Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-49799 | |
Entity Registrant Name | OVERSTOCK.COM, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0634302 | |
Entity Address, Address Line One | 799 West Coliseum Way | |
Entity Address, City or Town | Midvale | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84047 | |
City Area Code | 801 | |
Local Phone Number | 947-3100 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | OSTK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,720,199 | |
Entity Central Index Key | 0001130713 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 493,261 | $ 503,341 |
Restricted cash | 217 | 25 |
Accounts receivable, net of allowance for credit losses of $2,772 and $2,429 | 23,749 | 21,190 |
Inventories | 5,419 | 5,137 |
Prepaids and other current assets | 21,159 | 22,097 |
Total current assets | 543,805 | 551,790 |
Property and equipment, net | 108,454 | 109,479 |
Deferred tax assets, net | 39,076 | 40,035 |
Goodwill | 6,160 | 6,160 |
Equity securities, including securities measured at fair value of $115,306 and $102,529 | 352,833 | 342,682 |
Operating lease right-of-use assets | 11,265 | 12,584 |
Other long-term assets, net | 2,852 | 3,236 |
Total assets | 1,064,445 | 1,065,966 |
Current liabilities: | ||
Accounts payable | 106,380 | 102,293 |
Accrued liabilities | 107,909 | 101,902 |
Unearned revenue | 61,421 | 59,387 |
Operating lease liabilities, current | 5,478 | 5,402 |
Other Liabilities, Current | 3,388 | 3,349 |
Total current liabilities | 284,576 | 272,333 |
Long-term debt, net | 37,117 | 37,984 |
Operating lease liabilities, non-current | 6,555 | 7,960 |
Other long-term liabilities | 3,587 | 3,303 |
Total liabilities | 331,835 | 321,580 |
Stockholders' equity: | ||
Common stock, $0.0001 par value, authorized shares - 100,000 | 4 | 4 |
Additional paid-in capital | 967,073 | 960,544 |
Accumulated deficit | (126,467) | (136,590) |
Accumulated other comprehensive loss | (533) | (537) |
Treasury stock at cost - 4,196 and 3,602 | (107,467) | (79,035) |
Total stockholders' equity | 732,610 | 744,386 |
Total liabilities and stockholders' equity | 1,064,445 | 1,065,966 |
Series A-1 Preferred Stock | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, authorized shares - 5,000 | 0 | 0 |
Series B Preferred Stock | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, authorized shares - 5,000 | $ 0 | $ 0 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for credit loss | $ 2,772 | $ 2,429 |
Equity securities at fair value | $ 115,306 | $ 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 | 46,910,000 | 46,625,000 |
Common stock, shares outstanding | 42,720,000 | 43,023,000 |
Treasury stock, shares | 4,196,000 | 3,602,000 |
Series A-1 Preferred Stock | ||
Preferred stock, shares issued | 4,204,000 | 4,204,000 |
Preferred stock, shares outstanding | 4,198,000 | 4,204,000 |
Series B Preferred Stock | ||
Preferred stock, shares issued | 357,000 | 357,000 |
Preferred stock, shares outstanding | 357,000 | 357,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net revenue | $ 536,037 | $ 659,861 |
Cost of goods sold | 410,825 | 506,337 |
Gross profit | 125,212 | 153,524 |
Operating expenses | ||
Sales and marketing | 58,513 | 73,538 |
Technology | 32,989 | 30,523 |
General and administrative | 21,256 | 22,871 |
Total operating expenses | 112,758 | 126,932 |
Operating income | 12,454 | 26,592 |
Interest expense, net | (125) | (155) |
Other expense, net | (114) | (226) |
Income from continuing operations before income taxes | 12,215 | 26,211 |
Provision for income taxes | 2,092 | 193 |
Income from continuing operations | 10,123 | 26,018 |
Loss from discontinued operations, net of income taxes | 0 | (10,126) |
Consolidated net income | 10,123 | 15,892 |
Less: Net loss attributable to noncontrolling interests from discontinued operations | 0 | (201) |
Net income attributable to stockholders of Overstock.com, Inc. | $ 10,123 | $ 16,093 |
Consolidated net income per share of common stock: | ||
Net income (loss) attributable to common shares—basic | $ 0.21 | $ 0.34 |
Income (Loss) from Continuing Operations, Per Basic Share | 0.21 | 0.57 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | (0.23) |
Net income (loss) attributable to common shares—diluted | 0.21 | 0.33 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.21 | 0.56 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | $ 0 | $ (0.23) |
Weighted average shares of common stock outstanding: | ||
Basic | 43,052 | 42,885 |
Diluted | 43,282 | 43,320 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Consolidated net income | $ 10,123 | $ 15,892 |
Other comprehensive income | ||
Unrealized gain on cash flow hedges, net of expense for taxes of $0 and $0 | 4 | 4 |
Other comprehensive income | 4 | 4 |
Comprehensive income | 10,127 | 15,896 |
Less: Comprehensive loss attributable to noncontrolling interests—discontinued operations | 0 | (201) |
Comprehensive income attributable to stockholders of Overstock.com, Inc. | $ 10,127 | $ 16,097 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain on cash flow hedges, tax expense | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Treasury stock | Preferred stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Parent | Noncontrolling interest | Series A-1 Preferred Stock | Series A-1 Preferred StockPreferred stock | Series B Preferred Stock | Series B Preferred StockPreferred stock |
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Treasury Stock, Preferred, Value | 0 | ||||||||||||
Common stock, beginning balance (in shares) at Dec. 31, 2020 | 46,331 | 3,563 | |||||||||||
Beginning balance at Dec. 31, 2020 | $ (71,399) | $ 970,873 | $ (525,233) | $ (553) | $ 62,634 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 2,771 | ||||||||||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 0 | ||||||||||||
Change in noncontrolling interest ownership | (22,625) | 22,625 | |||||||||||
Proceeds from Sale of Treasury Stock | 2,726 | ||||||||||||
Adjustments To Additional Paid In Capital, Subsidiary Equity Award Tender Offer | (2,130) | ||||||||||||
Net income attributable to stockholders of Overstock.com, Inc. | $ 16,093 | 16,093 | |||||||||||
Net other comprehensive income | 4 | 4 | |||||||||||
Tax withholding upon vesting of restricted stock | (7,292) | ||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 643 | ||||||||||||
Net loss attributable to noncontrolling interests | (201) | ||||||||||||
Common stock issued upon vesting of restricted stock | 258 | ||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | ||||||||||||
Tax withholding upon vesting of restricted stock | 73 | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | (47) | ||||||||||||
Treasury Stock, Shares, Acquired | 0 | 0 | |||||||||||
Preferred stock, ending balance (in shares) at Mar. 31, 2021 | 4,204 | 357 | |||||||||||
Common stock, ending balance (in shares) at Mar. 31, 2021 | 46,589 | 3,589 | |||||||||||
