020 net revenue growth of 75% year over year to $2.5 billion, and a record $3.2 billion in Retail gross sales

Full year 2020 net income of $56 million, an increase of $178 million year over year

SALT LAKE CITY, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) today reported financial results for the quarter and full year ended December 31, 2020.

Fourth Quarter 2020 Financial Highlights

Total net revenue was $684 million, an increase of 84% year over year
Gross profit was $153 million or 22.4% of total net revenue, an increase of 180 basis points year over year
Net income attributable to stockholders was $13 million, an improvement of $40 million year over year
Diluted earnings per share was $0.26, an improvement of $0.99 year over year
Adjusted EBITDA (non-GAAP) was $23 million, an improvement of $42 million year over year
YTD net cash provided by operating activities was $196 million, an improvement of $278 million year over year
YTD free cash flow (non-GAAP) improved $281 million year over year
At the end of the fourth quarter, cash and cash equivalents totaled $517 million

Full Year 2020 Financial Highlights

Total net revenue was $2.5 billion, an increase of 75% year over year
Gross profit was $580 million or 22.7% of total net revenue, an increase of 260 basis points year over year
Net income attributable to stockholders was $56 million, an improvement of $178 million year over year
Diluted earnings per share was $1.24, an improvement of $4.70 year over year
Adjusted EBITDA (non-GAAP) was $88 million, an improvement of $162 million year over year

"Overstock had an incredible year in 2020," said Overstock CEO Jonathan Johnson. "The operational improvements we began making at the end of 2019 enabled us to benefit from this unprecedented environment in which we all find ourselves increasingly working, learning, and living in our homes. We accomplished what we set out to do at the beginning of the year. We delivered on our 2020 initiatives; these initiatives had a meaningful impact on our business performance and now have become part of our business as usual. We doubled new customers, driving significant revenue growth. We improved margins and delivered profitability. We significantly upgraded our leadership team. We added key independent directors to our board. We were focused, disciplined, and strategic in our decisions and actions. And we're just getting started."

"Our strong growth momentum persisted in the fourth quarter," continued Johnson. "Net revenue grew by 84%, new customer growth nearly doubled, and repeat purchase behavior trended higher year over year. And despite what many predicted to be a challenging holiday season given carrier capacity constraints, Overstock performed incredibly well due to rigorous planning and diligent communication with our partners and our customers."

"Our mantra in 2021 is sustainable, profitable, market share growth. I am confident we will achieve it," said Johnson. "I look forward to providing a full update on our fourth quarter and full year 2020 performance during our earnings call."

Fourth Quarter 2020 Retail Operational Highlights

Retail gross merchandise sales in 2020 were $3.2 billion, an increase of 74% year over year
Newly acquired customers in the fourth quarter increased 94% year over year
Orders placed on a mobile device were 50% of gross merchandise sales in the fourth quarter of 2020, an increase of 630 basis points year over year

Partnership with Pelion Venture Partners

On January 25, 2021, Overstock entered into a partnership with Pelion Venture Partners, a third-party venture capital firm with a proven track record of successfully investing in early stage companies, to oversee Medici Ventures' blockchain assets. "We believe this strategic partnership with Pelion will enable the Medici Ventures portfolio of companies to grow, scale, and maximize value," noted Johnson. Under the arrangement, which will close after obtaining necessary legal and regulatory approvals, Medici Ventures, Overstock's wholly owned blockchain-focused subsidiary, will be converted to a limited partnership (the "Fund"). Overstock will be a limited partner in the Fund, and Pelion will act as general partner of the Fund. After closing, Pelion will have sole authority and responsibility regarding investment decisions, appointing board members of the portfolio companies, and exercising all shareholder rights for investments Medici Ventures currently holds. The Fund will have an eight-year life and a total capital commitment of $45 million. The Fund will return invested capital to Overstock first and then split profits on successful exits as outlined in the Fund's Limited Partnership Agreement.

Earnings Webcast Information

Overstock will hold a conference call and webcast to discuss its fourth quarter and full year 2020 financial results on Wednesday, February 24, 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 9437865 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 Wednesday, February 24, 2021, through 11:30 a.m. ET on Wednesday, March 10, 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 Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures' tZERO platform:OSTKO) / Series B Preferred (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, rugs, bedding, 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 from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly-owned subsidiary dedicated to the development and acceleration of blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. 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 February 24, 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, statements regarding the pending closing of our previously-announced arrangement with Pelion and expectations with respect to the performance of Pelion in managing the Fund. 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, 2019, our Form 10-Q for the quarter ended March 31, 2020, our Form 10-Q for the quarter ended June 30, 2020, and our Form 10-Q for the quarter ended September 30, 2020, which were filed with the Securities and Exchange Commission on March 13, 2020, May 7, 2020, August 6, 2020, and November 5, 2020, respectively, and in our subsequent filings with the Securities and Exchange Commission. The Form 10-K, 10-Q's, 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.

