QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
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Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
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Item 5. | ||||||||
Item 6. | ||||||||
Overstock.com, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except per share data) | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Inventories | |||||||||||
Prepaids and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Deferred tax assets, net | |||||||||||
Goodwill | |||||||||||
Equity securities, including securities measured at fair value of $ | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other long-term assets, net | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Unearned revenue | |||||||||||
Operating lease liabilities, current | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net | |||||||||||
Operating lease liabilities, non-current | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 9) | |||||||||||
Continued on the following page See accompanying notes to unaudited consolidated financial statements. |
Overstock.com, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except per share data) | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $ | |||||||||||
Series A-1, issued and outstanding - | |||||||||||
Series B, issued and outstanding - | |||||||||||
Common stock, $ | |||||||||||
Issued shares - | |||||||||||
Outstanding shares - | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock at cost - | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
Technology | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest income (expense), net | ( | ( | |||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | ( | ( | |||||||||||||||||||||
Provision (benefit) for income taxes | ( | ( | ( | ||||||||||||||||||||
Income (loss) from continuing operations | ( | ( | |||||||||||||||||||||
Income from discontinued operations, net of income taxes | |||||||||||||||||||||||
Consolidated net income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Less: Net loss attributable to noncontrolling interests—discontinued operations | ( | ||||||||||||||||||||||
Net income (loss) attributable to stockholders of Overstock.com, Inc. | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Consolidated net income (loss) per share of common stock: | |||||||||||||||||||||||
Net income (loss) attributable to common shares—basic | |||||||||||||||||||||||
Continuing operations | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Net income (loss) attributable to common shares—diluted | |||||||||||||||||||||||
Continuing operations | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Weighted average shares of common stock outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Consolidated net income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Unrealized gain on cash flow hedges, net of expense for taxes of $ | |||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests—discontinued operations | ( | ||||||||||||||||||||||
Comprehensive income (loss) attributable to stockholders of Overstock.com, Inc. | $ | ( | $ | $ | ( | $ |
Overstock.com, Inc. Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (in thousands) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Equity attributable to stockholders of Overstock.com, Inc. | |||||||||||||||||||||||
Shares of common stock issued | |||||||||||||||||||||||
Balance at beginning of period | |||||||||||||||||||||||
Common stock issued upon vesting of restricted stock | |||||||||||||||||||||||
Common stock issued for ESPP purchases | |||||||||||||||||||||||
Conversion of preferred stock | |||||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Shares of treasury stock | |||||||||||||||||||||||
Balance at beginning of period | |||||||||||||||||||||||
Repurchases of common stock | |||||||||||||||||||||||
Tax withholding upon vesting of employee stock awards | |||||||||||||||||||||||
Sale of treasury stock | ( | ||||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Total shares of common stock outstanding | |||||||||||||||||||||||
Common stock | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Conversion and elimination of preferred stock | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||
Shares of Series A-1 preferred stock issued | |||||||||||||||||||||||
Balance at beginning of period | |||||||||||||||||||||||
Conversion and elimination of preferred stock | ( | ||||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Shares of treasury stock | |||||||||||||||||||||||
Balance at beginning of period | |||||||||||||||||||||||
Repurchases of shares | |||||||||||||||||||||||
Conversion and elimination of preferred stock | ( | ||||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Total shares of Series A-1 preferred stock outstanding | |||||||||||||||||||||||
Shares of Series B preferred stock issued and outstanding | |||||||||||||||||||||||
Balance at beginning of period | |||||||||||||||||||||||
Conversion and elimination of preferred stock | ( | ||||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Preferred stock | $ | $ | $ | $ | |||||||||||||||||||
Continued on the following page See accompanying notes to unaudited consolidated financial statements. |
Overstock.com, Inc. Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (in thousands) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Stock-based compensation to employees and directors | |||||||||||||||||||||||
Common stock issued for ESPP purchases | |||||||||||||||||||||||
Conversion and elimination of preferred stock | |||||||||||||||||||||||
Sale of treasury stock | |||||||||||||||||||||||
Subsidiary equity award tender offer | ( | ||||||||||||||||||||||
Change in noncontrolling interest ownership | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||
Accumulated deficit | |||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net income (loss) attributable to stockholders of Overstock.com, Inc. | ( | ( | |||||||||||||||||||||
Dividend issued upon conversion and elimination of preferred stock | ( | ||||||||||||||||||||||
Conversion and elimination of preferred stock | ( | ||||||||||||||||||||||
Balance at end of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net other comprehensive income | |||||||||||||||||||||||
Balance at end of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Treasury stock | |||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Repurchases of common stock and Series A-1 preferred shares | ( | ||||||||||||||||||||||
Tax withholding upon vesting of employee stock awards | ( | ( | ( | ( | |||||||||||||||||||
Conversion and elimination of preferred stock | |||||||||||||||||||||||
Sale of treasury stock | |||||||||||||||||||||||
Balance at end of period | ( | ( | ( | ( | |||||||||||||||||||
Total equity attributable to stockholders of Overstock.com, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Equity attributable to noncontrolling interests | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net loss attributable to noncontrolling interests | ( | ||||||||||||||||||||||
Change in noncontrolling interest ownership | |||||||||||||||||||||||
Deconsolidation of subsidiaries | ( | ||||||||||||||||||||||
Total equity attributable to noncontrolling interests | $ | $ | $ | $ | |||||||||||||||||||
Total stockholders' equity | $ | $ | $ | $ |
Overstock.com, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | $ | ( | $ | ||||||||
Income from discontinued operations, net of income taxes | ( | ||||||||||
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash operating lease cost | |||||||||||
Stock-based compensation to employees and directors | |||||||||||
Increase in deferred income taxes, net | ( | ( | |||||||||
Loss from equity method securities | |||||||||||
Other non-cash adjustments | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventories | ( | ||||||||||
Prepaids and other current assets | |||||||||||
Other long-term assets, net | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued liabilities | ( | ( | |||||||||
Unearned revenue | ( | ( | |||||||||
Operating lease liabilities | ( | ( | |||||||||
Other long-term liabilities | ( | ||||||||||
Net cash provided by continuing operating activities | |||||||||||
Net cash used in discontinued operating activities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchase of equity securities | ( | ||||||||||
Contributions for capital calls | ( | ||||||||||
Capital distribution from investment | |||||||||||
Expenditures for property and equipment | ( | ( | |||||||||
Other investing activities, net | ( | ( | |||||||||
Net cash used in continuing investing activities | ( | ( | |||||||||