Ending balance at Mar. 31, 2021 | 448,940 | $ (78,048) | 951,615 | (509,140) | (549) | $ 363,882 | 85,058 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Common stock, $0.0001 par value, authorized shares - 100,000 | $ 4 | ||||||||||||
Total shares of common stock outstanding | 43,000 | ||||||||||||
Preferred Stock, Value, Issued | $ 0 | ||||||||||||
Treasury Stock, Preferred, Value | 0 | ||||||||||||
Preferred stock, shares issued | 4,204 | ||||||||||||
Common stock, $0.0001 par value, authorized shares - 100,000 | $ 4 | ||||||||||||
Total shares of common stock outstanding | 43,023 | ||||||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | |||||||||||
Treasury Stock, Preferred, Value | 0 | ||||||||||||
Preferred stock, shares issued | 4,204 | 357 | |||||||||||
Common stock, beginning balance (in shares) at Dec. 31, 2021 | 46,625 | 3,602 | |||||||||||
Beginning balance at Dec. 31, 2021 | $ 744,386 | $ (79,035) | 960,544 | (136,590) | (537) | 0 | |||||||
Preferred stock, beginning balance (in shares) at Dec. 31, 2021 | 4,204 | 357 | |||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 4,639 | ||||||||||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 1,890 | ||||||||||||
Change in noncontrolling interest ownership | 0 | 0 | |||||||||||
Proceeds from Sale of Treasury Stock | 0 | ||||||||||||
Adjustments To Additional Paid In Capital, Subsidiary Equity Award Tender Offer | 0 | ||||||||||||
Net income attributable to stockholders of Overstock.com, Inc. | 10,123 | 10,123 | |||||||||||
Net other comprehensive income | 4 | 4 | |||||||||||
Tax withholding upon vesting of restricted stock | (3,267) | ||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 0 | ||||||||||||
Net loss attributable to noncontrolling interests | 0 | ||||||||||||
Common stock issued upon vesting of restricted stock | 243 | ||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 42 | ||||||||||||
Tax withholding upon vesting of restricted stock | 71 | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ (25,165) | ||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 0 | ||||||||||||
Treasury Stock, Shares, Acquired | 517 | 6 | |||||||||||
Preferred stock, ending balance (in shares) at Mar. 31, 2022 | 4,198 | 4,198 | 357 | 357 | |||||||||
Common stock, ending balance (in shares) at Mar. 31, 2022 | 46,910 | 4,190 | |||||||||||
Ending balance at Mar. 31, 2022 | 732,610 | $ (107,467) | $ 967,073 | $ (126,467) | $ (533) | $ 732,610 | $ 0 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Common stock, $0.0001 par value, authorized shares - 100,000 | $ 4 | $ 4 | |||||||||||
Total shares of common stock outstanding | 42,720 | 42,720 | |||||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | $ 0 | ||||||||||
Treasury Stock, Preferred, Value | 6 | ||||||||||||
Preferred stock, shares issued | 4,204 | 4,204 | 357 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Consolidated net income | $ 10,123 | $ 15,892 |
Loss from discontinued operations, net of income taxes | 0 | (10,126) |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,307 | 5,146 |
Non-cash operating lease cost | 1,319 | 1,320 |
Stock-based compensation to employees and directors | 4,639 | 2,305 |
Decrease in deferred income taxes, net | 959 | 1 |
Loss from equity method securities | 299 | 0 |
Other non-cash adjustments | (123) | 637 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (2,559) | (15,651) |
Inventories | (282) | (468) |
Prepaids and other current assets | 1,604 | 447 |
Other long-term assets, net | (307) | (448) |
Accounts payable | 4,339 | 25,589 |
Accrued liabilities | 7,886 | 6,693 |
Unearned revenue | 2,034 | 24,143 |
Operating lease liabilities | (1,329) | (1,379) |
Other long-term liabilities | 284 | (269) |
Net cash provided by continuing operating activities | 33,193 | 74,084 |
Net cash used in discontinued operating activities | 0 | (12,353) |
Net cash provided by operating activities | 33,193 | 61,731 |
Cash flows from investing activities: | ||
Purchase of equity securities | (11,420) | 0 |
Capital distribution from investment | 1,162 | 0 |
Expenditures for property and equipment | (3,256) | (2,395) |
Other investing activities, net | (281) | (367) |
Net cash used in continuing investing activities | (13,795) | (2,762) |
Net cash provided by discontinued investing activities | 0 | 5,737 |
Net cash provided by (used in) investing activities | (13,795) | 2,975 |
Cash flows from financing activities: | ||
Repurchase of shares | (25,165) | 0 |
Payments on long-term debt | (854) | (551) |
Payments of taxes withheld upon vesting of employee stock awards | (3,267) | (7,292) |
Other financing activities, net | 0 | (1) |
Net cash used in continuing financing activities | (29,286) | (7,844) |
Net cash provided by discontinued financing activities | 0 | 2,085 |
Net cash used in financing activities | (29,286) | (5,759) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (9,888) | 58,947 |
Cash, cash equivalents, and restricted cash, beginning of period, inclusive of cash balances of discontinued operations | 503,366 | 519,181 |
Cash, cash equivalents, and restricted cash, end of period, inclusive of cash balances of discontinued operations | 493,478 | 578,128 |
Less: Cash, cash equivalents, and restricted cash of discontinued operations | 0 | 42,120 |
Cash, cash equivalents, and restricted cash, end of period | $ 493,478 | $ 536,008 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS Overstock.com, Inc. is a leading e-commerce retailer and technology company that sells furniture and home furnishings at a smart value. The 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 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 months ended March 31, 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. On April 23, 2021, we entered into an agreement with Pelion MV GP, L.L.C. ("Pelion"), pursuant to which Pelion acquired control over Medici Ventures Inc. ("Medici Ventures") and its blockchain assets. Accordingly, we deconsolidated both Medici Ventures and tZERO Group, Inc.'s ("tZERO") consolidated net assets and noncontrolling interest from our consolidated financial statements and results beginning on April 23, 2021, the date that control ceased. These entities met the criteria to be reported as held for sale and discontinued operations as of March 31, 2021 and their operating results for the periods prior to deconsolidation have been reflected in our consolidated statements of income as discontinued operations for all periods presented. 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. 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. 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, vendor incentive discount offers, 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 the ongoing COVID-19 pandemic, 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. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS On January 25, 2021, we entered into an agreement with Medici Ventures, 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 interest 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. Results of discontinued operations through the transaction date were as follows (in thousands): Three months ended 2022 2021 Net revenue $ — $ 15,592 Cost of goods sold — 12,391 Gross profit — 3,201 Operating expenses Technology — 6,556 Selling, general, and administrative — 11,425 Total operating expenses — 17,981 Operating loss from discontinued operations — (14,780) Interest income, net — 187 Other income, net — 4,479 Loss from discontinued operations before income taxes — (10,114) Provision for income taxes — 12 Net loss from discontinued operations $ — $ (10,126) Less: Net loss attributable to noncontrolling interests from discontinued operations — (201) Net loss from discontinued operations attributable to stockholders of Overstock.com, Inc. $ — $ (9,925) |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