Contacts

Investor Relations:
Alexis Callahan
801-947-5126
ir@overstock.com



Media Relations:
Megan Herrick
801-947-3564
pr@overstock.com 

Overstock.com, Inc.
Consolidated Balance Sheets
(in thousands)

  December 31,
2020
  December 31,
2019
Assets      
Current assets:      
Cash and cash equivalents $ 516,500        $ 112,266     
Restricted cash 2,681        2,632     
Marketable securities at fair value 1,762        10,308     
Accounts receivable, net 30,125        24,728     
Inventories 6,243        5,840     
Prepaids and other current assets 25,429        21,589     
Total current assets 582,740        177,363     
Property and equipment, net 122,550        130,028     
Intangible assets, net 13,997        11,756     
Goodwill 34,950        27,120     
Equity securities 47,290        42,043     
Operating lease right-of-use assets 24,523        25,384     
Other long-term assets, net 4,164        4,033     
Total assets $ 830,214        $ 417,727     
Liabilities and Stockholders' Equity      
Current liabilities:      
Accounts payable $ 109,749        $ 75,416     
Accrued liabilities 135,595        88,197     
Unearned revenue 72,311        41,821     
Operating lease liabilities, current 6,630        6,603     
Other current liabilities 3,296        3,962     
Total current liabilities 327,581        215,999     
Long-term debt, net 41,334        —     
Operating lease liabilities, non-current 20,305        21,554     
Other long-term liabilities 4,668        2,319     
Total liabilities 393,888        239,872     
Commitments and contingencies      
Stockholders' equity:      
Preferred stock, $0.0001 par value, authorized shares - 5,000      
Series A-1, issued and outstanding - 4,204 and 4,210 —        —     
Series B, issued and outstanding - 357 and 357 —        —     
Common stock, $0.0001 par value, authorized shares - 100,000      
Issued shares - 46,331 and 42,790      
Outstanding shares - 42,768 and 39,464          
Additional paid-in capital 970,873        764,845     
Accumulated deficit (525,233 )     (580,390 )  
Accumulated other comprehensive loss (553 )     (568 )  
Treasury stock at cost - 3,563 and 3,326 (71,399 )     (68,807 )  
Equity attributable to stockholders of Overstock.com, Inc. 373,692        115,084     
Equity attributable to noncontrolling interests 62,634        62,771     
Total stockholders' equity 436,326        177,855     
Total liabilities and stockholders' equity $ 830,214        $ 417,727     


Overstock.com, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
  Three months ended
December 31,
  Year ended
December 31,
  2020   2019   2020   2019
Revenue, net              
Retail $ 669,666        $ 364,076        $ 2,493,915        $ 1,434,974     
Other 14,349        6,805        55,868        24,444     
Total net revenue 684,015        370,881        2,549,783        1,459,418     
Cost of goods sold              
Retail 519,141        288,856        1,922,559        1,147,025     
Other 11,831        5,503        47,691        19,300     
Total cost of goods sold 530,972        294,359        1,970,250        1,166,325     
Gross profit 153,043        76,522        579,533        293,093     
Operating expenses:              
Sales and marketing 74,484        40,868        263,046        143,120     
Technology 35,540        33,970        136,998        135,338     
General and administrative 33,241        33,247        127,263        138,124     
Total operating expenses 143,265        108,085        527,307        416,582     
Operating income (loss) 9,778        (31,563 )     52,226        (123,489 )  
Interest income 445        315        1,733        1,797     
Interest expense (604 )     (53 )     (1,971 )     (342 )  
Other income (expense), net 186        1,547        (4,828 )     (12,501 )  
Income (loss) before income taxes 9,805        (29,754 )     47,160        (134,535 )  
Provision (benefit) for income taxes (324 )     (94 )     989        185     
Consolidated net income (loss) 10,129        (29,660 )     46,171        (134,720 )  
Less: Net loss attributable to noncontrolling interests (2,458 )     (2,682 )     (9,830 )     (12,879 )  
Net income (loss) attributable to stockholders of Overstock.com, Inc. $ 12,587        $ (26,978 )     $ 56,001        $ (121,841 )  
Net income (loss) per share of common stock:              
Net income (loss) attributable to common shares—basic $ 0.26        $ (0.73 )     $ 1.25        $ (3.46 )  
Net income (loss) attributable to common shares—diluted $ 0.26        $ (0.73 )     $ 1.24        $ (3.46 )  
Weighted average shares of common stock outstanding:              
Basic 42,765        36,573        41,217        34,865     
Diluted 43,326        36,573        41,607        34,865     


