textLogic (WISH) - 2024 Q3 - Quarterly Results

Financial Performance - Net loss for Q3 2024 was $1 million, a significant improvement from a net loss of $80 million in Q3 2023[1] - Net loss for Q3 2024 was $73 million, a significant improvement from a net loss of $249 million in Q3 2023[12] - Net cash used in operating activities decreased to $92 million from $266 million year-over-year[12] - Cash flows from investing activities resulted in a net cash outflow of $103 million, compared to a net inflow of $75 million in the previous year[12] - The company reported a depreciation and amortization expense of $1 million for Q3 2024, down from $3 million in Q3 2023[12] - Stock-based compensation for the quarter was $12 million, a decrease from $54 million in the same quarter last year[12] - Proceeds from asset sales amounted to $133 million, with no comparable figure reported in Q3 2023[12] - The company experienced a foreign currency effect on cash of $2 million, compared to $7 million in the previous year[12] - Cash paid for income taxes was negligible in Q3 2024, compared to $1 million in Q3 2023[12] Cash and Assets - As of September 30, 2024, the company had $33 million in cash and cash equivalents and $117 million in marketable securities[2] - Total cash, cash equivalents, and restricted cash at the end of the period was $40 million, down from $310 million at the end of Q3 2023[12] - Total current assets decreased from $410 million in 2023 to $158 million in 2024[10] - The company had $33 million in cash and cash equivalents at the end of the period, down from $303 million a year ago[12] Liabilities and Expenses - Total liabilities as of September 30, 2024, were $5 million, with expectations to remain low until future targets are identified[7] - The company incurred $3 million in general and administrative expenses during Q3 2024, primarily due to legal and employee expenses[4] Strategic Focus - The company is focused on identifying and evaluating strategic opportunities to enhance stockholder value[3] - The company aims to provide stakeholders with a more substantive update on strategic opportunities in the coming quarters[8] Employment - The company had eight full-time employees at the end of Q3 2024[4] Tax Assets - The company reported a deferred tax asset of $609 million as of December 31, 2023, subject to a full valuation allowance[6] Interest Income - Interest income for Q3 2024 was $2 million, with an expectation to earn approximately $2 million in Q4 2024[5]