Core Viewpoint - Beyond, Inc. has entered into a definitive agreement to sell its Zulily brand to Lyons Trading Company for $5 million while retaining a 25% stake in the brand [1] Group 1: Financial Performance and Strategy - The company has made significant progress in improving the performance of its core brands, including Bed Bath & Beyond and Overstock.com, through margin improvement, enhanced site experience, vendor consolidation, and right-sizing fixed expenses [2] - The sale of Zulily is part of the company's commitment to resource optimization and focusing on its largest growth opportunities, with an expectation that the sale will have an immaterial impact on adjusted earnings per share for the full year [3] Group 2: Company Overview - Beyond, Inc. is an ecommerce-focused affinity company based in Murray, Utah, owning various retail brands, including Bed Bath & Beyond, Overstock, and buybuy Baby, aimed at unlocking customers' home potential through a vast data cooperative [4]

Core Insights - Beyond, Inc. has appointed Debra Perelman as an independent director, effective March 14, 2025, to strengthen its Board of Directors [1][2][3] Company Overview - Beyond, Inc. is an ecommerce-focused affinity company based in Murray, Utah, owning brands such as Bed Bath & Beyond, Overstock, and buybuy BABY, providing a wide range of products and services [4] Leadership Experience - Debra Perelman brings over 27 years of leadership experience in various business areas, including finance, ecommerce, and corporate strategy, which will enhance Beyond's strategic direction [2][3] Strategic Vision - The Chairman of Beyond emphasized that Perelman's expertise in digital and consumer markets will be crucial for the company's growth and profitability, as it aims to aggregate consumer brands and evolve its omnichannel strategy [3] Brand Portfolio - Beyond's brand portfolio, including iconic names like Bed Bath & Beyond and Overstock, is seen as a strong foundation for growth in the retail sector, with Perelman expressing excitement about supporting the company's transformation [3]

Core Viewpoint - Beyond, Inc. has appointed Debra Perelman as an independent director to enhance its strategic transformation and growth efforts [1][2][3] Company Overview - Beyond, Inc. is based in Murray, Utah, and focuses on e-commerce, owning brands such as Bed Bath & Beyond, Overstock, and buybuy BABY [4] - The company aims to provide a comprehensive array of products and services to help customers unlock their homes' potential through a vast data cooperative [4] Leadership Appointment - Debra Perelman, former CEO of Revlon, brings over 27 years of leadership experience across finance, distribution, sales, e-commerce, data analytics, investment, and marketing [2] - Her expertise in corporate strategy and innovation is expected to strengthen Beyond's Board and support the company's growth in the retail sector [2][3] Strategic Goals - Beyond's Chairman, Marcus Lemonis, emphasized that Perelman's operational experience will be crucial in seizing opportunities in the digital and consumer space [3] - Perelman expressed enthusiasm for supporting the transformation of Beyond and driving profitability and long-term success [3]

— Leadership changes reinforce mandate to faster return to profitability — Management commits to an additional annualized $15 million fixed cost reduction MURRAY, Utah, March 10, 2025 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Bed Bath & Beyond, Overstock, and buybuy BABY announced today that its Board of Directors appointed Executive Chairman Marcus Lemonis to serve as the Company’s Principal Executive Officer and appointed Adrianne Lee to serve as its President & CFO. Mr. Lemonis commented, “ ...

— Leadership changes reinforce mandate to faster return to profitability — Management commits to an additional annualized $15 million fixed cost reduction MURRAY, Utah, March 10, 2025 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Bed Bath & Beyond, Overstock, and buybuy BABY announced today that its Board of Directors appointed Executive Chairman Marcus Lemonis to serve as the Company's Principal Executive Officer and appointed Adrianne Lee to serve as its President & CFO. Mr. Lemonis commented, " ...