Overstock.com, Inc.
Consolidated Statements of Cash Flows
(in thousands)
  Year ended
December 31,
  2020   2019
Cash flows from operating activities:      
Consolidated net income (loss) $ 46,171        $ (134,720 )  
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 30,816        31,031     
Non-cash operating lease cost 5,774        6,676     
Stock-based compensation to employees and directors 12,930        18,229     
Gain on sale of cryptocurrencies (700 )     (569 )  
Impairment of cryptocurrencies 501        334     
Impairment of equity securities 1,017        7,090     
Losses on equity method securities 14,459        7,734     
(Gain) loss on disposal of business (10,705 )     —     
Impairments on intangible assets —        1,406     
Other non-cash adjustments 300        (2,106 )  
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable, net (11,482 )     13,385     
Inventories (403 )     8,268     
Prepaids and other current assets (5,320 )     5,956     
Other long-term assets, net 105        (660 )  
Accounts payable 34,327        (27,158 )  
Accrued liabilities 52,064        (281 )  
Unearned revenue 30,715        (8,757 )  
Operating lease liabilities (6,134 )     (8,013 )  
Other long-term liabilities 2,039        543     
Net cash provided by (used in) operating activities 196,474        (81,612 )  
Cash flows from investing activities:      
Purchase of equity securities (5,388 )     (12,641 )  
Proceeds from sale of equity securities and marketable securities 6,306        7,339     
Disbursement for notes receivable (900 )     (4,715 )  
Acquisitions of businesses, net of cash acquired 11        4,886     
Expenditures for property and equipment (19,132 )     (21,774 )  
Deconsolidation of cash of Medici Land Governance, Inc. (4,056 )     —     
Other investing activities, net (396 )     53     
Net cash used in investing activities (23,555 )     (26,852 )  
Cash flows from financing activities:      
Payments on long-term debt (2,635 )     (3,141 )  
Proceeds from long-term debt 47,500        —     
Proceeds from sale of common stock, net of offering costs 195,540        82,954     
Payments of taxes withheld upon vesting of restricted stock (2,592 )     (1,407 )  
Other financing activities, net (6,449 )     2,142     
Net cash provided by financing activities 231,364        80,548     
Net increase (decrease) in cash, cash equivalents and restricted cash 404,283        (27,916 )  
Cash, cash equivalents and restricted cash, beginning of period 114,898        142,814     
Cash, cash equivalents and restricted cash, end of period $ 519,181        $ 114,898     

Segment Financial Information

The following table summarizes information about reportable segments and includes a reconciliation to consolidated net income (loss) (in thousands):

  Three months ended December 31,
  Retail   tZERO   MVI   Other   Total
2020                  
Net revenue $ 669,666        $ 11,665        $ 2,434        $ 250        $ 684,015     
Cost of goods sold 519,141        9,399        2,430              530,972     
Gross profit 150,525        2,266              248        153,043     
Operating expenses 123,826        12,997        3,166        3,276        143,265     
Interest and other income (expense), net 396        550        (914 )     (5 )     27     
Income (loss) before income taxes $ 27,095        $ (10,181 )     $ (4,076 )     $ (3,033 )     9,805     
Benefit for income taxes                 (324 )  
Net income                 $ 10,129     
                   
2019                  
Net revenue $ 364,076        $ 5,873        $ 819        $ 113        $ 370,881     
Cost of goods sold 288,856        4,684        819        —        294,359     
Gross profit 75,220        1,189        —        113        76,522     
Operating expenses 87,801        13,501        3,195        3,588        108,085     
Interest and other income (expense), net 247        3,540        (1,971 )     (7 )     1,809     
Loss before income taxes $ (12,334 )     $ (8,772 )     $ (5,166 )     $ (3,482 )     (29,754 )  
Benefit for income taxes                 (94 )  
Net loss                 $ (29,660 )  
 