Net cash used in discontinued investing activities | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Continued on the following page See accompanying notes to unaudited consolidated financial statements. |
Overstock.com, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from financing activities: | |||||||||||
Repurchase of shares | ( | ||||||||||
Payments on long-term debt | ( | ( | |||||||||
Payments of taxes withheld upon vesting of employee stock awards | ( | ( | |||||||||
Proceeds from employee stock purchase plan | |||||||||||
Other financing activities, net | ( | ||||||||||
Net cash used in continuing financing activities | ( | ( | |||||||||
Net cash provided by discontinued financing activities | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | ( | ( | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period, inclusive of cash balances of discontinued operations | |||||||||||
Cash, cash equivalents, and restricted cash, end of period, inclusive of cash balances of discontinued operations | |||||||||||
Less: Cash, cash equivalents, and restricted cash of discontinued operations | |||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Technology | |||||||||||||||||||||||
Selling, general, and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating loss from discontinued operations | ( | ||||||||||||||||||||||
Interest income, net | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Gain on deconsolidation | |||||||||||||||||||||||
Income from discontinued operations before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income from discontinued operations | $ | $ | $ | $ | |||||||||||||||||||
Less: Net loss attributable to noncontrolling interests from discontinued operations | ( | ||||||||||||||||||||||
Net income from discontinued operations attributable to stockholders of Overstock.com, Inc. | $ | $ | $ | $ |
Fair Value Measurements at September 30, 2022 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents—Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Equity securities, at fair value | |||||||||||||||||||||||
Trading securities held in a "rabbi trust" (1) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Deferred compensation accrual "rabbi trust" (2) | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Fair Value Measurements at December 31, 2021 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents—Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Equity securities, at fair value | |||||||||||||||||||||||
Trading securities held in a "rabbi trust" (1) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Deferred compensation accrual "rabbi trust" (2) | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Amount | |||||
Level 3 investments at December 31, 2020 | $ | ||||
Increase due to acquisition of Level 3 investments | |||||
Increase in fair value of Level 3 investments | |||||
Level 3 investments at December 31, 2021 | |||||
Increase due to acquisition of Level 3 investments | |||||
Decrease in fair value of Level 3 investments | ( | ||||
Level 3 investments at September 30, 2022 | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Computer hardware and software, including internal-use software and website development | $ | $ | |||||||||
Building | |||||||||||
Furniture and equipment | |||||||||||
Land | |||||||||||
Leasehold improvements | |||||||||||
Building machinery and equipment | |||||||||||
Land improvements | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Capitalized internal-use software and website development | $ | $ | $ | $ | |||||||||||||||||||
Depreciation of internal-use software and website development |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cost of goods sold | $ | $ | $ | $ | |||||||||||||||||||
Technology | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total depreciation | $ | $ | $ | $ |
Ownership interest | |||||
Medici Ventures, L.P. | |||||
tZERO Group, Inc. | |||||
SpeedRoute, LLC | |||||
Three months ended September 30, 2022 | Nine months ended September 30, 2022 | ||||||||||
Net loss recognized on our proportionate share of the net loss of our equity method securities | $ | ( | $ | ( | |||||||
Decrease in fair value of equity method securities held under fair value option | ( | ( |
Three months ended September 30, 2022 | Nine months ended September 30, 2022 | ||||||||||
Results of Operations | |||||||||||
Revenues | $ | $ | |||||||||
Pre-tax loss | ( | ( | |||||||||
Net loss | ( | ( |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Variable lease cost |
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash payments included in operating cash flows from lease arrangements | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | |||||||||||
Derecognition of right-of-use assets due to reassessment of lease term |
September 30, 2022 | December 31, 2021 | ||||||||||
Weighted-average remaining lease term—operating leases | |||||||||||
Weighted-average discount rate—operating leases | % | % |
Payments due by period | Amount | |||||||
2022 (Remainder) | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less interest | ||||||||
Present value of lease liabilities | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cost of goods sold | $ | $ | $ | $ | |||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
Technology | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total stock-based compensation | $ | $ | $ | $ |
Nine months ended September 30, 2022 | |||||||||||
Units | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding—beginning of year | $ | ||||||||||
Granted at fair value | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Outstanding—end of period | $ |
Amount | |||||
Unearned revenue at December 31, 2020 | $ | ||||
Increase due to deferral of revenue at period end, net | |||||
Decrease due to beginning contract liabilities recognized as revenue | ( | ||||
Unearned revenue at December 31, 2021 | |||||
Increase due to deferral of revenue at period end, net | |||||
Decrease due to beginning contract liabilities recognized as revenue | ( | ||||
Unearned revenue at September 30, 2022 | $ |
Amount | |||||
Allowance for returns at December 31, 2020 | $ | ||||
Additions to the allowance | |||||
Deductions from the allowance | ( | ||||
Allowance for returns at December 31, 2021 | |||||
Additions to the allowance | |||||
Deductions from the allowance | ( | ||||
Allowance for returns at September 30, 2022 | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Less: Preferred stock dividends—issued | |||||||||||||||||||||||
Undistributed income (loss) from continuing operations | ( | ( | |||||||||||||||||||||
Less: Undistributed income (loss) allocated to participating securities | ( | ||||||||||||||||||||||
Net income (loss) from continuing operations attributable to common stockholders | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Income from discontinued operations | $ | $ | $ | $ | |||||||||||||||||||
Less: Undistributed income allocated to participating securities | |||||||||||||||||||||||
Net income from discontinued operations attributable to common stockholders | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares of common stock outstanding—basic | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Restricted stock awards | |||||||||||||||||||||||
Weighted average shares of common stock outstanding—diluted | |||||||||||||||||||||||
Net income (loss) from continuing operations per share of common stock: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Net income from discontinued operations per share of common stock: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Net income (loss) per share of common stock: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Employee stock purchase plan |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net revenue | $ | 460,279 | $ | 689,390 | $ | 1,524,438 | $ | 2,143,787 | |||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Product costs and other cost of goods sold | 334,932 | 506,234 | 1,109,909 | 1,576,696 | |||||||||||||||||||
Merchant fees, customer service, and other | 17,875 | 26,448 | 60,740 | 82,033 | |||||||||||||||||||
Total cost of goods sold | 352,807 | 532,682 | 1,170,649 | 1,658,729 | |||||||||||||||||||
Gross profit | $ | 107,472 | $ | 156,708 | $ | 353,789 | $ | 485,058 | |||||||||||||||
Year-over-year percentage changes | |||||||||||||||||||||||
Net revenue | (33.2) | % | (28.9) | % | |||||||||||||||||||
Gross profit | (31.4) | % | (27.1) | % | |||||||||||||||||||
Percent of total net revenue | |||||||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Product costs and other cost of goods sold | 72.8 | % | 73.4 | % | 72.8 | % | 73.5 | % | |||||||||||||||