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): Fair Value Measurements at March 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash equivalents—Money market mutual funds $ — $ — $ — $ — Equity securities, at fair value 115,306 366 — 114,940 Trading securities held in a "rabbi trust" (1) 226 226 — — Total assets $ 115,532 $ 592 $ — $ 114,940 Liabilities: Deferred compensation accrual "rabbi trust" (2) $ 231 $ 231 $ — $ — Total liabilities $ 231 $ 231 $ — $ — Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash equivalents—Money market mutual funds $ — $ — $ — $ — Equity securities, at fair value 102,529 174 — 102,355 Trading securities held in a "rabbi trust" (1) 179 179 — — Total assets $ 102,708 $ 353 $ — $ 102,355 Liabilities: Deferred compensation accrual "rabbi trust" (2) $ 188 $ 188 $ — $ — Total liabilities $ 188 $ 188 $ — $ — ___________________________________________ (1) — Trading securities held in a rabbi trust are included in Prepaids and other current assets and 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): Amount Level 3 investments at December 31, 2020 $ — Increase due to acquisition of Level 3 investments 99,723 Increase in fair value of Level 3 investments 2,632 Level 3 investments at December 31, 2021 102,355 Increase due to acquisition of Level 3 investments 11,420 Increase in fair value of Level 3 investments 1,165 Level 3 investments at March 31, 2022 $ 114,940 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, December 31, 2021 Computer hardware and software, including internal-use software and website development $ 227,512 $ 225,256 Building 69,339 69,293 Furniture and equipment 12,408 12,067 Land 12,781 12,781 Leasehold improvements 2,579 2,601 Building machinery and equipment 9,809 9,809 Land improvements 7,025 7,025 341,453 338,832 Less: accumulated depreciation (232,999) (229,353) Total property and equipment, net $ 108,454 $ 109,479 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): Three months ended 2022 2021 Capitalized internal-use software and website development $ 1,769 $ 1,705 Depreciation of internal-use software and website development 1,726 1,808 Depreciation expense is classified within the corresponding operating expense categories on our consolidated statements of income as follows (in thousands): Three months ended 2022 2021 Cost of goods sold $ 167 $ 154 Technology 3,200 3,875 General and administrative 919 1,094 Total depreciation $ 4,286 $ 5,123 |
EQUITY SECURITIES
EQUITY SECURITIES | 3 Months Ended |
Mar. 31, 2022 | |
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 period ended March 31, 2022, we committed to invest an aggregate of an additional $15 million in tZERO through their Series B financing round led by the Intercontinental Exchange. $7.5 million of our investment in tZERO was funded during the period ended March 31, 2022 but the remaining $7.5 million was not yet funded during such period. We also invested $3.9 million in SpeedRoute, LLC, 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 March 31, 2022: Ownership Medici Ventures, L.P. 99% tZERO Group, Inc. 31% SpeedRoute, LLC 49% The carrying amount of our equity method securities was $352.5 million at March 31, 2022, which is included in Equity securities on our consolidated balance sheets, of which, $114.9 million is valued under the fair value option (tZERO and SpeedRoute, LLC). These investments are valued using Level 3 inputs, which represents 99.5% of assets measured at fair value. For our investments in Medici Ventures, L.P., 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, L.P. and the amount of underlying equity we have in the entity's net assets. The following table summarizes the net income recognized on equity method securities recorded in Other expense, net in our consolidated statements of income for the three months ended March 31, 2022 (in thousands): Three months ended 2022 Net loss recognized on our proportionate share of the net loss of our equity method securities $ (1,464) Increase in fair value of equity method securities held under fair value option 1,165 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 March 31, 2022, this threshold was met for the Company's equity investment in tZERO. The following is unaudited summarized financial information for tZERO (in thousands): Three months ended Results of Operations 2022 Revenues $ 740 Pre-tax loss (5,380) Net loss (4,380) |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
BORROWINGS | 7. BORROWINGS 2020 loan agreements 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 March 31, 2022, the total outstanding debt on these loans was $40.5 million, net of $478,000 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 $3.4 million. Further, Overstock serves as a guarantor under the Senior Note (the "Senior Note Guaranty") and the Mezzanine Note (the "Mezzanine Note Guaranty"). 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. Overstock has agreed under the Senior Note Guaranty to, among other things, maintain, until all of the obligations guaranteed by Overstock under the Senior Note Guaranty have been paid in full, (i) 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 (ii) a net worth in excess of $15 million and minimum liquid assets of $1 million from and after the date the Mezzanine Note has been paid in full. Overstock has also agreed under the Mezzanine Note Guaranty to, among other things, maintain a net worth in excess of $30 million and minimum liquid assets of $3 million until all obligations guaranteed by Overstock under the Mezzanine Note Guaranty have been paid in full. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
