Revenue and Growth - Revenue growth of 0.3% year-over-year, reaching 382millioninQ12024[6]−NetrevenueforMarch2024was382.3 million, a slight increase from 381.1millioninMarch2023[21]−Delivered2.2millionorders,a2774 million, representing 19.5% of total net revenue[6] - Gross profit decreased to 74.4millioninMarch2024from101.7 million in March 2023, reflecting higher cost of goods sold[21] - Operating loss of 58millionandnetlossof74 million in Q1 2024[6] - Operating loss widened to 57.5millioninMarch2024comparedto8.4 million in March 2023, driven by increased sales and marketing expenses[21] - Net loss increased significantly to 73.9millioninMarch2024from10.3 million in March 2023[21] - Adjusted EBITDA (non-GAAP) of (48)million,representing(12.5)47.8 million in March 2024, compared to positive 3.4millioninMarch2023[33]FinancialPositionandCashFlow−Cashandcashequivalentstotaled256 million at the end of Q1 2024[6] - Free cash flow was negative 38.0millioninMarch2024,asignificantdeclinefrompositive14.8 million in March 2023[35] Customer Metrics - LTM net revenue per active customer decreased to 259inMarch2024from370 in March 2023[27] - Average order value dropped to 173inMarch2024from220 in March 2023[27] Strategic Initiatives - Acquired Zulily, aiming to double down on off-priced home and lifestyle business[1] - Soft launched Overstock site 6 months ahead of schedule, showing promising early growth[1] - Plan to reduce expenses by $45 million on an annualized basis, with half already achieved[5]
Overstock.com(OSTK)2024-05-06 21:29