Company Overview - Beyond, Inc. reported a name change from Overstock.com, Inc. to Beyond, Inc. in November 2023 and transferred its stock listing to the New York Stock Exchange [19]. - The company offers a wide range of products, with its retail transactions fulfilled through a network of partners, allowing for an extensive product assortment reaching into the millions [22]. - Beyond, Inc. emphasizes a simplified customer experience with a user-friendly interface and a focus on price, value, and quality [21]. - The company has established a collaborative partnership with Kirkland's Home brand to operate Bed Bath & Beyond neighborhood stores, enhancing its market presence [21]. Employee Relations and Benefits - As of December 31, 2024, Beyond, Inc. employed approximately 610 full-time employees, with a focus on maintaining good employee relations and high competition for qualified personnel [37]. - The company has a total rewards philosophy that includes competitive cash and non-cash compensation programs to attract and retain employees [40]. - Beyond, Inc. offers a retirement savings plan with a dollar-for-dollar match up to 6% of employee contributions, promoting financial wellness for its workforce [44]. - The company offers a competitive benefits package, including medical, dental, vision insurance, health savings accounts, flexible spending accounts, and a generous 401(k) matching program [49]. - In 2024, the company expanded benefits to include unlimited flexible time away for all exempt employees, enhancing work/life integration [49]. - The company emphasizes employee development through various resources, including online courses and mentoring programs, to support career progression [50]. - The corporate culture is performance-based and inclusive, aiming to engage and retain highly qualified employees [51]. - The average employee tenure is seven years overall, with customer service and warehouse departments averaging six and a half years [47]. - The 401(k) committee meets quarterly to review the plan and ensure it serves employees effectively [53]. Financial Performance - The company reported an accumulated deficit of $740.5 million as of December 31, 2024, with significant losses incurred from 2022 to 2024, including non-cash losses on equity method investments and a write-down loss on its corporate headquarters [77]. - Revenue decreased by 11% in 2024 compared to 2023, primarily due to an 8% decrease in orders delivered and a 3% decrease in average order value [173]. - Gross profit decreased by 21% in 2024 compared to 2023, with gross margin declining to 20.8% from 23.4% [174]. - Cash and cash equivalents decreased from $302.6 million as of December 31, 2023 to $159.2 million as of December 31, 2024, a decrease of $143.4 million [172]. - Net revenue for the year ended December 31, 2024, was $1,394,964, a decrease of 10.6% compared to $1,561,122 in 2023 [198]. - The effective tax rate for 2024 was (0.3)%, a significant decrease from (15.7)% in 2023, influenced by research tax credits and valuation allowances [216]. Market Competition and Risks - The company faces intense competition in the online retail market, competing with major players like Amazon and various specialty retailers [62]. - The company actively manages risks related to operational, litigation, and regulatory environments that could impact financial results [60]. - The company relies on third-party partners for critical business functions, and any issues with these partners could adversely affect operations [61]. - Customer expectations are evolving, necessitating continuous adaptation in marketing and fulfillment strategies to meet demand [65]. - The company faces numerous cybersecurity risks, including threats from state-sponsored organizations and opportunistic hackers, which could materially impact operations and financial results [89]. - The company is subject to evolving data privacy laws, including the California Consumer Privacy Act (CCPA), which imposes significant compliance costs and operational changes [83]. Operational Challenges - The company has undergone significant changes, including a rebranding from Overstock.com, Inc. to Beyond, Inc., and the acquisition of the Bed Bath & Beyond and Zulily brands, which may lead to customer and stockholder confusion [73]. - The company has experienced periodic systems interruptions due to server failures and cyberattacks, which could materially affect its ability to conduct business [80]. - The company relies heavily on paid and natural search engines for traffic, and any decline in rankings, particularly on Google, could adversely affect its financial results [76]. - The evolving business model increases complexity, impacting management, operations, and financial resources [116]. Legal and Regulatory Issues - The company is involved in various legal proceedings that could divert management's attention and incur significant expenses, potentially harming its reputation [101]. - The rapidly evolving regulatory landscape for cryptocurrencies may subject the company to inquiries or investigations, requiring costly compliance measures [104]. - The company is subject to rules and regulations established by the SEC and NYSE regarding internal control over financial reporting, which could affect its ability to report financial results accurately [135]. Strategic Initiatives - The company provided $17.0 million in debt financing to Kirkland's Stores, Inc. in October 2024 [184]. - The company entered into an asset purchase agreement to acquire the Buy Buy Baby brand for a total purchase price of $5.0 million [185]. - The company recognized $43.0 million in proceeds from the sale of common stock under its "at-the-market" sales program [182]. - The company entered into a $25.0 million revolving line of credit in October 2024 to support strategic ventures [196].

Beyond, Inc. (NYSE:BYON) Q4 2024 Earnings Conference Call February 25, 2025 8:30 AM ET Company Participants Allison Fletcher - Vice President of Legal and Acting General Counsel Marcus Lemonis - Executive Chairman Adrianne Lee - Chief Financial and Administrative Officer Dave Nielsen - President Conference Call Participants Jonathan Matuszewski - Jefferies Thomas Forte - Maxim Group Julio Marquez - Guggenheim Alexia Morgan - Piper Sandler Rick Patel - Raymond James Operator Ladies and gentlemen, thank you f ...