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 six 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): Three months ended 2022 2021 Operating lease cost $ 1,509 $ 2,141 Variable lease cost 498 388 The following table provides a summary of other information related to leases (in thousands): Three months ended 2022 2021 Cash payments included in operating cash flows from lease arrangements $ 1,550 $ 2,158 Derecognition of right-of-use assets due to reassessment of lease term — 527 The following table provides supplemental balance sheet information related to leases: March 31, December 31, Weighted-average remaining lease term—operating leases 2.52 years 2.72 years Weighted-average discount rate—operating leases 7 % 7 % Maturity of lease liabilities under our non-cancellable operating leases as of March 31, 2022, are as follows (in thousands): Payments due by period Amount 2022 (Remainder) $ 4,626 2023 4,805 2024 2,773 2025 665 2026 250 Thereafter 83 Total lease payments 13,202 Less interest 1,169 Present value of lease liabilities $ 12,033 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 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. The Tenth Circuit has not yet scheduled oral argument on the plaintiffs' 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
INDEMNIFICATIONS AND GUARANTEES | 3 Months Ended |
Mar. 31, 2022 | |
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. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 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 Each share of our Series A-1 preferred stock and our Series B preferred stock (collectively, the "preferred shares"), except as required by law, are intended to have voting and dividend rights similar to those of one share of common stock. Preferred shares rank senior to common stock with respect to dividends. Holders of the preferred shares are entitled to an annual cash dividend of $0.16 per share, in preference to any dividend payment to the holders of the common stock, out of funds of the Company legally available for payment of dividends and subject to declaration by our Board of Directors. Holders of the preferred shares are also entitled to participate in any cash dividends we pay to the holders of the common stock and are also entitled to participate in non-cash dividends we pay to holders of the common stock, subject to potentially different treatment if we effect a stock dividend, stock split, or combination of the common stock. There are no arrearages in cumulative preferred dividends. We declared and paid a cash dividend of $0.16 per share to the holders of our preferred stock during 2020 and 2021. Neither the Series A-1 preferred stock nor Series B preferred stock is required to be converted into or exchanged for shares of our common stock or any other entity; however, at our sole discretion, we have the right to convert the Series A-1 preferred stock into Series B preferred stock at any time on a one-to-one basis. In the event of any liquidation, any amount available for distribution to stockholders after payment of all liabilities will be distributed proportionately, with each share of Series A-1 preferred stock and each share of Series B preferred stock being treated as though it were a share of our common stock. If we are party to any merger or consolidation in which our common stock is changed into or exchanged for stock or other securities of any other person (or the Company) or cash or any other property (or a right to receive the foregoing), we will use all commercially reasonable efforts to cause each outstanding share of the preferred stock to be treated as if such share were an additional outstanding share of common stock in connection with any such transaction. Neither the Series A-1 preferred stock nor the Series B preferred stock is registered under the Exchange Act. JonesTrading Sales Agreement Our Amended and Restated Capital on Demand TM 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 three months ended March 31, 2022 and 2021, we did not sell any shares of our common stock pursuant to the Sales Agreement. As of March 31, 2022, we had $150.0 million available under our "at the market" sales program. Common and Preferred Stock Repurchase Program |
STOCK-BASED AWARDS
STOCK-BASED AWARDS | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED AWARDS | 12. STOCK-BASED AWARDS We have equity incentive and compensatory plans that provide for the grant to employees and board members of stock-based awards, including restricted stock, 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. Stock-based compensation expense is classified within the corresponding operating expense categories on our consolidated statements of income as follows (in thousands): Three months ended 2022 2021 Cost of goods sold $ 54 $ 11 Sales and marketing 345 257 Technology 1,840 657 General and administrative 2,400 1,380 Total stock-based compensation $ 4,639 $ 2,305 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. Overstock restricted stock awards The Overstock.com, Inc. Amended and Restated 2005 Equity Incentive Plan (the "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 during the three months ended March 31, 2022 (in thousands, except per share data): Three months ended Units Weighted Outstanding—beginning of year 663 $ 56.37 Granted at fair value 482 46.12 Vested (243) 38.21 Forfeited (20) 70.04 Outstanding—end of period 882 $ 55.48 Employee Stock Purchase Plan On February 4, 2021 and May 13, 2021, our Board of Directors and stockholders, respectively, approved the Overstock.com, Inc. 2021 Employee Stock Purchase Plan (the "2021 ESPP"). The 2021 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 2021 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 2021 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 2021 ESPP in aggregate is 3.0 million shares. During the three months ended March 31, 2022, 41,918 shares were purchased at an average purchase price per share of $48.37. At March 31, 2022, approximately 3.0 million shares of common stock remained available under the ESPP. The 2021 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 months ended March 31, 2022, we recognized $627,000 in share-based compensation expense related to the 2021 ESPP, which is included in the stock compensation expense table above combined with the expense associated with our restricted stock units. |
REVENUE AND CONTRACT LIABILITY
REVENUE AND CONTRACT LIABILITY | 3 Months Ended |
Mar. 31, 2022 | |
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): Amount Unearned revenue at December 31, 2020 $ 72,165 Increase due to deferral of revenue at period end 51,384 Decrease due to beginning contract liabilities recognized as revenue (64,162) Unearned revenue at December 31, 2021 59,387 Increase due to deferral of revenue at period end 41,623 Decrease due to beginning contract liabilities recognized as revenue (39,589) Unearned revenue at March 31, 2022 $ 61,421 Our total unearned revenue related to outstanding Club O Reward dollars was $10.8 million and $10.0 million at March 31, 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 income. Breakage included in revenue was $1.1 million and $1.4 million for the three months ended March 31, 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): Amount Allowance for returns at December 31, 2020 $ 19,190 Additions to the allowance 237,622 Deductions from the allowance (242,889) Allowance for returns at December 31, 2021 13,923 Additions to the allowance 42,460 Deductions from the allowance (42,166) Allowance for returns at March 31, 2022 $ 14,217 |
