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Overstock Announces First Quarter 2021 Financial Results
6:00 AM ET 4/29/21 | GlobeNewswire
Overstock Announces First Quarter 2021 Financial Results
First quarter net revenue growth of 94% year over year to $660 million
First quarter income from continuing operations of $26 million, an increase of $40 million year over year
SALT LAKE CITY, April 29, 2021 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) today reported financial results for the quarter ended March 31, 2021.
First Quarter 2021 Financial Highlights, from continuing operations
-- Total net revenue was $660 million, an increase of
94% year over year
-- Gross profit was $154 million or 23.3% of total net
revenue, an increase of 141 basis points year over
year
-- Income from continuing operations was $26 million,
an improvement of $40 million year over year
-- Diluted earnings per share was $0.56, an improvement
of $0.90 year over year
-- Adjusted EBITDA (non-GAAP) was $34 million, an improvement
of $40 million year over year
-- YTD net cash provided by operating activities was
$74 million, an improvement of $76 million year over
year
-- YTD free cash flow (non-GAAP) improved $76 million
year over year
-- At the end of the first quarter, cash and cash equivalents
totaled $535 million
"On the heels of a record 2020, Overstock continues to execute consistently and delivered strong results for the first quarter of 2021," said Overstock CEO Jonathan Johnson. "Our strong momentum reflects our purposeful and strategic focus on our home business and the operational changes we've made and continue to put in place. For the first quarter, our net revenue increased by 94%, and our active customers nearly doubled again. Our focus on improving the customer experience and making our brand vision of 'Dream Homes for All' a reality is paying off. In addition, our strategic partnership with Pelion Venture Partners for oversight of Medici Ventures' blockchain assets closed ahead of schedule and we believe it will provide the portfolio companies the opportunities they need to succeed. We have had another great quarter of profitable market share growth! We believe Overstock is well positioned to sustain this profitable path through 2021 and beyond. I look forward to providing a full update on our first quarter performance during our earnings call."
First Quarter 2021 Operational Highlights
-- Active customers reac
DJ Overstock Could Be an Acquisition Target, Says Analyst -- Barrons.com
12:17 PM ET 4/9/21 | Dow Jones
Teresa Rivas
The pandemic was a boon for online home-furnishings retailer Overstock.com, and its shares have soared well over 800% in the latest 12 months. Yet Piper Sandler argues that even with that rally, it's the "most mispriced stock" in the space, especially if Overstock becomes an acquisition target.
Analyst Peter Keith reiterated an Overweight rating and $140 price target on Overstock (ticker: OSTK) stock Friday, writing that he sees "tremendous" potential reward for investors over a one- to two-year time frame.
There's a lot to like about its "solidly profitable" business, which trades at just 0.8 times his 2021 sales estimate -- cheaply enough that investors are basically getting its blockchain operations and its contract with the federal government's General Services Administration (GSA) for free, he argues. That's a serious disconnect, as he thinks Overstock's tZero blockchain trading platform could be worth half a billion dollars or more.
Keith's main focus is the GSA contract, however: Awarded in June 2020, it means Overstock provides business-to-business e-commerce capabilities for things such as office furniture and supplies for federal agencies for up to three years. He notes that the contract was originally for five federal agencies that would spend $6 billion in annual purchases, but it's been expanded to encompass eight agencies, implying potentially higher sales. While the platform has been slower to take off than the company expected, he believes much of this is due to ongoing work-from-home dynamics.
He also thinks it's worth noting that Overstock won the contract along with two other, much-larger providers -- Amazon.com (AMZN) and Thermo Fisher Scientific (TMO). Keith believes Overstock was selected because of the products offered, competitive pricing, and its security, reporting, and analytics capabilities. "Overstock was told by the GSA diligence committee that it had best-in-class security among the applicant pool. Overstock also has superior reporting analytics capabilities to provide reporting down to the micro level," he notes.
Ultimately, Keith doesn't just think that the government contract is a great sales opportunity, but it also "validates Overstock as a strong e-commerce platform and makes Overstock an acquisition candidate for other large box retailers that presumably weren't selected as GSA contract finalists."
Overstock stock is up 4.6% to $68.78 in recent trading. The shares are more than 40% year to date.
