Financial Data and Key Metrics - Revenue declined 6% YoY in Q2 2024, but increased 4% sequentially, driven by an 18% improvement in average order value (AOV) [32] - Gross margin was 20.1% for the quarter, a 530 basis point decline YoY, but improved 70 basis points sequentially [56] - Adjusted EBITDA loss was $36 million, an $11 million improvement from Q1 2024 [17] - GAAP EPS was a loss of $0.93 per share, with an adjusted diluted loss per share of $0.76 [17] - Cash balance at the end of Q2 was $186 million [58] Business Line Performance - **Bed Bath & Beyond**: Growth in core categories like bedding, bath, and decor, with emerging strength in patio and outdoor furniture [10][11] - **Overstock**: First full quarter post-relaunch, with strong performance in area rugs, furniture, and patio furniture [12] - **Zulily**: Progress in onboarding legacy vendors and adding new vendors, with plans to launch a member login for evergreen assortments [13] Market Performance - Overstock's daily sales averaged around $300,000-$310,000 post-relaunch, with expectations for continued growth [82] - Bed Bath & Beyond saw an uptick in repeat customer sales, indicating improved customer retention [29] Strategic Direction and Industry Competition - Focus on profitability and maintaining an asset-light model [6] - Plans to expand Bed Bath & Beyond into a $1 billion+ e-commerce brand and explore IP monetization [6] - Overstock aims to dominate the North American liquidation and closeout market [24] - Development of a world-class loyalty program leveraging partnerships with non-competing companies [25] Management Commentary on Operating Environment and Future Outlook - Management expects Q3 revenue to align with historical trends of a 12%-14% decline from Q2, with sequential gross margin and EBITDA improvements [19][122] - Long-term goal is to achieve profitability by 2025, with a focus on margin improvement and customer file growth [48][63] Other Important Information - The company is finalizing agreements with a large-scale closeout and reverse logistics company [24] - Plans to launch Zulily in mid-September, with expected contributions in Q4 [82] - Efforts to monetize non-performing assets, including the sale of the headquarters building and active discussions with Medici fund companies [58] Q&A Session Summary Steven Forbes (Guggenheim Partners) - **Question**: Timeline for profitability and cash flow dynamics [63] - **Answer**: Expectation to achieve profitability by 2025, with a focus on margin improvement and customer file growth [63][64] Thomas Forte (Maxim Group) - **Question**: Capital allocation priorities and monetization of non-performing assets [68] - **Answer**: Focus on remaining asset-light, with plans to sell the headquarters building and increase communication with Medici fund companies [69][70] Seth Sigman (Barclays) - **Question**: Q2 performance and expectations for Q3 [49] - **Answer**: Q2 was a test period for demand sensitivity, with expectations for Q3 to outperform historical trends and improve margins [49][81] Rick Patel (Raymond James) - **Question**: Active customer growth and expectations for Q3 [112] - **Answer**: Most customer growth in Q2 came from Bed Bath & Beyond, with plans to reengage legacy customers and improve marketing efficiency [112][113] Curtis Nagel (BofA) - **Question**: Q3 trends and guidance mechanics [94] - **Answer**: Q3 is a transition quarter with a focus on calibration and preparation for Q4, with expectations to outperform historical trends [94][121] Marvin Fong (BTIG) - **Question**: Gross margin targets and patio furniture performance [99][131] - **Answer**: Gross margin target is mid-20s, with ongoing efforts to improve through vendor relationships and curation [100][127] Jonathan Matuszewski (Jefferies) - **Question**: Vendor strategy and physical presence aspirations [139][142] - **Answer**: Focus on narrowing the supplier base and exploring omnichannel opportunities without taking on physical assets [139][162]

Beyond (BYON) came out with a quarterly loss of $0.76 per share versus the Zacks Consensus Estimate of a loss of $0.89. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call ...

MIDVALE, Utah, June 03, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your home's potential, today announced that the company will be participating in the following investor events: UBS Consumer Insights Day, with virtual participation and a fireside chat on June 13, 2024 at 11:30 a.m. ET. This fireside chat will be webcast to UBS clients only. Jefferies Consumer Conference in Nantucket on June 17-18, 2024. ...