Merchant fees, customer service, and other | 3.9 | % | 3.8 | % | 4.0 | % | 3.8 | % | |||||||||||||||
Total cost of goods sold | 76.7 | % | 77.3 | % | 76.8 | % | 77.4 | % | |||||||||||||||
Gross margin | 23.3 | % | 22.7 | % | 23.2 | % | 22.6 | % |
Three months ended September 30, 2022 | ||||||||||||||
Change in the Estimate of Average Transit Times (Days) | Increase (Decrease) Revenue | Increase (Decrease) Income Before Income Taxes | ||||||||||||
2 | $ | (13,762) | $ | (2,742) | ||||||||||
1 | $ | (5,348) | $ | (1,065) | ||||||||||
As reported | As reported | As reported | ||||||||||||
-1 | $ | 4,353 | $ | 866 | ||||||||||
-2 | $ | 8,164 | $ | 1,625 |
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | ||||||||||||||||||||||||||||||||||||||||
Gross margin | 23.3 | % | 22.0 | % | 22.7 | % | 22.7 | % | 22.6 | % | 23.4 | % | 22.9 | % | 23.3 | % | |||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Sales and marketing expenses | $ | 53,520 | $ | 75,650 | $ | 169,973 | $ | 234,460 | |||||||||||||||
Advertising expense included in sales and marketing expenses | 51,173 | 72,356 | 162,219 | 224,223 | |||||||||||||||||||
Year-over-year percentage changes | |||||||||||||||||||||||
Sales and marketing expenses | (29.3) | % | (27.5) | % | |||||||||||||||||||
Advertising expense included in sales and marketing expenses | (29.3) | % | (27.7) | % | |||||||||||||||||||
Percentage of net revenues | |||||||||||||||||||||||
Sales and marketing expenses | 11.6 | % | 11.0 | % | 11.1 | % | 10.9 | % | |||||||||||||||
Advertising expense included in sales and marketing expenses | 11.1 | % | 10.5 | % | 10.6 | % | 10.5 | % | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Technology expenses | $ | 29,628 | $ | 31,178 | $ | 93,159 | $ | 92,084 | |||||||||||||||
Year-over-year percentage change | |||||||||||||||||||||||
Technology expenses | (5.0) | % | 1.2 | % | |||||||||||||||||||
Technology expenses as a percent of net revenues | 6.4 | % | 4.5 | % | 6.1 | % | 4.3 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
General and administrative expenses | $ | 18,665 | $ | 21,031 | $ | 61,002 | $ | 66,562 | |||||||||||||||
Year-over-year percentage change | |||||||||||||||||||||||
General and administrative expenses | (11.3) | % | (8.4) | % | |||||||||||||||||||
General and administrative expenses as a percent of net revenues | 4.1 | % | 3.1 | % | 4.0 | % | 3.1 | % |
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 17,596 | $ | 100,084 | |||||||
Investing activities | (28,004) | (52,061) | |||||||||
Financing activities | (65,224) | (10,042) |
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||||
Operating leases (1) | $ | 10,327 | $ | 5,781 | $ | 4,151 | $ | 395 | $ | — | ||||||||||||||||||||||
Loan agreements (2) | 50,647 | 5,264 | 4,207 | 2,968 | 38,208 | |||||||||||||||||||||||||||
Total contractual cash obligations | $ | 60,974 | $ | 11,045 | $ | 8,358 | $ | 3,363 | $ | 38,208 |
(a) | Exhibit Number | Exhibit Description | ||||||||||||
3.1 | ||||||||||||||
31.1* | ||||||||||||||
31.2* | ||||||||||||||
32.1** | ||||||||||||||
32.2** | ||||||||||||||
101 | Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Stockholders' Equity, and (vi) Notes to Consolidated Financial Statements. | |||||||||||||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL (included as Exhibit 101). |
Date: | November 1, 2022 | OVERSTOCK.COM, INC. | ||||||
/s/ ADRIANNE B. LEE | ||||||||
Adrianne B. Lee | ||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Date: | November 1, 2022 | /s/ JONATHAN E. JOHNSON III | ||||||
Jonathan E. Johnson III | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | November 1, 2022 | /s/ ADRIANNE B. LEE | ||||||
Adrianne B. Lee | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |
Date: | November 1, 2022 | /s/ JONATHAN E. JOHNSON III | ||||||
Jonathan E. Johnson III | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | November 1, 2022 | /s/ ADRIANNE B. LEE | ||||||
Adrianne B. Lee | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Allowance for credit loss | $ 3,000 | $ 2,429 |
Equity securities at fair value | $ 93,407 | $ 102,529 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 51,071,000 | 46,625,000 |
Common stock, shares outstanding | 45,740,000 | 43,023,000 |
Treasury stock, shares | 5,331,000 | 3,602,000 |
Series A-1 Preferred Stock | ||
Preferred stock, shares issued | 0 | 4,204,000 |
Preferred stock, shares outstanding | 0 | 4,204,000 |
Series B Preferred Stock | ||
Preferred stock, shares issued | 0 | 357,000 |
Preferred stock, shares outstanding | 0 | 357,000 |
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income (loss) | $ (36,995) | $ 30,426 | $ (19,725) | $ 356,095 |
Other comprehensive income | ||||
Unrealized gain on cash flow hedges, net of expense for taxes of $0, $0, $0, and $0 | 4 | 4 | 12 | 12 |
Other comprehensive income | 4 | 4 | 12 | 12 |
Comprehensive income (loss) | (36,991) | 30,430 | (19,713) | 356,107 |
Less: Comprehensive loss attributable to noncontrolling interests—discontinued operations | 0 | 0 | 0 | (335) |
Comprehensive income (loss) attributable to stockholders of Overstock.com, Inc. | $ (36,991) | $ 30,430 | $ (19,713) | $ 356,442 |
Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain on cash flow hedges, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS Overstock.com, Inc. is a leading online furniture and home furnishings retailer and technology-focused innovator that sells products at a smart value. Our online shopping site offers a wide selection of quality furniture, décor, area rugs, bedding and bath, home improvement, outdoor, and kitchen and dining items, among others. Overstock.com, which receives tens of millions of visits per month, provides customers access to millions of products from third-party partners. As used herein, "Overstock," "the Company," "we," "our" and similar terms include Overstock.com, Inc. and its wholly-owned subsidiaries, unless the context indicates otherwise. As used herein, the term "Website" refers to the Company's internet websites located at www.overstock.com, www.o.co, www.overstock.ca, and www.overstockgovernment.com and the Company's mobile app.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been omitted in accordance with the rules and regulations of the SEC. These financial statements should be read in conjunction with our audited annual consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes to our significant accounting policies disclosed in Note 2—Accounting Policies, included in Part II, Item 8, Financial Statements and Supplementary Data, of our Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in our opinion, necessary for a fair presentation of results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for any future period or the full fiscal year, due to seasonality and other factors. We operate as a single segment that includes all of our continuing operations, which primarily consists of amounts earned through e-commerce product sales through our Website. All corporate support costs (administrative functions such as finance, human resources, and legal) are allocated to our single reportable segment. Substantially all of our revenues are attributable to customers in the United States. Substantially all our property and equipment are located in the United States. Unless otherwise specified, disclosures in these consolidated financial statements reflect continuing operations only. The operating results for Medici Ventures Inc. ("Medici Ventures") and tZERO Group, Inc. ("tZERO"), our former subsidiaries, for the periods prior to their deconsolidation have been reflected in our consolidated statements of operations as discontinued operations for all periods presented. Certain prior period data, primarily related to discontinued operations, have been reclassified in the consolidated financial statements and accompanying notes to conform to the current period presentation. See Note 3—Discontinued Operations for further information. Out of period adjustments In the third quarter of 2022, the Company recorded immaterial out-of-period adjustments primarily related to an error arising from the use of incomplete third-party information utilized in the valuation of our equity method securities, which impacted those values in the first and second quarters of 2022. This resulted in a $31.4 million increase in other expense and a $3.6 million increase of income tax benefit resulting in a $27.8 million increase of net loss for the quarter ended September 30, 2022, with no net impact to the nine months ended September 30, 2022. Management has determined that this adjustment was not material to any of its previously issued financial statements. Principles of consolidation The accompanying consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All intercompany account balances and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in our consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, receivables valuation, revenue recognition, Club O and gift card breakage, sales returns, inventory valuation, depreciable lives and valuation of property and equipment, and internally-developed software, goodwill valuation, intangible asset valuation, equity securities valuation, income taxes, stock-based compensation, performance-based compensation, self-funded health insurance liabilities, and contingencies. Our estimates involve, among other items, forecasted revenues, sales volume, pricing, cost and availability of inventory, cost and availability of labor supply, consumer demand and spending habits, and the continued operations of our supply chain and logistics network. Although these estimates are based on our best knowledge of current events and actions that we may undertake in the future, the variability of these factors depends on a number of factors, including uncertainty associated with macroeconomic conditions, such as supply chain challenges, inflation, rising interest rates, or the current conflict between Russia and Ukraine, how long these conditions will persist, what additional regulations may be introduced or reintroduced by governments or private parties or what effect any such additional regulations may have on our business and thus our accounting estimates may change from period to period. To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.
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DISCONTINUED OPERATIONS |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS On January 25, 2021, we entered into an agreement with Medici Ventures, Pelion MV GP, L.L.C. ("Pelion"), and Pelion, Inc., pursuant to which Medici Ventures converted to a Delaware limited partnership (the "Partnership") and Pelion became the sole general partner of the Partnership, and we became the limited partner of the Partnership. The term of the Partnership is eight years. A tZERO debt conversion was completed during the quarter ended March 31, 2021, following which Medici Ventures and Overstock held approximately 42% and 41%, respectively, of tZERO's outstanding common stock. On April 23, 2021, we entered into the Limited Partnership Agreement with Pelion, pursuant to 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. Our retained equity interests in these entities are classified as equity method securities as we are deemed to have significant influence, but not control, over these entities through holding more than a 20% interest in the entity. See Note 6—Equity Securities for further information. The operating results for the periods prior to the April 23, 2021 deconsolidation of Medici Ventures and tZERO have been reflected in our consolidated statements of operations as discontinued operations for all periods presented. Results of discontinued operations through the transaction date were as follows (in thousands):
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Fair Value Measures and Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | 4. FAIR VALUE MEASUREMENT The following tables summarize our assets and liabilities measured at fair value on a recurring basis using the following levels of inputs (in thousands):
(1) — Trading securities held in a rabbi trust are included in Other long-term assets, net in the consolidated balance sheets. (2) — Non-qualified deferred compensation in a rabbi trust is included in Accrued liabilities and Other long-term liabilities in the consolidated balance sheets. The following table provides activity for our Level 3 investments (in thousands):
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PROPERTY AND EQUIPMENT, NET |
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Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | 5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following (in thousands):
Capitalized costs associated with internal-use software and website development, both developed internally and acquired externally, and depreciation of costs for the same periods associated with internal-use software and website development consist of the following (in thousands):
Depreciation expense is classified within the corresponding operating expense categories on our consolidated statements of operations as follows (in thousands):
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EQUITY SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY SECURITIES | 6. EQUITY SECURITIES Our equity securities accounted for under the equity method under ASC 323 include equity securities in which we can exercise significant influence, but not control, over these entities through holding more than a 20% voting interest in the entity. During the nine months ended September 30, 2022, we completed our investment of an additional $15 million in tZERO through their Series B financing round led by the Intercontinental Exchange. We also invested $3.9 million in SpeedRoute, LLC ("SpeedRoute"), a former subsidiary of tZERO, which provides connectivity to tZERO's registered broker-dealer clients to U.S. equity exchanges and off-exchange sources of liquidity. The following table includes our equity securities accounted for under the equity method and related ownership interest as of September 30, 2022:
The carrying amount of our equity method securities was $311.0 million at September 30, 2022, which is included in Equity securities on our consolidated balance sheets, of which $93.0 million is valued under the fair value option (tZERO and SpeedRoute). These investments are valued using Level 3 inputs, which represents 27.0% of assets measured at fair value. For our investments in Medici Ventures, tZERO, and SpeedRoute there is no difference in the carrying amount of the assets and liabilities and our maximum exposure to loss, and there is no difference between the carrying amount of our investment in Medici Ventures and the amount of underlying equity we have in the entity's net assets. The following table summarizes the net loss recognized on equity method securities recorded in Other expense, net in our consolidated statements of operations (in thousands):
Regulation S-X Rule 10-01(b)(1) In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered "significant subsidiaries". Summarized income statement information of an equity method investee is required in an interim report if the significance criteria are met as defined under SEC guidance. For the period ended September 30, 2022, this threshold was met for the Company's equity investment in tZERO. The following is unaudited summarized financial information for tZERO (in thousands):
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BORROWINGS |
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Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
BORROWINGS | 7. BORROWINGS In March 2020, we entered into two loan agreements. The loan agreements provide a $34.5 million Senior Note, carrying interest at an annual rate of 4.242%, and a $13.0 million Mezzanine Note, carrying interest at an annual rate of 5.002%. The loans carry a blended annual interest rate of 4.45%. The Senior Note is for a 10-year term (stated maturity date is March 6, 2030) and requires interest only payments, with the principal amount and any then unpaid interest due and payable at the end of the 10-year term. The Mezzanine Note has a stated 10-year term, though the agreement requires principal and interest payments monthly over approximately a 46-month payment period. Our debt issuance costs and debt discount are amortized using the straight-line basis which approximates the effective interest method. As of September 30, 2022, the total outstanding debt on these loans was $38.8 million, net of $429,000 in capitalized debt issuance costs, and the total amount of the current portion of these loans included in Other current liabilities on our consolidated balance sheets was $3.5 million. Both loans include certain financial and non-financial covenants and are secured by our corporate headquarters and the related land and rank senior to stockholders. The financial covenants require that Overstock maintain a net worth in excess of $30 million and minimum liquid assets of $3 million for so long as the Mezzanine Note is outstanding and is reduced to maintaining a net worth in excess of $15 million and minimum liquid assets of $1 million for the remainder of the term that the Senior Note is outstanding. We are in compliance with our debt covenants and continue to monitor our ongoing compliance with our debt covenants.