NET INCOME LOSS PER SHARE
NET INCOME LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | 14. NET INCOME PER SHARE Our Series A-1 preferred stock and Series B preferred stock (collectively, the "preferred shares") are considered participating securities, and as a result, net income per share is calculated using the two-class method. Under this method, we give effect to preferred dividends and then allocate remaining net income attributable to our stockholders to both common shares and participating securities (based on the percentages outstanding) in determining net income per common share. Basic net income per common share is computed by dividing net income 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 per share is computed by dividing net income 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 per common share to the extent such shares are dilutive. The following table sets forth the computation of basic and diluted net income per common share for the periods indicated (in thousands, except per share data): Three months ended 2022 2021 Numerator: Income from continuing operations $ 10,123 $ 26,018 Less: Preferred stock dividends—declared and accumulated 182 182 Undistributed income from continuing operations 9,941 25,836 Less: Undistributed income allocated to participating securities 952 1,529 Net income from continuing operations attributable to common stockholders $ 8,989 $ 24,307 Loss from discontinued operations $ — $ (9,925) Net income attributable to common stockholders $ 8,989 $ 14,382 Denominator: Weighted average shares of common stock outstanding—basic 43,052 42,885 Effect of dilutive securities: Restricted stock awards 230 435 Weighted average shares of common stock outstanding—diluted 43,282 43,320 Net income from continuing operations per share of common stock: Basic $ 0.21 $ 0.57 Diluted $ 0.21 $ 0.56 Net loss from discontinued operations per share of common stock: Basic $ — $ (0.23) Diluted $ — $ (0.23) Net income per share of common stock: Basic $ 0.21 $ 0.34 Diluted $ 0.21 $ 0.33 The following shares were excluded from the calculation of diluted shares outstanding as their effect would have been anti-dilutive (in thousands): Three months ended 2022 2021 Restricted stock units 506 284 Employee stock purchase plan 64 — |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 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 months ended March 31, 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. On April 23, 2021, we entered into an agreement with Pelion MV GP, L.L.C. ("Pelion"), pursuant to which Pelion acquired control over Medici Ventures Inc. ("Medici Ventures") and its blockchain assets. Accordingly, we deconsolidated both Medici Ventures and tZERO Group, Inc.'s ("tZERO") consolidated net assets and noncontrolling interest from our consolidated financial statements and results beginning on April 23, 2021, the date that control ceased. These entities met the criteria to be reported as held for sale and discontinued operations as of March 31, 2021 and their operating results for the periods prior to deconsolidation have been reflected in our consolidated statements of income as discontinued operations for all periods presented. 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. 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. |
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, vendor incentive discount offers, 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 the ongoing COVID-19 pandemic, 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. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Results of discontinued operations through the transaction date were as follows (in thousands): Three months ended 2022 2021 Net revenue $ — $ 15,592 Cost of goods sold — 12,391 Gross profit — 3,201 Operating expenses Technology — 6,556 Selling, general, and administrative — 11,425 Total operating expenses — 17,981 Operating loss from discontinued operations — (14,780) Interest income, net — 187 Other income, net — 4,479 Loss from discontinued operations before income taxes — (10,114) Provision for income taxes — 12 Net loss from discontinued operations $ — $ (10,126) Less: Net loss attributable to noncontrolling interests from discontinued operations — (201) Net loss from discontinued operations attributable to stockholders of Overstock.com, Inc. $ — $ (9,925) |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): Fair Value Measurements at March 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash equivalents—Money market mutual funds $ — $ — $ — $ — Equity securities, at fair value 115,306 366 — 114,940 Trading securities held in a "rabbi trust" (1) 226 226 — — Total assets $ 115,532 $ 592 $ — $ 114,940 Liabilities: Deferred compensation accrual "rabbi trust" (2) $ 231 $ 231 $ — $ — Total liabilities $ 231 $ 231 $ — $ — Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash equivalents—Money market mutual funds $ — $ — $ — $ — Equity securities, at fair value 102,529 174 — 102,355 Trading securities held in a "rabbi trust" (1) 179 179 — — Total assets $ 102,708 $ 353 $ — $ 102,355 Liabilities: Deferred compensation accrual "rabbi trust" (2) $ 188 $ 188 $ — $ — Total liabilities $ 188 $ 188 $ — $ — ___________________________________________ (1) — Trading securities held in a rabbi trust are included in Prepaids and other current assets and 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. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides activity for our Level 3 investments (in thousands): Amount Level 3 investments at December 31, 2020 $ — Increase due to acquisition of Level 3 investments 99,723 Increase in fair value of Level 3 investments 2,632 Level 3 investments at December 31, 2021 102,355 Increase due to acquisition of Level 3 investments 11,420 Increase in fair value of Level 3 investments 1,165 Level 3 investments at March 31, 2022 $ 114,940 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment, net consist of the following (in thousands): March 31, December 31, 2021 Computer hardware and software, including internal-use software and website development $ 227,512 $ 225,256 Building 69,339 69,293 Furniture and equipment 12,408 12,067 Land 12,781 12,781 Leasehold improvements 2,579 2,601 Building machinery and equipment 9,809 9,809 Land improvements 7,025 7,025 341,453 338,832 Less: accumulated depreciation (232,999) (229,353) Total property and equipment, net $ 108,454 $ 109,479 |
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): Three months ended 2022 2021 Capitalized internal-use software and website development $ 1,769 $ 1,705 Depreciation of internal-use software and website development 1,726 1,808 |
