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 customers returned to year-over-year growth for the first time in three years, with over 700,000 customers added to our customer file. Our mandate is to grow our customer file, provide a service level that improves retention and minimizes customer returns. We believe that mandate will result in improved margins and profitability through Beyond.com and our core business. Additionally, as we review our assets and investments, we continue to be optimistic about the value of a few of those investments. As part of that review, we are assessing options related to the portfolio to ensure maximum return for our shareholders. It is our goal to achieve $2 billion of revenue in 2024, and a $3 billion revenue run rate by the end of 2025. This projected revenue improvement, coupled with improved margins and a reduced expense structure provides a clear path to profitability.”
“As a team, we are dissatisfied with the Q4 results and have taken steps to grow revenue, improve margins, and reduce our fixed costs,” said Adrianne Lee, Chief Financial and Administrative Officer. “In December, we announced $25 million of annualized cost reductions. Since that time, we have increased our target to $45 million of annualized expense reduction, freeing up capital to exclusively invest in growth.”
“Planned investments to support the Bed Bath & Beyond brand launch and reignite our customer file are delivering results,” said Dave Nielsen, CEO of Overstock. “We have accelerated customer acquisition during the quarter, driving a vast improvement in our revenue performance. While we spent the back half of the year launching Bed Bath & Beyond, we’ve simultaneously laid the groundwork to reignite Overstock by the end of the first quarter. We believe the combination of these two anchor brands will contribute to achieving our revenue goals.”
“I joined the company because I’m passionate about Bed Bath & Beyond and am driven to reestablish its category dominance,” said Chandra Holt, CEO of Bed Bath & Beyond and its related brands. “We have significant opportunities ahead of us with our robust portfolio of brands. It is my goal to have Bed Bath & Beyond be a leader in unified commerce, win on home-related assortments, and provide unprecedented value for our customers. I look forward to leading the charge in positioning the business for growth and interacting with the investment community.”
Fourth Quarter 2023 Results*
•
Active customers of 5.6 million, an increase of 9% year-over-year
•
Total net revenue of $384 million, a decrease of 5% year-over-year
•
Gross profit of $60 million, or 15.6% of total net revenue
•
Operating loss of $65 million
•
Net loss of $161 million
•
Diluted net loss per share of $3.55; Adjusted diluted net loss per share (non-GAAP) of $1.22
•
Adjusted EBITDA (non-GAAP) of ($49) million, which represents (12.7)% of net revenue
•
Cash and cash equivalents totaled $303 million at the end of the fourth quarter
Full Year 2023 Results
•
Total net revenue of $1.6 billion, a decrease of 19% year-over-year
•
Gross profit of $314 million or 20.1% of total net revenue
•
Operating loss of $118 million
•
Net loss of $308 million
•
Diluted net loss per share of $6.81; Adjusted diluted net loss per share (non-GAAP) of $1.95
•
Adjusted EBITDA (non-GAAP) of ($61) million, which represents (3.9)% of net revenue
*Certain terms, such as active customers, are defined under “Supplemental Operational Data” below.
Earnings Webcast and Replay Information
Beyond will hold a conference call and webcast to discuss its fourth quarter and full year 2023 financial results on Wednesday, February 21, 2024 at 8:30 a.m. ET. To access the live webcast, go to
https://investors.beyond.com. To participate in the conference call via telephone, please register at the link available at https://investors.beyond.com/news-events/events-and-presentations. Registrants will receive dial-in information and a unique PIN to access the live call. Questions may be emailed in advance of the call to ir@beyond.com.
A replay of the conference call will be available at https://investors.beyond.com shortly after the live call has ended.
About Beyond
Beyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an ecommerce expert with a singular focus: connecting consumers with products they love. The Company owns the Bed Bath & Beyond brand and associated intellectual property. Bed Bath & Beyond is an online furniture and home furnishings retailer in the United States and Canada. Its leading ecommerce website sells a broad range of quality, on-trend home products at competitive prices, including furniture, bedding and bath, patio and outdoor, area rugs, tabletop and cookware, décor, storage and organization, small appliances, home improvement, and more. The online shopping site features millions of products that tens of millions of customers visit each month. Beyond regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website.