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LEASES |
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Lessee, Operating Leases [Text Block] | 8. LEASES We have operating leases for warehouses, office space, and data centers. Our leases have remaining lease terms of one year to five years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within one year. The components of lease expenses were as follows (in thousands):
The following table provides a summary of other information related to leases (in thousands):
The following table provides supplemental balance sheet information related to leases:
Maturity of lease liabilities under our non-cancellable operating leases as of September 30, 2022, are as follows (in thousands):
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COMMITMENTS AND CONTINGENCIES |
9 Months Ended |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES Legal proceedings and contingencies From time to time, we are involved in litigation concerning consumer protection, employment, intellectual property, claims under the securities laws, and other commercial matters related to the conduct and operation of our business and the sale of products on our Website. In connection with such litigation, we have been in the past and we may be in the future subject to significant damages. In some instances, other parties may have contractual indemnification obligations to us. However, such contractual obligations may prove unenforceable or non-collectible, and if we cannot enforce or collect on indemnification obligations, we may bear the full responsibility for damages, fees, and costs resulting from such litigation. We may also be subject to penalties and equitable remedies that could force us to alter important business practices. Such litigation could be costly and time consuming and could divert or distract our management and key personnel from our business operations. Due to the uncertainty of litigation and depending on the amount and the timing, an unfavorable resolution of some or all of such matters could materially affect our business, results of operations, financial position, or cash flows. The nature of the loss contingencies relating to claims that have been asserted against us are described below. As previously disclosed, in October 2019, we received a subpoena from the SEC requiring us to produce documents and other information related to the Series A-1 Preferred stock dividend we announced to stockholders in June 2019 and requesting copies of 10b5-1 plans entered into by certain officers and directors. In December 2019, we received a subpoena from the SEC requesting our insider trading policies and certain employment and consulting agreements. We also received requests from the SEC for our communications with our former Chief Executive Officer and Director, Patrick Byrne, and the matters referenced in the December 2019 subpoenas. In January 2021, we received a subpoena from the SEC requesting information regarding our retail guidance in 2019 and certain communications with current and former executives, board members, and investors. We continue to cooperate with the SEC on these matters. On September 27, 2019, a purported securities class action lawsuit was filed against us and our former Chief Executive Officer and former Chief Financial Officer in the United States District Court of Utah, alleging violations under Section 10(b), Rule 10b-5, Section 20(a), and Section 20A of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On October 8, 2019, October 17, 2019, October 31, 2019, and November 20, 2019, four similar lawsuits were filed in the same court also naming us and the above referenced former executives as defendants, bringing similar claims under the Exchange Act, and seeking similar relief. These cases were consolidated into a single lawsuit in December 2019. The Court appointed The Mangrove Partners Master Fund Ltd. as lead plaintiff in January 2020. In March 2020, an amended consolidated complaint was filed against us, our President, our former Chief Executive Officer, and our former Chief Financial Officer. We filed a motion to dismiss and, on September 28, 2020, the court granted our motion and entered judgment in our favor. The plaintiffs filed a motion to amend their complaint on October 23, 2020 and filed a notice of appeal on October 26, 2020. The United States District Court of Utah granted the plaintiffs' motion to amend their complaint on January 6, 2021, and the Tenth Circuit Court dismissed the plaintiffs' appeal on January 8, 2021. The plaintiffs filed their amended complaint on January 11, 2021. We filed a motion to dismiss plaintiffs' amended complaint, and on September 20, 2021, the court granted our motion and entered judgment in our favor. On October 18, 2021, the plaintiffs filed a Notice of Appeal, appealing the ruling of the district court to the United States Court of Appeals for the Tenth Circuit. The plaintiffs filed their opening brief in the Tenth Circuit on January 26, 2022. We filed a responsive appellate brief on March 30, 2022. The plaintiffs' reply appellate brief was filed on April 20, 2022. We are awaiting a date for oral argument from the Tenth Circuit for this appeal. No estimates of the possible losses or range of losses can be made at this time. We intend to continue to vigorously defend this consolidated action. On November 22, 2019, a shareholder derivative suit was filed against us and certain past and present directors and officers of ours in the United States District Court for the District of Delaware, with allegations that include: (i) breach of fiduciary duties, (ii) unjust enrichment, (iii) insider selling and misappropriation of the Company's information, and (iv) contribution under Sections 10(b) and 21D of the Exchange Act. On December 17, 2019, a similar lawsuit was filed in the same court, naming the same defendants, bringing similar claims, and seeking similar relief. These cases were consolidated into a single lawsuit in January 2020. In March 2020, the court entered a stay on litigation, pending the outcome of the securities class action motion to dismiss. The case remains stayed pending the outcome of the plaintiffs' appeal to the Tenth Circuit in the securities class action. No estimates of the possible losses or range of losses can be made at this time. We intend to vigorously defend these actions. On April 23, 2020, a putative class action lawsuit was filed against us in the Circuit Court of the County of St. Louis, State of Missouri, alleging that we over-collected taxes on products sold into the state of Missouri. We removed the case to United States District Court, Eastern District of Missouri on May 22, 2020, and on February 9, 2021, the case against us was dismissed. On March 1, 2021, a putative class action lawsuit was filed against us in the Circuit Court of the County of St. Louis, State of Missouri, alleging similar allegations to the April 23, 2020 putative class action lawsuit that was dismissed, that we over-collected taxes on products sold into the state of Missouri. We filed a motion to compel arbitration, which was denied on October 13, 2021. We filed a motion to dismiss, which was denied on March 16, 2022. No estimates of the possible losses or range of losses can be made at this time. We intend to vigorously defend this action. |
INDEMNIFICATIONS AND GUARANTEES |
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INDEMNIFICATIONS AND GUARANTEES | |
INDEMNIFICATIONS AND GUARANTEES | 10. INDEMNIFICATIONS AND GUARANTEES During our normal course of business, we have made certain indemnities, commitments, and guarantees under which we may be required to make payments in relation to certain transactions. These indemnities include, but are not limited to, indemnities we entered into in favor of Loan Core Capital Funding Corporation LLC under our building loan agreements, various lessors in connection with facility leases for certain claims arising from such facility or lease, the environmental indemnity we entered into in favor of the lenders under our prior loan agreements, customary indemnification arrangements in underwriting agreements and similar agreements, and indemnities to our directors and officers to the maximum extent permitted under the laws of the State of Delaware. The duration of these indemnities, commitments, and guarantees varies, and in certain cases, is indefinite. In addition, the majority of these indemnities, commitments, and guarantees do not provide for any limitation of the maximum potential future payments we could be obligated to make. As such, we are unable to estimate with any reasonableness our potential exposure under these items. We have not recorded any liability for these indemnities, commitments, and guarantees in the accompanying consolidated balance sheets. We do, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is both probable and reasonably estimable.
