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 ...

Financial Performance - Net revenue for the year ended December 31, 2023, was $1,561.1 million, a decrease of 19.1% compared to $1,929.3 million in 2022[23] - Gross profit decreased by 29.2% to $314.0 million in 2023, with a gross margin of 20.1%, down from 23.0% in 2022[33] - The company reported a net cash used in operating activities of $18.6 million for the year ended December 31, 2023, compared to $12.5 million in 2022[36] - Cash used in investing activities was $44.6 million in 2023, primarily due to purchases of intangible assets and expenditures for property and equipment[19] - The company reported a $96.2 million decrease in other income (expense), net for the year ended December 31, 2023, primarily due to a $76.5 million increase in losses from equity method securities[63] - As of December 31, 2023, the company reported an accumulated deficit of $481.7 million, with significant losses incurred in 2022 and 2023, including non-cash losses on equity method investments and a write-down on corporate headquarters[173] Operating Expenses - Operating expenses increased, with sales and marketing expenses rising to 14.4% of revenue in 2023, up from 11.2% in 2022[15] - For the year ended December 31, 2023, general and administrative expenses increased by $10.7 million to $90.4 million, representing a year-over-year percentage change of 13.4%[49] - Sales and marketing expenses as a percentage of net revenues increased by 320 basis points for the year ended December 31, 2023, primarily due to higher performance marketing expenses[46] - Technology expenses decreased by $4.0 million for the year ended December 31, 2023, compared to the same period in 2022, mainly due to reduced staff-related expenses[48] Market and Economic Conditions - The company continues to monitor macroeconomic trends that may impact consumer confidence and spending, but liquidity remains stable as of December 31, 2023[34] - Economic conditions such as recession, inflation, and weakness in the U.S. housing market could decrease consumer discretionary spending, negatively affecting sales of home-related products[169] - Inflationary pressures have impacted various parts of the business, and the company is actively monitoring these effects to minimize their impact on customers[69] Strategic Initiatives - The company acquired the Bed Bath & Beyond brand and related intellectual property in July 2023, which is expected to enhance market presence[31] - The company has established strategic partnerships with third-party manufacturers, distributors, and suppliers to ensure a reliable supply chain[111] - The company changed its corporate name from Overstock.com, Inc. to Beyond, Inc. in November 2023 and transferred its stock listing to the New York Stock Exchange[100] - The common stock began trading under the ticker symbol "BYON" on November 6, 2023, after ceasing to trade under "OSTK" on November 3, 2023[100] Customer Engagement and Experience - The company emphasizes a user-friendly interface and personalized customer experience through its mobile app and dedicated customer care team[111] - The Welcome Rewards Loyalty Program enhances customer engagement and retention, adding value to the overall customer experience[111] - The average order value decreased by 16%, and the number of customer orders delivered fell by 4% in 2023 compared to 2022[41] Workforce and Human Capital - The company has approximately 830 full-time employees as of December 31, 2023, with a strong focus on human capital management to drive business success[149] - The average tenure of employees is six and a half years, with six years in customer service and warehouse departments, indicating a stable workforce[143] - The company emphasizes diversity and inclusion as a competitive advantage, aiming to increase team diversity at all levels and foster an inclusive work environment[150] - The company offers a competitive benefits package, including a 401(k) matching program of dollar for dollar up to 6% of employee savings, and has expanded benefits to include flexible work schedules[140][154] Risks and Challenges - The company is exposed to market risks from interest rate changes, foreign currency fluctuations, and changes in the market values of investments[67] - The company faces intense competition from various online and traditional retailers, including Amazon, Walmart, and specialty furniture retailers, which could adversely impact its market position and financial performance[181] - The company relies heavily on third-party companies for critical functions, and any failure or increased costs from these partners could materially affect financial results and business prospects[165] - Cybersecurity risks and data breaches pose significant threats, potentially leading to legal claims and reputational damage[206] Regulatory and Compliance Issues - The company is subject to various regulations that may impact its growth and operational expenses, including those related to e-commerce and financial products[122] - The SEC has proposed new rules that could increase business costs and compliance risks related to climate change disclosures[192] - The company has received multiple subpoenas from the SEC regarding insider trading policies and communications with executives[195] Investment and Securities - The carrying amount of equity method securities was reported at $155.9 million as of December 31, 2023, with valuation sensitive to changes in enterprise value assumptions[76] - The company holds equity method investments totaling approximately $155.9 million, which are inherently risky and may lead to future losses that could adversely affect financial results[190] - The company holds $41.0 million in equity securities and $10.5 million in debt securities from private companies, recorded at fair value using Level 3 inputs[83] Future Outlook - The company is currently marketing its corporate headquarters for sale, which could lead to changes in operational structure and remote work policies[172] - Changes in the leadership team and workforce, including a reduction in force and a shift to performance-based compensation, could impact employee engagement and retention, affecting business operations[172]

