Delaware | 000-49799 | 87-0634302 | ||
(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer | ||
incorporation or organization) | Identification Number) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
OVERSTOCK.COM, INC. | ||
By: | /s/ JONATHAN E. JOHNSON III | |
Jonathan E. Johnson III | ||
Chief Executive Officer | ||
Date: | November 12, 2019 |
• | Revenue: $347.1M vs. $440.6M (21% decrease); |
• | Gross profit: $69.5M vs. $86.7M (20% decrease); |
• | Gross margin: 20.0% vs. 19.7% (35 basis point increase); |
• | Sales and marketing expense: $34.2M vs. $55.3M (38% decrease); |
• | G&A/Technology expense: $65.5M vs. $79.2M (17% decrease); |
• | Pre-tax loss: $34.5M vs. $49.4M ($14.9M improvement); |
◦ | Pre-tax loss - Retail: $9.3M |
◦ | Pre-tax loss - tZERO: $13.3M |
◦ | Pre-tax loss - MVI: $8.5M |
◦ | Pre-tax loss - Other: $3.5M |
• | Net loss*: $30.9M vs. $47.9M ($17.0M improvement); |
• | Diluted net loss per share: $0.89/share vs. $1.55/share ($0.66/share improvement); |
• | Adjusted EBITDA (non-GAAP financial measure): ($18.0M) vs. ($26.8M) ($8.8M improvement); |
◦ | Adjusted EBITDA - Retail: ($0.6M) |
◦ | Adjusted EBITDA - tZERO: ($11.2M) |
◦ | Adjusted EBITDA - MVI: ($2.7M) |
◦ | Adjusted EBITDA - Other: ($3.5M) |
September 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 83,546 | $ | 141,512 | |||
Restricted cash | 2,251 | 1,302 | |||||
Accounts receivable, net | 22,407 | 35,930 | |||||
Inventories, net | 7,244 | 14,108 | |||||
Prepaids and other current assets | 18,233 | 22,415 | |||||
Total current assets | 133,681 | 215,267 | |||||
Property and equipment, net | 132,696 | 134,687 | |||||
Intangible assets, net | 12,879 | 13,370 | |||||
Goodwill | 27,120 | 22,895 | |||||
Equity securities | 41,713 | 60,427 | |||||
Operating lease right-of-use assets | 43,266 | — | |||||
Other long-term assets, net | 8,446 | 14,573 | |||||
Total assets | $ | 399,801 | $ | 461,219 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 60,557 | $ | 102,574 | |||
Accrued liabilities | 79,440 | 87,858 | |||||
Deferred revenue | 40,512 | 50,578 | |||||
Operating lease liabilities, current | 5,725 | — | |||||
Other current liabilities | 489 | 476 | |||||
Total current liabilities | 186,723 | 241,486 | |||||
Long-term debt, net | — | 3,069 | |||||
Operating lease liabilities, non-current | 42,510 | — | |||||
Other long-term liabilities | 1,616 | 5,958 | |||||
Total liabilities | 230,849 | 250,513 | |||||
Stockholders' equity: | |||||||
Preferred stock, $0.0001 par value, authorized shares - 5,000 | |||||||
Series A, issued and outstanding - 0 and 127 | — | — | |||||
Series A-1, issued and outstanding - 3,702 and 0 (including 3,577 shares declared as a stock dividend, not yet distributed) | — | — | |||||
Series B, issued and outstanding - 357 and 355 | — | — | |||||
Common stock, $0.0001 par value, authorized shares - 100,000 | |||||||
Issued shares - 38,565 and 35,346 | |||||||
Outstanding shares - 35,242 and 32,146 | 3 | 3 | |||||
Additional paid-in capital | 726,132 | 657,981 | |||||
Accumulated deficit | (553,335 | ) | (458,897 | ) | |||
Accumulated other comprehensive loss | (572 | ) | (584 | ) | |||
Treasury stock at cost - 3,323 and 3,200 | (68,773 | ) | (66,757 | ) | |||
Equity attributable to stockholders of Overstock.com, Inc. | 103,455 | 131,746 | |||||
Equity attributable to noncontrolling interests | 65,497 | 78,960 | |||||
Total stockholders' equity | 168,952 | 210,706 | |||||
Total liabilities and stockholders' equity | $ | 399,801 | $ | 461,219 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue, net | |||||||||||||||
Retail | $ | 340,798 | $ | 435,775 | $ | 1,070,898 | $ | 1,353,454 | |||||||