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STOCKHOLDERS' EQUITY |
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Sep. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 11. STOCKHOLDERS' EQUITY Common stock Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends declared by the Board of Directors out of funds legally available, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends. Preferred stock conversion On May 12, 2022, Overstock shareholders voted to approve separate proposals to approve the amendment of the Company's Amended and Restated Certificate of Designation for both classes of its preferred stock to provide that each share of our Series A-1 and Series B preferred stock would be automatically converted into 0.90 of a share of our common stock (the "Conversion"). On June 10, 2022, in connection with the completion of the Conversion, the Company issued 4,097,697 shares of our common stock in exchange for the outstanding Series A-1 and Series B preferred stock on that date. As the fair value of our common stock issued exceeded the fair value of the Series A-1 and Series B preferred stock exchanged on the Conversion date, we recognized a non-cash deemed dividend to our preferred stockholders of $1.7 million due to the excess fair value per share compared to the conversion ratio. Following the Conversion, the Company eliminated the Series A-1 and Series B preferred stock class by filing Certificates of Elimination with the Delaware Secretary of State. JonesTrading Sales Agreement Our Amended and Restated Capital on DemandTM Sales Agreement (the "Sales Agreement"), dated June 26, 2020, with JonesTrading Institutional Services LLC ("JonesTrading") and D.A. Davidson & Co. ("D.A. Davidson"), provides that we may conduct "at the market" sales of our common stock. Under the Sales Agreement, JonesTrading and D.A. Davidson, acting as our agents, may offer our common stock in the market on a daily basis or otherwise as we request from time to time. We have no obligation to sell additional shares under the Sales Agreement, but we may do so from time to time. For the nine months ended September 30, 2022 and 2021, we did not sell any shares of our common stock pursuant to the Sales Agreement. As of September 30, 2022, we had $150.0 million available under our "at the market" sales program. Common and Preferred Stock Repurchase Program On August 17, 2021, we announced that our Board of Directors had approved a stock repurchase program (the “Repurchase Program”), pursuant to which we may, from time to time, purchase shares of our outstanding common stock for an aggregate repurchase price not to exceed $100.0 million at any time through December 31, 2023. Repurchases under the Repurchase Program may be effected through open market purchases. The Repurchase Committee designated by the Board of Directors will determine the actual timing, number, and value of any shares repurchased under the Repurchase Program in its discretion using factors including, but not limited to, our stock price and trading volume, general market conditions, and the ongoing assessment of our capital needs. There is no assurance of the number or aggregate price of any shares that we will ultimately repurchase under the Repurchase Program, which may be extended, suspended, or terminated at any time by the Board of Directors. During the three months ended September 30, 2022, we did not repurchase any shares of our common stock under the Repurchase Program. During the nine months ended September 30, 2022, we repurchased $59.8 million of our common stock and $306,000 of our Series A-1 preferred stock under the Repurchase Program at average prices of $36.16 and $42.16 per share, respectively. As of September 30, 2022, we had $39.9 million available for future share repurchases under our current repurchase authorization through December 31, 2023. During the nine months ended September 30, 2022, we retired 7,244 shares of our Series A-1 preferred stock treasury stock which had been previously repurchased under the Repurchase Program. The retirement increased Accumulated deficit by $306,000.
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STOCK-BASED AWARDS |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED AWARDS | 12. STOCK-BASED AWARDS We have equity incentive and compensatory plans that provide for the grant of stock-based awards, including restricted stock, to employees and board members and provide employees the ability to purchase shares of our common stock through an employee stock purchase plan. Employee accounting applies to equity incentives and compensation granted by the Company to its own employees. When an award is forfeited prior to the vesting date, we recognize an adjustment for the previously recognized expense in the period of the forfeiture. Stock-based compensation expense is classified within the corresponding operating expense categories on our consolidated statements of operations as follows (in thousands):
Overstock restricted stock awards The Overstock.com, Inc. Amended and Restated 2005 Equity Incentive Plan provides for the grant of incentive stock options to employees and directors of the Company, and restricted stock units and other types of equity awards of the Company. These restricted stock awards generally vest over three years at 33.3% at the end of the first year, 33.3% at the end of the second year and 33.4% at the end of the third year, subject to the recipient's continuing service to us. The cost of restricted stock units is determined using the fair value of our common stock on the date of the grant and compensation expense is either recognized on a straight-line basis over the vesting schedule or on an accelerated schedule when vesting of restricted stock awards exceeds a straight-line basis. The cumulative amount of compensation expense recognized at any point in time is at least equal to the portion of the grant date fair value of the award that is vested at that date. The following table summarizes restricted stock award activity (in thousands, except per share data):
Employee Stock Purchase Plan The Overstock.com, Inc. 2021 Employee Stock Purchase Plan (the "ESPP") grants our eligible employees a right to purchase shares of our common stock at a discount through payroll deductions of up to 25% of eligible compensation, subject to a cap of $21,250 in any calendar year. The ESPP provides for consecutive 24-month offering periods beginning March 1 and September 1 of each year. Each offering period shall consist of four consecutive six-month purchase periods. The first offering period under the ESPP commenced on September 1, 2021, with the first purchase date occurring on February 28, 2022. On each purchase date, participating employees will purchase shares of our common stock at a price per share equal to 85% of the lesser of the fair market value of our common stock on (i) the offering date of the offering period or (ii) the purchase date (the "look-back" period). If the stock price of our common stock on any purchase date in an offering period is lower than the stock price on the offering date of that offering period, every participant in the offering will automatically be withdrawn from the offering after the purchase of shares on such purchase date and automatically enrolled in a new offering period commencing immediately subsequent to such purchase date. The maximum number of shares of common stock that may be issued under the ESPP in aggregate is 3.0 million shares. During the nine months ended September 30, 2022, 83,570 shares were purchased at an average purchase price per share of $35.41. At September 30, 2022, approximately 2.9 million shares of common stock remained available under the ESPP. The ESPP is considered a compensatory plan and the fair value of the discount and the look-back period will be estimated using the Black-Scholes option pricing model and expense will be recognized straight-line over the 24-month offering period. For the three and nine months ended September 30, 2022, we recognized $576,000 and $1.8 million, respectively, in share-based compensation expense related to the ESPP, which is included in the stock compensation expense table above combined with the expense associated with our restricted stock units.