Beyond, Inc. (NYSE:BYON) Q4 2023 Earnings Conference Call February 21, 2024 8:30 AM ET Company Participants Adrianne Lee - Chief Financial and Administrative Officer Marcus Lemonis - Executive Chairman Dave Nielsen - Chief Executive Officer, Overstock Chandra Holt - Chief Executive Officer, Bed Bath & Beyond Conference Call Participants Rick Patel - Raymond James Curtis Nagle - Bank of America Seth Sigman - Barclays Steven Forbes - Guggenheim Jonathan Matuszewski - Jefferies Operator Thank you for standing ...

Beyond BYON, +4.98%, the owner of Bed Bath & Beyond and Overstock, said revenue fell in the latest quarter and that it is reviewing its portfolio to meet its full-year financial goals. The location-based online retailer posted fourth-quarter loss of $161 million, or $3.55 a share, compared with a loss of $15.5 million, or 34 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 80 cents. Stripping out one-time items, losses per share came in at $1.22 a share. Analysts pol ...

Beyond (BYON) came out with a quarterly loss of $1.22 per share versus the Zacks Consensus Estimate of a loss of $0.71. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -71.83%. A quarter ago, it was expected that this online discount retailer would post a loss of $0.69 per share when it actually produced a loss of $0.61, delivering a surprise of 11.59%.Over the last four quarters, the company has ...

MIDVALE, Utah, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Overstock, Bed Bath & Beyond, and other online retail brands designed to unlock your home's potential, today reported financial results for the quarter and full year ended December 31, 2023. "Over the last 75 days into my tenure, we have made substantial progress laying the foundation for a high growth, differentiated business model with high customer affinity," said Marcus Lemonis, Executive Chairman of the Board. "Active c ...

Beyond (NYSE:BYON) stock is in the news Tuesday as the Bed Bath & Beyond and Overstock.com operator announces changes to its leadership team.The first major change announced by Beyond is the addition of Chandra Holt to its Bed Bath & Beyond team. This will have her serve as the CEO of that business.Adding to that is Dave Nielsen joining the ranks of the Overstock executive team. Just like with Holt at Bed Bath & Beyond, Nielsen is taking over as the CEO of this division.The final executive change announced ...

Beyond Inc. on Tuesday named the former chief executive of HomePlus to lead its Bed, Bath & Beyond business, while promoting an executive to lead its Overstock unit.Chandra Holt has joined Beyond Inc. BYON, -0.88% as Chief Executive of Bed Bath & Beyond after she was Chief Executive since 2021 of the Conn’s Inc. CONN, HomePlus unit, which has more than 180 stores in 15 states. She’s also worked in executive positions at Walmart Inc. WMT, +0.63% and Target Corp. TGT, +2.26%. Bed, Bath & Beyond went bankrupt ...

MIDVALE, Utah, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Bed Bath & Beyond, Overstock, and other online retail brands designed to unlock your home's potential, today announced significant changes to its executive team. The Executive Chairman and Board of Directors approved the following changes, effective today: Chandra Holt is joining the company as Chief Executive Officer, Bed Bath & BeyondDave Nielsen has been appointed to Chief Executive Officer, OverstockAdrianne Lee, Chief F ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Beyond (BYON) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 20, 2024, might help the stock move higher if these key numbers are better than expect ...