Other | 6,301 | 4,805 | 17,639 | 15,590 | |||||||||||
Total net revenue | 347,099 | 440,580 | 1,088,537 | 1,369,044 | |||||||||||
Cost of goods sold | |||||||||||||||
Retail | 272,545 | 350,651 | 858,169 | 1,085,483 | |||||||||||
Other | 5,006 | 3,213 | 13,797 | 11,233 | |||||||||||
Total cost of goods sold | 277,551 | 353,864 | 871,966 | 1,096,716 | |||||||||||
Gross profit | 69,548 | 86,716 | 216,571 | 272,328 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 34,215 | 55,312 | 102,252 | 226,942 | |||||||||||
Technology | 32,782 | 33,880 | 101,368 | 97,597 | |||||||||||
General and administrative | 32,681 | 45,356 | 104,877 | 116,551 | |||||||||||
Total operating expenses | 99,678 | 134,548 | 308,497 | 441,090 | |||||||||||
Operating loss | (30,130 | ) | (47,832 | ) | (91,926 | ) | (168,762 | ) | |||||||
Interest income | 449 | 383 | 1,482 | 1,547 | |||||||||||
Interest expense | (57 | ) | (101 | ) | (289 | ) | (1,370 | ) | |||||||
Other expense, net | (4,781 | ) | (1,848 | ) | (14,048 | ) | (1,489 | ) | |||||||
Loss before income taxes | (34,519 | ) | (49,398 | ) | (104,781 | ) | (170,074 | ) | |||||||
Provision (benefit) from income taxes | 23 | (141 | ) | 279 | (445 | ) | |||||||||
Net loss | $ | (34,542 | ) | $ | (49,257 | ) | $ | (105,060 | ) | $ | (169,629 | ) | |||
Less: Net loss attributable to noncontrolling interests | (3,604 | ) | (1,334 | ) | (10,197 | ) | (5,886 | ) | |||||||
Net loss attributable to stockholders of Overstock.com, Inc. | $ | (30,938 | ) | $ | (47,923 | ) | $ | (94,863 | ) | $ | (163,743 | ) | |||
Net loss per common share—basic: | |||||||||||||||
Net loss attributable to common shares—basic | $ | (0.89 | ) | $ | (1.55 | ) | $ | (2.74 | ) | $ | (5.47 | ) | |||
Weighted average common shares outstanding—basic | 35,241 | 30,279 | 34,289 | 29,256 | |||||||||||
Net loss per common share—diluted: | |||||||||||||||
Net loss attributable to common shares—diluted | $ | (0.89 | ) | $ | (1.55 | ) | $ | (2.74 | ) | $ | (5.47 | ) | |||
Weighted average common shares outstanding—diluted | 35,241 | 30,279 | 34,289 | 29,256 |
Nine months ended September 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (105,060 | ) | $ | (169,629 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation of property and equipment | 19,387 | 19,437 | |||||
Amortization of intangible assets | 3,646 | 3,596 | |||||
Non-cash operating lease cost | 4,940 | — | |||||
Stock-based compensation to employees and directors | 13,623 | 11,654 | |||||
Deferred income taxes, net | (26 | ) | (383 | ) | |||
Gain on sale of cryptocurrencies | (311 | ) | (8,412 | ) | |||
Impairment of cryptocurrencies | 318 | 9,641 | |||||
Impairment of equity securities | 6,964 | 511 | |||||
Losses on equity method securities | 4,922 | 2,504 | |||||
Impairments on intangible assets | 1,406 | — | |||||
Other non-cash adjustments | 1,997 | (1,480 | ) | ||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable, net | 12,858 | (73 | ) | ||||
Inventories, net | 6,864 | (1,833 | ) | ||||
Prepaids and other current assets | 5,473 | (4,806 | ) | ||||
Other long-term assets, net | (1,046 | ) | (4,120 | ) | |||
Accounts payable | (42,110 | ) | 7,143 | ||||
Accrued liabilities | (8,683 | ) | 18,044 | ||||
Deferred revenue | (10,066 | ) | (1,511 | ) | |||
Operating lease liabilities | (4,086 | ) | — | ||||
Other long-term liabilities | (205 | ) | (583 | ) | |||
Net cash used in operating activities | (89,195 | ) | (120,300 | ) | |||
Cash flows from investing activities: | |||||||
Purchase of intangible assets | — | (9,583 | ) | ||||
Purchase of equity securities | (5,106 | ) | (43,670 | ) | |||
Proceeds from sale of equity securities | 7,082 | — | |||||