MIDVALE, Utah, June 03, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your home's potential, today announced that the company will be participating in the following investor events: UBS Consumer Insights Day, with virtual participation and a fireside chat on June 13, 2024 at 11:30 a.m. ET. This fireside chat will be webcast to UBS clients only. Jefferies Consumer Conference in Nantucket on June 17-18, 2024. ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41850 (801) 947-3100 (Registrant's telephone number, including area code) If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards ...

Beyond, Inc. [BYON] Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET Company Participants Marcus Lemonis - Executive Chairman Adrianne Lee - CFO & Admin Officer Dave Nielsen - CEO, Overstock Chandra Holt - CEO, Bed Bath & Beyond Alexis Callahan - VP, IR & Public Relations Conference Call Participants Thomas Forte - Maxim Group Anna Andreeva - Needham Josh Reiss - Raymond James Peter Keith - Piper Sandler Jonathan Matuszewski - Jefferies, Inc. Operator Hello, and welcome to the first quarter 2024 Beyo ...

Beyond May 7, 2024 The information presented herein may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include all statements other than statements of historical fact, including forecasts of trends, market conditions, the impact of our national marketing campaign, and other factors that will impact our results of operations. You should not place undue reliance on any forward-looking statements, which speak only as of the date they were m ...

Beyond (BYON) came out with a quarterly loss of $1.22 per share versus the Zacks Consensus Estimate of a loss of $0.92. This compares to loss of $0.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -32.61%. A quarter ago, it was expected that this online discount retailer would post a loss of $0.71 per share when it actually produced a loss of $1.22, delivering a surprise of -71.83%.Over the last four quarters, the company ha ...

– Reported Revenue Growth on a Year-over-Year Basis – – Delivered 2.2 Million Orders, Representing a 27% YoY Increase in Transaction Volume – – Acquired Zulily, Doubling Down on Off-Priced Home and Lifestyle Business – – Soft Launched Iconic Overstock Site 6 Months Ahead of Schedule; Early Growth is Promising – MIDVALE, Utah, May 06, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), parent company of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your home's potenti ...