  Year ended December 31,
  Retail   tZERO   MVI   Other   Total
2020                  
Net revenue $ 2,493,915        $ 45,792        $ 9,664        $ 412        $ 2,549,783     
Cost of goods sold 1,922,559        38,033        9,656              1,970,250     
Gross profit 571,356        7,759              410        579,533     
Operating expenses 457,110        47,084        11,540        11,573        527,307     
Interest and other income (expense), net (225 )     (6,348 )     1,509        (2 )     (5,066 )  
Income (loss) before income taxes $ 114,021        $ (45,673 )     $ (10,023 )     $ (11,165 )     47,160     
Provision for income taxes                 989     
Net income                 $ 46,171     
                   
2019                  
Net revenue $ 1,434,974        $ 21,582        $ 2,749        $ 113        $ 1,459,418     
Cost of goods sold 1,147,025        16,551        2,749        —        1,166,325     
Gross profit 287,949        5,031        —        113        293,093     
Operating expenses 332,372        54,911        14,778        14,521        416,582     
Interest and other income (expense), net 559        2,442        (14,039 )     (8 )     (11,046 )  
Loss before income taxes $ (43,864 )     $ (47,438 )     $ (28,817 )     $ (14,416 )     (134,535 )  
Provision for income taxes                 185     
Net loss                 $ (134,720 )  

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.

Retail gross merchandise sales (“Retail GMS” or “Retail gross sales”) is calculated as the amount paid by customers for products and shipping, measured at the time of order, before coupons and discounts, without reductions for estimated returns. We believe that GMS provides a useful measure of the overall volume of sales transactions that flow through our online platform in a given period.

The following table provides Retail gross merchandise sales (in thousands):

  Year ended
December 31,
  2020   2019
Retail gross merchandise sales 3,196,226      1,832,969   

Non-GAAP Financial Measures and Reconciliations

We are providing certain non-GAAP financial measures in this release and related earnings conference call, including Adjusted EBITDA and Free cash flow. We use these non-GAAP measures internally in analyzing our financial results at both the consolidated and segment level 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 EBITDA is a non-GAAP financial measure that is calculated as net income (loss) 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 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 EBITDA to net income (loss) (in thousands):

  Three months ended
December 31,
  Year ended
December 31,
  2020   2019   2020   2019
               
Net income (loss) $ 10,129        $ (29,660 )     $ 46,171        $ (134,720 )  
Depreciation and amortization 8,107        7,998        30,816        29,594     
Stock-based compensation 4,574        4,606        12,930        18,229     
Interest (income) expense, net 159        (262 )     238        (1,455 )  
Other (income) expense, net (186 )     (1,547 )     4,828        12,501     
Provision (benefit) for income taxes (324 )     (94 )     989        185     
Special items (see table below) 433        —        (7,654 )     1,942     
Adjusted EBITDA $ 22,892        $ (18,959 )     $ 88,318        $ (73,724 )  
               
Segment Adjusted EBITDA              
Retail $ 34,247        $ (2,194 )     $ 135,642        $ (3,648 )  
tZERO (5,800 )     (10,628 )     (26,777 )     (43,797 )  
MVI (2,653 )     (2,695 )     (9,706 )     (11,981 )  
Other (2,902 )     (3,442 )     (10,841 )     (14,298 )  
Adjusted EBITDA $ 22,892        $ (18,959 )     $ 88,318        $ (73,724 )  
               
Special items:              
Special legal charges (1) $ 433        $ —        $ (9,340 )     $ (1,221 )  
Severance —        —        1,686        1,757     
Impairments on intangible assets —        —        —        1,406     
  $ 433        $ —        $ (7,654 )     $ 1,942     

__________________________________________
        (1) — Includes amounts associated with the resolution for and adjustments to various legal contingencies and consultations regarding the partnership with Pelion.

The following table reflects the reconciliation of Free cash flow to Net cash provided by or used in operating activities (in thousands):

  Year ended
December 31,
  2020   2019
Net cash provided by (used in) operating activities $ 196,474        $ (81,612 )  
Expenditures for property and equipment (19,132 )     (21,774 )  
Free cash flow $ 177,342        $ (103,386 )  

 


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Overstock Announces Fourth Quarter and Full Year 2020 Financial Results Fourth quarter net revenue growth of 84% year over year to $684 million Full year 2020 net revenue growth of 75% year over year to $2.5 billion, and a record $3.2 billion in Retail gross sales Full year 2020 net income of $56 million, an increase …

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