Overstock.com(OSTK) - 2024 Q2 - Quarterly Results

Financial Performance - Total net revenue was $398 million, a decrease of 5.7% year-over-year[2] - The net loss for the quarter was $43 million, with a diluted net loss per share of $0.93[2] - Adjusted EBITDA was ($36) million, representing (9.1)% of net revenue[2] - The company reported a net loss of $116,506 thousand for the three months ended June 30, 2024, compared to a net loss of $83,800 thousand for the same period in 2023[15] - Adjusted EBITDA for the three months ended June 30, 2024, was $(36,376) thousand, compared to $8,234 thousand for the same period in 2023[24] - The company reported a free cash flow of $(118,453) thousand for the six months ended June 30, 2024, compared to $6,724 thousand for the same period in 2023[26] - Net cash used in operating activities was $(110,502) thousand for the six months ended June 30, 2024, compared to $18,772 thousand for the same period in 2023[26] Customer Metrics - Active customers grew to 6.2 million, representing a 35% year-over-year increase[2] - Active customers increased to 6,221 thousand in June 2024, up from 4,621 thousand in June 2023, representing a growth of approximately 34.6%[19] - Last twelve months (LTM) net revenue per active customer decreased to $247 in June 2024 from $361 in June 2023, a decline of approximately 31.6%[19] Orders and Revenue - Orders delivered reached 1.9 million, an increase of 8% year-over-year[2] - Total orders delivered increased to 1,949 thousand in June 2024, compared to 1,803 thousand in June 2023, reflecting a growth of about 8.1%[19] - Average order value decreased to $204 in June 2024 from $234 in June 2023, a decline of approximately 12.8%[19] Cash and Expenses - Cash and cash equivalents totaled $186 million at the end of the second quarter[2] - The company experienced a net decrease in cash, cash equivalents, and restricted cash of $(116,407) thousand for the three months ended June 30, 2024[15] - The company incurred stock-based compensation expenses of $10,035 thousand for the three months ended June 30, 2024, down from $12,065 thousand for the same period in 2023[15] Strategic Outlook - The company is on track to reduce fixed expenses by $45 million on an annualized basis, with significant progress made in the second quarter[1] - The company aims to leverage its brands and technology platforms for strategic partnerships and joint ventures to enhance capital returns[1] - Beyond, Inc. expects financial performance to improve throughout the remainder of the year[1]