Write to Teresa Rivas at teresa.rivas@barrons.com
I guess we have no board here...is there a board anywhere any where else?
why is stock being driven down?earnings were good..any thoughts?
anybody have any thoughts on upcoming earnings?
massive dark money shorting
the option boys control this stock for now..but look out pain is coming...shorts better cover..
the option boys control this stock for now..but look out pain is coming...shorts better cover..
can anyone explain the daily volume...20%of shares trading everyday for the last 10 days..?
relax...secondary offer causes temporary drop...should move back forward soon..
anybody have any idea how high this can go...i have never seen option prices this high...is there something going to be announced?new board member is interesting..
tZERO Named Best Blockchain Solution of the Year by FTF News Technology Innovation Awards 2020
9:00 AM ET 6/8/20 | Dow Jones
Related Quotes
11:02 AM ET 6/9/20
Symbol Last % Chg
OSTK
22.82 5.21%
Real time quote.
NEW YORK--(BUSINESS WIRE)--June 08, 2020--
tZERO, the global leader in blockchain innovation for capital markets, announced today that it has won the 2020 FTF News Technology Innovation Award for the 'Best Blockchain Solution of the Year' category. As the securities industry is moving ahead with new solutions that use distributed ledger technology (DLT), this award honors the breakthrough systems that will advance the operations of the securities industry the most.
tZERO CEO Saum Noursalehi stated, "We are proud to be recognized as Best Blockchain Solution of the Year, and we look forward to continuing to advance the integration of DLT to advance capital markets."
The annual awards, presented by Financial Technologies Forum and FTF News, celebrate and recognize the professionals, financial technology vendors, service providers, industry bodies and regulators that have made significant strides and noteworthy achievements in operational excellence during 2019. The winners are selected by popular vote of capital markets industry professionals.
In 2019, tZERO made great strides in the digital asset space. It commenced secondary trading of its digital preferred equity security (TZROP) on the tZERO ATS. Within one year of trading commencing, TZROP was highlighted as the digital security with the highest volume in 2019. tZERO ATS signed agreements with five additional broker-dealer subscribers to its alternative trading system (ATS), which will increase the pool of investors that trade on the platform. tZERO also partnered with Alliance Investments in October 2019, which intends to issue a digital security representing at least $25M of the equity in the entity owning River Plaza, a luxury development in Manchester, England. In addition, tZERO's crypto unit launched the tZERO Crypto app, and tZERO secured a number of cutting-edge patents related to the intersection of DLT and capital markets.
"It speaks volumes to our nominees and winners that despite the current environment, clients, peers and FTF readers took the time to vote in this year's FTF Awards -- even surpassing the number of votes we received last year," says Maureen Lowe, President, Founder and Publisher of FTF and FTF News. "We have seen some real innovation from FinTech companies over the past 12-to-18 months, and we expect that despite current challenges, the innovation will continue. This year, our regular gala has been put on hold, but the celebration will continue -- albeit in virtual form through various online initiatives. We remain optimistic, however, that we will be able to all meet again next year for a show-stopping gala celebration. Until then, congratulations to our 2020 FTF Awards winners!"
tZERO is a technology firm that was founded with the goal of utilizing distributed ledger technology (DLT) to revolutionize Wall Street so that it is more efficient, accessible, and transparent. tZERO is a subsidiary of Medici Ventures, the blockchain-focused, wholly-owned subsidiary of Overstock.com, Inc. (NASDAQ:OSTK).
Investor Notice
Investors should note that trading digital securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single digital security could mean lack of diversification and, consequently, higher risk.
No Offer, Solicitation, Investment Advice or Recommendations
This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by the tZERO or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.
About tZERO
tZERO Group, Inc. (tZERO) is a majority-owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers -- more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. For more information on tZERO, please visit: https://www.tzero.com/.
tZERO is not a registered broker-dealer, funding portal, underwriter, investment bank, investment adviser or investment manager, and is not providing brokerage, investment banking or underwriting services, recommendations or investment advice to any person, and does not provide any brokerage services. tZERO takes no part in the negotiation or execution of secondary market transactions for the purchase or sale of securities and at no time has possession of investor funds or securities in connection with such transactions.
About tZERO ATS
tZERO ATS, LLC is a broker-dealer registered with the SEC and a member of FINRA and SIPC. More information about tZERO ATS may be found at www.finra.org. Digital securities that trade on tZERO ATS are conventional uncertificated securities, with traditional books and records kept by a traditional SEC-regulated transfer agent. The term "digital" refers to the blockchain technology elements of a security that are intended to enhance investor experience through added transparency.
