Overstock.com(US:OSTK)2024-05-06 21:29Revenue and Growth - Revenue growth of 0.3% year-over-year, reaching $382 million in Q1 2024[6] - Net revenue for March 2024 was $382.3 million, a slight increase from $381.1 million in March 2023[21] - Delivered 2.2 million orders, a 27% YoY increase in transaction volume[6] - Orders delivered increased to 2.21 million in March 2024 from 1.74 million in March 2023[27] - Active customers reached 6.0 million, a 26% YoY increase[6] - Active customers grew to 6.04 million in March 2024, up from 4.80 million in March 2023[27] Profitability and Losses - Gross profit of $74 million, representing 19.5% of total net revenue[6] - Gross profit decreased to $74.4 million in March 2024 from $101.7 million in March 2023, reflecting higher cost of goods sold[21] - Operating loss of $58 million and net loss of $74 million in Q1 2024[6] - Operating loss widened to $57.5 million in March 2024 compared to $8.4 million in March 2023, driven by increased sales and marketing expenses[21] - Net loss increased significantly to $73.9 million in March 2024 from $10.3 million in March 2023[21] - Adjusted EBITDA (non-GAAP) of ($48) million, representing (12.5)% of net revenue[6] - Adjusted EBITDA was negative $47.8 million in March 2024, compared to positive $3.4 million in March 2023[33] Financial Position and Cash Flow - Cash and cash equivalents totaled $256 million at the end of Q1 2024[6] - Free cash flow was negative $38.0 million in March 2024, a significant decline from positive $14.8 million in March 2023[35] Customer Metrics - LTM net revenue per active customer decreased to $259 in March 2024 from $370 in March 2023[27] - Average order value dropped to $173 in March 2024 from $220 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]