Disbursement of notes receivable | (3,250 | ) | (2,700 | ) | |||
Acquisitions of businesses, net of cash acquired | 4,886 | (12,912 | ) | ||||
Expenditures for property and equipment | (17,902 | ) | (20,677 | ) | |||
Other investing activities, net | 31 | 34 | |||||
Net cash used in investing activities | (14,259 | ) | (89,508 | ) | |||
Cash flows from financing activities: | |||||||
Payments on long-term debt | (3,141 | ) | (40,000 | ) | |||
Proceeds from issuance and exercise of stock warrants | — | 50,587 | |||||
Proceeds from security token offering, net of offering costs and withdrawals | — | 82,610 | |||||
Proceeds from sale of common stock, net of offering costs | 52,112 | 94,624 | |||||
Paid in capital for noncontrolling interest | — | 6,700 | |||||
Payments of taxes withheld upon vesting of restricted stock | (1,373 | ) | (4,574 | ) | |||
Other financing activities, net | (1,161 | ) | (372 | ) | |||
Net cash provided by financing activities | 46,437 | 189,575 | |||||
Net decrease in cash, cash equivalents and restricted cash | (57,017 | ) | (20,233 | ) | |||
Cash, cash equivalents and restricted cash, beginning of period | 142,814 | 203,670 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 85,797 | $ | 183,437 |
Nine months ended September 30, | |||||||
2019 | 2018 | ||||||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period: | |||||||
Interest paid, net of amounts capitalized | $ | 218 | $ | 1,232 | |||
Income taxes paid (refunded), net | (469 | ) | 59 | ||||
Non-cash investing and financing activities: | |||||||
Property and equipment financed through accounts payable and accrued liabilities | $ | 227 | $ | 731 | |||
Acquisition of assets through stock issuance | — | 4,430 | |||||
Common stock repurchased through business combination | 643 | — | |||||
Receivables converted to equity security | 1,024 | 200 | |||||
Deposit applied to business combination purchase price | 7,347 | — | |||||
Equity method security applied to business combination purchase price | 3,800 | — | |||||
Recognition of right-of-use assets upon adoption of ASC 842 | 30,968 | — |
Three months ended September 30, | |||||||||||||||||||
Retail | tZERO | MVI | Other | Total | |||||||||||||||
2019 | |||||||||||||||||||
Revenue, net | $ | 340,798 | $ | 5,662 | $ | 639 | $ | — | $ | 347,099 | |||||||||
Cost of goods sold | 272,545 | 4,367 | 639 | — | 277,551 | ||||||||||||||
Gross profit | $ | 68,253 | $ | 1,295 | $ | — | $ | — | $ | 69,548 | |||||||||
Operating expenses (1) | 77,641 | 14,114 | 4,427 | 3,496 | 99,678 | ||||||||||||||
Interest and other income (expense), net (2) | 137 | (475 | ) | (4,057 | ) | 6 | (4,389 | ) | |||||||||||
Pre-tax loss | $ | (9,251 | ) | $ | (13,294 | ) | $ | (8,484 | ) | $ | (3,490 | ) | (34,519 | ) | |||||
Provision for income taxes | 23 | ||||||||||||||||||
Net loss (3) | $ | (34,542 | ) | ||||||||||||||||
2018 | |||||||||||||||||||
Revenue, net | $ | 435,775 | $ | 4,338 | $ | 467 | $ | — | $ | 440,580 | |||||||||
Cost of goods sold | 350,651 | 2,746 | 467 | — | 353,864 | ||||||||||||||
Gross profit | $ | 85,124 | $ | 1,592 | $ | — | $ | — | $ | 86,716 | |||||||||
Operating expenses | 124,571 | 7,235 | 1,845 | 897 | 134,548 | ||||||||||||||
Interest and other income (expense), net (2) | (515 | ) | 96 | (1,147 | ) | — | (1,566 | ) | |||||||||||
Pre-tax loss | $ | (39,962 | ) | $ | (5,547 | ) | $ | (2,992 | ) | $ | (897 | ) | (49,398 | ) | |||||
Benefit from income taxes | (141 | ) | |||||||||||||||||
Net loss (3) | $ | (49,257 | ) |
Nine months ended September 30, | |||||||||||||||||||
Retail | tZERO | MVI | Other | Total | |||||||||||||||
2019 | |||||||||||||||||||