Financial Performance - Q4 2024 - Revenue was $303.2 million, a decrease of 21.1% or $81 million compared to Q4 2023[6, 12] - Gross margin was 23.0%, an increase of 380 bps compared to Q4 2023[6, 17] - G&A and Tech Expense was $47.8 million, a decrease of 11.1% or $6.0 million compared to Q4 2023[6, 19] - Adjusted EBITDA was -$27.9 million, an increase of $21.2 million compared to Q4 2023[6] - Adjusted Diluted EPS was -$0.91, an increase of $0.31 compared to Q4 2023[6] Financial Performance - FY 2024 - Revenue was $1,395 million, a decrease of 10.6% or $166 million compared to FY 2023[12] - Gross margin was 20.8%, a decrease of 260 bps compared to FY 2023[17] - G&A and Tech Expense was $189 million, a decrease of 9.0% or $18.6 million compared to FY 2023[19] - Adjusted EBITDA was -$144 million, a decrease of $83 million compared to FY 2023[25] Customer Metrics - Active customers (LTM) were 5.4 million, a decrease of 3.5% or 0.2 million compared to Q4 2023[27, 29] - Orders delivered (LTM) were 7.4 million, a decrease of 6.5% or 0.5 million compared to Q4 2023[31, 34] - Average order value was $181, an increase of 20.0% compared to Q4 2023[31, 34]

Financial Data and Key Metrics Changes - Revenue declined 21% year-over-year in Q4 2024, with full-year revenue at $1.4 billion, an 11% decline compared to 2023 [41] - Gross margin improved to 23% for Q4, a 380 basis point increase year-over-year, and a sequential improvement of 180 basis points [42][44] - Adjusted EBITDA loss was $28 million, a 43% improvement compared to Q4 2023 [44] - Reported GAAP EPS was a loss of $1.66 per share for Q4, with an adjusted diluted loss per share of $0.91 [44] Business Line Data and Key Metrics Changes - The company focused on rationalizing SKUs, reducing the count from 12 million to under 6 million, which contributed to improved conversion rates [49] - Significant reductions in SG&A expenses were achieved, with a decrease of $6 million year-over-year, meeting the goal of cutting $65 million in expenses [43][44] Market Data and Key Metrics Changes - The company anticipates that revenue will continue to contract in the short term due to the elimination of unprofitable SKUs and vendors, but expects EBITDA to improve significantly [58] - The management noted that the overall market conditions in 2024 provided opportunities for growth in 2025, particularly through vendor relationships and inventory management [17] Company Strategy and Development Direction - The company is focused on achieving profitability by improving gross margins, reducing SG&A, and enhancing marketing efficiency [41][42] - A strategic transformation is underway, emphasizing partnerships with technology firms to improve customer experience and operational efficiency [23][24] - The company aims to leverage its blockchain and AI capabilities through initiatives like LifeChain, which focuses on secure asset management [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the worst is behind the company and that they are on a positive trajectory, assuming stable market conditions [9] - The focus remains on eliminating unnecessary expenses and improving margins to establish a foundation for future growth [22] - Management acknowledged the need for continued discipline in achieving profitability and emphasized the importance of vendor consolidation and efficient marketing [20][21] Other Important Information - The company completed a $200 million shelf registration to raise capital, which was used strategically for growth and investment opportunities [25][28] - A significant investment was made in Kirkland's, a $400 million business, to enhance operational synergies and profitability [28][29] Q&A Session Summary Question: Monthly revenue trends and impact of reduced ad spend - Management noted that revenue declined from October to December due to the elimination of unprofitable SKUs and vendors, leading to a focus on profitable transactions [56][57] Question: Progress on SKU rationalization and gross margin expansion - Management indicated that while they are early in the process, they expect sequential margin improvement and are focused on achieving a gross margin target of 25% to 27% [60][62] Question: Efforts to generate shareholder value from Medici Ventures - Management discussed the potential for tokenization of assets to enhance loyalty and community engagement, while also proving the efficacy of their technology partnerships [70][73] Question: Contribution margin comparison between Bed Bath and Beyond and Overstock - Management confirmed that Overstock has a better contribution margin than Bed Bath and Beyond, with ongoing efforts to improve the latter through SKU rationalization [82]

Company Performance - Beyond (BYON) reported a quarterly loss of $0.91 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.74, and an improvement from a loss of $1.22 per share a year ago, indicating a significant year-over-year change [1] - The company posted revenues of $303.15 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 7.22% and down from $384.46 million in the same quarter last year [2] - Over the last four quarters, Beyond has surpassed consensus EPS estimates only once, indicating challenges in meeting market expectations [2] Stock Movement and Outlook - Beyond shares have increased approximately 55% since the beginning of the year, significantly outperforming the S&P 500's gain of 2.2% [3] - The company's earnings outlook is uncertain, with current consensus EPS estimates at -$0.58 for the coming quarter and -$1.78 for the current fiscal year, alongside expected revenues of $327.58 million and $1.4 billion respectively [7] Industry Context - The Internet - Commerce industry, to which Beyond belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable environment for companies within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Beyond's stock performance [5]