– 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 |

MIDVALE, Utah, May 02, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of online retail giants Bed Bath & Beyond, Overstock and Zulily, today announced the addition and appointment of several key leaders to its team: Guncha Mehta, joining as Chief Digital and Information OfficerStacey Shively, joining as Chief Merchandising Officer, Bed Bath & BeyondAngela Minor, joining as Chief Marketing Officer, Bed Bath & BeyondDeb Bollom, appointed to Chief Merchandising Officer, OverstockSteph Whitacre, appoi ...

MIDVALE, Utah, May 01, 2024 (GLOBE NEWSWIRE) -- Today, Beyond, Inc. (NYSE:BYON), owner of ecommerce brands Bed Bath & Beyond, Overstock and Zulily, announced an expanded investment in Salesforce, the #1 AI CRM, to drive greater customer loyalty and deliver more personalized shopping experiences for their customers across all the company's brands. Beyond will now use Salesforce Data Cloud, powered by the Einstein 1 Platform, to unify customer data across both multiple brands and multiple enterprise data syst ...

The market expects Beyond (BYON) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 6, 2024, might help the stock move higher if these key numbers are better tha ...

MIDVALE, Utah, April 16, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc., (NYSE:BYON) owner of ecommerce brands Bed Bath & Beyond, Overstock and Zulily, is scheduled to release first quarter financial results for the period ended March 31, 2024, on Monday, May 6, 2024, after the market closes. The company has scheduled a conference call and webcast on Tuesday, May 7, 2024, at 8:30am ET to discuss these results and take questions from participants during the live event. Questions may also be submitted to ir@beyond.com ...

MIDVALE, Utah, April 16, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc., (NYSE: BYON) owner of ecommerce brands Bed Bath & Beyond, Overstock and Zulily, is scheduled to release first quarter financial results for the period ended March 31, 2024, on Monday, May 6, 2024, after the market closes. The company has scheduled a conference call and webcast on Tuesday, May 7, 2024, at 8:30am ET to discuss these results and take questions from participants during the live event. Questions may also be submitted to ir@beyond.co ...

BRAZIL - 2020/08/24: In this photo illustration the Zulily logo seen displayed on a smartphone. ... [+] (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesThe recently defunct flash-sale site Zulily may finally have found a fitting corporate home after two unsuccessful tries by TV-shopping giant Qurate and investment firm Regent.Beyond Inc., the old Overstock.com reborn after the acquisition of Bed Bath and Beyond’s IP assets, just announc ...

MIDVALE, Utah, March 07, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of online retail giants Overstock and Bed Bath & Beyond, today announced the acquisition of the intellectual property and other brand assets of Zulily, the flash sale pioneer and ecommerce retailer. This strategic move was designed to further strengthen Beyond's position in the off-price market, enhancing value for customers on the products they're looking for. The addition of Zulily will complement Beyond's suite of brands, i ...

Any of the foregoing could have a material adverse effect on our financial results and business and our ability to raise capital and could have a material adverse effect on the holders of our common stock. Our amended and restated certificate of incorporation, amended and restated bylaws and Delaware law contain provisions which could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed undesirable by our Board of Directors. Among other things, our amended and restated ...