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 income as follows (in thousands): Three months ended 2022 2021 Cost of goods sold $ 167 $ 154 Technology 3,200 3,875 General and administrative 919 1,094 Total depreciation $ 4,286 $ 5,123 |
EQUITY SECURITIES (Tables)
EQUITY SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022: Ownership Medici Ventures, L.P. 99% tZERO Group, Inc. 31% SpeedRoute, LLC 49% |
Equity Method Investments | The following table summarizes the net income recognized on equity method securities recorded in Other expense, net in our consolidated statements of income for the three months ended March 31, 2022 (in thousands): Three months ended 2022 Net loss recognized on our proportionate share of the net loss of our equity method securities $ (1,464) Increase in fair value of equity method securities held under fair value option 1,165 |
Equity Method Investments, Summarized Financial Information | The following is unaudited summarized financial information for tZERO (in thousands): Three months ended Results of Operations 2022 Revenues $ 740 Pre-tax loss (5,380) Net loss (4,380) |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Components of Lease Costs and Other Operating Lease Information | The components of lease expenses were as follows (in thousands): Three months ended 2022 2021 Operating lease cost $ 1,509 $ 2,141 Variable lease cost 498 388 |
Other Lease Information | The following table provides a summary of other information related to leases (in thousands): Three months ended 2022 2021 Cash payments included in operating cash flows from lease arrangements $ 1,550 $ 2,158 Derecognition of right-of-use assets due to reassessment of lease term — 527 |
Leases, Additional Financial Information | The following table provides supplemental balance sheet information related to leases: March 31, December 31, Weighted-average remaining lease term—operating leases 2.52 years 2.72 years Weighted-average discount rate—operating leases 7 % 7 % |
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 March 31, 2022, are as follows (in thousands): Payments due by period Amount 2022 (Remainder) $ 4,626 2023 4,805 2024 2,773 2025 665 2026 250 Thereafter 83 Total lease payments 13,202 Less interest 1,169 Present value of lease liabilities $ 12,033 |
STOCK-BASED AWARDS (Tables)
STOCK-BASED AWARDS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 income as follows (in thousands): Three months ended 2022 2021 Cost of goods sold $ 54 $ 11 Sales and marketing 345 257 Technology 1,840 657 General and administrative 2,400 1,380 Total stock-based compensation $ 4,639 $ 2,305 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes restricted stock award activity during the three months ended March 31, 2022 (in thousands, except per share data): Three months ended Units Weighted Outstanding—beginning of year 663 $ 56.37 Granted at fair value 482 46.12 Vested (243) 38.21 Forfeited (20) 70.04 Outstanding—end of period 882 $ 55.48 |
REVENUE AND CONTRACT LIABILITY
REVENUE AND CONTRACT LIABILITY (Tables) | 3 Months Ended |
Mar. 31, 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): Amount Unearned revenue at December 31, 2020 $ 72,165 Increase due to deferral of revenue at period end 51,384 Decrease due to beginning contract liabilities recognized as revenue (64,162) Unearned revenue at December 31, 2021 59,387 Increase due to deferral of revenue at period end 41,623 Decrease due to beginning contract liabilities recognized as revenue (39,589) Unearned revenue at March 31, 2022 $ 61,421 |
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): Amount Allowance for returns at December 31, 2020 $ 19,190 Additions to the allowance 237,622 Deductions from the allowance (242,889) Allowance for returns at December 31, 2021 13,923 Additions to the allowance 42,460 Deductions from the allowance (42,166) Allowance for returns at March 31, 2022 $ 14,217 |
NET INCOME LOSS PER SHARE (Tabl
NET INCOME LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 per common share for the periods indicated (in thousands, except per share data): Three months ended 2022 2021 Numerator: Income from continuing operations $ 10,123 $ 26,018 Less: Preferred stock dividends—declared and accumulated 182 182 Undistributed income from continuing operations 9,941 25,836 Less: Undistributed income allocated to participating securities 952 1,529 Net income from continuing operations attributable to common stockholders $ 8,989 $ 24,307 Loss from discontinued operations $ — $ (9,925) Net income attributable to common stockholders $ 8,989 $ 14,382 Denominator: Weighted average shares of common stock outstanding—basic 43,052 42,885 Effect of dilutive securities: Restricted stock awards 230 435 Weighted average shares of common stock outstanding—diluted 43,282 43,320 Net income from continuing operations per share of common stock: Basic $ 0.21 $ 0.57 Diluted $ 0.21 $ 0.56 Net loss from discontinued operations per share of common stock: Basic $ — $ (0.23) Diluted $ — $ (0.23) Net income per share of common stock: Basic $ 0.21 $ 0.34 Diluted $ 0.21 $ 0.33 |
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): Three months ended 2022 2021 Restricted stock units 506 284 Employee stock purchase plan 64 — |
DISCONTINUED OPERATIONS - Narra
DISCONTINUED OPERATIONS - Narrative (Details) | Apr. 23, 2021 | Mar. 31, 2021 | Jan. 25, 2021 | Mar. 31, 2022 |
Minimum | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Fair Value, Inputs, Level 3 [Member] | Assets | Investments, Fair Value Concentration Risk | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Concentration Risk, Percentage | 99.50% | |||
Pelion MV GP, LLC | Medici Ventures, L.P. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% | |||
Overstock.com, Inc. | tZero.com, Inc. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 41.00% | |||
Equity Method Investment, Ownership Percentage | 31.00% | |||
Equity Method Investment, Ownership Percentage | 31.00% | |||
Overstock.com, Inc. | Medici Ventures, L.P. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.00% | 99.00% | ||
Medici Ventures | tZero.com, Inc. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 42.00% | |||
Medici Ventures, L.P. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Partnership Term | 8 years |
DISCONTINUED OPERATIONS - Sched
DISCONTINUED OPERATIONS - Schedule of Discontiued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net loss from discontinued operations | $ 0 | $ (10,126) |
Less: Net loss attributable to noncontrolling interests from discontinued operations | 0 | (201) |
Net loss from discontinued operations attributable to stockholders of Overstock.com, Inc. | 0 | (9,925) |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net revenue | 0 | 15,592 |
Cost of goods sold | 0 | 12,391 |
Gross profit | 0 | 3,201 |
Technology | 0 | 6,556 |
Selling, general, and administrative | 0 | 11,425 |
Total operating expenses | 0 | 17,981 |
Operating loss from discontinued operations | 0 | (14,780) |
Interest income, net | 0 | 187 |
