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
