Beyond Inc. on Tuesday named the former chief executive of HomePlus to lead its Bed, Bath & Beyond business, while promoting an executive to lead its Overstock unit.Chandra Holt has joined Beyond Inc. BYON, -0.88% as Chief Executive of Bed Bath & Beyond after she was Chief Executive since 2021 of the Conn’s Inc. CONN, HomePlus unit, which has more than 180 stores in 15 states. She’s also worked in executive positions at Walmart Inc. WMT, +0.63% and Target Corp. TGT, +2.26%. Bed, Bath & Beyond went bankrupt ...

MIDVALE, Utah, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Bed Bath & Beyond, Overstock, and other online retail brands designed to unlock your home's potential, today announced significant changes to its executive team. The Executive Chairman and Board of Directors approved the following changes, effective today: Chandra Holt is joining the company as Chief Executive Officer, Bed Bath & BeyondDave Nielsen has been appointed to Chief Executive Officer, OverstockAdrianne Lee, Chief F ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Beyond (BYON) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 20, 2024, might help the stock move higher if these key numbers are better than expect ...

MIDVALE, Utah, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc., (NYSE:BYON) ("Beyond" or the "Company"), the parent company of online furniture and home furnishings retailer Bed Bath & Beyond, is scheduled to release fourth quarter and full year financial results for the period ended December 31, 2023, on Tuesday, February 20, 2024, after the market closes. The company has scheduled a conference call and webcast on Wednesday, February 21, 2024, at 8:30am ET to discuss these results and take questions from pa ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for Q3 2023 reveal a significant year-over-year decline in performance, with a wider net loss and reduced assets [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $770.8 million by September 30, 2023, primarily due to reduced cash and equity securities, while liabilities slightly increased Consolidated Balance Sheet Highlights (in thousands of USD) | Account | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $375,729 | $414,509 | | **Total Assets** | $770,784 | $878,546 | | **Total Current Liabilities** | $209,391 | $191,142 | | **Total Liabilities** | $254,600 | $232,720 | | **Total Stockholders' Equity** | $516,184 | $645,826 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2023 net revenue decreased 18.9% to $373.3 million, resulting in an operating loss of $40.9 million and a widened net loss of $63.0 million Q3 2023 vs Q3 2022 Statement of Operations (in thousands of USD, except per share data) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Net Revenue | $373,313 | $460,279 | | Gross Profit | $69,960 | $107,472 | | Operating Income (Loss) | $(40,930) | $5,659 | | Net Loss | $(63,049) | $(36,995) | | Diluted Net Loss Per Share | $(1.39) | $(0.81) | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to $9.1 million for the nine months ended September 30, 2023, with significant cash used in investing activities Cash Flow Summary for Nine Months Ended Sep 30 (in thousands of USD) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $9,131 | $17,596 | | Net cash used in investing activities | $(51,759) | $(28,004) | | Net cash used in financing activities | $(3,356) | $(65,224) | | **Net decrease in cash** | **$(45,984)** | **$(75,632)** | [Notes to Unaudited Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail significant accounting policies, including the $25.6 million Bed Bath & Beyond IP acquisition, increased equity method losses, and ongoing SEC inquiry - On June 12, 2023, the company entered an agreement to acquire certain intellectual property from Bed Bath & Beyond Inc. for a total purchase price of **$25.6 million**, allocated to trade names (**$21.8 million**) and customer lists (**$3.8 million**)[65](index=65&type=chunk) - The company is cooperating with an SEC inquiry that began in October 2019 related to its Series A-1 Preferred stock dividend, 10b5-1 plans, and 2019 retail guidance[114](index=114&type=chunk) - As of September 30, 2023, the company had **$19.9 million** available for future share repurchases under its current authorization, with no shares repurchased during the third quarter[118](index=118&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 18.9% Q3 revenue decline to lower average order value, with gross margin compression and increased operating expenses [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q3 2023 revenue declined 18.9% to $373.3 million, with gross margin compression and increased operating expenses, notably from equity method losses Key Performance Metrics (Q3 2023 vs Q3 2022) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Net Revenue Change | (18.9)% | - | | Gross Margin | 18.7% | 23.3% | | Sales & Marketing (% of Revenue) | 15.4% | 11.6% | | Technology (% of Revenue) | 7.8% | 6.4% | | G&A (% of Revenue) | 6.5% | 4.1% | - The decrease in Q3 revenue was primarily due to a **21% decrease in average order value**, partially offset by a **3% increase in orders** delivered