Bed Bath & Beyond, Wamsutta, Welcome Rewards, and Overstock.com are registered trademarks of Beyond, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
Cautionary Note Regarding Forward-Looking Statements
This press release and the February 21, 2024 conference call and webcast to discuss our financial results may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include without limitation all statements other than statements of historical fact, including forecasts of our growth, financial results, profitability, expected cost reductions, launch or relaunch of products or brands including Overstock, trends, market conditions, the impact of our national marketing campaign, and any of the timing thereof. You should not place undue reliance on any forward-looking statements, which speak only as of the date they were made. We undertake no obligation to update any forward-looking statements as a result of any new information, future developments, or otherwise. These forward-looking statements are inherently difficult to predict. Actual results could differ materially for a variety of known and unknown risks, uncertainties, and other important factors including but not limited to, difficulties we may have with our fulfillment partners, supply chain, access to products, shipping costs, insurance, competition, macroeconomic changes, attraction/retention of employees, search engine optimization results, and/or payment processors. Other risks and uncertainties include, among others, impacts from changing our company name, stock ticker symbol, or stock exchange, impacts from our use of the Overstock brand and Bed Bath & Beyond brand, our ability to generate positive cash flow, impacts from our evolving business practices and expanded product and service offerings, any problems with our infrastructure, including cyber-attacks or data breaches affecting us, adverse tax, regulatory or legal developments, any restrictions on tracking technologies, any failure to effectively utilize technological advancements or protect our intellectual property, negative economic consequences of global conflict, and whether our partnership with Pelion Venture Partners will achieve its objectives. More information about factors that could potentially affect our financial results are included in our Form 10-K for the year ended December 31, 2022, as updated by our Form 10-Q for the quarter ended September 30, 2023, which were filed with the SEC on February 24, 2023 (as amended on July 3, 2023) and October 31, 2023, respectively, and in our subsequent filings with the SEC. The Forms 10-K, 10-Qs, and our subsequent filings with the SEC identify important factors that could cause our actual results to differ materially from those contained in or contemplated by our projections, estimates and other forward-looking statements.
Contacts
Beyond, Inc. Communications:
Sarah Factor
pr@beyond.com
Beyond, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
December 31,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
302,605
$
371,263
Restricted cash
144
194
Accounts receivable, net
19,420
17,693
Inventories
13,040
6,526
Prepaids and other current assets
14,864
18,833
Total current assets
350,073
414,509
Property and equipment, net
27,577
27,023
Deferred tax assets, net
152
41,439
Intangible assets, net
25,254
9
Goodwill
6,160
6,160
Equity securities
155,873
296,317
Operating lease right-of-use assets
3,468
7,460
Other long-term assets, net
12,799
2,746
Property and equipment, net held for sale
54,462
82,883
Total assets
$
635,818
$
878,546
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
106,070
$
75,130
Accrued liabilities
73,682
63,614
Unearned revenue
49,597
44,480
Operating lease liabilities, current
2,814
4,410
Current debt, net held for sale
232
3,508
Total current liabilities
232,395
191,142
Operating lease liabilities, non-current
940
3,626
Other long-term liabilities
9,107
3,476
Long-term debt, net held for sale
34,244
34,476
Total liabilities
276,686
232,720
Stockholders’ equity:
Preferred stock, $0.0001 par value, authorized shares – 5,000, issued and outstanding – none
—
—
Common stock, $0.0001 par value, authorized shares – 100,000
Issued shares – 51,770 and 51,102
Outstanding shares – 45,414 and 44,951
5
5
Additional paid-in capital
1,007,649
982,718
Accumulated deficit
(481,671
)
(173,829
)
Accumulated other comprehensive loss
(506
)
(522
)
Treasury stock at cost – 6,356 and 6,151
(166,345
)
(162,546
)
Total stockholders’ equity
359,132
645,826
Total liabilities and stockholders’ equity
$
635,818
$
878,546
Beyond, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three months ended
December 31,
Year ended
December 31,
2023
2022
2023
2022
Net revenue
$
384,458
$
404,896
$
1,561,122
$
1,929,334
Cost of goods sold
324,497
315,341
1,247,116
Leave a Reply