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REVENUE AND CONTRACT LIABILITY |
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REVENUE AND CONTRACT LIABILITY [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [Policy Text Block] | 13. REVENUE AND CONTRACT LIABILITY Unearned Revenue The following table provides information about unearned revenue from contracts with customers, including significant changes in unearned revenue balances during the periods presented (in thousands):
Our total unearned revenue related to outstanding Club O Reward dollars was $11.4 million and $10.0 million at September 30, 2022 and December 31, 2021, respectively. Breakage income related to Club O Reward dollars and gift cards is recognized in Net revenue in our consolidated statements of operations. Breakage included in revenue was $1.1 million and $2.5 million for the three months ended September 30, 2022 and 2021 and $3.3 million and $5.3 million for the nine months ended September 30, 2022 and 2021. The timing of revenue recognition of these reward dollars is driven by actual customer activities, such as redemptions and expirations. Sales returns allowance The following table provides additions to and deductions from the sales returns allowance, which is included in our Accrued liabilities balance in our consolidated balance sheets (in thousands):
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NET INCOME LOSS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | 14. NET INCOME (LOSS) PER SHARE Our Series A-1 preferred stock and Series B preferred stock (collectively, the "preferred shares") were considered participating securities, and as a result, net income (loss) per share has historically been calculated using the two-class method. Under this method, we give effect to preferred dividends and then allocate remaining net income (loss) attributable to our stockholders to both common shares and participating securities (based on the percentages outstanding) in determining net income (loss) per common share. Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shares (after allocating between common shares and participating securities) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to common shares (after allocating between participating securities and common shares) by the weighted average number of common and potential common shares outstanding during the period (after allocating total dilutive shares between our common shares outstanding and our preferred shares outstanding). Potential common shares, comprising incremental common shares issuable from the employee stock purchase plan and restricted stock awards are included in the calculation of diluted net income (loss) per common share to the extent such shares are dilutive. The following table sets forth the computation of basic and diluted net income (loss) per common share for the periods indicated (in thousands, except per share data):
The following shares were excluded from the calculation of diluted shares outstanding as their effect would have been anti-dilutive (in thousands):
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been omitted in accordance with the rules and regulations of the SEC. These financial statements should be read in conjunction with our audited annual consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes to our significant accounting policies disclosed in Note 2—Accounting Policies, included in Part II, Item 8, Financial Statements and Supplementary Data, of our Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in our opinion, necessary for a fair presentation of results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for any future period or the full fiscal year, due to seasonality and other factors. We operate as a single segment that includes all of our continuing operations, which primarily consists of amounts earned through e-commerce product sales through our Website. All corporate support costs (administrative functions such as finance, human resources, and legal) are allocated to our single reportable segment. Substantially all of our revenues are attributable to customers in the United States. Substantially all our property and equipment are located in the United States. Unless otherwise specified, disclosures in these consolidated financial statements reflect continuing operations only. The operating results for Medici Ventures Inc. ("Medici Ventures") and tZERO Group, Inc. ("tZERO"), our former subsidiaries, for the periods prior to their deconsolidation have been reflected in our consolidated statements of operations as discontinued operations for all periods presented. Certain prior period data, primarily related to discontinued operations, have been reclassified in the consolidated financial statements and accompanying notes to conform to the current period presentation. See Note 3—Discontinued Operations for further information. Out of period adjustments In the third quarter of 2022, the Company recorded immaterial out-of-period adjustments primarily related to an error arising from the use of incomplete third-party information utilized in the valuation of our equity method securities, which impacted those values in the first and second quarters of 2022. This resulted in a $31.4 million increase in other expense and a $3.6 million increase of income tax benefit resulting in a $27.8 million increase of net loss for the quarter ended September 30, 2022, with no net impact to the nine months ended September 30, 2022. Management has determined that this adjustment was not material to any of its previously issued financial statements.
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Principles of consolidation | Principles of consolidation |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in our consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, receivables valuation, revenue recognition, Club O and gift card breakage, sales returns, inventory valuation, depreciable lives and valuation of property and equipment, and internally-developed software, goodwill valuation, intangible asset valuation, equity securities valuation, income taxes, stock-based compensation, performance-based compensation, self-funded health insurance liabilities, and contingencies. Our estimates involve, among other items, forecasted revenues, sales volume, pricing, cost and availability of inventory, cost and availability of labor supply, consumer demand and spending habits, and the continued operations of our supply chain and logistics network. Although these estimates are based on our best knowledge of current events and actions that we may undertake in the future, the variability of these factors depends on a number of factors, including uncertainty associated with macroeconomic conditions, such as supply chain challenges, inflation, rising interest rates, or the current conflict between Russia and Ukraine, how long these conditions will persist, what additional regulations may be introduced or reintroduced by governments or private parties or what effect any such additional regulations may have on our business and thus our accounting estimates may change from period to period. To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.
