Overstock.com (OSTK) Tops Q1 EPS by 23c, Revenues Beat

Overstock.com (NASDAQ: OSTK) reported Q1 EPS of ($0.40), $0.23 better than the analyst estimate of ($0.63). Revenue for the quarter came in at $352 million versus the consensus estimate of $332.3 million.

First Quarter Financial Highlights

• Total net revenue was $352 million, a decrease of 4% year over year
• Gross profit was $76 million or 21.6% of total revenue, an improvement of 169 basis points year over year
• Net loss attributable to stockholders of Overstock.com, Inc. was $16 million, an improvement of $23 million year over year
• Net loss per share was $0.40, an improvement of $0.78 year over year
• Adjusted EBITDA (non-GAAP) improved by 31% year over year
• Net cash used in operating activities was $12 million, an improvement of $39 million year over year
• Free cash flow (non-GAAP) improved by $40 million year over year
• At the end of the first quarter, cash and cash equivalents totaled $141 million

"In a time of great uncertainty, Overstock is performing well," said Overstock CEO Jonathan Johnson. "Our retail business, which was already on track to achieve its first quarter plan before the COVID-19 crisis hit full bore, has benefited from an increased demand for home furnishings and other key product categories from customers looking to shop from the safety of their homes. The Overstock Retail team is executing its disciplined strategy. I expect to see continued progress against our goal of realizing sustainable, profitable growth. Many of our Medici Ventures blockchain companies are also progressing toward having usable products in production."

"COVID-19 has altered the landscape for many," Johnson continued. "Our retail business's April sales are up over 120% year over year and that growth has occurred mainly in our key home furnishings categories. Several of our blockchain companies have received public attention because the problems they are solving using blockchain technology have been brought into the spotlight in the current pandemic. Areas like mobile voting, digital identity, digital currency, and supply chain tracking have become more important in our COVID-19 world. I am looking forward to the increase in tZERO platform activity I believe will result from the upcoming issuance of the Overstock digital dividend. I will provide a more detailed report on the impact COVID-19 has had on our businesses and other corporate updates on our earnings call."

"I thank our shareholders for their continued support. I am confident in our teams' ability to execute and to be the innovative leader in the e-commerce and blockchain arenas," concluded Johnson.

For earnings history and earnings-related data on Overstock.com (OSTK) click here.

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