Revenue, net | $ | 1,070,898 | $ | 15,709 | $ | 1,930 | $ | — | $ | 1,088,537 | |||||||||
Cost of goods sold | 858,169 | 11,867 | 1,930 | — | 871,966 | ||||||||||||||
Gross profit | $ | 212,729 | $ | 3,842 | $ | — | $ | — | $ | 216,571 | |||||||||
Operating expenses (1) | 244,571 | 41,410 | 11,583 | 10,933 | 308,497 | ||||||||||||||
Interest and other income (expense), net (2) | 312 | (1,098 | ) | (12,068 | ) | (1 | ) | (12,855 | ) | ||||||||||
Pre-tax loss | $ | (31,530 | ) | $ | (38,666 | ) | $ | (23,651 | ) | $ | (10,934 | ) | $ | (104,781 | ) | ||||
Provision for income taxes | 279 | ||||||||||||||||||
Net loss (3) | $ | (105,060 | ) | ||||||||||||||||
2018 | |||||||||||||||||||
Revenue, net | $ | 1,353,454 | $ | 14,080 | $ | 1,510 | $ | — | $ | 1,369,044 | |||||||||
Cost of goods sold | 1,085,483 | 9,723 | 1,510 | — | 1,096,716 | ||||||||||||||
Gross profit | $ | 267,971 | $ | 4,357 | $ | — | $ | — | $ | 272,328 | |||||||||
Operating expenses | 399,540 | 33,119 | 6,445 | 1,986 | 441,090 | ||||||||||||||
Interest and other income (expense), net (2) | 654 | 513 | (2,479 | ) | — | (1,312 | ) | ||||||||||||
Pre-tax loss | $ | (130,915 | ) | $ | (28,249 | ) | $ | (8,924 | ) | $ | (1,986 | ) | (170,074 | ) | |||||
Benefit from income taxes | (445 | ) | |||||||||||||||||
Net loss (3) | $ | (169,629 | ) |
(1) | Corporate support costs for three months ended September 30, 2019 have been allocated $9.4 million, $1.3 million, $0.9 million, and $1.8 million to Retail, tZERO, MVI, and Other, respectively. Unallocated corporate support costs of $1.3 million are included in Other. Corporate support costs for the nine months ended September 30, 2019 have been allocated $31.5 million, $4.5 million, $3.1 million and $5.8 million to Retail, tZERO, MVI, and Other, respectively. Unallocated corporate support costs of $4.5 million are included in Other. |
(2) | Excludes intercompany transactions eliminated in consolidation, which consist primarily of service fees and interest. The net amounts of these intercompany transactions were $739,000 and $539,000 for the three months ended September 30, 2019 and 2018 and $1.7 million and $3.0 million for the nine months ended September 30, 2019 and 2018. |
(3) | Net loss presented for segment reporting purposes is before any adjustments attributable to noncontrolling interests. |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; |
• | Adjusted EBITDA does not reflect stock-based compensation and related taxes; |
• | Adjusted EBITDA does not reflect adjustments related to the carrying values of our equity interests in unconsolidated entities; |
• | Adjusted EBITDA does not reflect interest expenses associated with our borrowings; |
• | Adjusted EBITDA does not reflect income tax payments that may represent a reduction in cash available to us; |
• | Adjusted EBITDA does not reflect changes in our working capital; and |
• | Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. |
Three months ended September 30, | |||||||
2019 | 2018 | ||||||
Adjusted EBITDA | |||||||
Retail | $ | (575 | ) | $ | (20,160 | ) | |
tZERO | (11,233 | ) | (4,056 | ) | |||
MVI | (2,691 | ) | (1,691 | ) | |||
Other | (3,461 | ) | (897 | ) | |||
Adjusted EBITDA | (17,960 | ) | (26,804 | ) | |||
Less: Special items (see table below) | 185 | 10,783 | |||||
Less: Depreciation and amortization | 7,518 | 7,999 | |||||
Less: Stock-based compensation | 4,467 | 2,246 | |||||
Less: Interest income, net | (392 | ) | (282 | ) | |||
Less: Other expense, net (1) | 4,781 | 1,848 | |||||
Less: Provision (benefit) for income taxes | 23 | (141 | ) | ||||
Net loss | $ | (34,542 | ) | $ | (49,257 | ) | |
Special items: | |||||||