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DISCONTINUED OPERATIONS (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | Results of discontinued operations through the transaction date were as follows (in thousands):
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Fair Value Measures and Disclosures (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | The following tables summarize our assets and liabilities measured at fair value on a recurring basis using the following levels of inputs (in thousands):
(1) — Trading securities held in a rabbi trust are included in Other long-term assets, net in the consolidated balance sheets. (2) — Non-qualified deferred compensation in a rabbi trust is included in Accrued liabilities and Other long-term liabilities in the consolidated balance sheets.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides activity for our Level 3 investments (in thousands):
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PROPERTY AND EQUIPMENT, NET (Tables) |
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Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment, net consist of the following (in thousands):
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Capitalization of Internal Costs, Policy [Policy Text Block] | Capitalized costs associated with internal-use software and website development, both developed internally and acquired externally, and depreciation of costs for the same periods associated with internal-use software and website development consist of the following (in thousands):
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Schedule of Depreciation and Amortization by Operating Expense Category [Table Text Block] | Depreciation expense is classified within the corresponding operating expense categories on our consolidated statements of operations as follows (in thousands):
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EQUITY SECURITIES (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities Ownership Interest | The following table includes our equity securities accounted for under the equity method and related ownership interest as of September 30, 2022:
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Equity Method Investments | The following table summarizes the net loss recognized on equity method securities recorded in Other expense, net in our consolidated statements of operations (in thousands):
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Equity Method Investments, Summarized Financial Information | The following is unaudited summarized financial information for tZERO (in thousands):
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LEASES (Tables) |
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Schedule of Components of Lease Costs and Other Operating Lease Information | The components of lease expenses were as follows (in thousands):
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Other Lease Information | The following table provides a summary of other information related to leases (in thousands):
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Leases, Additional Financial Information | The following table provides supplemental balance sheet information related to leases:
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Schedule of Maturities of Lease Liabilities under Operating Leases After Adoption of 842 | Maturity of lease liabilities under our non-cancellable operating leases as of September 30, 2022, are as follows (in thousands):
|
STOCK-BASED AWARDS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Based Compensation | Stock-based compensation expense is classified within the corresponding operating expense categories on our consolidated statements of operations as follows (in thousands):
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Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes restricted stock award activity (in thousands, except per share data):
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REVENUE AND CONTRACT LIABILITY (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE AND CONTRACT LIABILITY [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about unearned revenue from contracts with customers, including significant changes in unearned revenue balances during the periods presented (in thousands):
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Schedule of Sales Returns, Reserve For Sales Returns [Table Text Block] | The following table provides additions to and deductions from the sales returns allowance, which is included in our Accrued liabilities balance in our consolidated balance sheets (in thousands):
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NET INCOME LOSS PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted net income (loss) per common share for the periods indicated (in thousands, except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following shares were excluded from the calculation of diluted shares outstanding as their effect would have been anti-dilutive (in thousands):
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Out of Period Adjustment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other expense, net | $ (46,283) | $ (79) | $ (48,378) | $ (7) |
Provision (benefit) for income taxes | (2,653) | (1,795) | 1,968 | (47,328) |
Net income (loss) attributable to stockholders of Overstock.com, Inc. | (36,995) | $ 30,426 | $ (19,725) | $ 356,430 |
Revision of Prior Period, Error Correction, Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other expense, net | (31,400) | |||
Provision (benefit) for income taxes | (3,600) | |||
Net income (loss) attributable to stockholders of Overstock.com, Inc. | $ (27,800) |
LEASES - Additional Information (Details) |
Sep. 30, 2022 |
---|---|
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term (in years) | 5 years |
LEASES - Components of Lease Cost and Other Operating Lease Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Lease, Cost [Abstract] | |||||
Operating lease cost | $ 1,507 | $ 1,457 | $ 4,585 | $ 5,095 | |
Variable lease cost | $ 291 | $ 513 | 1,053 | 1,229 | |
Cash payments included in operating cash flows from lease arrangements | 4,776 | 5,007 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 344 | 355 | |||
Derecognition of Right-of-Use Assets | $ 0 | $ 527 | |||
Weighted-average remaining lease term—operating leases | 2 years 1 month 20 days | 2 years 1 month 20 days | 2 years 8 months 19 days | ||
Weighted-average discount rate—operating leases | 7.00% | 7.00% | 7.00% |
LEASES - Operating Lease Maturities and Future Minimum Payments (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Operating Leases After Adoption of 842 | |
2022 (Remainder) | $ 1,543 |
2023 | 4,935 |
2024 | 2,831 |
2025 | 685 |
2026 | 250 |
Thereafter | 83 |
Total lease payments | 10,327 |
Less interest | 906 |
Present value of lease liabilities | $ 9,421 |
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Loss contingency, legal proceedings | ||
Accrued liabilities for contingencies | $ 179 | $ 165 |
STOCKHOLDERS' EQUITY - Preferred Stock (Details) $ / shares in Units, $ in Millions |
Jun. 10, 2022
USD ($)
$ / shares
shares
|
Sep. 30, 2022
vote
shares
|
Dec. 31, 2021
shares
|
Sep. 30, 2021
shares
|
---|---|---|---|---|
Class of Stock [Line Items] | ||||
Common Stock, Number of Votes | vote | 1 | |||
Preferred Stock, Conversion Price | $ / shares | $ 0.90 | |||
Deemed Dividend | $ | $ 1.7 | |||
Stock Issued During Period, Shares, Conversion of Preferred Stock | 4,097,697 | |||
Series A-1 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares outstanding | 0 | 4,204,000 | ||
Preferred stock | Series A-1 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares outstanding | 0 | 4,204,000 |
STOCKHOLDERS' EQUITY - JonesTrading Agreements (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Class of Stock [Line Items] | |
Common Stock, Aggregate Offering Price | $ 150,000 |
STOCKHOLDERS' EQUITY (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Aug. 17, 2021 |
|
Equity [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | |
Class of Stock [Line Items] | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 39,900,000 | |
Accumulated deficit | ||
Class of Stock [Line Items] | ||
Treasury Stock, Retired, Cost Method, Amount | 306,000 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Payments for Repurchase of Common Stock | $ 59,800,000 | |
Average price per share of shares repurchased (in dollars per share) | $ 36.16 | |
Series A-1 Preferred Stock | ||
Class of Stock [Line Items] | ||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 306,000 | |
Average price per share of shares repurchased (in dollars per share) | $ 42.16 | |
Treasury Stock, Shares, Retired | 7,244 |
STOCK-BASED AWARDS - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 4,056 | $ 2,542 | $ 13,390 | $ 7,649 |
Cost of Sales [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 32 | 27 | 99 | 58 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 5 | 89 | 595 | 684 |
Technology [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 1,735 | 959 | 5,517 | 2,482 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 2,284 | $ 1,467 | $ 7,179 | $ 4,425 |
STOCK-BASED AWARDS (Details) shares in Millions |
Sep. 30, 2022
shares
|
---|---|
Employee Stock | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2.9 |
REVENUE AND CONTRACT LIABILITY Unearned Revenue (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Contract with Customer, Liability | $ 51,052 | $ 59,387 | $ 72,165 |
Increase (Decrease) in Contract with Customer, Liability | 38,066 | 51,384 | |
Contract with Customer, Liability, Revenue Recognized | $ (46,401) | $ (64,162) |
REVENUE AND CONTRACT LIABILITY Club O Reward Unearned Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Deferred Revenue, Current | $ 51,052 | $ 51,052 | $ 59,387 | ||
Gift Card and Club O Rewards Breakage | 1,100 | $ 2,500 | 3,300 | $ 5,300 | |
Club O Reward Points [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Deferred Revenue, Current | $ 11,400 | $ 11,400 | $ 10,000 |
REVENUE AND CONTRACT LIABILITY Sales Return Allowance (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Sales returns allowance [Abstract] | |||
Sales Return, Reserve for Sales Returns, Current | $ 12,241 | $ 13,923 | $ 19,190 |
Sales Returns, Additions To Reserve For Sales Returns | 126,858 | 237,622 | |
Deductions From Sales Returns, Current | $ (128,540) | $ (242,889) |
NET INCOME LOSS PER SHARE (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Payment Arrangement [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 833 | 2 | 833 | 189 |
Employee Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 95 | 46 | 95 | 15 |
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