About tZERO Crypto
tZERO Crypto, Inc. is a wholly-owned subsidiary of and powered by the technology of tZERO Group, Inc. tZERO Crypto, Inc. and tZERO Group, Inc. are not a registered broker-dealers, underwriters, investment banks, or investment advisers, and are not providing brokerage, investment banking or underwriting services, recommendations or investment advice to the users of the tZERO Crypto app. No broker-dealer affiliate of tZERO Group, Inc. is involved in the transactions and services offered by the tZERO Crypto app. tZERO Crypto, Inc. is licensed as an authorized money transmitter in every jurisdiction in which it does business that requires such authorization. See the legal disclosures and list of tZERO Crypto, Inc.'s licensing authorities on https://www.tzero.com/crypto-app for more information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200608005351/en/
CONTACT: tZERO
Media Contact:
Alexandra Sotiropoulos, +1-347-293-1416
asotiropoulos@tzero.com
Investor Contact:
Michael Mougias, +1-347-293-1248
mmougias@tzero.com
SOURCE: tZERO
Copyright Business Wire 2020
> Dow Jones Newswires
June 08, 2020 09:00 ET (13:00 GMT)
my vote of yes is in for the dividend..
show us the money..we do not want to be the world's free research lab...
I think it is a great time for longterm players to buy some each day...whether it goes up or down to increase your position for the longterm...the company is still intact and will continue their business plan..today is the shorts day but the future will not be...jmho
i will be either selling my options and buying shares or will just take them in,depending on what makes sense...any thoughts?
i tagged wrong post..my apologies
I am beginning to add in a big way along with my friends..
Bs post...the shorts are out in force...the SEC should definitely be alerted to this post..beware everyone!
i would not want to be short this stock!
everyone should read the article in NYTimes by Thomas Friedman dated may 21 about china and trump ......a very well written article..
he will not do a bad deal...time will tell...they may have some advantages but we have the largest economy in the world...it will hurt china very badly to not do a deal..i am betting a deal happens
this settlement should be good for the licensing of patented technology..this will be good for idcc..hopefully will start some settlements..
jiff...that is true,however,under the current administration that ain't going to happen,as you know..Interesting article about huawei willing to sell 5g chips to apple....may not happen right away but gives apple an extra bullet in their fight with qualcomm.
foreign companies would not be allowed so the number of companies really gets reduced..time will tell but I am feeling something big and good is just around the corner..hopefully , a China trade deal could be the catalyst..here's hoping..
i really do not understand why apple does not buy idcc..engineers,doors into 5G,margin reduction in phones and wearables and much more!
it does not make sense with our low volume for someone to buy that much for a dividend unless they were going to hold for awhile...It is strange the stock basically did not move on that kind of purchase,however,it is strange that there was no follow through which should occur on china potential news..go figure with this stock..
wow..someone just bought a lot of shares..
until monetary news comes the option market controls our price..there is just so little volume it is not hard to do..it says it will close around $67.50 at end of next week...of course that could all change with the right news..
thanks M6...that is a good start...now,if we can get Cramer to do a more in-depth interview I think it will help IDCC get some respect and who knows maybe an avalanche of licenses with a China trade deal...one can hope
I agree Jiff..on a positive note...A China trade deal with the tech piece should bode very well for IDCC..It very well could be the catalyst we have all been waiting for so long...just think if the Chinese start paying us...It could also make us much more valuable for a buyout by intel,apple or someone..I am smelling something very good getting ready to happen...
bed,bath and beyond has been in 5 yr bear market..replacing their whole board..hmmm
i agree with those who responded about how important China is to this company..A deal should be very good for idcc,however,our CEO needs to get out and sell our company...We have very little volume for a wireless company that should be important to the whole 5g rollout..but nobody knows...crickets
how about a series of interviews with Cramer at his 6:oo program like he does with salesforce...it could be explaining how interdigital fits in with the introduction of 5g to the world...how 5g will change the world...and many more things...it is time!
at some point the CEO must come out of hiding..I have never seen a company that a
CEO stays in a closet between conference calls..We do not know what is going on other than the stock is down over the last 2 or 3yrs in a market that has exploded..When is the board going to hold someone accountable..How can we hold the board accountable..I have been a stockholder for a long time but I am getting tired and suspicious of what is going on or what is not going on..why is this company not able to grow and communicate to its stockholders...a fair question?
maybe idcc could create a solution for huawei that would manage their transparancy to the world to regain trust for huawei...sign a long term license and create a partnership to solve this issue which huawei must do..
wonder why apple doesn't just buy IDCC..it would give them some ammo for QCOM plus an added value for the future....just seems logical to me and price is nothing to apple yet potential upside could be big..what am I missing?
i agree Fish with this post..I have screamed at Patrick for along time..He just deflects and makes excuses..Useless...We need new mgt that monetize our business...this is bordering ridiculous..The CEO only shows up at quarterly calls,otherwise,crickets!There is no volume at all and yet we hear nothing...getting very close to being gone..too many opportunities out there...this has been a dud thanks to our faceless CEO..jmho
just curious..dnodd..do you still own any stock?
thanks olddog