following the Bed Bath & Beyond brand launch[154](index=154&type=chunk)[150](index=150&type=chunk) - The increase in Other expense for the nine months ended Sep 30, 2023 was primarily due to a **$77.7 million increase in loss recognized from equity method securities**[143](index=143&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity, primarily $325.4 million in cash, is deemed sufficient for the next twelve months despite significant investing outflows - At September 30, 2023, the company had **$325.4 million** of cash and cash equivalents[195](index=195&type=chunk)[109](index=109&type=chunk) - For the nine months ended September 30, 2023, investing activities resulted in a net cash outflow of **$51.8 million**, primarily due to **$25.8 million** for purchases of intangible assets and **$10.0 million** for a note receivable[175](index=175&type=chunk) Contractual Obligations as of September 30, 2023 (in thousands of USD) | Obligation | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating leases | $5,039 | $3,288 | $1,605 | $146 | $— | | Loan agreements | $45,383 | $2,723 | $2,968 | $2,972 | $36,720 | | **Total** | **$50,422** | **$6,011** | **$4,573** | **$3,118** | **$36,720** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include inflation and volatility from **$169.3 million** in equity and debt securities, especially Level 3 private company investments - The company has no direct financial statement risk associated with changes in interest rates as its loan agreements carry a **fixed blended annual rate of 4.45%**[205](index=205&type=chunk) - The company faces investment risk from its **$169.3 million** in equity securities, of which **$41.1 million** in equity and **$10.4 million** in debt are in private companies recorded at fair value using Level 3 inputs[208](index=208&type=chunk) - Inflationary pressures across the business are being monitored, and the company is working with partners to limit passing cost increases to customers[207](index=207&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[229](index=229&type=chunk) - No changes occurred during the quarter ended September 30, 2023, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[230](index=230&type=chunk) [PART II. OTHER INFORMATION](index=34&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9 for details on ongoing legal proceedings, including consumer, employment, IP, and securities litigations - For details on legal proceedings, the report refers to Note 9—Commitments and Contingencies in the Notes to Unaudited Consolidated Financial Statements[188](index=188&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) Key risks include challenges from re-branding and Bed Bath & Beyond integration, potential losses from **$169.3 million** in equity investments, and deferred tax asset valuation - The company identifies risks with its re-branding and integration of Bed Bath & Beyond assets, such as brand confusion, unexpected costs, loss of customer traffic, and higher-than-anticipated marketing costs[233](index=233&type=chunk)[215](index=215&type=chunk) - The company holds **$169.3 million** in equity method investments in private, early-stage entities, which are inherently risky and could lead to material losses[236](index=236&type=chunk)[217](index=217&type=chunk) - There is a risk that the company may be unable to generate sufficient future taxable income, which would require a valuation allowance on its deferred tax assets and materially increase expenses[237](index=237&type=chunk)[250](index=250&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No equity securities were repurchased during Q3 2023, leaving **$19.9 million** available under the authorized stock repurchase program - There were no stock repurchases made during the three months ended September 30, 2023[247](index=247&type=chunk) - As of September 30, 2023, the approximate dollar value of shares that may yet be purchased under the stock repurchase program is **$19.9 million**[247](index=247&type=chunk)[118](index=118&type=chunk) [Item 5. Other Information](index=36&type=section&id=Item%205.%20Other%20Information) Three company directors adopted Rule 10b5-1(c) trading plans in September 2023 for common stock sales in early 2024 - Three directors adopted Rule 10b5-1(c) trading plans in September 2023 to sell company stock in Q1 2024[241](index=241&type=chunk)[251](index=251&type=chunk)[223](index=223&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and financial statements in XBRL format - The report includes CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2) and financial data in XBRL format (Exhibits 101, 104)[242](index=242&type=chunk)

Overstock.com, Inc. (OSTK) Q3 2023 Earnings Call Transcript October 26, 2023 8:30 AM ET Company Participants Lavesh Hemnani - Head of Investor Relations Jonathan Johnson - Chief Executive Officer Adrianne Lee - Chief Financial Officer Dave Nielsen - President Conference Call Participants Tom Forte - D. A. Davidson Peter Keith - Piper Sandler Anna Andreeva - Needham and Company Seth Sigmund - Barclays Steven Forbes - Guggenheim Partners Jonathan Matuszewski - Jefferies Operator Good day and thank you for sta ...