Other income, net | 0 | 4,479 |
Loss from discontinued operations before income taxes | 0 | (10,114) |
Provision for income taxes | 0 | 12 |
Net loss from discontinued operations | 0 | (10,126) |
Less: Net loss attributable to noncontrolling interests from discontinued operations | 0 | (201) |
Net loss from discontinued operations attributable to stockholders of Overstock.com, Inc. | $ 0 | $ (9,925) |
Fair Value Measures and Discl_3
Fair Value Measures and Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | $ 0 | |
Equity Securities, FV-NI, Noncurrent | 115,306 | 102,529 | |
Debt Securities, Trading, and Equity Securities, FV-NI | 226 | 179 | |
Assets, Fair Value Disclosure | 115,532 | 102,708 | |
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | 231 | 188 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 231 | 188 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Equity Securities, FV-NI, Noncurrent | 366 | 174 | |
Debt Securities, Trading, and Equity Securities, FV-NI | 226 | 179 | |
Assets, Fair Value Disclosure | 592 | 353 | |
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | 231 | 188 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 231 | 188 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Equity Securities, FV-NI, Noncurrent | 0 | 0 | |
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Equity Securities, FV-NI, Noncurrent | 114,940 | 102,355 | |
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 | |
Assets, Fair Value Disclosure | 114,940 | 102,355 | |
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 114,940 | 102,355 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 11,420 | 99,723 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 1,165 | $ 2,632 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 4,286 | $ 5,123 | |
Property, Plant and Equipment, Gross | 341,453 | $ 338,832 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (232,999) | (229,353) | |
Property, Plant and Equipment, Net | 108,454 | 109,479 | |
Cost of goods sold | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 167 | 154 | |
Technology | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 3,200 | 3,875 | |
General and administrative | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 919 | 1,094 | |
Software Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized Computer Software, Additions | 1,769 | 1,705 | |
Capitalized Computer Software, Amortization | 1,726 | $ 1,808 | |
Computer hardware and software, including internal-use software and website development | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 227,512 | 225,256 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 69,339 | 69,293 | |
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 12,408 | 12,067 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 12,781 | 12,781 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,579 | 2,601 | |
Building machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 9,809 | 9,809 | |
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 7,025 | $ 7,025 |
EQUITY SECURITIES (Details)
EQUITY SECURITIES (Details) - USD ($) $ in Thousands | Apr. 23, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 352,500 | ||
Income (Loss) from Equity Method Investments | (1,464) | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 1,165 | ||
Consolidated net income | 10,123 | $ 15,892 | |
Payments to Acquire Equity Method Investments | 11,420 | 0 | |
Payments to Acquire Equity Method Investments | 11,420 | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Securities, FV-NI | 114,900 | ||
Equity Securities, FV-NI | 114,900 | ||
tZero.com, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 740 | ||
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | (5,380) | ||
Consolidated net income | $ (4,380) | ||
Overstock.com, Inc. | Medici Ventures, L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.00% | 99.00% | |
Overstock.com, Inc. | tZero.com, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 31.00% | ||
Payments to Acquire Equity Method Investments | $ 7,500 | ||
Equity Method Investment, Capital Commitments Required | 15,000 | ||
Equity Method Investment, Capital Commitments Remaining | 7,500 | ||
Payments to Acquire Equity Method Investments | 7,500 | ||
Equity Method Investment, Capital Commitments Required | 15,000 | ||
Equity Method Investment, Capital Commitments Remaining | $ 7,500 | ||
Overstock.com, Inc. | SpeedRoute, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Payments to Acquire Equity Method Investments | $ 3,900 | ||
Payments to Acquire Equity Method Investments | $ 3,900 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) $ in Thousands | Mar. 06, 2020 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 37,117 | $ 37,984 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Minimum Net Worth Required for Compliance | 15,000 | ||
Minimum Liquid Assets | 1,000 | ||
Minimum Net Worth Required for Mezzanine Note Duration | 30,000 | ||
Minimum Liquid Assets Compliance for Duration of Mezzanine Note | 3,000 | ||
Mezzanine Note [Member] | |||
Debt Instrument [Line Items] | |||
Minimum Net Worth Required for Compliance | 30,000 | ||
Minimum Liquid Assets | 3,000 | ||
Loan Core Capital Funding Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Senior & Mezzanine Note Total Outstanding | 40,500 | ||
Debt Issuance Costs, Net | 478 | ||
Other Liabilities, Current | $ 3,400 | ||
Loan Core Capital Funding Corporation [Member] | Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 34,500 | ||
Annual interest rate | 4.242% | ||
Long-term Debt, Term | 10 years | ||
Loan Core Capital Funding Corporation [Member] | Mezzanine Note [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 13,000 | ||
Annual interest rate | 5.002% | ||
Long-term Debt, Term | 10 years | ||
Long-term Debt, Principal and Interest Only Payments | 46 months | ||
Loan Core Capital Funding Corporation [Member] | Senior and Mezzanine Blended Rate [Member] | |||
Debt Instrument [Line Items] | |||
Annual interest rate | 4.45% |
LEASES - Additional Information
LEASES - Additional Information (Details) | Mar. 31, 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) | 6 years |
LEASES - Components of Lease Co
LEASES - Components of Lease Cost and Other Operating Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 1,509 | $ 2,141 | |
Variable lease cost | 498 | 388 | |
Cash payments included in operating cash flows from lease arrangements | 1,550 | 2,158 | |
Derecognition of Right-of-Use Assets | $ 0 | $ 527 | |
Weighted-average remaining lease term—operating leases | 2 years 6 months 7 days | 2 years 8 months 19 days | |
Weighted-average discount rate—operating leases | 7.00% | 7.00% |
LEASES - Operating Lease Maturi
LEASES - Operating Lease Maturities and Future Minimum Payments (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Operating Leases After Adoption of 842 | |
2022 (Remainder) | $ 4,626 |
2023 | 4,805 |
2024 | 2,773 |
2025 | 665 |
2026 | 250 |
Thereafter | 83 |