[Q1 2024 Performance Overview](index=1&type=section&id=Q1%202024%20Performance%20Overview) Beyond, Inc. initiated a new strategic era in Q1 2024, focusing on a profitable brand portfolio and expense reduction, despite reporting a significant net loss and negative adjusted EBITDA on flat revenue [Management Commentary & Strategic Initiatives](index=1&type=section&id=Management%20Commentary%20%26%20Strategic%20Initiatives) Management initiated a new strategic era for Beyond, Inc., focusing on building a profitable brand portfolio and reducing annualized expenses by $45 million - The company's vision is to become the '**AAA of Home**', offering comprehensive solutions for home-related needs[2](index=2&type=chunk) - The core brand portfolio now consists of **Bed Bath & Beyond**, **Overstock**, and the newly acquired **Zulily**, with a plan to relaunch the Zulily site later in the year[2](index=2&type=chunk)[9](index=9&type=chunk) - The iconic Overstock website was soft-launched six months ahead of schedule, showing promising early growth[9](index=9&type=chunk) - A strategic shift is underway to focus on acquiring customers with a higher likelihood of repeat behavior, aiming for sustainable growth over transient transactions[10](index=10&type=chunk) - The company is halfway through a plan to reduce expenses by **$45 million** on an annualized basis to create a more variable cost structure[11](index=11&type=chunk) [Q1 2024 Financial & Operational Highlights](index=2&type=section&id=Q1%202024%20Financial%20%26%20Operational%20Highlights) Q1 2024 saw strong customer growth and flat revenue, but profitability declined significantly with a $74 million net loss and negative adjusted EBITDA | Metric | Q1 2024 | Change (YoY) | | :--- | :--- | :--- | | Total Net Revenue | $382 million | +0.3% | | Orders Delivered | 2.2 million | +27% | | Active Customers | 6.0 million | +26% | | Gross Profit | $74 million | -27% (Adjusted) | | Operating Loss | $58 million | N/A (vs. $8M loss) | | Net Loss | $74 million | N/A (vs. $10M loss) | | Diluted Net Loss per Share | $1.62 | N/A (vs. $0.23 loss) | | Adjusted EBITDA (non-GAAP) | ($48) million | N/A (vs. $3M profit) | | Cash and Cash Equivalents | $256 million | -32% | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q1 2024 show flat revenue, significant net losses, declining cash and equity, and negative cash flow from operations [Consolidated Statements of Operations (Income Statement)](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20%28Income%20Statement%29) Q1 2024 net revenue remained flat at $382 million, but gross profit and net income significantly declined, resulting in a $74 million net loss | (in thousands) | Q1 2024 | Q1 2023 (Adjusted) | | :--- | :--- | :--- | | Net Revenue | $382,281 | $381,140 | | Gross Profit | $74,359 | $101,684 | | Total Operating Expenses | $131,884 | $110,048 | | Operating Loss | $(57,525) | $(8,364) | | Net Loss | $(73,928) | $(10,307) | | Diluted Net Loss per Share | $(1.62) | $(0.23) | - The company changed its accounting presentation to reclassify merchant fees and customer service costs from 'Cost of goods sold' to a separate line item in operating expenses, applied retrospectively without impacting net loss[7](index=7&type=chunk)[8](index=8&type=chunk)[14](index=14&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, cash and total assets decreased, while total liabilities increased, leading to a significant decline in stockholders' equity | (in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $256,323 | $302,605 | | Total current assets | $305,444 | $350,073 | | Total Assets | $577,258 | $635,818 | | Total current liabilities | $245,875 | $232,395 | | Total Liabilities | $289,511 | $276,686 | | Total Stockholders' Equity | $287,747 | $359,132 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, the company used $34.6 million in cash from operating activities, resulting in a net decrease of $46.3 million in cash and equivalents | (in thousands) | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(34,610) | $20,007 | | Net cash used in investing activities | $(9,126) | $(14,831) | | Net cash used in financing activities | $(2,519) | $(1,705) | | Net decrease in cash | $(46,255) | $3,471 | | Cash, end of period | $256,494 | $374,928 | [Key Metrics and Non-GAAP Measures](index=8&type=section&id=Key%20Metrics%20and%20Non-GAAP%20Measures) Key operational metrics show increased active customers but decreased spending efficiency, while non-GAAP measures indicate significant losses and negative free cash flow [Supplemental Operational Data](index=8&type=section&id=Supplemental%20Operational%20Data) Q1 2024 operational data shows a 26% increase in active customers, but a decline in average order value and revenue per active customer | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Active customers (thousands) | 6,041 | 4,795 | | LTM net revenue per active customer | $259 | $370 | | Orders delivered (thousands) | 2,211 | 1,736 | | Average order value | $173 | $220 | | Orders per active customer (LTM) | 1.41 | 1.57 | - Key operational metrics are defined as follows: - **Active customers**: Unique customers with at least one purchase in the prior twelve months - **Average order value (AOV)**: Total net revenue divided by total orders delivered in a period - **Orders per active customer**: Total orders delivered in a twelve-month period divided by active customers[21](index=21&type=chunk)[22](index=22&type=chunk)[41](index=41&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) Non-GAAP measures for Q1 2024 show a significant decline, with adjusted EBITDA at negative $47.8 million and free cash flow at negative $38.0 million Reconciliation of Net Loss to Adjusted EBITDA | (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | $(73,928) | $(10,307) | | Adjustments | $26,085 | $13,723 | | Adjusted EBITDA | $(47,843) | $3,416 | Reconciliation of Diluted EPS to Adjusted Diluted EPS | Per Share Data | Q1 2024 | | :--- | :--- | | Diluted Net Loss per Share (GAAP) | $(1.62) | | Loss from equity method securities | $(0.40) | | Adjusted Diluted Loss per Share (Non-GAAP) | $(1.22) | Free Cash Flow Calculation | (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $(34,610) | $20,007 | | Expenditures for property and equipment | $(3,422) | $(5,256) | | Free Cash Flow | $(38,032) | $14,751 |