Impairment on intangible assets | $ | 1,406 | $ | — | |||
Special legal expenses (2) | (1,221 | ) | 10,783 | ||||
$ | 185 | $ | 10,783 |
Nine months ended September 30, | |||||||
2019 | 2018 | ||||||
Adjusted EBITDA | |||||||
Retail | $ | (1,452 | ) | $ | (94,681 | ) | |
tZERO | (33,169 | ) | (18,013 | ) | |||
MVI | (9,285 | ) | (5,583 | ) | |||
Other | (10,859 | ) | (1,961 | ) | |||
Adjusted EBITDA | (54,765 | ) | (120,238 | ) | |||
Less: Special items (see table below) | 1,942 | 13,837 | |||||
Less: Depreciation and amortization | 21,596 | 23,033 | |||||
Less: Stock-based compensation | 13,623 | 11,654 | |||||
Less: Interest income, net | (1,193 | ) | (177 | ) | |||
Less: Other expense, net (1) | 14,048 | 1,489 | |||||
Less: Provision (benefit) for income taxes | 279 | (445 | ) | ||||
Net loss | $ | (105,060 | ) | $ | (169,629 | ) | |
Special items: | |||||||
Cryptocurrency impairments and gains on sale, net | $ | — | $ | 443 | |||
Impairment on intangible assets | 1,406 | — | |||||
Special legal expenses (2) | (1,221 | ) | 11,794 | ||||
Severance | 1,757 | 1,600 | |||||
$ | 1,942 | $ | 13,837 |
(1) | Other expense, net for the three months ended September 30, 2019 includes $5.3 million of non-cash losses on equity holdings and other assets. Other expense, net for the nine months ended September 30, 2019 includes $15.2 million of non-cash losses on equity holdings and other assets. |
(2) | Special legal expenses include charges and credits associated with our gift card escheatment case in Delaware and legal fees associated with pursuing our strategic alternatives. |
Nine months ended September 30, | |||||||
2019 | 2018 | ||||||
Net cash used in operating activities | $ | (89,195 | ) | $ | (120,300 | ) | |
Expenditures for property and equipment | (17,902 | ) | (20,677 | ) | |||
Free cash flow | $ | (107,097 | ) | $ | (140,977 | ) |
Three months ended September 30, | |||||||||||
Retail | Other (1) | Total | |||||||||
2019 | |||||||||||
Total net revenue | $ | 340,798 | $ | 6,301 | $ | 347,099 | |||||
Cost of goods sold | 272,545 | 5,006 | 277,551 | ||||||||
Gross profit | 68,253 | 1,295 | 69,548 | ||||||||
Less: Sales and marketing expense | 33,551 | 664 | 34,215 | ||||||||
Contribution | $ | 34,702 | $ | 631 | $ | 35,333 | |||||
Contribution margin | 10.2 | % | 10.0 | % | 10.2 | % | |||||
2018 | |||||||||||
Total net revenue | $ | 435,775 | $ | 4,805 | $ | 440,580 | |||||
Cost of goods sold | 350,651 | 3,213 | 353,864 | ||||||||
Gross profit | 85,124 | 1,592 | 86,716 | ||||||||
Less: Sales and marketing expense | 55,183 | 129 | 55,312 | ||||||||
Contribution | $ | 29,941 | $ | 1,463 | $ | 31,404 | |||||
Contribution margin | 6.9 | % | 30.4 | % | 7.1 | % |
Nine months ended September 30, | |||||||||||
Retail | Other (1) | Total | |||||||||
2019 | |||||||||||
Total net revenue | $ | 1,070,898 | $ | 17,639 | $ | 1,088,537 | |||||
Cost of goods sold | 858,169 | 13,797 | 871,966 | ||||||||
Gross profit | 212,729 | 3,842 | 216,571 | ||||||||
Less: Sales and marketing expense | 100,429 | 1,823 | 102,252 | ||||||||
Contribution | $ | 112,300 | $ | 2,019 | $ | 114,319 | |||||
Contribution margin | 10.5 | % | 11.4 | % | 10.5 | % | |||||
2018 | |||||||||||
Total net revenue | $ | 1,353,454 | $ | 15,590 | $ | 1,369,044 | |||||
Cost of goods sold | 1,085,483 | 11,233 | 1,096,716 | ||||||||
Gross profit | 267,971 | 4,357 | 272,328 | ||||||||
Less: Sales and marketing expense | 222,846 | 4,096 | 226,942 | ||||||||
Contribution | $ | 45,125 | $ | 261 | $ | 45,386 | |||||
Contribution margin | 3.3 | % | 1.7 | % | 3.3 | % |
(1) | Other includes our tZERO, MVI, and Other reportable segments. |
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