Q3 2023 Earnings Call The information presented herein may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include all statements other than statements of historical fact, including forecasts of trends, market conditions, the impact of our national marketing campaign, and other factors that will impact our results of operations. You should not place undue reliance on any forward-looking statements, which speak only as of the date they wer ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements, showing a year-over-year decline in revenue and a shift to a significant net loss [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$810.6 million** from **$878.5 million**, driven by reduced cash and equity securities, impacting stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $342,891 | $371,263 | | Equity securities | $208,476 | $296,317 | | Intangible assets, net | $25,583 | $9 | | **Total assets** | **$810,552** | **$878,546** | | Total current liabilities | $197,135 | $191,142 | | **Total liabilities** | **$237,386** | **$232,720** | | **Total stockholders' equity** | **$573,166** | **$645,826** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a **$73.5 million** net loss in Q2 2023, a significant downturn from prior year's net income, with revenue down **20%** Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $422,211 | $528,122 | $803,351 | $1,064,159 | | Gross profit | $94,372 | $121,105 | $184,085 | $246,317 | | Operating income (loss) | $(4,249) | $11,542 | $(12,613) | $23,996 | | **Net income (loss)** | **$(73,493)** | **$7,147** | **$(83,800)** | **$17,270** | | Diluted EPS | $(1.63) | $0.12 | $(1.86) | $0.33 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow was **$18.8 million**, while investing activities used **$44.4 million**, primarily for intangible asset purchases Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $18,772 | $21,822 | | Net cash used in investing activities | $(44,435) | $(17,169) | | Net cash used in financing activities | $(2,718) | $(65,232) | | **Net decrease in cash** | **$(28,381)** | **$(60,579)** | [Notes to Unaudited Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the Bed Bath & Beyond IP acquisition, significant equity security losses, and ongoing legal matters - On June 28, 2023, the company acquired certain intellectual property assets of the Bed Bath & Beyond brand for a total purchase price of **$25.6 million**. This was allocated to trade names (**$21.8 million**) and customer lists (**$3.8 million**)[46](index=46&type=chunk) - The company recognized a net loss of **$80.7 million** on equity method securities in Q2 2023, a significant increase from the **$2.0 million** loss in Q2 2022. For the six-month period, the loss was **$88.1 million**[77](index=77&type=chunk)[99](index=99&type=chunk)[178](index=178&type=chunk) - The company continues to cooperate with the SEC regarding subpoenas related to its 2019 Series A-1 Preferred stock dividend, executive 10b5-1 plans, and retail guidance[129](index=129&type=chunk) - No shares were repurchased under the stock repurchase program in the first six months of 2023. In the same period of 2022, the company repurchased **$60.1 million** of its stock. As of June 30, 2023, **$19.9 million** remained available for future repurchases[109](index=109&type=chunk)[133](index=133&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **20.1%** revenue decrease in Q2 2023, impacted by macroeconomic factors and equity investment losses, while confirming sufficient liquidity [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q2 2023 revenue declined **20.1%** due to lower orders and average order value, with gross margin contraction and significant equity security losses Key Performance Metrics (Q2 2023 vs Q2 2022) | Metric | Q2 2023 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | Net Revenue | $422.2M | $528.1M | (20.1)% | | Gross Margin | 22.4% | 22.9% | (50 bps) | | Sales & Marketing (% of Revenue) | 11.7% | 11.0% | +70 bps | | Technology Expenses | $27.7M | $30.5M | (9.3)% | - The decrease in revenue was attributed to macroeconomic factors like inflation impacting consumer sentiment, a shift in consumer spending, and the company's strategy to exit non-home product categories[121](index=121&type=chunk)[147](index=147&type=chunk) - Other expense, net, increased to **$80.7 million** in Q2 2023 from **$2.0 million** in Q2 2022, primarily