Total lease payments | 13,202 |
Less interest | 1,169 |
Present value of lease liabilities | $ 12,033 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loss contingency, legal proceedings | ||
Accrued liabilities for contingencies | $ 63 | $ 165 |
STOCKHOLDERS' EQUITY - Preferre
STOCKHOLDERS' EQUITY - Preferred Stock (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022vote$ / sharesshares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / shares | Mar. 31, 2021shares | |
Class of Stock [Line Items] | ||||
Preferred Stock, Number of Votes | vote | 1 | |||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ / shares | $ 0.16 | |||
Dividend paid (in usd per share) | $ / shares | $ 0.16 | $ 0.16 | ||
Series A-1 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares outstanding | 4,198,000 | 4,204,000 | ||
Number of convertible preferred shares upon conversion (in shares) | 1 | |||
Preferred stock | Series A-1 Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares outstanding | 4,198,000 | 4,204,000 |
STOCKHOLDERS' EQUITY - JonesTra
STOCKHOLDERS' EQUITY - JonesTrading Agreements (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Class of Stock [Line Items] | |
Common Stock, Aggregate Offering Price | $ 150,000 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Aug. 17, 2021 | |
Equity [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 100,000 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Payments for Repurchase of Common Stock | $ 24,900 | |
Average price per share of shares repurchased (in dollars per share) | $ 48.18 | |
Series A-1 Preferred Stock | ||
Class of Stock [Line Items] | ||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 256 | |
Average price per share of shares repurchased (in dollars per share) | $ 45.24 |
STOCK-BASED AWARDS - Stock-base
STOCK-BASED AWARDS - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 4,639 | $ 2,305 |
Cost of Sales [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 54 | 11 |
Selling and Marketing Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 345 | 257 |
Technology [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 1,840 | 657 |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 2,400 | $ 1,380 |
STOCK-BASED AWARDS - Additional
STOCK-BASED AWARDS - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Grant Date Fair Value | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 46,910,000 | 46,625,000 |
Restricted Stock Awards | ||
Units | ||
Outstanding-beginning of year (in shares) | 663,000 | |
Granted at fair value (in shares) | 482,000 | |
Vested (in shares) | (243,000) | |
Forfeited (in shares) | (20,000) | |
Outstanding-end of period (in shares) | 882,000 | |
Weighted Average Grant Date Fair Value | ||
Outstanding-beginning of year (in dollars per share) | $ 56.37 | |
Granted at fair value (in dollars per share) | 46.12 | |
Vested (in dollars per share) | 38.21 | |
Forfeited (in dollars per share) | 70.04 | |
Outstanding-end of period (in dollars per share) | $ 55.48 | |
Restricted Stock Awards | First year | ||
Stock-Based Awards | ||
Annual award vesting percentage | 33.30% | |
Restricted Stock Awards | Second year | ||
Stock-Based Awards | ||
Annual award vesting percentage | 33.30% | |
Restricted Stock Awards | Third year | ||
Stock-Based Awards | ||
Annual award vesting percentage | 33.40% |
STOCK-BASED AWARDS - ESPP (Deta
STOCK-BASED AWARDS - ESPP (Details) - USD ($) | May 13, 2021 | Mar. 31, 2022 |
Stock-Based Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 25.00% | |
Share-based Compensation Arrangement by Share-based Payment Award Monetary Cap | $ 21,250 | |
Share-based Compensation Arrangement by Share-based Payment Award Offering Period Duration | 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award Number of Six Month Purchase Periods | 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |
Employee Stock | ||
Stock-Based Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award Offering Period Duration | 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 41,918 | |
Stock Issued, Employee Stock Purchase Plan, Average Price Per Share | $ 48.37 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,000,000 | |
Employee Benefits and Share-based Compensation | $ 627,000 |
STOCK-BASED AWARDS (Details)
STOCK-BASED AWARDS (Details) shares in Millions | Mar. 31, 2022shares |
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 | 3 |
REVENUE AND CONTRACT LIABILIT_2
REVENUE AND CONTRACT LIABILITY Unearned Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Contract with Customer, Liability | $ 61,421 | $ 59,387 | $ 72,165 |
Increase (Decrease) in Contract with Customer, Liability | 41,623 | 51,384 | |
Contract with Customer, Liability, Revenue Recognized | $ (39,589) | $ (64,162) |
REVENUE AND CONTRACT LIABILIT_3
REVENUE AND CONTRACT LIABILITY Club O Reward Unearned Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Deferred Revenue, Current | $ 61,421 | $ 59,387 | |
Gift Card and Club O Rewards Breakage | 1,100 | $ 1,400 | |
Club O Reward Points [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Deferred Revenue, Current | $ 10,800 | $ 10,000 |
REVENUE AND CONTRACT LIABILIT_4
REVENUE AND CONTRACT LIABILITY Sales Return Allowance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales returns allowance [Abstract] | |||
Sales Return, Reserve for Sales Returns, Current | $ 14,217 | $ 13,923 | $ 19,190 |
Sales Returns, Additions To Reserve For Sales Returns | 42,460 | 237,622 | |
Deductions From Sales Returns, Current | $ (42,166) | $ (242,889) |
NET INCOME LOSS PER SHARE (Deta
NET INCOME LOSS PER SHARE (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 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 | 506 | 284 |
Employee Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 64 | 0 |
NET INCOME LOSS PER SHARE Incom
NET INCOME LOSS PER SHARE Income & Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 10,123 | $ 26,018 |
Preferred Stock Dividends, Income Statement Impact | 182 | 182 |
Net Income (Loss) Available To Common Stockholders, Before Undistributed Earnings (Loss) Allocated To Participating Securities, Basic | 9,941 | 25,836 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 952 | 1,529 |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | 8,989 | 24,307 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | (9,925) |
Net Income (Loss) Available to Common Stockholders, Basic | $ 8,989 | $ 14,382 |
Weighted Average Number of Shares Outstanding, Basic | 43,052 | 42,885 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 230 | 435 |
Weighted Average Number of Shares Outstanding, Diluted | 43,282 | 43,320 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.21 | $ 0.57 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.21 | 0.56 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | (0.23) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | (0.23) |
Earnings Per Share, Basic | 0.21 | 0.34 |
Earnings Per Share, Diluted | $ 0.21 | $ 0.33 |