due to a **$78.4 million** increase in losses recognized from equity method securities[178](index=178&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$342.9 million** in cash and equivalents, deemed sufficient for future operations, with **$18.8 million** from operations - As of June 30, 2023, the company had **$342.9 million** in cash and cash equivalents[187](index=187&type=chunk) Six-Month Cash Flow Summary (in thousands) | Activity | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | | Cash from Operating Activities | $18,772 | $21,822 | | Cash from Investing Activities | $(44,435) | $(17,169) | | Cash from Financing Activities | $(2,718) | $(65,232) | - The primary uses of cash in investing activities for the first half of 2023 were **$22.8 million** for intangible asset purchases and **$12.0 million** for property and equipment expenditures[193](index=193&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Key market risks include interest rates, foreign currency, inflation, and significant valuation volatility in **$208.5 million** of equity securities - The company has no direct financial statement risk from interest rate changes as its loan agreements carry a fixed blended annual rate of **4.45%**[205](index=205&type=chunk) - Investment risk is significant, with **$208.5 million** in equity securities as of June 30, 2023. Valuations of private company investments are complex and subject to fluctuation[208](index=208&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal controls over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[210](index=210&type=chunk) - No changes occurred during the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[212](index=212&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with details referenced in Note 9 of the financial statements - The company is periodically involved in litigation concerning consumer protection, employment, intellectual property, and securities laws. For specific details, the report refers to Note 9—Commitments and Contingencies[219](index=219&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) New risks include potential losses on **$208.5 million** equity investments and challenges related to the Bed Bath & Beyond brand acquisition - A key risk is the potential to recognize material losses on the **$208.5 million** held in equity method investments, as these are in private, early-stage companies and may not generate a tax benefit[222](index=222&type=chunk) - The company may not realize the expected benefits from the Bed Bath & Beyond asset purchase due to risks such as brand confusion, loss of customers, higher-than-anticipated marketing costs, and disruptions to the existing business[224](index=224&type=chunk)[225](index=225&type=chunk) [Other Items (Items 2, 3, 4, 5 & 6)](index=36&type=section&id=Other%20Items%20(Items%202,%203,%204,%205%20%26%206)) Remaining disclosures include no stock repurchases in Q2 2023, no defaults on senior securities, and no changes to 10b5-1 plans - There were no repurchases of equity securities during the three months ended June 30, 2023. The remaining authorized amount under the stock repurchase program is **$19.9 million**[226](index=226&type=chunk) - No defaults upon senior securities were reported (Item 3), and Mine Safety Disclosures were not applicable (Item 4)[227](index=227&type=chunk)[228](index=228&type=chunk)

Overstock.com, Inc. (OSTK) Q2 2023 Earnings Call Transcript July 27, 2023 8:30 AM ET Company Participants Lavesh Hemnani - Head of Investor Relations Jonathan Johnson - Chief Executive Officer Adrianne Lee - Chief Financial Officer Dave Nielsen - President Conference Call Participants Seth Sigmund - Barclays Thomas Forte - D. A. Davidson Curtis Nagle - BOFA Anna Andreeva - Needham and Company Operator Good day and thank you for standing by. Welcome to the Q2 2023 Overstock.com Earnings Conference Call. At t ...

Maturity of lease liabilities under our non-cancellable operating leases as of March 31, 2023, are as follows (in thousands): | --- | --- | |-----------------------------------------------------|------------------| | Payments due by period \n2023 (Remainder) | Amount \n 3,487 | | 2024 | 2,880 | | 2025 | 689 | | 2026 | 250 | | 2027 | 83 | | Thereafter | — | | Total lease payments | 7,389 | | Less interest | 535 | | Present value of lease liabilities | 6,854 | 8. COMMITMENTS AND CONTINGENCIES Legal proceeding ...